Managing finances as an expat can be challenging, especially if you are in a new country with a different financial system. Thankfully digital banking has entered the scene and made the transition of managing one's money (and local bank accounts) one less thing to stress about. With plenty of money-focused apps especially catered toward expats and international payments available, there is a range of options to suit each individual’s needs. 

According to the latest statistics, there are currently around 4.9 million expats living in the EU, with the UK being the most popular destination, followed by Germany, Spain, and France. Whether you're a seasoned expat or you're new to the game, having the right banking tools can make all the difference when it comes to managing your finances effectively.

With that in mind, let's dive into the essential features you need to look out for when choosing a money app as an expat in the EU. From navigating high foreign transaction fees for international payments to finding a multiple currencies debit card that works alongside an easy-to-use expat bank account.

Money App Features To Look Out For

Financial apps allow expats to manage their finances more efficiently, facilitating everything from transferring money to paying bills and even investing. Below we will take a look at the essential features that expats need to consider when choosing a money app to act as their international bank account.

Multi-Currency Accounts

One of the most critical features that expats need in a money app is a multi-currency account. When living in a foreign country, you will inevitably have to deal with multiple currencies. A multi-currency account allows you to hold and manage money in different currencies, which is especially useful when you need to transfer money across borders. 

With a multi-currency account, you can avoid the high foreign transaction fees and unfavorable exchange rates that come with traditional bank transfers and ATM withdrawals. These apps allow you to hold and manage money in multiple currencies, and they offer competitive exchange rates for currency conversions.  

On top of that, some apps also allow you to use your card abroad without additional fees, essentially offering an international bank account, making it easy to access your money when you need it.

International Transfers

As an expat, you will likely need to transfer money internationally, whether it is to pay bills or support your family back home. International transfers can be expensive, with banks charging high foreign transaction fees and unfavorable exchange rates. A good money app should offer international transfer services that are affordable and efficient.

Look for an app that offers affordable international transfer services, and be sure to read the fine print to look for any hidden fees, high foreign transaction fees or fees for ATM withdrawals.

Mobile Banking

Mobile banking is a convenient feature that expats should look for in a money app. With mobile banking, you can manage your finances on the go, without having to visit a physical bank. This is particularly useful for expats who are always on the move and may not have easy access to a physical bank branch.

Many money apps offer mobile banking features, allowing you to manage your finances from your smartphone. This includes checking your account balance, paying bills, transferring money, and even investing. With mobile banking, you can stay on top of your finances wherever you are in the world.

Security

Security is a critical concern for anyone who uses a money app, but it is even more important for expats who are managing their finances in a foreign country. A good money app should offer robust security features to protect your money and personal information.

Look for money apps that use two-factor authentication, biometric login, and encryption to protect your account. Additionally, make sure that the app is regulated by a reputable financial authority in the country where it operates.

Budgeting Tools

Budgeting is an essential part of managing your finances as an expat. A good money app should offer budgeting tools to help you track your expenses and manage your money more effectively. With budgeting tools, you can set financial goals, track your spending, and monitor your progress over time.

Customer Support

Customer support is another critical factor to consider when choosing a money app. As an expat, you may encounter issues with your account or transactions, and you need to be able to get help quickly and efficiently. Look for money apps that offer reliable customer support, preferably 24/7, and through multiple channels, including phone, email, and chat.

Additionally, look out for comprehensive FAQs and help articles that can guide you through common issues and questions. Like, how many fee free ATM withdrawals can you get or what foreign currencies are supported.

Investment Opportunities

For expats who want to invest their money, a good money app should offer investment opportunities. With investment opportunities, you can grow your wealth and achieve your long-term financial goals. Many money apps now offer investment features, including robo-advisors and self-directed investment accounts.

Look for apps that offer investment opportunities that are easy to use and affordable. With robo-advisors, you can invest your money automatically, based on your risk tolerance and financial goals. Self-directed investment accounts allow you to choose your investments and manage your portfolio yourself.

Things to be aware of when choosing expat bank accounts

Speaking of expat bank accounts, it is important to ensure that the money app you choose allows you to link to these accounts. Expats often require bank accounts in multiple countries, and being able to link them all to one app can make managing finances much easier.

