Editorial Team

How to Get Rich and Stay Rich

Over the age of 24 many Americans spend more time thinking about money than sex.  Many times the question we all ask ourselves is how do we become rich and stay that way.

Being rich is a highly subjective concept of course and what is a fortune for some may be small change for others.

Whatever your personal definition the strategy for achieving and maintaining your wealth is generally the same and its very simple.

  1. Save more than you spend
  2. Invest what you save

Simple in concept but it can appear more complex in execution. We show you how this can be achieved simply and with the minimum of effort.

Saving vs Investing

The majority of Millennials are keeping most of their money in cash – and this is a mistake.

Money kept in cash is being eroded by inflation. No deposit account pays more than inflation and most pay a tiny fraction of it. The typical Big Brand Bank paying only 0.01% for checking accounts and 0.02% for savings.

What this means is that money in a deposit account of any kind will in real terms give you substantially less than you put in over time – lost forever to inflation.

Savings cannot make you rich.

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Investing

Less than 30% of Millennials are investing in the stock market and losing trillions of dollars in lost returns over their lifetime.  Common misconceptions about investing which make it for many an intimidating prospect include:

  1. Its for those who are already wealthy
  2. Its complicated and requires expert knowledge of math
  3. You need to undersand business and accounting to invest

Your greatest ally in investing is time.  The earlier you invest and the longer you invest for the greater is the likely return and the lower the risk.

The stock market has returned an average 10% per year for the last 100 years. For the last 40 years the S&P 500 has returned around 11.5% on average. 

If you had put even a modest amount each month in the S&P500 40 years ago you would be sitting on a substantial portfolio at this point.

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The way to make investing affordable and low risk is dollar cost averaging. Investing a small amount every month mitigates timing risk.  Putting these contributions into a low cost highly diversified fund means you don’t need to worry about individual stock picking and the risks around any one company is averaged out across many companies.

With Unifimoney consumers can either choose their own funds themselves and buy them through the app or choose one of 3 Robo-investment products, these use AI to create a custom portfolio for each customer based on their risk profile.

By using a Robo-advisory platform the customer does not have to do their own research or due diligence. 

In addition Unifimoney ensures every customer is passively investing through a combination of monthly contributions from their high yield checking account and credit card transactions.

Millennials are extremely fortunate that they now have access to robo-advisors to boost their investment portfolio performance. Unlike their forbears, they do not have to rely on the services of traditional advisors whose services are expensive and can take out a substantial percentage from their earnings on investments. Thus, even if you have little to no knowledge of investment, you can rely on robo-advisors like Unifimoney to do the heavy lifting for you. The robo-advisor can make optimum investments on your behalf at minimum cost which means that you will be able to leverage cutting edge AI for risk mitigation while keeping almost all of your earnings. 

Thus, if you were daunted by the complexity of the stock market and lack investment knowledge, you can now count on Unifimoney robo-advisory for your investment needs. Everyone is undoubtedly concerned about market swings and stock crashes which can harm their investment portfolios. Unifimoney robo-advisors deploy an AI driven algorithm that can search for signs of impending stock crashes and take corrective action as part of its risk mitigation strategy. There is also $500,000 SIPC insurance to protect your valuable investments which will further enhance risk mitigation. 

Unifimoney’s low cost robo-advisory costs just a small fraction of 1 percent which is much smaller than what financial advisors charge and is even lower than other well-known robo-advisories. The robo-advisor uses advanced machine learning for making optimal investment decisions. 

Your investment portfolio and its diversification will depend on the risk profile that you desire. With Unifimoney robo-advisory, you can take advantage of the system’s inherenet flexibility to change your risk profile depending on your needs. Thus, Unfimoney robo-advisory is a highly versatile system that can customize your risk profile for a highly personalized investment portfolio.

There is a lot that Unifimoney robo-advisory does differently compared to other AI algorithms. This leads to better performance and higher value for money.

Unifimoney algorithm is capable of creating a highly customized asset mix for your specific investment needs. The asset mix is devised according to your risk appetite and targeted rate of returns. Instead of investing in a wide range of stocks and ETFs, the algorithm singles out promising stocks and ETFs that show signs of growth. This can help to improve the rate of return while reducing losses during market volatility. The algorithm can also automatically adjust asset classes in your portfolio to reduce the risk of losses during market decline and provide better portfolio performance for higher returns.

With so many benefits to leverage from robo-advisors like Unifimoney, it is now easier than ever to get rich and stay rich. The key factor is take an early start so that you can grow your portfolio and cut down on lost earnings.

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