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July 5, 2018 • 5 minutes
Last month I went wake surfing in the freezing waters of Lake Tahoe. The good news? Unlike the first few times I tried it, this time I succeeded! I got up and rode a wave — for a really long time! It is that kind of focus that is useful to apply to any endeavor, including financial planning.
Achievement unlocked – learned to wake surfphoto credit: Sebastian Chen
It reminded me of what we have been trying to do with Boldin — build a successful business that is aligned with our users and can scale. While we have been delivering tools that help people plan their retirement, we are only now starting to roll out premium tools and services that our users can pay for. After exploring different models we are on track to deliver a range of offerings that will allow us to be completely independent while serving as many people as possible efficiently and transparently.
I read a great post by Morgan Housel on Useful Hacks — the gist of it is that anything meaningful requires hard work, sacrifice and common sense. (Also got to meet up with Morgan at the Evidence Based Investing conference last week! Check out our podcasts with Housel.)
We know our users are smart and financially prudent – our users are financially far ahead of average Americans. From a recent tweet by Jonathan Clements:
“AMONG WORKERS AGE 55 and older, 35% report having less than $50,000 in savings, according to the Employee Benefit Research Institute’s 2018 Retirement Confidence Survey. Meanwhile, 38% say they have $250,000 or more.”
Contrast that with Boldin Retirement Planners (avg age is 50-60):
We also know that our users have a big range of choices out there including some “free” tools. However, we want a business model that aligns us with our users and puts them in control. So, we recently introduced PlannerPlus, a brand new premium subscription service offering you advanced tools that will help anyone achieve a secure future.
Why are we trying to get people to pay? Basically we believe that the market needs an independent firm that is completely aligned with its users. You’ve probably heard this quote — “if you’re not paying for it, you are the product”. Everything has a cost and people consuming financial services deserve transparency (and lower prices). If you want to go deeper on this topic read the Psychology of Money — also by Morgan Housel. Some insights include:
“Buffett made $90 billion. But he did it by reading SEC filings 12 hours a day for 70 years, often at the expense of paying attention to his family. Here too, a hidden cost……Every money reward has a price beyond the financial fee you can see and count. Accepting that is critical. Scott Adams once wrote: ‘One of the best pieces of advice I’ve ever heard goes something like this: If you want success, figure out the price, then pay it. It sounds trivial and obvious, but if you unpack the idea it has extraordinary power.’ Wonderful money advice.”
We are dedicated to helping as many people as we can, so our vision is to offer 4 ways to help our users:
We are very proud of our free retirement planner. We believe it has developed into the best online retirement planning resource. It is comprehensive and detailed. We hope that our free users continue to see value, help spread the word and in some cases upgrade to PlannerPlus. (This has worked to get us to about 50,000 Planner users so far.)
PlannerPlus was just introduced the other week. It is a low cost “Do it Yourself” subscription software product which will continues to evolve and get better over time. It enables you to unlock the full power of the Boldin Retirement Planner and will enable you to increase your know-how, gain financial confidence, make more informed decisions, and do better with your money.
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There are a lot of benefits to you of us having a clear and transparent business model for Boldin.What sorts of thing won’t we be doing?:
If you like the work that we’ve been doing and believe in our mission & vision then we would love your support ideally as a paying customer, but also sharing your feedback or sharing our site with people you know if you think it’s helpful. Every new user we get helps build our case and helps us rally other resources from experts, investors and strategic partners – which we pour back into delivering a better solution that can help everyone get confident and make the most of their lives.
Take financial wellness into your own hands and do it yourself retirement planning: easy, comprehensive, reliable.
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