Apps, like Mylo, that are designed to take some of your money from each purchases and invest it for you are a great idea. It’s an neat idea to trick people into saving money. However it does little to help us build the discipline required for financial success. It's a step in the right direction but there's still work that we have to do on our part in order to be on the right track.
At the end of the day/year/goal, what you do with that money save will be the determining factor of your financial situation. Will you use that $4000 you saved with the help of the app to buy a new TV? Or will you leave it in the app so that it can keep growing?
The decision is yours. The apps can help you but you are still the person who’s in control of it all. Get better with your finances by gaining the financial discipline necessary for it.
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