Episode 307 features Tess Waresmith of Wealth with Tess! We’re discussing how to start investing.
Listen now!
Tess Waresmith is an investing educator and founder of Wealth with Tess, a financial education community that helps millennial women learn how to grow their money using simple investing strategies so that they can retire comfortably and live life on their terms.
After losing thousands in investing mistakes in her 20’s, Tess learned everything she could about wealth building and built her net worth from 0 to over 1 million as a single 35 year old woman. Tess’s story and business was recently featured on Business Insider and Fox 5.
Now she’s on a mission to reduce the gender wealth gap and help more women build wealth through digestible, judgement and jargon-free education. Thousands of women have attended her free investing workshops and hundreds of women have joined her small group coaching programs.
You can follow Tess on Instagram.
In this conversation, Tess shares valuable insights on the importance of investing to build wealth, drawing from her personal experiences and lessons learned from financial missteps.
She highlights the need for financial literacy, understanding the basics of investing, and exploring resources like robo-advisors and target date funds.
Tess also discusses unique opportunities for self-employed individuals and stay-at-home parents, such as IRAs and spousal IRAs.
Additionally, she emphasizes the importance of cash flow analysis, balancing personal investment goals with family responsibilities, and maintaining open communication about finances.
Episode 307 Highlights:
- Investing is a realistic way to build wealth.
- Passive income can be achieved through investments.
- Financial education is crucial for making informed decisions.
- Spending habits can reflect deeper emotional issues.
- Wealth is defined by the ability to make choices.
- Mistakes in investing can lead to valuable lessons.
- Understanding your cash flow is essential before investing.
- Robo advisors can simplify the investment process.
- You may already be investing through retirement accounts.
- Starting small with investments can lead to significant growth.
- Robo-advisors simplify the investment process for beginners.
- Target date funds adjust investments based on retirement timelines.
- Starting to invest early maximizes compound interest benefits.
- Self-employed individuals can utilize SEP IRAs for tax savings.
- Stay-at-home parents can contribute to spousal IRAs.
- Understanding cash flow is crucial for finding money to invest.
- Short-term sacrifices can lead to long-term financial freedom.
- Open communication about finances is essential in family dynamics.
- Resources like mini-courses can help individuals start investing.
- Investing is accessible to everyone, not just the wealthy.
Chapters:
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00:00 – The Importance of Investing
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02:25 – Personal Experiences with Money and Investing
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08:16 – Learning from Financial Mistakes
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12:50 – Navigating Financial Advisors
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19:19 – Getting Started with Investing
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24:50 – Understanding Robo-Advisors and Investment Accounts
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32:46 – Investment Options for Self-Employed and Stay-at-Home Parents
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38:09 – Creating Space to Invest: Cash Flow Analysis
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43:57 – Balancing Personal Investment Goals with Family Support
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47:13 – Resources for Financial Independence and Investing
Watch the full interview on our YouTube channel! Subscribe here.
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Until next time, stay empowered, stay inspired and #staypoderosa ✨
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