Adopting an Investor Mindset with Tess Waresmith
Aug 20, 2024In a recent episode of the "Keep What You Earn" podcast, Shannon sat down with guest Tess Waresmith, a financial educator and founder of Wealth with Tess, to discuss the importance of adopting an investor mindset and taking control of your financial future. The conversation delved into Tess's personal journey from being a novice in the world of investing to becoming a passionate advocate for financial education, particularly among women.
Tess's story is one that many can relate to. Like countless others, she found herself in a position where she had managed to save a significant amount of money but lacked the knowledge and confidence to invest it wisely. Overwhelmed by financial jargon and unsure of where to turn, she entrusted her hard-earned savings to a financial advisor, only to later discover that her money was not being managed in a way that aligned with her best interests.
This experience served as a wake-up call for Tess, prompting her to take a more active role in her financial education. As she began to learn about investing and understand the power of compound interest, she realized that the key to financial success lay not in outsourcing control to others, but in empowering herself with knowledge.
One of the most important lessons Tess learned on her journey was the significance of adopting an investor mindset. As Shannon pointed out, many people fail to identify as investors, even when they have money invested in various accounts, such as 401(k)s or brokerage accounts. This lack of ownership can lead to a sense of detachment from one's financial future, making it easier to neglect the crucial task of ensuring that one's money is working hard on their behalf.
Tess emphasizes that being an investor doesn't require a PhD in economics or a vast portfolio of assets. Instead, it simply means taking control of your financial future and making informed decisions about how your money is invested. By embracing this mindset, individuals can begin to view themselves as active participants in their financial journey, rather than passive bystanders.
Both Shannon and Tess agree that financial education should start at a young age. Shannon shared a poignant story about how her father bought her a share of Toys "R" Us when she was just twelve years old, instilling in her the idea that being an investor meant being an owner and having a say in how things are run. Similarly, Tess recounted opening a 529 account for her friend's eight-year-old daughter, highlighting the importance of introducing children to the concept of investing early on.
The conversation between Shannon and Tess serves as a powerful reminder that financial literacy is not a luxury, but a necessity. By taking the time to educate ourselves about investing and adopting an investor mindset, we can begin to take control of our financial future and work towards building the life we want.
Whether you're just starting out on your investing journey or looking to take your knowledge to the next level, the key is to start somewhere. As Tess points out, even small steps, such as investing $50 a month or reading a book on investing, can make a significant difference over time. The most important thing is to recognize that you have the power to shape your financial future and to take action, one step at a time.
In a world where financial advice can often feel overwhelming and inaccessible, conversations like the one between Shannon and Tess offer a refreshing dose of clarity and empowerment. By demystifying the world of investing and emphasizing the importance of adopting an investor mindset, they inspire listeners to take control of their financial future and work towards building the life they want. As Tess so aptly puts it, "you worked really hard for your money, and it should be working hard for you."
Tess is an investing educator and founder of Wealth with Tess, a financial education community that helps millennial female founders in their 30’s and 40’s, learn how to grow their money using simple stock market 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 used simple investing strategies to build her net worth from 0 to over 1 million by 35 as a single woman. Tess’s story and business was recently featured on Business Insider.
Now she’s helped thousands of women take control of their money and learn how to invest (even if you’re short-on-time or a total newbie investor). Thousands of women have attended her free investing workshops, hundreds of women have joined her online beginner investing program, and she regularly shares simple money and investing tips on Instagram at @wealthwithtess so be sure to give her a follow there.
Free Beginner Investor Starter Pack
What you'll hear in this episode:
05:16 Real estate investment, ROI, financial advisor fees.
07:57 Podcast host reflects on aerial acrobatics analogy.
10:37 Basic education empowers better financial decision-making.
13:31 Start investing early, even with small amounts.
16:37 Many people are investors in various ways.
If you like this episode, check out:
What's the Best Way to Pour Money Into Your Business?
Introducing Money to Kids: Where Do You Start?
4 Steps to Start Your Investing Journey with Tess Waresmith
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