Additionally, ensure that any app you consider is authorized and regulated by financial authorities in your country of residence. For example, in the UK, you should look for apps that are covered by the Financial Services Compensation Scheme, which provides protection for consumers in the event that a financial institution goes bust.

Another important factor to consider when choosing an expat money app is the fees associated with using it. Some apps may charge high foreign transaction fees for currency exchange or international money transfers, so be sure to read the fine print before signing up.

Finally, consider the security features offered by the app, such as two-factor authentication and encryption, to ensure that your personal and financial information is kept safe. By considering these factors, you can find an expat-focused money app that meets your needs and helps you manage your finances with ease.

Skip the fuss with the Tap mobile app aka your international money account

Tap offers a top-rated mobile app that allows users to easily and effectively manage both their fiat and crypto finances in one international money account package. Fully regulated and licensed by the GFSC, the app ticks all the boxes when it comes to security, bank account regulations and AML laws.

On top of this, the app supports multiple currencies and allows users to pay bills directly from the app using whichever currency they prefer, and send money free of charge to friends and family no matter where in the world they might be. 

Using refined technology, the app scans multiple exchanges to ensure that users always get the best price available, and executes the transactions in a fast, secure and cost-effective manner. Available in over 45 countries, the app supports over 3 currencies and 40+ crypto assets allowing for not only a smooth expat money account experience but an excellent travel experience too. 

Accompanying the app is a range of Tap cards each presenting a variety of perks. The card operates as a spending card linked directly to your account, allowing you to travel to any corner of the globe and seamlessly make payments and ATM withdrawals directly from your Tap wallets. 

With no monthly fee associated with traditional bank accounts, fee-free international transfers to fellow Tap users, and a business account option, Tap reigns supreme when it comes to international money accounts catering to expats.

In conclusion

Managing finances as an expat can be challenging, but with the right money app, it can be much easier. Look for apps that offer a multi-currency account, affordable international transfer services, mobile banking, robust security features, budgeting tools, reliable customer support, and investment opportunities.

By choosing the right money app, you can manage your finances more efficiently, save money on fees and unfavorable exchange rates, and achieve your financial goals. Not to mention the business account opportunities for your professional needs.

There are plenty of certainties in life, and trading is no different. Whether you’re a novice trader or a professional, one of the few guarantees when it comes to any market is that there will be bear markets, and there will be bull markets.

It’s easy to get caught up in the highs of a bull market, but when it comes to navigating bear markets one needs to keep their wits about them. Below we outline 8 trading strategies to take with you through times of dropping price movements. 

Only invest what you’re willing to lose

The golden rule of investing: never invest more than you can afford to lose. It might sound grim, but the reality is that no market or asset is ever guaranteed to succeed so be wise with your investments. Whether in a bear market or a bull market, this golden rule should never be skipped.

Once you’ve set up your budget and determined your living expenses (rent, groceries, insurance, etc), only then can you establish how much money you can invest. Bear markets and price corrections can have a significant impact on your finances, never take a chance with your living expenses or by underestimating the importance of establishing what your risk tolerance is.

Embrace dollar cost averaging

Economic cycles will inherently go up and down, and a great way to minimize risk is to implement dollar cost averaging into your trading strategy. Ideal for traders with a 10+ year timeline, dollar cost averaging involves buying the same asset on a consistent basis no matter the price. With the varying price differences, investors typically accumulate more for less over a long period of time. 

This dollar cost averaging strategy is particularly useful during bear markets when the asset prices are typically undervalued, which leads us to the next point. 

Find undervalued assets

During a bear market, asset prices are often described as being pummeled and underpriced, presenting an excellent buying opportunity for the savvy investor. The trick here is to know what you’re looking for and to conduct adequate research. In a bear market, both good and poor companies have hammered down asset prices, ensure you do your research to determine the one from the other. 

Bear markets tend to also be a great time to accumulate more from the companies/assets you are already invested in, accumulating the assets for less than they’re worth. This is a common strategy used in the stock markets when stock prices are undervalued.

Market timing can mean everything whether you're in bear market territory or not, so make sure you have adequate information before engaging in declining markets.

