The process of investing can be overwhelming at times, particularly as a beginner. Between the numerous options, the many different funds and loopholes, the end can seem far from view. Nonetheless, you’re not alone and there are multiple firms out there to help get you started.
One such example is Finhabits, a business through which a beginner investor can easily get started by contributing with a small recurring amount. What separates this company from others is its unique approach to finances.
In many circumstances, families fail to educate young adults on practices that will help them better save money in the future. As a solution, Finhabits delivers easy-to-access services which are straightforward and effortless to implement among different communities, regardless of their income or status.
Equipped with over 14 years of risk management experience, the Finhabits team makes use of experts that are able to provide budget-friendly and high-value investments or retirement options for customers worldwide.
The aim is to increase profits and maximize returns and the firm does so by using index funds from BlackRock and Vanguard.
How Does It Work?
The process starts with the assessment of your goals and values. Whether you want to invest to send your children to a better school, whether you want to be able to afford a Caribbean holiday destination, or whether you want to secure a retirement home for your loved ones, the choice is yours.
There is no right or wrong reason for wanting to increase your investments and the Finhabits team seems keen on focusing on the destination. To do so, the business advertises that it will construct a plan of action which is meant to set up an investment portfolio.
Don’t worry, it won’t need to follow a precise direction, as it will be made for you and you alone – reflecting your aspirations and investment goals. What happens next is relatively simple: your auto-deposits will go into your investment account and then investing will be a breeze.
You will even be able to rebalance reinvestments automatically, keeping things as straightforward as possible. This is also where the firm suggests you ask as many questions as possible, having a clear and concise idea of how to move forward.
Cost and Price Plans
When talking about price plans and costs, it’s noteworthy to understand that Finhabits provides a wrap-fee for services. More specifically, we’re referring to any costs associated with your investment or retirement account (i.e., trading, clearing and technology services).
To put things into perspective, the company invests your money in low-cost, exchange-traded funds with businesses such as BlackRock or Vanguard – and you get to reap the benefits.
Another incurred cost to bear in mind is the average fee of 0.12% per year, where the fund is charged and not your Finhabits account. There might also be other miscellaneous fees that are not part of the normal services (i.e., physical copies of your statements mailed to you).
If you find yourself interested in the service, you are able to either mail or call Finhabits’ customer service team. That said, their phone number is 1-800-492-1175.
Alternatively, you are able to browse online looking for information, as there is a comprehensive FAQ page and a search button for an online library of answers.
By reading online reviews, we’re led to believe that Finhabits is a great company if you’re looking to diversify your portfolio and grow your savings account – regardless of what your goal might be.
What customers seem to like about this service is that they are not a lettings company, instead, advocating to your choices and financial aims.
Another significant advantage is that Finhabits is excellent for beginners, which means that team members have the knowledge and expertise to advise your potential investments.
In other words, rather than making the choice of which funds you should place your money with, Finhabits will serve as a platform of expertise for making those tough but well-worth choices.
All in all, this seems like a service which offers more than a place to deposit your money, as they are actually interested in you making the right financial investments.
Competitors and Alternatives
Of course, there is no pressure in solely choosing Finhabits. In fact, there are at least three more services we can wholeheartedly recommend and one such example is Betterment.com.
According to their website, this firm believes in their ability to help you earn 2.66% more per year than you normally would. A second option is Ally.com, which offers a healthy range of managed or self-direct investment opportunities for you and your family.
Last but not least, Evisor.com features a team of experts dedicated to battling special circumstances that might arise when formulating your investment plan (i.e., risk evaluation, education savings, tax planning).
Where to Buy?
You will find the team at their New York office in 154 Grand St., New York, NY 10013, or alternatively, call them using the number stated earlier. However, they also have a website, which is www.FinHabits.com.
If you’re on the hunt for an alternative to low interest bank rates, Finhabits might be an excellent place to start - particularly for beginners. While the firm might not be best suited for trading between funds on a regular basis, it will ultimately depend on your needs and circumstances.
It’s also important to address the fact that Finhabits doubles as a great cause for those who believe in minority discrimination and want to close the unfortunate racial wealth gap experienced by citizens around the country and world.