Definition
Online platforms or apps that use computer algorithms to invest for you. They can help simplify investing, especially for beginners.
What to consider
- They can simplify investing if you’re new to the process.
- Check that the tool’s fees and features match your needs.
- Make sure it aligns with your long-term financial goals.
Real world scenarios
- Arun sets up an automated tool that monitors his portfolio and rebalances assets based on market movements. This helps him stay disciplined.
- Rosie links her checking account to a robo-advisor, investing a set amount weekly without manual effort.
- Liam relies on automated suggestions for better asset allocation as his retirement date approaches, keeping his risk in check.
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