Last year I was attending a conference for new and upcoming financial products. One of the products that caught my eye, was GoalMine. GoalMine is supposed to be “the simplest way to save and invest for your goals”. The product is really simple to use, hence “simplest way” and is kind of a neat concept. Plus its FREE, or is it?
To get started with a GoalMine account you have to meet the following requirements:
- Be at least 18 years old
- Have a U.S. permanent residential mailing address
- Valid SSN
- Email Address
- Minor’s information (if applicable)
Once you create your GoalMine account you will be able to choose from mutual funds or a FDIC insured savings account for your goal. You have to start with at least $25. As GoalMine members continue on their savings journey, they can either add money through their own bank account or allow friends and family members to help reach their goal. One way they can help is to buy you GoalPacks (or gift cards). These GoalMine gift cards come in denominations of $25, $50, $100, and $200. These are redeemed here.
There are a few different mutual funds to choose from. Below are the mutual funds and a risk scale based on GoalMine’s learnings.
GoalMine allows you to withdraw money whenever you want. However there are some fees associated with that.
All in all this looks to be a great program and opportunity to save money.
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