Category : financial wellness

Common Traits Hamilton And Blooom

5 Unexpected Reasons Why We Love Alexander Hamilton

Hamilton the Broadway musical has been the hit of the New York stage for several years now. Even before his hip-hop reinvention, we at blooom shared some sensibilities with our founding father. Here are the Top 5 Alexander Hamilton traits we live when providing 401k help:

Alexander Hamilton Was an Innovator

When there was recent talk of removing Hamilton from the $10 bill, it was no surprise that there were a number of supporters who reached out to the press to challenge the move. Hamilton is rooted in the origination of several of our country’s financial and business institutions.

In addition to serving as our first U.S. Treasury Secretary, Hamilton co-founded the Bank of New York, which still lives on today as BNY Mellon. The bank’s stock was among the first to be traded on the New York Stock Exchange. His strategies were also instrumental in the formation of interest-paying bonds, the chartering of a national bank and the first U.S. incubator.

Disruptive like Hamilton, blooom’s founders created a revolutionary online 401k app to fix the plans for EVERY American. The key distinction between blooom and other robo-advisors is that we are the only firm managing individuals’ employer-sponsored retirement accounts like 401ks and 403bs.

And, blooom clients also have access to unbiased professional financial advice beyond their 401k. Our goal is to provide access to help everyday Americans, not just millionaires who can typically afford financial advice. We do it for only $10 a month.

Alexander Hamilton Championed Transparency

In 1801, Hamilton started a daily federalist news sheet that eventually became the New York Post. At the time, Hamilton used the paper to voice his opinions publicly and attack conventional wisdom.

Transparency is no act for us, as blooom is a fiduciary. This basically means we are required to act in your best interest, not ours. We wish this was the case for all advisors in the good ol’ US of A, but it’s not.

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DayCrunch Pick 24 Time Infographic Game

Time Infographic: Unlock 30 Hours of To-Dos Per Day?

Seven or more hours of sleep per night? That’s what the National Sleep Foundation recommends for adults. A half an hour of exercise each day? Those are numbers from the Department of Health and Human Services. One hour to eat per day – says who? The USDA, that’s who. With so many things to do in life, we decided to crunch all the numbers of what the experts “recommend” you do in a 24-hour period — and the total adds up to 30 hours in this nifty time infographic!

Well, that’s life for you: 30 hours of steps to perform in 24 hours of moves. See how we can free up a move for you!

Meet Our Fictitious Player Kari: She Can Relate to the Time Infographic

Kari’s a 37-year-old single mom with two kids: Jasper, who’s 8, and is always playing baseball; and Cassie, a 4-year-old who enjoys finger painting butterflies.

Kari works full-time at a local department store, and loves picking up her kids from school after work. Once they’re all home, Kari feeds the kiddos, helps them with their homework, puts them to bed, and finally makes sure everything is all set for the next day. After that, she decides to spend some time before bed researching 401ks and financial planning. But 10 minutes into her research, she falls asleep. Her 24 hours are up, but the time infographic says she has six more things to do.

Sound familiar?

A Managed Account Can Help You Lifehack a Move

At this point, you’re thinking the same thing as Kari: How in the world can I get all this done? Life is a tough game. We all have hectic schedules and can relate.

We’re not positive whether you can lifehack your way to all 30 moves. But we do know one thing — a managed 401k account is one lifehack you can play to get closer.

So … what is a managed account?

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Wall Street Won't Provide 401k Help

Helping You With Your Retirement Where Wall Street Won’t

After about 20 years of working as financial advisors and helping people reach retirement, Kevin Conard and I knew the financial services business model was broken. No — more pointedly – we knew Wall Street was broken. Don’t believe us? Take a few minutes to learn about the Wall Street neglect that led us to create our 401k management app at blooom. We believe every hard-working American trying to save for retirement deserves to receive expert 401k help! If you watch blooom’s story, you’ll see why we are here to change the culture of saving for retirement:

Want More of the Story?

