There is still no single platform that exists that will handle everything you need it to. Even your iPhone has individual apps, folders, software that deals with different tasks. I would like to take on this initiative to solve a systemic upper-class problem but immediately my first inclination is: Iâm not a software engineer or programmer, so forget it. Yes, I took Sal Khanâs Khan Academy in Middle School and AP Computer Science in HS, but since that was in school, per usual, not only did I not remember any of it, it wasnât important or applicable in the real world. Thanks, Common Core Education.
Sure, going through the methodology of problem-solving and how to make algorithms more efficient is important in holistic conceptual thinking in any field, but in the grand scheme of things to produce solutions the world can use, school isnât helpful for much. Digging into the real world, a.k.a internet is the place to go.
But that got me thinking, why can only people in tech create innovation and make the world a better place? This calls for the NoCode Revolution! Forget coding, take advantage of platforms that allow you to make applications and software without debugging code for days, and dealing with stubborn errors that make you pull your hair out.
All of my recommendations in this article are not sponsored and I do not make any commission for referring them).
Most of these platforms are free and a great way for the mini entrepreneur in you to get started recreating our world and possibly making 1 platform to view everything on:
Bubble
Makerpad
Airtable
Figma(prototype)
Coda
Iâve tried them all and they are really seamless and straightforward. They allow you to test out what it means to feel like a coder without needing to memorize Python and Java syntax. Itâs pretty amazing and will take a lot of stress off your shoulders.
Happy Coding.
You donât have to be an all-nighter Mark Zuckerberg coder these days to change the world. What does that even mean? We seem so concerned about our legacy. Focus on what you enjoy. Donât compare yourself to the 1% or you will always be disappointed in yourself. Most people forget that this white dude, which most billionaires are, also had $200k sitting around from his parents to bootstrap Facebook from. Building a startup takes time and is expensive! The internet has made it so convenient for anyone to get started on a project. Sure, when grandma was alive she could complain but these days, there is no reason to! Everything is given to you on a silver platter just seize it.
Yet, since the internet has a plethora of options, resources, endless millions of responses of answers to tell you how to bake banana bread, it can also get overwhelming, fast. It is fascinating to me how whenever we try to make the world a more convenient, easier place, there seem to be more problems that arise. The internet is obviously very accessible and allows us to get an answer ASAP, but makes our lives more confusing by endlessly scrolling and deliver FOMO for not choosing the correct link to find an answer.
Is there a way we can prevent this?
Depending on what you are looking for, there are a variety of platforms to choose from but sifting through all of the top recommended sites would just take too long. Welcome to the internet.
Where everything is available but nothing can be found.
Off the top of my head, I would highly recommend these tools. Iâve used these two sites for a couple of years now, and especially schooling from home, saved me a lot of headaches dealing with poor connectivity issues and knowing that Iâm getting the best price. Take advantage of web browser extensions such as Honney and Grammarly, my top two help me find the best deals and learn how to spell again since Pre-K.
The next one isnât so much of a software but rather a helpful guide: If you type in âSpeed Testâ in Google, you will get an estimate depending on where you are in your house on your internet connection. If it is slow, make sure to reset the router or contact your provider on what you can do to speed it up! Wifi is such a first world problem but is a necessity these days.
Money Circle
Lastly, Wirecutter.com. This is a company owned by the NY Times. Thatâs also how I found out about them. I would say this is the top review site that has also saved me thousands of hours and physical cash.
On the topic of money, it seems like our lives surround it. That can get overwhelming in itself, especially since we already spend the majority of our lives online consuming content on the scary web and now deal have to deal with our finances?
As much as money does control where we live, what we do, where we shop, what we eat, how we live, and what we listen to, learn, and watch, it can all be changed if you start with a plan.
The thing is, most people donât get what they want because they donâtâ know what they want. We all want more money but why? Do you have a goal in mind or just want more so you can blow it on something that depreciates in value? Part of having the responsibility of earning money is managing it well. It isnât for anyone to be worth a millionaire, but anyone can take a few hours out of their month to start planning for their future and preparing for the worst. The best and safest ways to live. You have to learn to be uncomfortable to make money. If you want to stay comfortable, just earn 1 income source, with very little disposable income from your primary job. It is almost impossible to earn more that way.
