I had the great fortune to be interviewed by the fabulous Jen Narciso who runs the “Investor Mama” podcast. The goal of Jen’s podcast is to educate, inspire, and motivate moms and aspiring moms on their wealth-building journey.
In this episode, we talk about a number of steps that you can follow on your investment journey and learn that “Investing in the Stock Market Doesn’t Have to Be Scary When You Learn These Principles”…
Key Take-Aways
- If hiring a financial advisor ask them how they earn their money and their attitude to over-trading. Ask them how they charge and their compensation structure.
- Assets under management- where you’re charged a percentage of the assets under management. The bigger account, the more, you will pay in fees. Financial advisors like this model because they can make more money for what they can bring in under management.
- Fee only- where you just pay the experts a set amount for his or her expertise to solve your particular requirements, independent of the size of your account. This way you don’t get penalized for being a great investor and investing over the long run.
- Fiduciary-is a person who holds a legal or ethical relationship of trust with somebody else. When somebody acts as a fiduciary for you, they are acting in your best interests.
- Fees matter. The lower the fees, the better.
- Investing in the stock market, doesn’t have to be intimidating. You don’t need to be a stock or options expert or any other sophisticated type of trading to do well. you can do just as well.
- Invest in a total broad index fund, whether it’s your country’s total stock market or international.
- Start investing early, invest for the long term and invest broadly so your spreading your risk around. It’s as simple as that.
- When my daughter was around 5 years old, I purchased shares for her in a company that makes consumer goods. When we would go shopping I would show her the label on different products and told her she will make money when people buy this because she was part owner and some of the money would go to her.She would look at the back of every single product and say, “Oh daddy we can’t buy this one. It’s not made by company X” Even though she was five, she intuitively got that.
- Make teaching your kids about money fun. Try to gamify it so that they at least start understanding how the world is set up.
- If you have a teenager who is demanding the latest expensive phone, instead of buying them the phone, buy shares in the company that makes it because over a few years, that investment might grow to such a level that they can buy five phones or a phone and a computer.
“Investor Mama”
Be sure to checkout the Investor Mama website / podcast and see Jen’s work and also hear from her other amazing guests.
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A little bit about me..
I am a professional coach and some of my clients call me their ‘trusted adviser’. I mentor and guide leaders from the investment banking and FinTech industries so that they are able to make an impact and create a legacy.
I started work in the investment banking industry in the mid-1990s. I have been fortunate to have worked in some of the top firms and with many amazing high-achievers.
My clients have already achieved conventional success and they always inspire me. That’s my pre-condition to work with them. In return, I draw the best out of them and inspire them to achieve success beyond conventional success – exponential success – 10x success – so that they can create an extraordinary impact.
And they will always get there faster and easier than they thought possible!