Based in Leawood, Kansas, our culture consists of Midwestern values and hard-work. We are a low-cost, online platform created to help improve the way average Americans manage their 401k retirement plans. In just five minutes, anyone with a 401k can receive a free health assessment on their current investment strategy. Then, for those that want professional Do-it-For-You 401k help, blooom can be hired manage your account for a flat, Netflix-like fee of only $10 per month. We don’t even need to move your account.

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Study Abroad at 37? How to Hoard Cash for Return to College

This is part two in a three-part series addressing how people can save for college or reduce or eliminate student loan debt.  In our first post, we shared some tips that are “better than faking your death” to pay off student loan debt. In this sampler tray (or beer flight) of savings ideas, we’ll share how adults who are looking to return to college can find financial assistance or reduce the cost of post-secondary education.

We covered the reasons why in more detail in our first post, but we’re chatting about college savings and student loan debt for two reasons:

  • First, plain and simple. The quicker you can wipe out debt, the quicker you can start saving properly for other life events.
  • Second, we recently launched a personal financial advice service. Clients can access it via mobile or desktop using the chat feature on the bottom-right of the screen. Since we’ve launched, the topic of student loan debt has been a top question posed by our clients.

A Happy Hour of Options for Adults Wanting to Return to College

So maybe you’ve always eyed going back for that graduate degree. Perhaps you launched yourself into the workforce early and never quite finished your undergrad. Or you’re looking to make a career change. Whatever your reason for returning to the BIG U, many options exist for scholarships, financial assistance and strategies to reduce your overall cost.

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Student loans :(

Faking Your Death to Pay Off Student Loan Debt? 6 Better Ways

How much do you owe in student loan debt? Enough to consider fleeing the country? (All of a sudden I get why many recent U.S. college graduates want to backpack Europe and never return.) Or worse. You contemplating faking your own death?

According to The Wall Street Journal, the number of Americans with federal student loans grew to 42 million in the last decade. (1.) In that same article, they quote a gentleman whose solution to dealing with his student loan debt is to stretch it out until he dies.

Don’t believe me? Read the entire Journal article. (And BTW … only Federal loans discharge with death. Private loans do not.)

Now that I’ve thoroughly depressed you, you may be asking, this isn’t about retirement or my 401k.

Why Are You at blooom Talking About Student Loan Debt?

We’re addressing student loan debt for two reasons.

First, you’re right, we focus a great deal on helping you with your retirement. We want you to wipe out this student loan debt so you can save more for it. But we also recently launched a personal financial advice service that clients can access via mobile or desktop using the chat feature on the bottom-right of the screen.

Once we launched the service, how to deal with student loan debt was one of the most frequently asked questions posed to me and my advisor team.

We’ve seen so many varied inquiries about student loan debt that we’ll be running a three-part series:

  1. Tackling debt: This post will help if you currently have student loan debt and you’re looking to pay it off faster (if you’re exploring forgiveness options, I recommend reviewing the following guide.
  2. Working adults returning to college: Later this summer, we’ll talk about how non-traditional students or working adults who want to go back to school can proactively address (read: avoid or take on as little as possible) student loan debt.
  3. New college students: Our final post will provide tips and resources to high school students and parents on ways to avoid student loan debt.

Who knows? Perhaps we’ll receive some real-world triumphs of people who’ve defeated this insidious whack-a-mole known as student loan debt (Hint, hint. If you’re a victor, message us with your story. Let us celebrate your achievement with a proper victory lap).

First, the Simplest Thing You Can Do to Get Out of Student Loan Debt

Okay. I’m NOT going to be jerk and say the simplest way is by never getting into student loan debt in the first place. Too late for that.

So …

1. One of the simplest things you can do is set up automatic payments. It works for saving and it works for tackling that debt head on. To sweeten the deal, some services even offer discounted interest rates if you set up auto-pay.

Auto-pay

We like it simple here at blooom. Set it and try to forget it.

How About the Most Effective Ways to Tackle Student Loan Debt?

I’ve covered the simplest tip, but what about the most effective. My next five tips could provide the points to pierce that ballooning student loan debt.

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