Financial businesses offer a range of products that help people control spending, build savings, protect themselves, and otherwise succeed financially. The following are some of the more common financial products that businesses in this space commonly offer.
Financial Apps and Software
Some financial businesses don't offer accounts or policies but, instead, develop apps and platforms that help people and businesses manage their finances. These include everything from budgeting and debt-payoff apps to more robust software that completely tracks a business's income and expenses.
Everyone can benefit from at least a few of the financial apps and software programs that are available. At the very least, individuals and families have to manage their monthly budgets, and apps make it easy to track various categories of expenses. Some people may also want specialized apps that are tailored to their particular financial situation.
Financial businesses that act as investment firms offer a variety of different investment account options. A few of these include the following:
- IRAs and Roth IRAs, which are personal accounts used to save for retirement
- 401(k) and Roth 401(k)s, which are employer-sponsored accounts used to save for retirement
- 529 Savings Plans, which are personal accounts used to save for educational expenses
- Brokerage Accounts, which are non-specialized investment accounts
- Money Market Accounts, which are conservative investment accounts
Businesses that offer these various account options can help investors decide what particular account is most appropriate for their investing goals.
People who are financially stable enough to afford the necessities in life should explore investment account opportunities with a financial advisor. No matter what one's long-term financial goals are, investment accounts usually play an integral role in reaching long-term goals.
Whole Life Insurance Policies
Financial businesses that focus on helping people invest occasionally also sell whole life insurance policies. These are a particular type of insurance policy that blends life insurance protection with long-term investment potential.
Life insurance is especially important for parents, and whole life insurance might be the right type of life insurance for some parents who also want to take advantage of the investment opportunities that these policies offer.
Selective Investment Opportunities
Private equity investment firms seek out non-public investment opportunities and present them to their members. These opportunities are only available to people who have over $1 million in assets or earn more than $250,000 annually, but those who qualify can get access to promising investment opportunities through these firms.