Branch out with diversification

Bear markets are a great time to implement an asset allocation strategy and broaden your investment horizons. When asset prices are low (even during market volatility) it creates an excellent buy-in opportunity for investors to spread their portfolios across alternative investments such as bonds, different asset classes, cash, and stocks.

Regardless of whether it's a bear market or a bull market, always consider your risk tolerance and financial goals, and as always conduct your own research, as you explore different markets and determine whether they would be a good fit for your portfolio. 

Explore non-cyclical stocks on the stock market

Non-cyclical or defensive stocks are a type of investment that usually do well even when the overall stock market is down. These stocks are from companies that make things like toothpaste, toilet paper, and soap, items that people still use even during tough times and market downturn. They usually pay regular dividends and have stable earnings, which can make them a good choice for investors who want to reduce risk during stock market decline.

Treat bear markets like you would a bear

During a bear market sometimes the best thing to do is exactly what you’d do if faced with a real bear in the woods: play dead and don’t make any sudden moves. In the financial sense, this means moving your money to safe places and not making any sudden, irrational buy/sell trades.

This typically involves putting more of your money into safe investments that you can easily access, like certificates of deposit (CDs) or U.S. Treasury bills. By doing this, you can ride out the market's ups and downs without losing too much money

Leave your emotions out of it

On Wall Street, there's a saying that 'The Dow climbs a wall of worry,' which means that even when things seem bad, the stock market can keep going up. Applicable across all markets, as an investor, it's important to not let your emotions guide your decisions. Sometimes big problems turn out to be not so bad in the long run. Fear can make it hard to think rationally, so it's best to stay calm and carry on with your investment strategy.

Short selling

If prices are falling, there are ways to make money from the situation. One way is through short selling, where you borrow shares in a company, ETF or asset and sell them with the hope of buying them back at a lower price. Another option is using put options, which increase in value as stock prices fall and limit your potential losses. 

Inverse exchange-traded funds (ETFs) also let you profit from a falling bear market by increasing in value when major indexes go down. These can be easily purchased from your brokerage account without requiring margin accounts or advanced trading skills.

Not ideal for beginner traders, only implement these strategies if you feel confident to do so or have contacted the necessary professionals. 

In conclusion

Bear markets are an inevitable part of trading, and it's essential to be prepared with strategies to minimize losses and even profit from the situation. By only investing what you can afford to lose, embracing dollar cost averaging, finding undervalued assets, diversifying your portfolio, exploring non-cyclical stocks, leaving emotions out of your decisions, and potentially using short selling or inverse ETFs, you can weather the storm of any bear market. 

It's crucial to remember to stay calm, do your research, and seek professional advice if needed. With these strategies in mind, you can navigate a bear market with confidence and come out on top.

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PAX Gold is the hybrid investment option bridging the gap between digital currencies and the gold market. This cryptocurrency provides the benefits of blockchain technology without the price volatility. The Pax Gold token also offers a more accessible way for traders to invest in physical gold assets. 

What is PAX Gold?

PAX Gold (PAXG) is the biggest digital asset backed by underlying gold and each PAXG token represents one fine troy ounce of a 400-ounce London Good Delivery gold bar. The price of PAX Gold mimics the current gold market prices of gold, making it a more stable crypto investment with less volatility. 

The crypto asset is issued by the Paxos Trust Company and the market value of the circulating supply is held in physical gold bars in vaults similar to how stablecoins hold reserves of the fiat currency they are pegged to.

To guarantee its integrity, the Paxos Trust Company undergoes and releases monthly audits to verify that its PAXG tokens are equal to the amount of allocated gold it holds. This process is regulated by the New York State Department of Financial Services.

Additionally, users have the option to redeem their PAXG tokens for allocated gold bullion bars whenever they desire, or for smaller amounts of unallocated gold bullion bars through a network of physical gold retailers around the world. 

PAXG tokens are based on the ERC-20 token standard and provide users with all of the benefits of owning physical gold bars without the drawbacks typically associated with the physical commodities. These include limited accessibility, challenges storing the physical gold, difficulties transporting it, etc.

Due to its tokenized nature, PAXG can be traded for other cryptocurrencies in the sector, or simply redeemed for physical gold. 

