Grow Your Dough Challenge 2019 with Wealth Hacker Jeff Rose! | Summary and Q&A

TL;DR

YouTuber Justine from Debt-Free Millennials joins an investing challenge using $1,000 and chooses to invest with robo-advisor platform, Betterment.

Key Insights

• 😘 The "Grow Your Do Challenge" encourages individuals to invest their money independently and highlights the benefits of low-cost robo-advisor platforms like Betterment.
• 🤱 Betterment offers an intuitive and user-friendly platform with no trading fees and low annual management fees.
• ❓ Justine's investment strategy with Betterment involves allocating 90% to stocks and 10% to bonds, creating a diversified portfolio.
• 🚕 Tax loss harvesting is a feature offered by Betterment to help investors reduce their annual tax obligations.
• 🤕 Betterment provides flexibility in changing risk levels and allows access to invested funds before retirement age.
• 🌍 Participating in the challenge can provide an opportunity for individuals to learn and explore the world of investing.
• 🤑 Investing with robo-advisors can be a simple and convenient way to grow money without the need for constant monitoring and trading.

Transcript

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Questions & Answers

Q: What is the purpose of the "Grow Your Do Challenge"?

The challenge aims to demonstrate how easy and simple it can be to invest on your own, without the need for an expensive financial advisor. Participants invest $1,000 of their own money to see who can make the most by the end of the year.

Q: Why did Justine choose to invest with Betterment?

Justine chose Betterment because it offers a user-friendly interface, no trading fees, and lower annual management fees compared to traditional financial advisors. Betterment also allows her to start investing with a lower minimum amount.

Q: What is the investment strategy Justine chose with Betterment?

Justine allocated 90% of her investment to stocks and 10% to bonds. She created a diversified portfolio using funds from Vanguard, focusing on the U.S. Total Stock Market and International Developed Market Stocks.

Q: How does tax loss harvesting work with Betterment?

Tax loss harvesting is a feature of Betterment that aims to reduce annual taxes. Based on Justine's tax bracket, Betterment will analyze her investments and make suggestions on how to minimize tax liabilities.

Summary & Key Takeaways

• Justine joins an investing challenge, the "Grow Your Do Challenge," where participants invest $1,000 to see who can make the most money by the end of 2019.

• Justine chooses to invest her money with Betterment, a robo-advisor platform that offers simplified and low-cost investing options.

• Betterment allows Justine to allocate 90% of her investment to stocks and 10% to bonds, with no trading fees and low annual management fees.