As a woman with a data-driven brain, I was sold. I immediately signed up to invest with Ellevest as soon as I learned about it. The signup process was relatively straightforward: I simply entered my personal information and long- or short-term goals, then submitted my salary as well as the current value of any funds I wished to be taken into account. As a member, I could link a credit union account, checking and savings accounts, investment profile, 401, or any other type of account I held.
Next, I was able to choose an overarching financial goal. Whether I'd like to build wealth, retire on my own terms, start a family or business, buy a home, or save for a vacation or an emergency, my Ellevest account would tailor itself to that particular goal. To match my personal financial goals, I selected the option to build my wealth in the long-term. For this setting, Ellevest gave me a 20-year projection with error bars ranging from its value in a very poor market to its value in an exceptional market.
This projection was based on pre-set monthly and one-time investments, but I am always free to modify those to explore different projection scenarios. I linked my bank account to Ellevest and set up a recurring, automatic monthly deposit. My personal portfolio came out heavy on broad-based ownership of the entire US stock market, a sizable chunk of emerging international corporate stocks, and a small emphasis on US bonds. However, I can up my aggressiveness or up my conservativeness as I see fit. Impact Portfolios redistribute stock and bond ownership to include companies that emphasize women in leadership, sustainability and accountability, and community development.
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