Who created the PAX Gold platform?

The Paxos Trust Company was co-founded by Charles Cascarilla and Rich Teo in 2012 with the aim to provide a more accessible and trustworthy means of moving assets. Cascarilla holds a degree in finance with experience in the capital management sector. He has also participated in multiple traditional and blockchain-based venture capital projects.

In 2018, the company released Paxos Standard (PAX), a stablecoin pegged to the US dollar, with reserves held in US bank accounts. In 2021, PAX rebranded to the Pax Dollar (USDP). The stablecoin remains one of the top 10 biggest asset-backed cryptocurrencies.

In 2019, PAX Gold (PAXG) was launched. The allocated gold-backed digital asset holds its reserves in vaults secured by Brinks. The company undergoes monthly audits which verify that the correct amount of reserves is held for each coin.

The company has achieved strong institutional support and secured more than $500 million in funding from reputable investors such as OakHC/FT, PayPal Ventures and Mithril Partners.

How does the PAX Gold work?

First and foremost, PAXG represents physical gold. PAX Gold (PAXG) is an ERC-20 token built on the Ethereum blockchain making it compatible with many dapps and decentralized exchanges within the DeFi space. When creating or destroying PAXG tokens, the company charges a small fee (0.02%) while the trader is liable for gas fees for any on-chain transactions. 

Increasing investment entry barriers, the token is divisible by 18 decimal places, allowing anyone access to fractional ownership of a physical gold bar without the associated burdens of owning physical gold (transport, storage, etc). 

Each PAXG token is allocated a unique serial number that matches that of an individual gold bar held in reserve. Holders are entitled to find the physical gold bar, its value, and other characteristics by using the PAXG lookup tool. Tokens can also be redeemed for gold, fiat currency, or other digital currencies as per the current market price of gold at that time. 

PAXG transactions are closely monitored and surveyed by Paxos using third-party analytical tools for the purpose of investigating any potential cases of fraud or money laundering. In addition, developers subject the code to regular smart contract audits in order to detect bugs and vulnerabilities.

What is the PAXG token

PAX Gold (PAXG) is an ERC-20 token built on the Ethereum blockchain. Each PAXG token represents one fine troy ounce of a 400-ounce London Good Delivery gold bar which can be traced using the unique serial number.

The cryptocurrency offers investors exposure to the price of gold as well as investment opportunities otherwise difficult to access. The advantage of investing in cryptocurrencies like Pax Gold PAXG is that one can bypass the physical challenges of investing in real gold reserves. Instead, one can manage their investments from the convenience of their home.

The Paxos Trust Company holds all PAXG token reserves in vaults and undergoes monthly audits which are published on the Paxos Trust Company’s website. 

How can I buy the PAX Gold token?

If you're looking to invest in the long-term value of high-quality gold without concerning yourself with physical gold bars, with the added benefits of blockchain technology Gold PAXG tokens might be the answer you're looking for.

Tap provides a seamless entryway to buying, storing and selling Pax Gold PAXG tokens. Users will simply need to download the Tap app, create an account and complete the quick verification process. From there they will gain access to a number of secure integrated crypto wallets and vetted cryptocurrency markets, including PAX Gold tokens.

The app not only allows users to buy, sell, trade and store cryptocurrencies, but also provides a payment service that allows users to make fiat payments directly from the app. Whether through an electronic payment or the Tap card, users can spend their crypto and fiat currencies anywhere, anytime. 

Generally when one mentions investing, one thinks of stocks. Forming the foundation of more investment journeys, stocks or equities provide a tried and tested option for using capital to gain profits. In this article, we’re guiding you through the most important concepts you need to know when it comes to investing in the stock market, from what stocks are exactly to how to stock market basics. 

What are stocks? 

Also referred to as equity or shares, individual stocks are securities that provide fractional ownership in a company. Units of stock are called shares and entitle holders to "own" a small part of the issuing corporation. This can also entitle the owner to receive dividends from any profits the company might earn.

Other terms one might hear are exchange-traded funds (ETFs) which are stocks based on pooled investments that mimic the price of the underlying asset allocation while mutual funds are professionally managed investment funds. An investment portfolio can be made up of a collection of the above, or individual stocks, depending on your financial goals.

