In 2000, I left the more traditional work world to join an Internet startup. Ever since then, my benefits package has been much more focused on stock options that 401k matches. After I went through my fourth acquisition and still willing to sign on with yet another new company, I knew I was hooked on the entrepreneurial approach to work. I wanted to have the financial stability to stay in this ever-changing world and not have to worry about paying my bills.
When I had the option of contributing to a retirement plan, I was pretty diligent about paying myself first. I had a decent start, it was obvious about two years ago that I needed to start making more of my own investment decisions. I needed an education on big picture strategy and the month-to-month details.
I am a writer by nature, so spreadsheets are not one of my favorite things. I was getting regular emails from the company managing my rollover IRA, but that “advice” felt more like a sales pitch than true help.
Another nudge in this direction was the fact that my husband is terrible at paperwork and managing the details of bills and investment plans. Finally, I had two young sons, and I couldn’t ask either of them to figure it all out, so it was to me.
When I first found SUM 180, I really liked the idea of financial advice that was practical and easy to turn into reality. Simply compiling all the financial information I needed to complete the SUM 180 interview made me feel better. It was an accomplishment just to tally up all my monthly bills and have my investment information in one place. Some of the numbers were a bit of a shock – did I really need to spend that much money every year on my cell phone plan?
Completing my SUM 180 interviews and reviewing my plan also helped me understand my own personal barriers to figuring this stuff out. I was intimidated by the details, like many people are, and a bit paralyzed by all the options out there. I also felt the worry of, “What if I make the wrong choice or pick a bad strategy?”
I made a few simple changes right away. I took time to think about the investment options that my adviser had suggested. I sought out other opinions on a few issues that I felt unsure about. It was all progress and it felt great.
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