We’re more passive investors because we don’t have that many choices... We can’t really be “active” with what investments we can choose.
“For my first job, I had no idea what a 401(k) was so I just didn’t contribute. Then for my second job, I was saving up for my wedding so I wanted all the extra money to go straight to my savings account. My third job... for the first 6 months, they don’t let you get a 401(k) and then Covid-19 happened and... they weren’t matching our contributions. My husband and I now have a joint 401(k).
My husband researches everything himself... so I don’t think we would ever get a financial advisor. I don’t think it’s a bad idea though, or a waste of money; unless you are willing to spend the time to learn everything yourself it’s very beneficial to hire one in the long run. My husband is the type of person that wouldn’t mind reading an entire book cover to cover that’s about mutual funds—stuff most people would find overwhelming or super dry. If I were single, I would definitely consider it, especially if I were making a good amount of money.
“We’re more passive investors because we don’t have that many choices. For my husband’s 401(k), you can pick what percentages of investments you want, like whether you want more aggressive or more moderate investing... We can’t really be ‘active’ with what investments we can choose. Maybe some companies have that option but my husband’s doesn’t.
“I’ve always really valued... saving. I grew up in a more low income family and I value having a safety net because things will always go wrong and I don’t want to be someone that lives paycheck to paycheck.”
Photograph & interview by Maria Whittaker
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Elizabeth