Stock market vs stock exchange

Stocks are traded on stock exchanges around the world and their price is driven by supply and demand. The term stock market refers to the entire industry while the term stock exchange refers to the platforms on which stocks are traded. 

What is a stock exchange?

A stock exchange is an exchange platform where publicly-traded stocks can be purchased and sold through buyers and sellers, like the New York Stock Exchange for example. Initial Public Offerings (IPO's) are the primary mechanism of raising capital, where organizations sell shares to the general public in exchange for capital. This process allows the business to expand without incurring debt. 

In exchange for being allowed to offer shares to the public, companies are obliged by law to publish financial information about the company's performance and grant shareholders a voice in how the business operates.

Advantages of investing in stocks 

Before engaging in any stock market investing it is important to determine your risk tolerance. This pairs your current financial situation with the amount of risk you are willing to endure, anywhere from low risk to high risk. It's best to consult a financial planner should you be unsure. 

Once this has been determined, you can build a strategy for your stock investments and partake in the many advantages that the stock market has on offer. 

Profits

Should a company's share price increase, investors can make considerable profits by selling the shares at the right time. 

Ownership

Shares provide investors with ownership in the company relative to the number of shares they own. As a shareholder, you gain access to a portion of the profits and may also receive voting rights within the business. 

Dividends

Investors can earn passive income by receiving dividends from a company they have invested in when they pay out the profits made over a certain time period. Some companies offer quarterly dividends while others are annual. 

Income and growth

Stocks deliver an ideal investment opportunity that can provide both income and growth. Investors looking for a more risk-averse investment and stronger financial stability will benefit from engaging in the stock market. 

Experts can leverage your earnings

Skilled fund managers understand mutual funds inside and out, gaining skills that allow them to optimize investments to capitalize on market fluctuations. Constantly monitoring equity funds for opportunities to better position clients' portfolios, these experts continually revise their strategies as needed.

Disadvantages of investing in stocks

Requires time

If you are new to the industry and intend to invest on your own, you will need to undergo a considerable amount of research on each company before investing in it. You will also need to learn how to read financial statements and annual reports and keep an eye on the news when determining whether a company might be profitable in the near future. 

No guarantees

While considered one of the "safer" investment options, individual stocks can still be high risk as there is no guarantee of what might happen to a company on a year-to-year basis or that you won't lose money. Always determine your risk tolerance before investing in the stock market.

Fluctuating prices

All markets are subject to volatility and the stock market is no exception. Be sure not to fall into the trap of making trading decisions based on emotion and stick to the golden rule: buy low, sell high. 

How to invest in the stock market

Ready to start investing in the stock market? The process is probably simpler than you thought it would be. 

1. Find a brokerage account most suitable for your investment goals
   Consider your short and long-term goals and determine which account is best suited to you, from college savings accounts to an individual retirement account to everything in between. 
2. Find a brokerage company
   Next, you'll want to find a brokerage company. Consider their available investment options, reputation, and fees when looking for the right fit. If you're looking to invest in stock mutual funds, individual stocks, or index funds, be sure that the brokerage account (or brokerage firm) provides the relevant services.
3. Deposit funds
   Once you've opened your account you will need to deposit money to get started. This is generally in the form of a lump sum, however, monthly recurring payments can also be set up.  
4. Determine which investments you want to open
   After opening an account you can begin to purchase and sell stocks, as well as bonds, stock mutual funds or general mutual funds, index funds, and ETFs that are composed of hundreds of securities. Whether investing in various individual stocks or the investment options listed above, consider using a diversified, risk-friendly approach whereby you don't put all your eggs in one basket. 
5. Confirm your investments by purchasing them
   Once you've decided what to purchase, simply enter the ticker symbol in the buy field and specify how many shares you would like to acquire. And that's how you enter the stock market world.

Final thoughts

By their very nature, stock market investing can be volatile with numerous internal and external factors outside of the control of retail investors affecting stock prices. While exchange-traded funds and mutual funds might diversify this risk, it's best to assume that you are still susceptible to it.

