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Maybe you’re familiar with the iconic game show “Who Wants To Be a Millionaire?” It’s a rhetorical question, as the answer is pretty much everyone. However, becoming a millionaire is quite challenging, or else everyone would be one.
Wouldn’t it be great if there was some kind of tool that made building wealth more simple? Well, there is, and it’s called Wealthsimple. We’ll tell you all about it in this short article.
What is Wealthsimple?
Wealth Simple is a banking and investment service that was started in Toronto in Ontario, Canada, in 2014 and expanded its banking and investing services to the United States in 2017. It’s got the backing of famous Canadians Drake, Ryan Reynolds, and Michael J. Fox, to name a few.
In short, Wealthsimple is a comprehensive financial service provider. Their mission is to help millennials learn the principles of responsible investing and saving and how to build a portfolio.
Wealthsimple started as a robo-advisor but began expanding services quickly as the company noticed a demand among millennials for more and better financial services. As part of their commitment to helping young people achieve financial freedom, Wealthsimple doesn’t enforce account minimums, meaning you can literally start investing with your spare change.
What are some Wealthsimple services?
As mentioned in the previous section, Wealthsimple provides a plethora of services. They have all the tools you need to build a solid financial foundation for yourself and your dependents.
One of the services Wealthsimple offers is tax preparation. Tax help is especially helpful for young entrepreneurs, freelancers, and contractors who have to pay taxes from their own pockets. Wealthsimple Tax — formerly known as Simple Tax — can figure out your tax liability and automate tax payments. So, if you’re launching a new CMO outsourcing business, you can use the same service for your business taxes that you use for trading stocks. Indeed, Wealthsimple Tax is a great tool for young professionals and business owners.
Wealthsimple Cash is another one of Wealthsimple’s great financial services. It combines the features of a regular bank account with those of a savings account. That means you can use Wealthsimple Cash to make purchases, but you gain interest on your savings. Wealthsimple also offers Wealthsimple Trade and a crypto platform for people with more experience and who need less financial advice.
How does Wealthsimple Invest work?
Wealthsimple Invest, the flagship Wealthsimple account type, is one of the best wealth-building tools there is for millennials and young people entering the real world. It’s an investment account that you don’t have to manage. You merely answer some questions about your financial situation, financial goals, and risk tolerance, and the Wealthsimple robo-advisor begins working to build your investment portfolio.
The robo-advisor platform is great for younger investors who are learning the ins and outs of investing and stock trading. Its simplicity makes it a great tool for earning while learning.
Who should use Wealthsimple?
So, who should use Wealthsimple? Wealthsimple is indeed a financial platform for millennials and younger investors, but it’s a great tool for anyone learning the ins and outs of financial literacy. It’s never too late to start learning about smart investing and saving strategies.
Nearly everyone would like to be wealthy. If nothing else, we’d all like to retire comfortably someday and have some of life’s “extras.” However, there is no yellow brick road to wealth. The keys to financial freedom are investing, saving, and budgeting wisely.
Wealthsimple is one of the best online platforms for wealth-building. It’s a platform that offers a range of financial services, from robo-advisor services to tax preparation. It’s a great wealth-building option for young people learning the ins and outs of financial literacy. Whether you need an investment account or merely a smarter savings account, this platform can help you get where you’re going. Wealthsimple is the simple way for millennials in the U.S. and Canada to achieve their financial goals.
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