Studies have shown, that if you can picture your future-self, it’s easier to increase savings –
People always have the mindset of working hard for money to secure their future or retirement but in these uncertain times where inflation, high cost of living, economic crisis and other mitigating factors, just working hard may not be the solution for a comfortable life in the future. This is especially important for freelancers where a fixed salary is often impossible. So you would want to make your money work harder, but how?
Well, you could try your luck on the lottery or gambling but this is definitely not recommended as the risk is high and the returns are unreliable. So the next thing you can turn to is investment, but are you undecided about which type of investment portfolio suits you? Do you lack the knowledge of what type of investment product to invest in? Do the terms, stocks, options, futures, bonds, mutual funds, certificates of deposit, money market investments, ETFs, Unit trusts and annuities confuse or even intimidate you?
What is Betterment?- Betterment is a smart, simple way to invest, especially for freelancers and designers. Betterment allows freelancers to enjoy the investment benefits that their corporate counterparts receive, without having employer-sponsored retirement or investing benefits. This is because they can open both regular investing accounts to save for things like a house or more education, as well as IRA accounts to get some tax-advantaged retirement savings.
Well, let’s look at the idea behind Betterment. By shouldering the complexity of various investment products and removing lots of unnecessary choices, it’s investment made easy with Betterment.
Here’s a video run-down of how Betterment works
Why Betterment is Great for Freelancers
Betterment is a perfect investing product for freelancers and designers because:
- It has a sleek and simple UI – Signing up takes less than a minute, and determining how much money you want to invest in stocks versus bonds (your asset allocation) is as simple as moving a slider.
- Betterment is quick and easy to use. Freelancers are busy with their projects and clients and do not have time to constantly check and manage investment accounts. Everything with Betterment is a matter of a quick click or slider. Moreover, customers do not have to spend time picking the stocks or bonds in which they’d like to invest since Betterment has already done the work of creating a diversified portfolio (representing over 3500 companies in the US and abroad through 8 ETFs) for all of their customers.
- You can even access your Betterment account online or on your iPhone.
- Freelancing/design work can often be unpredictable as far as income is concerned, so freelancers often need to have quick access to their cash in an emergency. Most investment accounts come with minimums and withdrawal penalties, but with Betterment, there are no minimums and you can access your money at any time without a fee or penalty. Betterment combines the ease of online banking with the higher returns of investing in stocks and bonds.
- Many designers, freelancers, and entrepreneurs are already using Betterment! You can check out some of them here.
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