Wednesday, November 13, 2019

Mylo: Turn your spending habits into saving habits

Mylo app has been around for more than 2 years. Launched in July 2017, this app automatically rounds up every purchase you make to the nearest dollar and invests the spare change. There’s no investment knowledge required, and you don’t have to change your lifestyle. It helps Canadians to turn their spending habits into saving habits.

Roundups make it easy to put money aside without changing your lifestyle. You simply link your chequing account (funding source) and your debit and/or credit cards (roundup sources) to your Mylo account, and Mylo automates the process for you.

For example, If you spend $3.25 on a coffee using a linked credit or debit card, Mylo automatically rounds up your purchase to $4.00 and put 75 cents aside in your Mylo account. Every week on Monday, Mylo adds up all the roundups from the previous week, withdraw the total from your funding source (typically your chequing account) and invest it in your Mylo account. In addition to roundups, you can also choose to put recurring deposit in your Mylo account.

Mylo uses the same security measures as major Canadian banks, such as 256-bit encryption, SSL connections and strict internal security policies based on ISO standards to ensure your information is never at risk.

Every Mylo user is advised by a registered Canadian portfolio manager at Tactex Asset Management, a subsidiary of Mylo Financial Technologies Inc. Mylo will ask you some questions when you are signing up. Your answers provide the Know-Your-Client information that your portfolio manager needs to understand three main things: your financial situation, your risk profile and your financial goals. Using this information, your portfolio manager will recommend an investment portfolio that reflects your unique situation.

As with most investments, it is possible for you to lose the principal investment and returns are not guaranteed. That’s why it’s important to be honest when answering questions during the sign-up process, so that your portfolio manager can create an investment portfolio for you that matches your lifestyle, risk profile and financial goals.

Mylo costs $1 a month. No matter how much you invest. And there are no hidden fees. You can deposit or withdraw money at any time and at no additional cost. You can withdraw money from your Mylo account anytime through our mobile app. It may take between 2 to 8 business days for your money to be deposited back in your funding source.

From my point of view, Mylo round-up savings program can make sense for someone who is starting out in life with less investment knowledges, or for people that don't want to spend too much time on self-directed investment. It can provide certainty in reaching a goal – be it a vacation, retirement or buying a house. If you want to know more information about Mylo, please read:

Mylo also has a referral program: if you sign up Mylo through a referral link of a friend, you each will earn $5 once you fund your Mylo account. If you want to register a new Mylo account, please find a referral link in the comment area below. After you registered with Mylo, you can get your own referral link and share it with your friends.

BTW, If anyone wants to leave his/her Mylo referral link below, please use the following format ONLY: "My Mylo referral link is: *******. Thanks." Other codes will be deleted. Thanks. Note: because it contains link, we need to approve referral comments one by one. So, please be patient...