Category : 401k

What's your retirement jam?

Awesome Mixtape Vol. 2: Your Retirement Jam Revival

If you haven’t read Awesome Mixtape Vol. 1: How to Master Your Retirement Jam, you should because it’s chock full of tunes goodness. But, oy, we live in a world of perpetual streaming and episode recaps. 

So Mixtape Vol 1. Recap …

  1. Mixtapes are AWESOME!
  2. We at blooom LOVE music
  3. Hearing about a great card game called MIXTAPE on a favorite podcast of mine, The Chalkboard Podcast, got me thinking. The game poses questions like what’s the “best song for riding a unicorn across a rainbow?” and demands you match it with a song. This prompted me to ask the question of the blooom team (and you!): The day you decide to retire or give your notice of retirement, what song plays in your head (i.e. what’s your theme music for this moment)?
  4. So many submissions hit my Slack channel that we’ve created not just ONE (you really should check out Awesome Mixtape Vol. 1: Master Your Retirement Jam the blog post and the Spotify playlist), but TWO volumes (our Engineering ninjas and me get to rock this one out).

The next mix is strictly a three-act affair, crowdsourced by a few of blooom‘s technical maestros, Jeff Durbin and Taylor Johnson, and yours truly (because I want to remain relatively impartial, Director of Client Happiness Chad Beland will offer commentary about each selection in italics):

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Ep. 269 Dough Roller Blog The Money Podcast

Dough Roller Blog: Blooom Helps Your 401k for $10 a Month

CEO and Co-Founder Chris Costello appears on Rob Berger’s Dough Roller Blog “The Money Podcast” to discuss how blooom helps people manage their workplace retirement accounts. Whether it’s a 401k, 403b or T.S.P., we automate the process of selecting and rebalancing your investments.

In the interview, Chris gives an update on recent pricing changes and service offering enhancements at blooom. First, Chris discusses the reasons for the shift toward the low, flat rate of $10 a month.

In addition to the retirement account automation, we also now offer financial planning advice to our clients. They can chat with a representative with financial questions or important decisions. Chris and Rob discuss the feature and how the reasons for blooom’s founding helped shape the advice service offering. Regardless of whether it’s tough choices when saving for a college or deciding on a home purchase or refinance, we can help.

Want to hear the podcast in its entirety …

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Mixtape Vol. 1: Master Your Retirement Jam

Awesome Mixtape Vol. 1: How to Master Your Retirement Jam

Ooga-chaka Ooga-Ooga
Ooga-chaka Ooga-Ooga
Ooga-chaka Ooga-Ooga

That freakin’ opening number in the Guardians of the Galaxy Awesome Mix featuring “Hooked on a Feeling!” It set the mood for the entire soundtrack and would most definitely get Baby Groot movin’.

We LOVE music in the office – control of the SONOS is a perpetual war of will! And who doesn’t get hooked on a good mixtape? It’s such the perfect way to communicate a feeling.

It was about a month ago my mixtape nostalgia was rekindled again. I discovered a great card game called MIXTAPE on a favorite podcast of mine, The Chalkboard Podcast.

I immediately ran out and bought it. With question cards like “What song plays as you ride a lion to work in slow motion?” how could I resist?

For me, a child of the 80s and 90s, it’s awesome to see the mixtape culture make a comeback.

But Don’t Call It A Comeback! We Look Forward To Retirement

And that card got me thinking – though I spun the idea of nostalgia … of looking back, into what if we looked forward toward retirement. The day you decide to retire or give your notice of retirement, what song plays in your head (i.e. what’s your theme music for this moment)?

I posed the question to the blooom team. I got enough submissions to create not just ONE, but TWO volumes (our Engineering ninjas get their own – along with my addition).

Without further ado, I proudly present blooom’s Awesome #Mixtape Vol. 1: Master Your Retirement Jam (You can listen to the Spotify playlist for everything but Beyonce and read my commentary about each selection in italics):

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Millennials Drink Your Coffee

Coffee Is Not The Enemy of Your Retirement

Can you think of starting your day without a cup of your freshly brewed coffee? I bet you can’t!