During times of extreme price fluctuations within the stock market don't make emotional decisions and instead maintain patience. Consider writing down your goals beforehand and referring to this in times of market turbulence. Having a diversified portfolio of individual stocks will help mitigate risk. 

It's critical to understand your risk tolerance before investing in the stock market and make sure you get investment advice from an expert so that you can determine the best course of action for yourself. By analyzing your personal financial situation, they are able to advise you on the best route for your financial goals, from whether it's best to invest in individual stocks or index funds before you start investing.

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Generational wealth is not just about building a large stash of money, it's also about how you pass it on. Once you've paid off your debts and established various forms of income, the next step is to start to build generational wealth that can surpass your lifetime.

In this article, we explore what generational wealth is and how to start building it. As with any investment account, the earlier you start the better the end result. While building generational wealth is a great place to be, we encourage you to get your current financial situation in order and build your financial education before you start exploring this concept.

What is generational wealth?

Generational wealth, also called family wealth, is the transfer of assets from one generation to the next within a family. This may include multiple streams of income from financial investments like stocks and bonds, as well as valuable assets, real estate, and family businesses. These assets continue to generate financial value as opposed to just being a lump sum of cash.

It's important to note that when an individual is born into wealth, that wealth was created by a generation before them, whether that be decades or centuries before. This financial success can help eliminate financial struggles for generations to come, or if not handled correctly, could be eradicated by just one generation.

The main factor for passing on generational wealth

Creating wealth is not the hardest part, the hardest part is educating the next generations on how to manage this wealth. According to the Williams Group wealth consultancy, 70% of wealthy families lose their wealth by the second generation while a whopping 90% lose it by the third. 

Generational wealth is not about creating enough money to allow your children’s children to sit around all day, it’s about passing wealth down for generations to come to make the world a better place and empower the family tree. Generational wealth is not about materialism or consumerism, it should be about financial education and philanthropy. Consider how important generational wealth is to you before embarking on building wealth for future generations.

The key steps to building generational wealth

There are two key components that need to come together in order to build generational wealth: firstly, building this wealth, and secondly, passing on this wealth. In this first section, we will cover the former. 

Creating generational wealth isn't going to happen overnight. It's a journey that necessitates time, purposeful planning, and commitment. There are no shortcuts when it comes to creating generational wealth, it's a marathon, not a sprint no matter which financial assets or stock market you might choose to invest in.

It involves not only taking care of your personal finances through proper planning but also educating the next generation about financial literacy and personal finance. This legacy wealth could go on to fund a child's education or college education, or be used to build an impressive real estate portfolio or invest in family businesses.

It's not about inheriting a trust fund at a young age so that one can simply enjoy life, it's about learning how to be financially fit, understanding how to create wealth, and hopefully building a secure financial future for the next generation.

1. Build a solid financial foundation

First and foremost, you will need to build a solid financial foundation before you start to build generational wealth which means you need to get out of debt and establish an emergency fund (three to six months' worth of expenses).

Do not progress to step two until this step has been completed. In order to build wealth one needs a firm foundation, so set yourself up to weather any storms that might come your way before you embark on the journey to create generational wealth.

2. Start allocating 15% of your income to a retirement fund

Now that you are out of debt and have established an emergency fund, allocate at least 15% to your retirement fund. In this step, consistency is key. Determine what kind of investment account (whether using new-age financial assets or the stock market) you wish to use, consult a financial advisor if necessary, and start allocating 15% of your gross income to this tax-advantaged retirement account.

If you consistently do this for two to three decades you will have built enough wealth to live comfortably after retirement and pass some on. 

3. Build slowly and consistently

As we mentioned earlier, building generational wealth is a marathon, not a sprint. This is a long-term commitment that requires no rush and no pressure. Commit to consistently building your wealth for the rest of your life. 

4. Communicate with your family and educate them about money

Discuss your financial goals with your children and use the opportunity to share your knowledge about wealth. If your wealth creation involves investing in real estate, building a family business, or any avenue that requires active participation, ensure that you keep your descendants in the loop and provide them with the wisdom, knowledge, and skills to maintain and ideally continue to build generational wealth. 

By discussing money frequently, being open about mistakes you have made with finances, and demonstrating smart financial decisions in your own life, you can teach your children about the importance of managing their money wisely.

