Hey everyone, thanks for joining me for another Monday Money. I talk about a lot here, most of it tips and tricks on saving money, spending wisely and churning rewards credit cards. But, today, I’m going to take a bit more of a personal approach. I’m going to let you in on what I believe is going to be the most important financial decision I’m going to make this year. I’ve decided to start a Betterment account.
The truth is, I’m not that rich guy that’s chatting with you from my high rise pent house in New York City. Nope, just a normal guy in a 2 bedroom apartment living the dream with my fiance. I’m 25 years old which, for all of my working life I’ve been referring to as the most important year financially for anyone! This is the year it’s time to start thinking about retirement. Wait any longer and your returns diminish by the minute!
So, my age is right on the money with getting started. Now, it’s time to think about some really important decisions that I need to make. The good news is, I’ve been helping others make the same decisions I’m about to make for years now.
Throughout my career, I’ve worked with several lenders, investment firms, banks, credit unions, online financial software, you name it. The only thing is, I’ve always been paid by others to do this stuff for them. I’ve never really put my own money in my own hands when it comes to investing because, I just wasn’t thinking about investing when I had money.
This time it’s different, I’m thinking long and hard about it. Luckily for me, I work with Jeremy on the Reviews for Modest Money and, he’s had me looking into investment services lately. I’ve reviewed some of the best options in the world from what my research tells me! For me, I decided to go with Betterment!
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“Why Betterment?”, You Ask
Well, I’m a busy guy. The truth is, I work a full time upper management job starting at 6am. I come home, I run my blog, write for Modest Money and several other publications across the web. At some point around 7pm I’m usually done for the day. I get to relax for a couple of hours, enjoy the comfort of having my fiance by my side and I wake up to do it again. Well, 5 days a week. I really try not to work on the weekends.
All of that being said, I’m not rich so, it’s not a reasonable concept for me to pay huge broker fees to make the most out of the money I do have. I’m pretty good at predicting what stocks will do but, I don’t want to set all of my money on my own predictions. Then I did the Betterment Review.
Known as the investment option designed for the busy investor, it seems like their services were designed just for me. All I need to do is decide which buckets I want to put my money into. Set my risk level based on the return that I want at a risk that I’m comfortable with and, check it every month or so when I make the next deposit. Betterment is going to do all the investing work for me and not charge me every time my money changes hands as a result of their advice.
OK, I admit, paying a percentage of what I have invested on an annual basis kind of sucks but, with all the fees that I’m missing out on, I think it’s worth it. Plus, I’ll be able to relax and watch my money grow instead of working for an extra 15 to 30 minutes or more a day on my investments.
I’d Like To Hear From You
Have you tried Betterment? Did it work for you or not? What was your experience? Of course I’ll be sharing my experience with you as I go through the Monday Money column but, I’d love to know your story too! Let me know in the comment box below!