The Most Important Guide
But when it comes to your finances, there is no skepticism that should be involved. If something sounds fishy or customer service isnât up to par, donât bother. It isnât worth the headaches and debt down the road. You must be positive that the site is legit, the company will not use any of your information and or sell it to 3rd parties a.k.a China in many cases or sell your behavior (fingerprints) to make sure you execute more trades, cough, cough, Robinhood being investigated by the SEC currently for htis.
As a novice trader and adult, I have to admit, I started trading when I was 15 under a custodial account (under my parentâs names) with a Charles Swab account, the grandpa version of cool, hip, gambler Las Vegas-style app, RobinHood. These platforms and brokerages such as Charles Swab, Fidelity, Vanguard, E-trade teach you the basics of buying and selling securities (assets) along with managing your money, but you have to pay a price for that. If you want to just continue buying individual stocks and become easily addicted into options trading, stay with retail investor, Robinhood but never for too long or until they go extinct.
Donât Take It Lightly
Depending on your financial situation, age, needs, growth prospects, long and short-term needs, risk tolerance, paying for a fiduciary broker to manage your money on your behalf is a move that people who value opportunity cost take. The more money you have, the more you have to allocate properly. As you know it is easy to spend more than less and hence even with a large bank account, it can all go down if invested in 1 asset class. Money always needs to be taken seriously and that may be due to the reason why it is a taboo topic as it is personalized and secretive. If I told someone who is doing the same exact job as me how much I was getting versus they were, if they earned more of less, there would be a revolution! Employers donât want to deal with that and although we like to compare ourselves online and everywhere else, with our salaries, we hide it all.
As a 20-year-old not making a full-time salary in college yet with not enough disposable income to rely on, no real emergency savings on my own, 401k set up only, ROTH IRA, and invested in a few index funds, it would be the most cost-effective to manage my own money because as the typical rate goes, for 1% of my managed money, that is practically more than half! My time horizon is long and that is an asset in itself. If I lose money, I have time to recover plus at the end of a few years if you wait it out long enough, the market always corrects itself, eventually. The S&P 500 is up 7% this year and many booming at home stocks are up 10%. Pandemic or not, history will turn into a bull market.
Resources
Whenever money is on the line, you always need to make sure that it is managed and allocated within a trusted source since you providing your bank statements and tying your sensitive account information to. It is easy to get hooked and plug in your credit card numbers to join but companies make it impossible to get out their systems because customer service unexpectedly vanishes when you need help after you set up an account in order to keep your business.
The more money you have, the more you have to pay attention to. Research is your best friend here.
Tips on choosing where to place your money:
Fiduciary
This is a funny word but not so funny if you find out your advisor isnât one. All it means is that your broker/advisor is working in your favor and trying to execute the best possible trades on your behalf. Something important to note, no matter if you lose or make money in your account, they still make a profit.
Free Consultation
For most brokerage, private wealth firms such as the most prominent banks Chase, JP Morgan or Bank of America to name a few, they all offer free consultations to help guide you through your portfolio and outlet the best decisions they will make for you before stepping in and paying fees. This is a great way to understand and get a sense of what they will do for you. Yes, money is on the line and every day it is losing value due to inflation, 2% to be exact, but if you make the wrong decision, you will not only have to go through trouble withdrawing money but also pay on top of that even if they havenât started! Donât jump the gun with any financial decisions!
Growth Strategies and Past History
As with investing in any company in the stock market, look over brokerageâs 10ks or do a quick google search on how the firm performs for its clients. Donât just snoop on its website because all websites are fancy and show nothing, look behind the scenes. Go to Investopedia, The Balance.com or even Quora for honest feedback so you donât get scammed! Better to wait then make a money mistake. The worst mistake.
Penalties Withdrawing Money
Investigate and estimate how much the brokerage fees will be for a certain amount of your money managed. The rule of thumb is the more money managed, the less percentage the brokerage fees are as a discount. The less you have, the more it will count. Sadly, that is why it is harder for lower-income families to get involved because not only they donât have access or know these services exist, with even 1â3% fees, that is more than half of their money robbed to the billion-dollar banks!
