How to Invest in your 401k Easily – with Chris Costello from blooom

When I got my first 401k at work, it quickly realized that I had no idea what I was doing. There were more than a dozen fund options to choose from and I didn’t know what it was going to cost me to participate because there were so many hidden fees.

It made me want to give up right away … and I did. I thought, “This is too difficult and I can’t afford to invest for my retirement anyway.”

Years past and I missed out on some major growth for my retirement. It looks like my situation isn’t so different than most Americans given nearly half of them have less than $10,000 stashed away for retirement.

To help us solve this retirement conundrum, I invited the founder of blooom, Chris Costello, to tell us more about how their popular service is helping Americans save more money, time and heartache with the 401k process.

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How Grandparents Can Help With the Cost of College

Meg from Missouri wrote in about 529 plans and her generous in-laws:

I recently discovered your podcast and am really enjoying it.  I have a 529 question that I am having trouble finding the answer to.  My husband and I have a 5-year-old, 3-year-old, and 1 year old. My in-laws have been wonderful and opened 529 plans for each of our kids on their 1st birthday.  They contribute $600/year to each child. We are beyond lucky to have such a generous family. My husband has finally finished his medical training. We have purchased a home and are now able to start contributing to the 529 plans.

My question is … Can a child have more than one 529 plan?  We live in Missouri. Our in-laws opened 529 plans that are not associated with our state of residence.  Can we open 529 plans that would allow us to take advantage of tax benefits for the state of Missouri or can a child only have one plan?

Thank you for your help.

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Why Our Family Got Umbrella Insurance and How Much It Costs

Katherine from Buffalo, NY reached out regarding Umbrella Insurance …

Hi Andy:

I am a new listener and I love your podcast. The way you breakdown topics and explain them very easy to understand and makes me feel like I can achieve my financial goals with the correct planning and mindset.

I realize that this isn’t a finance question, however, it is a family-safety/ planning question. Can you briefly explain the importance of an umbrella policy? I know it is important to protect your assets but I am confused when the right time to have one is. My husband and I are just buying our first house and are unsure if we need one yet. Any information or advice would be appreciated!

Best,

Katherine

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Simple Millionaire Investing Strategies with the 401k, IRA and 529 – with Andy Wang

We all know it’s important to invest for the future. But with endless investing options like the 401k, the IRA, the 529, the 457, the 403b, it’s no wonder we’re confused on where to start. I mean, what kind of names are these anyway!?

Our guest today is going to help us make sense of all this investing madness. Andy Wang is here with us today. He is a Managing Partner at Runnymede Capital Management and the host of the Inspired Money Podcast. He has been named among the INVESTOPEDIA 100: Most Influential Advisors, Top 100 Most Social Financial Advisors by Brightscope, and has appeared on Reuters TV, The Huffington Post, Barron’s, and Forbes.

Outside of his financial advising world, Andy is a father of three and loves playing the Hawaiin guitar.

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5 Term Life Insurance Providers That Make the Process Easy

Are you overwhelmed by the thought of buying life insurance? You’re not alone. With so many options to pick from, it can be hard to choose. Back in the day, purchasing life insurance meant meeting with a salesperson to get a quote and often required a complicated medical exam. Luckily, you have better options that your grandparents did.

Here are 5 providers of term life insurance that are making it easier than ever to get the coverage you need.

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I’ve maxed out my 401k. Where else can I invest?

Our second question of the month comes from Angela from California:

Hi Andy,

I’m enjoying your podcast and wanted to ask you a question as I’m starting to get into more aggressively saving for my retirement.

I’m 32 years old. I recently modified my contributions to my workplace 401k so I’ll be maxing it out at $18,500 this year. I recently paid off my last student loan and had extra money. My husband is matching his 401k too after a little convincing. So we’re really getting serious about our retirement savings now. Both our companies match so that’s another perk.

I do feel like I’m behind overall though. Where else should we consider investing outside of our 401k?

Any feedback you have would be great.

Angela

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How to Become a Millionaire in your 30’s – Interview 17 (Trip Seibold)

When you’re free to openly plan your day and your future, a whole new world starts to open up to you. What once wasn’t clear … is now clear.

That’s how the young millionaire Trip Seibold from Financially Possible described it to me in today’s interview. As a financially independent 30-something millionaire, Trip has the ability to spend quality time with his family and pursue his dreams.

Let’s learn more about his path, his new motivations and how his family is at the center of all of it.

Enjoy!

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Ethical Investing – When Doing Well and Doing Good Meet

Every time we contribute to stock mutual funds in our 401k or IRA, we’re investing in a little slice of the companies that are included that fund. These can be tech companies like Apple or Microsoft or automotive juggernauts like General Motors or Ford. With each retirement contribution you make, you’re essentially becoming a minority shareholder in these businesses.

But what if you don’t agree with the way things are being handled at one of these companies?

  • Perhaps you care about a cleaner and greener future and one of the companies you’re investing in is a huge polluter.
  • Or maybe you’re appalled by the way factory employees are being treated globally at one of your businesses.
  • Possibly there is evidence of racial or gender discrimination happening within the four walls of a company you own a piece of.
  • How can we invest for our family’s future and get the returns required to retire comfortably while  still following our hearts?

Welcome to the world of Ethical Investing!

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