With one challenge left to go, Jia has a slim 4 point lead.
Tristan was disqualified for not submitting his answer on time. This increases the chances for our four remaining contestants!
The investing challenge was definitely the toughest one, as evidenced in the scores awarded by the judges.
|Challenge 1||Challenge 2||Challenge 3||Totals|
Jia is ahead at the end of 3 challenges. A small reminder on how the scoring system works. Each challenge is worth a maximum of 20 points. At the end of all 4 challenges, the judges have an extra 20 points to award for effort/improvement. This means that a maximum of 100 judges points are available.
But the judges are only half the story – the public will get to vote on their favorite contestant between Oct 1-15. The contestant with the highest combined votes will win the grand prize of $1,000 and 2 free financial planning sessions. Don’t forget to vote for your favorite contestant!
As we look at contestant entries from challenge 3, a number of things stand out.
1) Most people have pretty vague notions about how to invest effectively. They want to do something with their money, as Seth responds to his wife’s suggestion to put the money under the mattress, “”I’m pretty sure the only thing the money would gain would be lint.” Meghan highlights that fees can be a real drag on returns, “The passively managed funds thus outperform actively managed funds, not because you’ll be blown away with a huge return, but because you save so much on the costs of running the fund.”
2) There is a sense of unease around making investment decisions, and wanting to hire someone who knows more to help. Matt half-jokingly says he might as well put his money on red, “I can do as much reading, or analysis on a company as I want. I still know that when I actually hit that “submit” button, I will feel as if I may as well have saved a lot of time and gotten several free casino perks out of my money.” And 3 of the 4 submissions mentioned hiring a financial advisor to help figure out how to do it best.
We encourage those following along at home to check out our resources on investing: “A framework for investing” as well as “An overview of asset classes” for more information on how to get started thinking about investments. What are some of the biggest challenges you’ve faced when investing your money? What resources have you found helpful?