Passive income is money that you earn on a regular basis with little to no effort to maintain. Aand a robo-advisor could be your best ally to get started with investments.
If your budget and financial planning are working, and you’ve been able to save some money, the best way to get passive income is to start investing. Robo advisors are becoming mainstream which makes low-cost financial advice available to almost everyone. You simply choose how much risk your willing to take, and the Robo-advisor takes it from there.
Robo-advisors are by far the easiest way to get into investing. They are a class of financial advisers that provide financial advice or investment management online with moderate to minimal human intervention.
A typical Robo-advisor collects information from clients about their financial situation and future goals through an online survey and then uses the data to offer advice and automatically invest client assets.
The best Robo-advisors offer easy account setup, account services, portfolio management, and other services for fees that are anywhere from 0.25% to 0.9% per year. They are a great option for entry-level investors because of these low fees, low-cost threshold and ease of use.
Robo-advisors provide an excellent starting point to building wealth, but they offer service, not guidance.
If you have $25,000 or less to invest, Robo-advisors may be a great option to help you get started. Beyond this level, you will need the experience and guidance of a qualified financial and investment advisor to help you reach your goals.