I can’t either. I love coffee. So … apparently do you. In spades.

But, take a minute and think…. is getting that morning buzz more important than creating your retirement nest egg? According to some recent research, coffee is the enemy of your retirement.

I’m sorry. It simply isn’t.

The Right Steps Don’t Discriminate Against Coffee

In my last post, I lamented the clickbait financial wisdom exclaiming how if we just gave up our latte, we’d be rich. Little did I know at the time that Acorn had based an entire survey question around the dreaded cup of coffee.

In their Money Matters survey, the findings reveal that 41% of millennials – my generation – spend more money on coffee than investing in our future. (1.)

The SAME survey of 1,911 Millennials (914 of the respondents were 24-35 vs. 18-23) also found that Retirement (at more than 40% of respondents) was the group’s top financial concern. It outpaced Daily Expenses and Debt.

Then I found this Forbes Fake News Fact Check gem bolstering the Millennial cause. Could Millennials actually be better at saving for retirement than previous generations? The article references an American Enterprise Institute study where, in 2015, Millennials reported that they first began saving for retirement at age 23, versus age 28 for Generation X and age 34 for Baby Boomers.

If you believe the anti-coffee hype, apparently my generation isn’t thinking rationally about saving for our retirement. That might be true, but we’d be placing the blame on the wrong thing.

The Right Steps Include Paying Yourself First

Just to set things straight, our advisor team doesn’t warn clients about the evils of coffee.

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Easy Keys to Building Wealth

The 4 Easy Keys to Building Wealth

It seems that there is a short list for everything these days. Top 10 things to never say on a first date. The 5 best foods for your toddler. Top 20 places to travel to in your lifetime. And my personal favorite – any list that has the top 10 fails!

I would like to offer yet another list. But unlike providing just the entertainment value of my favorite “Fails” list, this list will serve you in a much more life-altering way. If followed, I am confident it will change your financial future.

This list did not come out of the pages of academia but rather from my last 2 decades working in Financial Services. I have spent 20+ years sitting kneecap to kneecap with real human beings helping them shape and plan for their financial futures. I have seen the whites of my clients’ eyes amidst the dotcom bubble burst in the late 1990s and again, with many of those same clients, in the financial crisis of 2008-2009.

It often seems that the financial industry in general wants to make investing and building wealth seem more complicated than it needs to be, so I hope to simplify what you really need to know. There are many things with investing that are out of our control – the economy and the stock market to be specific.

The great thing about this list is that all 4 things are areas of your life that YOU CAN CONTROL.

I hope that by boiling the millions and millions of google search results down to just these 4 key points that maybe, just maybe, a number of people reading this article will see their lives changed for the better.

So … drumroll please for the 4 Easy Keys to Building Wealth …

#1: Spend Less Than You Make (i.e. Save Money)

This is the one I am most passionate about. I have seen first-hand countless numbers of my clients retire with more than $1 million in their portfolios – and they never made even close to six figures in their careers. They didn’t inherit it. They didn’t sell a business for millions of dollars.

The one constant was that whatever they made, they spent less than that. Simply, if their monthly take-home pay was $4,000, they only spent $3,000. They most certainly didn’t maintain balances on a credit card. And when they had to borrow money (for a home or car), they worked to pay it off as soon as possible.

I put the “spend less” attribute #1 on the list because it is the most difficult for many people.

The next 3 are much easier to follow, but the act of spending less than you make is probably the single trait that will have the most impact on your financial life – both now and in the future. Very few people have the discipline to spend less than they make. It is main reason why few people in this country are financially secure.

#2: Get Your Allocation in the Ballpark of Being Right (Stocks vs. Bonds)

Too many investors spend an inordinate amount of time stressing over the selection of individual mutual funds while simultaneously neglecting what may be the single most important decision in investment selection an investor can make in their lifetime – the balance of stock funds vs. bond funds.

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