With everything else we have going on in our lives, it can be hard to really take the time to plan for our financial future. I’d like to thank Brian Evans from iQuantifi for writing this blog post to explain this easy financial planning app. Now’s the time to start planning for your future!
Most Moms would agree that the stress of being a new parent can be overwhelming. While it is true that some Moms take to raising a child like a duck to water, many struggle to find balance and peace of mind. As your child grows, the financial pressures begin to mount. You’ve prepared well. You have a budget, you don’t spend frivolously and you try to save wherever you can. But you realize that you have to save money for college, retirement and all the other little things that life calls for (a new car, next year’s vacation and a larger home).
The first question you will ask yourself is “how much?” Then, you will ask “how do I do it all?” Unless you have a master’s in mathematics, juggling multiple goals like retirement, college savings, debt payoff, etc. typically requires a professional.
If you are sophisticated enough to actually do ALL the math, you would still need to figure out where to start and how to prioritize your multiple goals. The next question you will ask is “Where do I put it?” Stocks? Mutual funds? ETFs? REITs? Bonds? The fact is, busy moms like you don’t have the time it takes to figure this all out and most American families can’t afford or do not qualify to work with a professional financial advisor.
Unfortunately, many of the personal finance apps like Mint.com or BillGuard help you get your budget together, but stop short of helping you figure out how much you need to save to put your kid through college AND what to do with the money once you have set it aside.
There is a reason for technology’s silence when helping you plan for the future. These sites do not have the authority to actually give you substantive advice. They are not registered with the SEC, thus they can’t really help you when it comes to those big decisions. iQuantifi, a startup based out of Nashville, Tennessee has solved this problem.
Think of iQuantifi as a virtual financial advisor that tells you what to do, when to do it and where to put your money. It’s like sitting across from a traditional advisor, but without the high fees or the feeling of inadequacy because you don’t meet a typical advisor’s minimum threshold. Not to mention the convenience of being able to do this when you want. No phone calls, no meetings.
The mission of iQuantifi is to help millennials and young families achieve their financial goals. Enter your income, expenses and some basic information about your household and “Bam!” it figures out how much you need to save to fund all of your goals. Even more impressive is that everytime you add a goal or make changes, the plan updates and tells you if you can afford it. You can also “scenario plan” to see what happens to your student loan payoff if you push that home purchase back a year.
The app is pretty simple to use and understand, but has a robust engine behind it. iQuantifi provides that critical information you need to have peace of mind–knowing what it takes to accomplish your goals and where to put the money you have been saving.
The best part is that, as of now, all of this advice is FREE if you share one of their ads in your social network. Stop by the site and give it a try. And don’t worry, you are not linking any bank accounts to their system.