Make money while you sleep with technology and automation

Technology and automation are delivering Australians new ways to earn money while they’re sleeping.There has been rapid growth in new savings and investment products that allow people to start building wealth with a few taps of their smartphone or computer keyboard, then let the power of compound interest do its work.Here are four ways to get rich automatically.

ROUNDING UP

Fast-growing financial technology company Raiz automatically moves its clients’ spare change to an investment portfolio or superannuation. It rounds up every transaction to the nearest dollar, and now manages more than $270 million of people’s funds, up 60 per cent in the past nine months.

Raiz managing director George Lucas said the minimum investment was $5 and signing up could take less than five minutes.

Mr Lucas said one of the biggest hurdles to start saving was people believing it would affect their lifestyle. “Having money come automatically out of your account into an investment or savings account regularly and in small amounts means that people learn to save and realise they can save without affecting their lifestyle,” he said.

SUPER

Superannuation is the granddaddy of automatic investing.

“In the 1990s the government realised that automatic investing was a great idea and made superannuation an automatic investment that happened before you received your take home pay,” Mr Lucas said.

Technology is helping everyone become better investors and savers.

He said making voluntary super contributions was a great way to grow wealth.

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Source: Raiz, ETFs and ING help you build wealth while sleeping | Adelaide Now