Money

Why I think personal finance is broken – Elliot Marx – Medium

Let me start with a basic fact: No one enjoys personal finance. Even if you know exactly what to do, you still need Jedi-esque discipline to keep your finances perfectly in order.

As a financial advisor, I see people making common mistakes all the time. From stockpiling large amounts of cash in checking (where it earns effectively 0% interest), to paying enormous fees in 401(k)s (because we didn’t have time to do the research during new employee orientation), to sticking with our old bank because it is a hassle to change (even though they charge unjustifiable fees). Here’s the thing: we would all rather go for a hike, spend time with friends and family, or watch Netflix under a blanket than manage our money.

Haven’s goal is to be a relentless ally for your financial life.

If any of the mistakes above sound familiar, you’re not alone — not even a little bit. Before starting Haven, I was in that camp too. I knew what I was supposed to do with my money, but it was just so tedious! Banks know all about this tedium. In fact, they count on it to help them run off with our hard-earned money. While reading this, do you have any idea what the interest rate on your savings is? It’s probably unnecessarily low, and even if it’s not, you can bet you’re getting duped somewhere else in your portfolio. Take your investments, for example. In the short term, you may not notice the 0.76% fee that JP Morgan throws on what should be a nearly fee-free index fund. But in the long run, they’ll skim tens of thousands off of your retirement. There goes that extra year of early retirement.

We are required by law to act in your best interest. We do that, and we’re really damn proud of it too.

Haven’s goal is to be a relentless ally for your financial life. Personal finance isn’t rocket science, but it requires inhuman quantities of attention. Haven is that friend who knows what to do. We take a look at your situation and fix it — no matter where you are starting from. We do for you what we do for ourselves. There is even a legal term for this: a fiduciary. We are required by law to act in your best interest. We do that, and we’re really damn proud of it too.

There are a lot of advisors out there, so you’re probably wondering how we’re different. Luckily, we have a simple answer for that. We discovered that advising isn’t enough. People pay hundreds of dollars to wealth managers for help that they never act on. So we decided to take it a step further. We’re not just going to tell you what will help you reach your financial goals — we’re here to do it for you. Opening great accounts is the first step, but using them regularly is far more critical. We actually save, invest, and set aside for retirement for you.

We’re not just going to tell you what will help you reach your financial goals — we’re here to do it for you.

We’ll max out that IRA from 2018, pause your retirement contributions if you need to pay off some credit card debt and fix your 401(k). Now, you never have to feel alone again — we’ll have a real person text with you to answer any money-related questions you have. Transparency is a core belief here at Haven, you can always check to see where your money is in just a few taps. We want to empower our customers with knowledge and a strong financial foundation.

We’re very excited to announce that, as of today, you choose what you pay us. Yes, even if you decide to pay us $0.

On top of everything else, we’re very excited to announce that, as of today, you choose what you pay us. We’ve seen too many people stuck with high-fee, low-quality advice. You’re trusting us to do right by you, and we’re trusting you to do the same.

I wish Haven didn’t have to exist, but I’m more sure it does with each new customer I meet.

I wish Haven didn’t have to exist, but I’m more sure it does with each new customer I meet. I got tired of waiting for change, so we built Haven. We really hope you join us in changing the future of banking — it’s never been more necessary than now.

– Elliot Marx


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