What is Investing?
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The 401(k) plan is the largest asset many investors own accounting for 36.2% of their total net worth according to the U.S. Census Bureau. Regularly checking your 401(k) account can help you stay on top of your investments, and make sure that your money is working for you in the best way possible. What is […]
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Building an emergency fund is essential so you donât run into financial trouble if you lose your job or unexpected expense crops up. But keeping your emergency fund in a traditional savings account may not be the best solution. To ⦠Continue reading â
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One of the joys of writing a money blog like Get Rich Slowly is the continuing self-education. I’m always reading and learning about personal finance. A lot of the times — as in the past month — this education is about esoteric topics. I’m currently diving deep into the history of personal finance, a subject that’s interesting to me but admittedly not of much practical use in the modern world. (Today in the mail, I got a book about advertising and the use of credit during the 1920s. How’s that for esoteric?)
But sometimes, this self-education does have practical uses, and it’s stuff that I can share with you folks so that you too can become better educated.
For instance, I have a huge blind spot when it comes to so-called “robo-advisors”. When I stopped writing here in 2012, robo-advisors existed but they hadn’t yet become a Big Deal. By the time I re-purchased this site in 2017, things had changed. Robo-advisors had become a major force in the investment industry — and I was clueless about what they were.
I’ve remained (mostly) clueless for almost three years now. I have a general idea of what robo-advisors are and how they operate, but only in the broadest sense. During our weekly planning call on Monday, I mentioned this blind spot to my business partner, Tom.
“You should write about robo-advisors,” Tom said. “If you don’t know what they are, I’ll bet there are plenty of readers who don’t know either. Do some research, write it up, and then everybody benefits.”
Tom is a smart man.
Here then is my research into the world of robo-advisors. What are they? How do they work? And who should use them? Let’s find out.