This week, we launched Yieldr, a minimalist portfolio tracking app designed to help everyday investors build wealth without the noise.
The idea came from my personal frustrations using investing tools that are often overly complex and filled to the brim with cloudy data. I admit, its easy to fall into this trap. I didn’t realize how expensive it is to hook up an app with real market data. After all, if you’re paying several thousands of dollars for data, you might as well use all of it, right?
Instead, I focused on what retail investors want to accomplish. Then, I looked at how we can build an experience to make that job as easy as possible.
My thinking was inspired by Hick’s Law:
The time it takes to make a decision increases with the number and complexity of choices available.
Hick’s Law
Inside Yieldr, you won’t find every pixel covered in data and charts. Instead, you’ll find the right metrics in the right place.
Designing with a Specific Person in Mind
Honestly, we aren’t creating anything that doesn’t already exist. The difference is that we are laser focused on one person: a dividend investor who is building wealth and dreaming about reaching financial freedom.
Here’s one of my favorite tools in helping our everyday investors achieve their dreams.
Income Tracker
Financial dreams can’t be reached without a goal. The income tracker helps make it a reality by tracking cash flow (the money a portfolio is making from dividends) as it covers expenses one by one.
Behind the scenes, it’s a breeze (and even fun) to use. Simply enter expenses, order them to hit the easy ones first, and we do all the math.
The end result is a freedom number. The amount of cash flow needed each month to pay all expenses. Once the final milestone is accomplished, our customers hit financial freedom.
The reality is that building wealth takes work. Building in milestones, help investors think long-term and even enjoy the journey.
Yieldr can only succeed if our customers do!
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