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Want to easily set-up your retirement accounts without having to stress over it? Certified Public Accountant and author Mike Piper shares how index investing can help you achieve your investing goals!
Effective and Low Maintenance Investing
Investing can be a tricky subject for many with all the noise out there on what’s stock hot or which mutual is about to rebound.
Our special guest this episode is Mike Piper, personal finance writer over at Oblivious Investor and contributor to sites such as The Wall Street Journal and Money Magazine.
He’s written several personal finance book, including Investing Made Simple.
During our chat, Mike goes over a few essentials on investing, including:
- advantages of index funds
- what asset allocation is
- when robo-advisors can be helpful
- what to do when your 401(k) doesn’t offer index funds
Hope you enjoy!
Resources to Invest Smarter
If you want to learn more investing, here are some resources to check out:
- Free 401(k) Analysis: blooom
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Jumpstart Your Marriage and Your Money
- Financial Independence and Parenthood
- The Secret Sauce to Financial Independence & Early Retirement
- Investing Made Simple
- 8 Simple Portfolios
- Why Invest with Index Funds?
Is Using a Robo-Advisor Right for You?
At its core, robo-advisors offer investors portfolio management that reduces the need for more traditional human advisors.
By automating some of the process and eliminating the middle man, they can offer these services at a relatively small cost.
In many cases, they build an asset allocation after having you fill out an interview style assessment, taking into account your age, risk level, and time horizon.
This is not a solution for everyone, but it can be a practical solution for couples who have a basic understanding of asset allocation, low fees, and want an uncomplicated, maintenance option.
Having said that, not all robo-advisors are created equal. When choosing one is best suited to manage your money, you have to consider such factors as:
- Investment Services: What do they offer? Some -advisors give services such as automatic rebalancing and tax harvesting.
- Fees: While fewer fees are great, make sure the quality of service doesn’t suffer.
- Control: Do you want to keep your assets with the company or do you prefer to keep them where they are?
- Customer Service: Do you want a completely automated service or would you like a human to check in on your portfolio?
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Episode originally released in February 2015. Updated October 2018.
This post contains affiliate links. Please read my full disclosure for more info.