Financial health is about more than just your bank account balance. It involves managing and paying off credit card debt and student loans, investing in 401(k) plans, IRAs, or other retirement accounts, tracking your net worth and credit score, and most importantly, having cash set aside for emergencies.
Planning and managing your present financial situation and future can be confusing, which is why many investors turn to a financial planner. Hiring a certified financial planner is a great way to ensure you’re making wise decisions with your money, but if you’re not ready to hire one just yet, LearnVest can help answer some of the questions you may have.
In this review:
- What Is LearnVest?
- How Does LearnVest Work?
- The Benefits of Using LearnVest
- The Downsides of Using LearnVest
- Who is LearnVest Best For?
What Is LearnVest?
LearnVest was founded in 2009 to “educate and empower” you when it comes to your finances by helping you to understand your spending patterns and advising you on better ways to work with your money.
While LearnVest used to offer robo-advisor software that could help automatically manage your investments, it’s moved away from that to focus more on personal finance education.
>> Read More: Best personal finance software
How Does LearnVest Work?
LearnVest offers in-depth articles on standard financial topics such as budgeting and investments, but it also has a wide variety of free tools and real-world solutions to problems you face every day.
Instead of merely having an article showing you how to budget, LearnVest also offers timely articles on how to recover after overspending for the holidays, or how to avoid travel mistakes that can ruin your vacation budget and affect your finances later.
The site also has a large section on the workplace, including how to build relationships with solid mentors, negotiating your next raise, and how to deal with a job loss or pay cut. All of these things affect your financial health and can keep you from reaching your financial goals if you haven’t planned for them.
The Benefits of Using LearnVest
LearnVest’s site has a wealth of information. The real-world articles are relatable and can bring financial savvy to you wherever you are in your career and financial situation. Whether you’re trying to expand your career wardrobe, do more charitable giving, or get the best gifts for family, friends and co-workers without breaking your budget, there’s a how-to article on LearnVest.
The Downsides of Using LearnVest
LearnVest got out of the robo-advisor market after its acquisition by Northwestern Mutual Insurance. The company used to also have a premium financial planning service, but it has also done away with that. All of this means that LearnVest been relegated to more of a blog rather than a financial advisor service.
While their content is timely, easy to read, and can help educate you on a variety of financial topics, it’s not that different from the material you’d see at many other financial blogs, such as You Need a Budget (YNAB) or Dave Ramsey’s site.
If you were hoping to take advantage of their robo-advisor tools to manage your investment accounts, you may want to take a look at WealthFront. If you were hoping to get into robo-advising for less, you can set up an account with Betterment which comes with a web and mobile app, zero minimum deposit requirements or set up fees, and management fees as low as .25%. Ellevest also requires only a .25% fee but offers a $750 cash bonus with your qualifying deposit.
Who is LearnVest Best For?
If you’re an investor who’s looking to learn more about investing, how to set yourself up for success at work, or how to budget for a healthy financial life, LearnVest is an excellent educational tool. Its articles can help demystify many facets of personal finance for those who are trying to make money, budget wisely, and invest smartly.
The Bottom Line
LearnVest’s choice to stop offering interactive financial planning tools changed both its focus and function. If you’re looking to learn about your money or what it can do for you, however, LearnVest’s content is a great place to start.