The New Face of Money Management
Money management is an ever-evolving field, with new technologies rolling out and becoming outdated more quickly than many users can adopt them. In this dizzying space, it’s important to identify the trends that will stick around — and to disregard those that are a mere blip on the radar. It’s easy for financial professionals to get so caught up in the minutia of following stocks and speculating on the economy that they forget to appreciate the bigger picture. The next time you’re searching for a fresh approach to your money management strategies, step back and try taking a wider look.
Today’s everyday financial tools are a far cry from what was available even a decade ago. Consider the dramatic change from writing a check at a grocery store and duly logging the expense in your register to making your payment with a sleek tap of your smartphone. You can find third-party lenders, send money to Mexico, or manage your budget online — all with a few clicks of a mouse. Your smartphone can carry all the functionality of a wallet and can even double as a bank in some instances, allowing you to transfer money or make mobile deposits.
Sometimes the most telling information you’ll find to aid your future speculation is firmly entrenched in the trends of the past. Take a deeper look at how money has changed in the following infographic: “The New Face of Money Management.” When you do, try to imagine what the next phase of financial management might look like.