Answering Money Questions
Educating and empowering you to own your finances by answering money questions!
Welcome!
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How do robo-advisors compare to financial advisors?
And which one is right for me? tl;dr: Robo-advisors use computer algorithms to manage your financial portfolio based on preset parameters around risk tolerance, financial need, and type of investments desired. On average, they charge 0.25% to 0.89% of the amount they’re investing for you per year. A Financial Advisor is a person, who is…
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Should I invest money in stocks outside my 401(k)?
Should I invest money (outside of a 401(k)) in stocks instead of savings accounts? If so, how much? tl;dr: Yes, after you have an emergency fund, and you’ve set aside cash for large upcoming (within 5-ish years) expenditures like a new car, kids’ braces, college, or a home project. Basically, you want to meet your…
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What’s the Best Way to Save For Retirement?
There are two aspects to saving for retirement – DOING IT, and DOING IT CONSISTENTLY. The rest is gravy. TL;DR: Your target savings rate for retirement is 15% of your pretax salary (including your employer’s match, if you have one). Keep your life simple by utilizing your employer’s retirement plan (contribute as much as required…
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How do I start managing my money?
Managing your money essentially means that you know what you have, you know what you spend, and you know where you’re trying to go, financially speaking. You’ll want to get started on your two most basic financial components: making a balance sheet (also your net worth statement, this shows all you own, minus all you…
Angie Myers, CFP®
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