Eight years ago my boss walked into my office, told me that they were adding me to their 401k program at work, and threw a few forms on my desk. He then turned around and walked out of my office just as quickly as he walked in. I had no idea what had just happened, but I filled out the forms and returned them to the lady who handles HR at my office.
Six months after that I received a call from a Wall Street banker asking how I wanted to invest my money. Honestly? I had no idea. I tried asking a few questions, but the banker had about 10 other things going on at the same time as our call and eventually passed me off to his assistant. I couldn’t help but think that he would probably have more time to answer my questions if I had a bigger portfolio to invest.
Eight years later, my 401k hasn’t done much. I get statements every few months showing minimal growth, and charts I can’t quite make sense of. I often feel like my 401k is making cents, not dollars…a poor return on money I had such I hopes for.
What I didn’t know eight years ago is that I’m a member of the underserved retirement planning population. Yes, I have money to put away for retirement and a desire to save for the future, but I don’t have the knowledge on my own or enough money to get someone’s attention who might be able to help. The result is a 401k with virtually no growth over 8 years. That’s depressing.
But now I know about blooom.
A start-up out of Kansas City, blooom is a low cost ($10 per month) financial advice solution that leverages technology to manage 401ks, lowering the barrier to financial advice. They serve the underserved like me. And all it takes is a few quick questions online to get on the right track. Unlike that Wall Street banker that called me years ago, blooom doesn’t care how much money you have in your account because they aren’t paid for endorsing one fund over another. Thankfully they also don’t expect you to translate complicated charts or math problems in your quarterly statements.
I’m looking for a smart, simple affordable way to have a stress-free relationship with my 401k. Because let’s face it, I have more important things to do with my time other than worrying about my 401k or stressing over those quarterly statements, like enjoying fall festivals with my family.
Having the peace of mind that comes with not having to worry about your 401k is important, and it gives you the time to focus on what matters most. For me, it would be spending time with those that mean most to me, even if they might be a little crazy…
If you’re looking to take control of your 401k in 2018, check out blooom for a free analysis today and get back to spending time with the ones you care about the most.