By Clayton Daniel
Do
you know what I like most about technology? It’s that I can do less boring
things, and focus more on the things I like. I’m not the only one, this has
been happening for thousands of years.
Years
ago as hunter-gatherers, one of the more lazy villagers looked at everyone else
and said ‘why don’t we have the plants and animals we want to eat here instead
of looking for them every day?’ And just like that, farming was born.
Then
we started riding the animals rather than simply eating them. This turned into
the horse and cart. A bit more tinkering created the steam engine, and finally
the car. Technology solved the problem of transportation.
Daily
annoyances to keep a tidy house have taken the same journey. Electricity and
plumbing have solved many of the smaller day to day requirements we need to
keep our homes clean.
As
you can see, the roll of technology has been to remove us from performing grunt
work. Free our time and resources up. Allow us to get more out of less.
But
the interesting thing about technology these days is that it’s focus is no
longer about solving physical menial work. It’s actually starting to solve
cognitive problems. Being helpful in ways to help us maximise what we want to
do with the free time we now have.
For
example, I can simply say the words ‘hey Siri’ and my phone lights up, waiting
to answer my questions. It’s not perfect yet, but it’s getting better. Raiz in
a similar way have been helping us invest simply by rounding up purchases and
investing the spare change. As you can see, technology is solving more than
simply physical exertion.
And
now, Raiz is stepping it up a notch. The suite of financial services is
extending to help you get the most out of your day to day cash flow. This new
update more closely resembles your own financial concierge, all from the inside
of your phone.
So
what does it do? Well to put simply, it takes the cognitive grunt work out of
getting the best result from your day to day cash flow. And how does technology
do this? Well it uses machine learning to understand your usual spending
patterns. From there, it can tell you a lot.
It
can tell you if your overspending compared to your normal spending patterns. It
can tell you if you are overspending compared to other people your age and on
your salary. If you miss a regular bill it will remind you, and it can give you
insights such as where you are spending most of your money, and what days you
spend the most.
It
gives you useful information in the moments you need the information. It
removes you from having to know everything, and outsources it to automation. For more information on Raiz fees, click here.
As
a finance guy, my main message over the last few years has been to outsource to
automation. And I’ve seen remarkable results from everyday people who reduced
the amount of things they monitor and measure, and simply focused on what they
want out of life instead.
Technology
in the past has helped us reduce grunt work so we have more time. Technology of
the future on the other hand will help us make the most of our new found time.
The Raiz financial concierge is one of the first apps to help you do just that.
Clayton Daniel, author of Fund Your Ideal Lifestyle
Don’t have the Raiz App?
Download it for free in the App store or the Webapp below:
Important Information
The information on this website is general advice only. This means it does not take into account any person’s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.
A Product Disclosure Statement for Raiz Invest and/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.
The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.
Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.
Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.
