A Confession. I Have Totally Slacked on This.
I may rock at passive income, but there's one type of passive income that I had slacked on for YEARS.
Saving & Investing.
There were three reasons why I wasn't investing regularly.
1. I already had a few investment accounts from past jobs – and they were so difficult to work with that I couldn't get money into them regularly – so I didn't want to repeat that mistake. Like they are STILL sitting there without money going in. Craziness.
2. I didn't know enough to know what I needed to know to get actual help. Heck. I didn't even know what questions to ask, let alone what to do with the answers.
3. I'm an introvert and didn't want to have to walk into a bank and feeling stupid… But, finally I adulted and DID walk into a bank and I took hours of time to set up a SEP (like a 401 K) account, but it was such a pain to get money into that again, I just never did.
Again, businesses shouldn't make you jump through hoops to give them money, right?
It felt hard. Totally complicated and time-consuming and I was just over it. Until I realized that I *really* needed to make it a priority to sock away some money. I'm not getting any younger. 😉
I found the perfect solution for me.
It's called Wealthfront and here's why I love it.
1. You can set it up in MINUTES online.
2. No having to walk into a bank and waste your time.
3. It's automated. I set it up with my bank account and it pulls money into my three accounts automatically each month and reinvests dividends.
So what three accounts did I set up?
- I have one 529 (college savings) account for my daughter. She's in high school, so I put a little in there once a month. Because she's so close to college already, it doesn't make sense to put a ton in in case the stock market decides to blurp right before her Freshman year and not recover before she graduates, but I did want to put some in there. (And yes, we have other funds for this. Just not in an investment account.)
- A Joint Investment account. I have money going into that twice a month.
- A SEP (again, like an IRA to save on taxes and have money for retirement). I have money automatically go into that weekly.
It all runs like clockwork and I can just sit back and relax – knowing it's another thing that I don't have to think about. Plus, if my income fluctuates and I want to put more (or less) in, I can adjust it ONLINE without having to pick up the phone. (SWEET!)
Automation is my friend!
This is a simple tweak that's helping ME to be more responsible, to save and to prepare better for my retirement. 🙂
PLUS, there are no fees at all until you reach $5k if you sign up through my link.
So, if you are at all interested, check out Wealthfront and click on “get started” and it'll walk you through a quiz to see what kind of investments make sense for you.
Of course, I'm not an accountant or financial adviser. I just like simple, easy, profitable things to bring me health and wealth – and this has been one for me. Less stress. More money. Happier me. If you prefer another route and that's working for you, then that's awesome. I just wanted to make sure you knew that there IS an easy way to get started saving a bit each month, especially if you've been putting it off until you found the “perfect” or “right” solution. 🙂
Warmly and with big hugs,
PS. Got any other tips for me? I'd love to hear them in the comments!
I appreciate shares and I adore comments! Please share your thoughts.
Leon H KingJuly 30, 2017 at 4:30 pm
Nicole,finding you is probably a godsend to me! As I have aspirations of starting my own online business/blog ,but have no idea of how to effectively start? Hopefully I can learn from you and change the status of my business ideas from an aspiration to reality! With your permission,I will be using your knowledge & experience as a mentoring experience
to get me started!
Thank-you & Thank god
Alice CoaxumDecember 12, 2017 at 11:48 pm
It can be confusing trying to learn about investing, that’s why I’m taking my time.
MelissaFebruary 8, 2018 at 6:14 pm
Investing, I must admit, it scares me. My life can get very busy and I often don’t have time to keep a track of everything so I love automated systems. So this system sounds like something I could benefit from. It is funny because I too am an introvert so anything that saves me a trip to places I don’t need to go is a definite plus for me. Thanks for the info!
NicoleFebruary 12, 2018 at 12:19 pm
You are so welcome. I thought I would be smart and get a second account to diversify at a big name place several weeks ago. I’m STILL trying to figure out how to turn the cash into stocks. And I think I’m fairly smart when it comes to reading and following instructions. lol.
It’s making me appreciate Wealthfront event more!