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Financial Literacy

Using technology to gain financial independence

With the right apps, you could help improve your financial habits, which in turn will help you on your way toward financial independence.

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The term “financial independence” may mean different things to different people.

Technically it refers to the ability to live off of one’s assets without the need for work, although some (myself included) might argue for the widening of this definition to include those who are able to live life their own way using the money they make. To that note, technology has aided many in this pursuit.

Here are three ways technological innovations can help you attain financial independence (in whatever form):

Be better at finance by using apps

It used to be that budgeting meant labeling cash-stuffed envelopes marked for various categories but that’s no longer the case. Today there are plenty of personal finance apps that can help you track your spending, check your credit, and set aside money for savings painlessly. As it turns out, with the right apps, you could help improve your financial habits, which in turn will help you on your way toward financial independence.

Consolidate debt or earn from investments with peer to peer lending

Perhaps the biggest thing holds most people’s finances back is their debt. Thankfully technology has been working on that too. Peer to peer lending platforms have grown in popularity ever since the 2008 banking crisis and offer benefits for both borrowers and investors. In fact, many of those who obtain personal loans from P2P sites report saving a considerable amount of interest compared to what they would have spent on their credit cards. Meanwhile, investors who diversify their note holdings appropriately have been able to profit from contributing toward loans. So whether you need to consolidate your debt with a personal loan or are looking to earn a healthy return on your investment, peer to peer platforms may be the answer.

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E-commerce and the ability to work from anywhere

For entrepreneurial-spirited individuals, the Internet is really nothing short of a godsend. Not only has the Internet afforded many the opportunity to build their own businesses, but it has also improved their overall quality of life by allowing them to work from home. Furthermore, some have even embraced the digital nomad movement, which finds online entrepreneurs traveling the world while still running their businesses. In all, this really takes financial independence to a new level.

No matter what financial independence means to you, new technologies are making it easier than ever to achieve. From helping you to build strong financial habits and get out of debt to offering new investment opportunities and the ability to run your own business from anywhere, these innovations are sincerely changing lives — and it only promises to get better.

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

Kyle Burbank is a writer for several personal finance sites including Dyer News where he has a weekly column. He is also the author of "The E-Ticket Life", which is about his passion for the Disney Parks. It is available on Amazon.

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