5 Best Wealth Platforms Building Platforms
Building wealth isn't easy, but whether you're an expert or a beginner, these resources will help you to get further, faster.
If you’re looking to build wealth, it's likely that you're looking for ways to make well informed decisions about your investments. However, it's equally as important to make sure that you are staying on track with your financial goals so that you can adjust your strategy as your financial situation ebbs and flows.
That being said, platforms for building wealth aren't necessarily just investment apps and stock advisor sites. You'll also need to track your wealth closely if you intend to build it along the way.
Here, you’ll learn about five platforms that have the potential to take your net worth to the next level.
Keep in mind that investing, including the options featured here, will inevitably involve risk. You’ll need to do your own due diligence and as always you'll need to avoid the temptation to invest money that you can’t afford to lose.
At Think Save Retire, we look at many investment options, platforms, and apps. These are our 5 favorite options for building wealth and meeting financial goals.
1. Seeking Alpha
Seeking Alpha is the leading investing community. It serves as an online space for investors to share and discuss stock and investment ideas. Because of its crowd-sourced nature, the content is primarily generated by the community of contributors, which includes individual investors, finance professionals, and unique industry experts.
The platform has a few primary features:
- In-Depth Articles and Analyses: Seeking Alpha publishes information on individual stocks, market sectors, and investment strategies. Be ready for engaging content, they cover thousands of stocks.
- Open Forums and Discussions: Users have the opportunity to participate in open discussions about specific stocks, investment strategies, and market trends.
- Fundamental Analysis/Quant Rating: Users can track their own investment portfolios and receive updates related to their investments.
2. Mindful Trader
Mindful Trader isn't your typical "stock pick" site.
Utilizing complex statistical research, Eric Ferguson has developed verifiable trading strategies that produce results. You can rest assured that the information the platform provides isn't based on gut instinct or conjecture. The methods that Mindful Trader employs are teachable, and have been back tested to verify efficacy.
Picks are posted in real time and a watch list is posted each day for subscribers. Whether you're looking to just follow an experts picks, or learn his methods to make your own, The Mindful Trader is a solid investment at $47 a month.
5 Effortless Methods to Boost Your Income This Week
If you need extra money, you’ve come to the right spot.
Our team has compiled a list of creative ways you can fatten your bank account this week. Certainly, there’s something here that fits your needs.
This is not a long list, so go ahead and start now, but be sure to bookmark this post so you can easily return later. We’ll keep it updated as offers change or expire.
3. DiversyFund
By this point, you’re probably well aware that investing in real estate is one of the most common strategies for building wealth. A common misconception is that you have to already be wealthy in order to invest in real estate. This is absolutely false!
DiversyFund is a real estate investment platform that allows everyday investors to get into real estate investing for as little as $500.
DiversyFund offers a variety of Real Estate Investment Trusts (REIT) that build wealth by investing in multi-family properties like apartment complexes—which typically perform well during a recession.
4. Personal Capital
While Personal Capital isn’t an investment platform in itself, it offers a variety of useful resources to help you with building wealth. Personal Capital offers wealth management services, but they also offer some amazing free tools. You don’t need to use their wealth management services in order to take advantage of these tools, you simply need to create a free account.
The free tools include:
Net worth calculation and tracking
Savings planner
Retirement planner
Investment checkup
Fee analyzer
Personal Capital is probably known best for its net worth tool. You can link it to your financial accounts (bank accounts, investments, credit cards, etc.) and it will automatically calculate your net worth for you. You can also enter details manually for any accounts or assets that can’t be synched so they will still be factored into the calculation. The software will also track the fluctuations as your account balances change.
Aside from the net worth tracking, you’ll also get access to some other very useful tools and reports. The retirement planner can be used to find out if you’re on track to meet your retirement goals which is crucial so that you can make adjustments to your strategy as needed. You can run different scenarios (like retiring at different ages), anticipate large expenses, and add sources of income to see how those changes impact your ability to retire comfortably.
The fee analyzer is another interesting tool that is definitely worth checking out. It’s no secret that investment fees can really add up, but for the typical investor, it’s hard to know exactly how the fees are impacting your investments. The fee analyzer provides a lot of clarity by showing how much you’re paying in fees and how it impacts your long-term results.
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5. Robinhood
Very few companies have been able to impact industries the way that Robinhood has in just a few short years. This investing app was one of the first to offer commission-free trades, and many others have followed suit.
Robinhood has made investing accessible and possible for the average person through:
No minimums
Commission-free trades of stocks, ETFs, and options
Investing in fractional shares
Traditionally, investing in the stock market has seemed out of reach for a large portion of the population. If you’d like to invest in Amazon, the $3,000+ value for one share of stock is unaffordable to many new investors. Thanks to Robinhood and the option to invest in fractional shares, anyone can invest in Amazon (or other companies) with just a few dollars. In short, Robinhood has broken down many of the barriers that have prevented people from investing in the past.
Robinhood users benefit from having a simple, user-friendly app on their mobile device that allows them to buy or sell at any time. Of course, a desktop version is also available. Thanks to that accessibility, Robinhood has become extremely popular with millennials and others who were not previously investing in the stock market.
Another feature that will be of interest to many readers is the ability to invest in cryptocurrencies like Bitcoin, Etherium, Dogecoin, and others.
New users will get a free share of stock when signing up for Robinhood. Once your account is created, you can also share Robinhood with your friends and earn another free stock for each friend that signs up.
A Final Word on Building Wealth
All five of these platforms have plenty to offer. Consider your personal goals and the types of investments that you’re comfortable with, and see if you could benefit from any of these options.
The opinions expressed in this article are for general information purposes only and are not intended to provide specific advice or recommendations about any investment product or security. This information is provided strictly as a means of education regarding the financial industry.
Frequently Asked Questions:
What are some platforms that can help me build wealth?
Some popular platforms for building wealth include Seeking Alpha for in-depth articles and analyses on stocks and investment strategies, Mindful Trader for verifiable trading strategies, DiversyFund for real estate investing with a low entry point, Personal Capital for wealth management and free financial tools, and Robinhood for commission-free trades and access to fractional shares and cryptocurrencies.
How can Seeking Alpha help me make informed investment decisions?
Seeking Alpha offers a wide range of content including detailed analyses on individual stocks, market sectors, and comprehensive investment strategies. Additionally, its open forums allow for discussions with other investors, and the platform's fundamental analysis tools help track investment portfolios and updates related to specific investments.
What makes Mindful Trader a unique platform for investors?
Mindful Trader stands out due to its focus on statistically backed trading strategies, providing subscribers with picks based on rigorous backtesting. This ensures the strategies are not based on gut feelings but on proven data, offering a more reliable approach to trading for a monthly subscription fee.
Can I invest in real estate without being wealthy through DiversyFund?
Yes, DiversyFund makes real estate investing accessible to everyday investors by allowing entry with as little as $500. It focuses on investing in multi-family properties, like apartment complexes, through Real Estate Investment Trusts (REITs), which are known for performing well even during economic downturns.
How does Robinhood democratize investing for the average person?
Robinhood has revolutionized investing by offering no minimum balances, commission-free trades of stocks, ETFs, and options, and the ability to invest in fractional shares. This opens up investment opportunities in high-value stocks like Amazon to those with limited funds and breaks down barriers to entry in the stock market for new investors.
