53 percent of Americans guess what they need for retirement. Flat out guess. 66% of Americans have less than $50,000 in savings. 51% of GenX'ers have less than $10,000 saved for retirement, and they are within 20 years of retirement age.
How can this be? There are financial ads on all day and night, and financial advisors everywhere. Some even knock on doors and are in neighborhood strip malls.
It's because we have a broken system. Not that long ago, Americans could rely on pensions. Then employers said "here, we need you to do this yourself." Hello 401(k)! The system turned over to every working American a responsibility that requires the collective knowledge of CFAs, CFPs, CPAs, tax attorneys, and more to do correctly.
What are your alternatives? You can do it do it yourself, if you have the time and desire to learn everything you need, and follow it. Some do that well, but it's not a good alternative for most people. You can hire someone to help. But that system is broken too. It's broken because it's expensive, serves only the few who already have money, and it's a system really designed to sell you stuff, not help you reach goals. The financial industry was created to make brokers and their institutions money, whether you do or not.
That's why we created Leo. An alternative that will guide you to your financial future, and costs no more than your monthly streaming service. That sells you no products, but links you with low cost, quality investments.
But Leo is much more than that. Leo guides you. Next post, we'll talk about how we do that.
Stay tuned. Leo is here to lead the way.