Business and finance is a highly competitive and dynamic field. Investment potentials can change in an instant. It’s important for financial gurus to have the applications and tools to closely monitor their finances. Buying and selling in real-time proves imperative, and having the right numbers within seconds can make an impressive impact. Analysts, brokers, and investors have a list of gadgets that equip them with the means to quickly make an educated decision based off the numbers. Below is a list of the most common of these gadgets.
Financial Calculator
As anyone might guess, having a calculator is a necessity for any financial wizard. Though a mathematical mind can quickly crunch numbers, calculators perform complicated mathematical functions. Specifically, financial calculators and graphing calculators perform advanced statistical analysis helpful to many investors. They are able to analyze: grouped data mean and median, cumulative frequency, box and whisker plots, line of best fits, factors, quadratic equations, systems of equations, and probability functions.
Loan officers, real estate agents, and other businessmen use calculators to also quickly calculate interest rates and compounded interest. Most financial and graphing calculators contain interest equations in the calculator, so the user only has to “plug-and-chug”. By inputting a few numbers, an adjuster can determine quarterly payments, based off of interest rates, within a few seconds.
Currency Converter
Currency varies between countries. For example, X American dollars equals Y Euros at any given time. Currency converters are able to provide accurate ratios of currencies across the globe, making foreign transactions easier. Many phones and calculators have this application, but many times these applications aren’t updated in real-time. Currency values change nearly every quarter, so having a real-time application is imperative. Businessmen often travel to unfamiliar territory in making business deals, so having a currency converter is important in making high-finance deals, but it’s also important in everyday transactions.
Real-Time Stock Ticker
Knowing stock values is a necessity for investors. Stock tickers are gadgets that track stock market values and FOREX prices in real-time. The idea of stock is to buy at the low peaks and sell at the high peaks. Having a real-time stock ticker enables stock traders to have a bird’s eye view of trading events and values. Most buyers and sellers wait for specific numbers before they’re willing to make a trade. Using stock tickers, they are notified to the second when these numbers and reached.
Daily Trend Updates
A trend update not only provides real-time stock values, but it also shows trends in the market on a real-time basis. When making time-sensitive trades, investors don’t have the time to do research on the newest industrial trends. Daily trend updates not only use algorithms to predict future stock values, but they also incorporate the latest company news and subjective changes that could influence the stock value.
Portfolio Manager
Many websites and investment firms host portfolio managers. These gadgets tailor an investor’s watch list to the companies of interest. For example, if you have invested all your money in an American realty firm, then you don’t need updates about the price of tea in China. Portfolio managers allow you to manage, monitor, and assess your individual financial portfolio without the hassle of digging through large databases of statistical information. A good portfolio manager will show up-to-date gains and losses, and will fractionize investments to determine biggest winners versus biggest losers.