Evaluate What You Can Do vs. Them
As mentioned earlier, depending on your situation and how much time + energy you want to allocate to invest your money and to be honest, you really shouldnât be playing with it or touching it a whole lot because that is a recipe for a loss, you will either want to take initiative on your own or not. When you are younger and have less, brokerage fees or with a Roboadvisor will charge up to 2% at some banks. That can cut into your money that you donât have much of yet. With more, it is less and when you make more, it is assumed that you have less time. When you make money, there is always a trade-off. You are rich in one area, but poor in other areas either your family, health, security, etc. Thatâs how you made your money in the first place sacrifice and hence if you donât want to sacrifice your time even more, just get a broker.
But to be honest, there is nothing proprietary or new that they know. Yes, there are daily, experienced traders working on your behalf observing the markets daily and making trades with your hard-earned money, but that doesnât mean they can predict the future any better than you can. Only a few rare traders: Michael Burry, in particular, predicted that the 08 crash would happen. No one knew it and what is certain is uncertainty.
Basic tips for investing on your own:
-Invest in companies youâve heard of
-Easy to understand
-That you actually use yourself not your best friend that wants you to
-Relatively popular for a good reason
-Make Sense
-Strong historical record
-Blue-chip, non-cyclical, defensive stocks
This is what everyone follows. There are no gimmicks. Donât try to time the market. You will go crazy and lose your money. If you invest in pools of stocks such as mutual funds or index funds instead of individual stocks that are volatile and drive you crazy, you are set to go. This will not only make you the same returns as a trader would od on your behalf, you will also save tens of thousands of dollars a year! Currently, my family is paying $1500 per month for our trades but the reason being is because we work and use our time to make that money. If you are starting out and donât have any, donât jump on a broker yet. Most importantly, donât underestimate you donât know how to trade!
You donât need to be a quant wizard just be patient and know what you like.
Historical Records
This week Robinhood is under fire and investigation by the SEC for its misfits to sell user behavior to inviting companies to see how they can gauge customers to place bets faster. If you go into Robinhood, it is the easiest platform ever for you to spend money. I thought Amazon with their seducing green go button was bad, check out how Robinhood does it! Now their hopes for launching an IPO in early 2021 are fading due to these lawsuits and can damage the company forever. It is a business after all and reputation is everything.
Tax Harvesting
This is a new plan that I recently heard about from my idol, jk but heâs the only YouTuber I watch: Graham Stephan. He mentioned this plan to get away with paying taxes, the wealthyâs worst enemy. Basically, all you do is sell your losses so you donât pay taxes to offset the taxes you pay for your gains. This is a creative way, and finance isnât very creative so this is all I got, to get away with paying Uncle Samâs salary. Remember: you only pay taxes on your gains so whatever you can do to report a loss, go for it!
Top Resources I use to manage my money. Once again, not sponsored or affiliated with my brand in any way. Iâm here to help you all:):
What I started out managing with: Mint.com (Free)
Now I use: Personal Finance.com (Free)
Where IÂ Learn:
-Bloomberg
-Medium
-Investopedia
-The Balance
-CNBC News or Make It
Thatâs it! As we discussed earlier, the internet can be bombarding and overwhelming! Donât make it seem that way. Stick to the real deal and you will be set. Intuition is everything these days.
Before investing, I thought the riskiest path was to invest. Now itâs not to invest! To grow your wealth, investing in the stock market is your best bet. An average millionaire has 9 income streams. Having a job will not make you rich because everything from taxes to your commute adds up. Unless you withdraw money from your investments at loss, then you donât have to pay a fee and tax.
Across all 3,066 companies on the NYSE and add them all up, you get a total capitalization of $15 trillion. On paper, $28 billion evaporates in one day on the market. Roughly 9 out of 10 US households that earn $100k own stocks. But is it for everyone? Financial literacy is a huge step into getting more inclusivity and exposure to the markets. Debunk the assumptions that you need thousands to invest or need to read the WSJ daily. Iâve never picked up a newspaper! This is 2020 for goodness sakes! Anyone can do it with a little patience and diligence because unless you want to give up your time for money which will never allow you to achieve more than what you have, you will never achieve true financial independence and take advantage of all these great resources!