5. Officiate things by making them legal

When it comes to building generational wealth, a financial advisor is optional but including a lawyer is essential. This step ensures that the generational wealth you spent your lifetime building is distributed accordingly.

Ensure that you go through the necessary legal proceedings to make sure you're not only on the right side of the law but also that the generational wealth is passed on as per your intentions. 

How to pass on generational wealth

Now that you've put the processes in place to start to build generational wealth, the next step is to put in place the necessary steps to ensure a smooth handoff. Here are three key steps to ensure that your generational wealth remains a blessing and not a chaotic curse for those left behind. 

1. Create a will

No matter what earthly possessions or family wealth one has, a will is essential for everyone 18 years and older. This legal document outlines how your assets are distributed after you die. While consulting legal counsel is advised, there are plenty of templates and methods online for writing and establishing your will. Regardless of whether you create generational wealth or not, this step is important.

2. Establish an estate plan

Estate planning entails organizing your possessions and determining how they should be handled after you have departed. A will is a very important component, but if your net worth exceeds $1 million, consulting a professional could be wise to guarantee that all the details of your estate plan are in order. 

Expert estate planners can help with more complex situations, like a family business or intricate family wealth, as well as demonstrate tactics for diminishing federal taxes so you don't pay any more than necessary.

3. Put together a legacy drawer outlining your family wealth

Crafting your legacy drawer should be on everyone's to-do list, it is a place where you store important documentation and items that will become invaluable for your family (and family wealth) should anything happen. While there are many documents to consider keeping in this secure location, here are a few must-haves:

• Your will and estate plan
• Financial account information
• A copy of your monthly budget
• Life insurance policy
• Tax returns
• Account passwords
• Personal letters to loved ones
• Funeral instructions

Create lasting generational wealth

Once you've made the decision to invest in your financial future and build generational wealth there's no going back. If you want to create lasting generational wealth and blessings for generations to come, it's time to put your head down and get started. Consider this a long-term journey that with the right investments and education will empower generations to come.

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If you, like many others, suffer from a fear of investing, in this article, we’re taking a look at the root cause of this phobia and how to get around it. Investing, whether it be in the stock market or another asset class, poses an excellent means of reaching your financial goals. As any successful investor will tell you, overcoming this fear might be the step between you and your dreams.

Identifying investophobia

Investophobia is a reasonable concern about making an investment or losing money when investing. If you have solely centered your financial plan around saving and not investing in anything whatsoever, you could be afflicted by investophobia.

Based on studies conducted, the main reasons people are scared to invest in the stock market and other assets range from not understanding the markets to having a lack of capital to having had previous bad (fraudulent) experiences.

These factors all play a prominent role in hindering opportunities to build wealth and benefit from the rewards of investing (and compound interest). 

The four biggest investment fears

Based on a survey conducted by an investment firm, these were the leading reasons why people were afraid to get involved with investing. 

Investing is too complicated (11%)

These respondents said that they would rather make use of savings accounts as this process was easier to understand and less risky. 

Investing has a bad name but it doesn't have to be as daunting as it appears. The more educated you become, the better equipped you will feel, and the greater you can benefit from the rewards. Read articles and scour blogs, such as ours, that empower readers to understand their personal finances and how money works. 

If you are investing in the stock market, take the time to understand how it works and look at its history to get a firm understanding of how the stock market works.

Rome wasn't built in a day, so don't feel like you need to become a pro-investor overnight. Start small and make use of companies that offer dummy investing accounts that let you test the markets without using real funds. 

Look for one that allows you to invest in the stock market using practice money and treat the experience as if it was real capital and you were building a successful investment portfolio. This allows you to get comfortable investing while taking baby steps to grow your confidence.

Investing makes your money inaccessible (5%)

This group of participants fears investing because they believe they will lose access to their funds and would prefer to have them at hand's reach. This problem can be resolved depending on what kind of investment account you go use to build your investment portfolio.

Most of the time, shares and investment products can be liquidated within market times, however, any informed investor will know that the longer one leaves the funds in the investment, the the higher the returns. 

