This show is for 20-somethings who want to expedite their journey to financial independence. Have you ever asked yourself, “If money wasn’t an issue, what would I do with my life?” If not, think about it because you’ll need an answer sooner than you think, but my guess is, you have. You’ve thought about an alternative career path, starting your own business, or spending more time developing your hobbies but the major factor holding you back is money. I want to solve that problem for you. On the show, we’ll answer questions like: *What are the best investment strategies for early retirement? *How much money do I need to retire early? *How do I negotiate a higher salary or raise at my current job? *What are some profitable side hustle ideas I can start today? *What are the best strategies for budgeting and managing my money? *What frugal life hacks can make everyday purchases more affordable? *How can I withdraw funds from retirement accounts penalty-free before the traditional retirement age? *What are some long-term strategies for building wealth and financial security?
https://www.podpage.com/the-struggle-is-real-with-justin-peters/
episode 137: A Plan for Breaking Up With Your Financial Advisor (for Those Who Don’t Like Confrontation) | E138 Tess Waresmith
You’ve been pouring into your personal finance education and you’re starting to feel more empowered to manage your investments. You might have even played around with online calculators and realized how much that 1% advisor fee is really costing you. But years ago, when you were less confident and didn’t know better, you hired someone to help you with this. They grew into someone you call a friend and although you know the math and feel capable of handling your investments on your own now, you’re having difficulty cutting ties.
It’s not easy to break up with someone especially if they have treated you well, answered your phone calls, and have been sending you an annual Christmas card.
But I help you with the hard things and it’s time. With this in mind, how can we make this a smooth process, set ourselves up for success, and respectfully and professionally break up with our financial advisor? Well, that’s today’s conversation.
To help me unpack this topic, I invited on Tess Waresmith. Tess is a financial coach that helps people feel confident with investing. But this wasn’t always the case. After socking away a ton of money working on cruise ships after she graduated, Tess hired a financial advisor to help her turn her savings into real wealth. But after some bad advice and other financial mishaps, Tess lost $80,000 and had to reset. Through a lot of self-education, she learned how to invest on her own through simple, yet effective methods.
In this episode, Tess shares the math behind the real cost of a financial advisor. She shares an easy step-by-step process for breaking up with your advisor and how to handle objections if they push back. We also talk about when it might be appropriate to hire help and who might be the right person for that situation.
Let’s get into it. I hope you enjoy my conversation with the aerial aerobatic and high diving financial coach…Tess Waresmith.
Key Takeaways:
- How much a 1% advisor fee costs you over 40 years
- How to compare your advisor’s performance against the average
- A step-by-step process for breaking up with your advisor
- Responding to objections from your advisor
- Financial situations that might require professional help and who to hire
- Simple definitions of common financial jargon
Mentions:
Free Guide: 26 need-to-know investing terms: https://www.moneyconfidentcoach.com/optin1656350743725
More of Tess:
IG: WealthWithTess (https://www.instagram.com/wealthwithtess/)
More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
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