3 WAYS THE

INTERNET OF TH INGS

Will Change Your

Personal Finances

The Internet of Things is already

disrupting industries.

Companies use Internet of Things

(IoT) technologies to track fleets,

reduce airplane fuel costs, and

monitor industrial equipment.

But companies aren’t the only ones

that will benefit.

Your personal finances have a lot to

gain from the IoT as well.

According to Adweek, 65% of

people want the Internet of Things to

improve their personal finances.

And it’s already starting to happen.

Apple’s mobile payment platform,

Apple Pay, works on the company’s

upcoming smartwatch.

It’ll allow Apple Watch users to pay

for items without using physical cash,

debit, or credit cards.

But a more automated form of

wearable payments is on the horizon.

Citigroup recently told American

Banker that we’ll soon be able to use

wearable devices to pay for items by

simply walking out of the store.

“The idea is that eventually your wearables will

radiate a cloak of value around you that pays

for you when you perform certain behaviors,

so you don't have to stop and pull out of a

wallet a token of that value as plastic is today.

It's just part of your digital aura.”

-- Andres Wolberg-Stok, Citigroup

Which means the IoT will eventually

allow us to leave our wallets at

home.

But using the IoT for personal

finances isn’t just about leaving your

wallet behind.

It’s also about analyzing your

spending.

Research firm Accenture says banks

will use the Internet of Things to track

your spending, and help you make

better financial decisions.

“Powered by the Internet of Things’ vast data

flow, the Bank of Things will be an ever-present

part of customers’ lives and daily routines.”

-- Accenture

For example…

Your Internet-connected car may

soon tell your bank when it needs

repairs.

And the bank could then suggest

ways to cut back current expenses

to help pay for the fix.

It may sound a bit intrusive now.

But the IoT has the potential to

actually save you money.

Some insurance companies are

using IoT technology to set car

insurance rates.

It’s called usage based insurance

(UBI).

CalAmp makes wireless modules

that plug into a vehicle’s telematics

system and record braking,

acceleration, cornering, and other

data.

Progressive Automotive uses this

technology to monitor how some of

its customers drive.

And then lowers monthly premiums

for good drivers.

While the IoT will transform our

personal finances in all of these

ways, there are even more benefits

we can’t even imagine now.

Because the Internet of Things is just

getting started.

Wall Street hacks Apple's gadgets! (Investors, prepare to profit.)

Apple forgot to show you something at its recent event,

but a few Wall Street analysts and the Fool didn't miss a

beat: There's a small company that's powering Apple's

brand-new gadgets. And its stock price has nearly

unlimited room to run for early-in-the-know investors. To be

one of them, just click here!

CLICK TO READ NOW