Another key strategy to avoiding tucking into your investments is to create an emergency fund (3-6 months' worth of monthly expenses) to keep on hand should you need it. An emergency plan is the key to putting aside money for a rainy day so that you can stay ahead of life's curveballs.

This way, you don't need to tuck into your investment efforts just to confront life's challenges, and ensures that your investment targets remain on track.

Fear one might lose money (14%)

This group has an outright fear of losing money and, as a result, would rather not invest at all. 

The irony is that the fear of losing money (and not investing) is actually costing you more in the long run. Keeping large sums of cash on hand or keeping them exclusively in a savings account will, unfortunately, subject your funds to market forces such as inflation, low-interest rates, and high monthly banking fees, all factors which can erode away at the value of your hard-earned money over time.

To conquer this concern, consider taking advantage of mutual funds. These are collective investment schemes (CIS) that pool the funds of similar investment objectives together. These funds are then invested in a diversified portfolio and managed by a professional.

The portfolio might include anything from securities to stocks, bonds, real estate, treasury bills and cryptocurrencies, and are at the discretion of the investor. Often, asset allocation goes hand in hand with risk tolerance, so be sure to have a thorough understanding of your prior to getting started.

The aim of investing in mutual funds is to spread the risk and maximize your returns at a relatively low cost. While any investments do carry a level of risk, when diversified and managed by professionals, risk can be kept at a bare minimum. 

Every investment strategy is too expensive (30%)

Interestingly, the biggest concern among participants afraid of investing was that the process would be too costly, and they cannot afford it right now. While being aware of your financial situation is responsible and we advise building an emergency fund before engaging in investments, the process might be less costly than the average outsider imagines. 

Many people assume you must have a massive amount of money to invest, whether it be tomorrow or in 10 years. But what if that 'large' sum never materializes? Then your time will be wasted waiting around.

Fortunately, investing is much more accessible than ever and not as expensive as one might think. People can easily find funds that require a small amount of capital or a minimum deposit each month, long term this can still grow and create wealth. 

We at Tap are convinced everyone can partake in investment choices - after all, we're all investors. If you have the means to buy airtime and data subscriptions, then there's no reason why you shouldn't be investing. This is the first step to achieving financial stability in the future, consider investment programs that cater to your budget and goals. 

3 things to look out for when deciding on an investment platform

To further assist with reducing any fears over investing, below we outline 3 non-negotiables you should ensure that your chosen investment platform can check off. If you’re unsure, ask, it’s your money after all.

Before you start investing we encourage you to assess your financial health and determine your risk tolerance so that you can build investment strategies appropriate to your needs. Once you've covered this step and overcome your investment fear, find yourself a well-suited platform to review your investment options.

1. Does it support the investment instruments/stock market you’re after?

If you’re looking to invest in index funds, look for a platform that caters to this. If you’re looking for crypto investments, make sure that the platform supports the assets you’re after. On top of this, ensure that the platform has gone through a careful screening process, a wide range of assets/instruments isn’t necessarily beneficial if the platform hasn’t vetted them. 

2. Does it use optimal security?

If you’re managing your investments through an app does it have the maximum security measures in place to ensure that your funds are safe at all times? On top of this, does the platform have insurance policies in place should their security be compromised? The platform should also at a bare minimum incorporate bank-grade encryption and two-factor authentication.

3. Is the platform regulated?

For peace of mind forgo investing on any platform that does not adhere to your local regulatory laws. The platform should be regulated to offer investment products to different classes of investors, this involves a rigorous process that ensures the upkeep of the regulatory laws and that the platform is always above the law and therefore your funds and investments are safe. 

Invest in your future and avoid losing money

Don’t let the fear of investing hold you back from bettering your financial situation. Whether you’re on the path to paying off debt, a mortgage, or building generational wealth, investing can help you achieve those goals at a faster rate, particularly if you incorporate compound interest.

If you’re looking to start your investing journey, we’d recommend that you first create a budget so that you are on top of your monthly expenses. Next, assign any extra funds to pay off debt and/or build your emergency fund.

Use the time it takes to complete the first two steps to actively engage in learning about investing and deciding which instruments you wish to invest in. When you have completed the first two steps, choose a reliable platform and start your investment journey. 

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