4 Steps to Start Your Investing Journey with Tess Waresmith

4 Steps to Start Your Investing Journey with Tess Waresmith

legacy wealth podcast secure Dec 14, 2023

Many of you have reached out asking for more insights into how you can begin your own journey into investing. You're eager, but perhaps the financial jargon seems like a towering hurdle. Fear not! Both Tess and I are passionate about breaking down these barriers. Investing need not be confined to Wall Street aficionados; it's for everyone, especially for those of you who believe you aren't "numbers people". Let's change that mindset, shall we?

First, Tess reminds us that it all starts with education. Before you can earn, you need to learn. Understanding the financial basics isn't about getting an MBA; it’s about understanding enough to make informed choices and ask the right questions. You don't need to take a long time learning the intricacies of the stock market. Instead, focus on grasping how to manage your money and start investing.

Now, let’s walk through Tess's four-step process, a version of her Savvy Investor Starter Pack she discussed, to get you on the right path.

**1. Addressing Your Money Mindset and Goals**

You may not realize it, but how you think about money significantly affects how you manage it. It's crucial to identify any roadblocks in your financial psychology. Do you fear losing money? Do you avoid checking your account balances? Tess advises starting with questions to probe your money mindset. The journey to wealth begins within.

**2. Creating an Intentional Spending Plan**

Do you know where each dollar you earn is going? Creating a budget is vital, but even more critical is crafting an intentional spending plan that aligns with your goals and values. This will free up more money to save and invest. The goal is to balance life today while planning for the future.

**3. Saving on Taxes through Retirement Accounts**

Taxes are an inevitable part of financial life, but with a smart investment strategy, you can minimize their impact. Utilizing retirement accounts like 401(k)s or IRAs can significantly reduce your tax liability. Tess shares how taking advantage of these tools not only lowers your taxes today but also compounds your earnings for tomorrow.

**4. Simplifying Your Investment Choices**

Complex investment strategies are not always more effective. Tess promotes using simple, diversified investments, such as index funds, which track the market's performance. She outlines options such as target-date index funds, which automatically adjust your asset allocation over time, and three fund portfolios for a balanced approach.

Let’s also not forget that before diving into investing, ensuring that your foundational financial pieces are in place is vital. Paying off high-interest debt, establishing an emergency fund, and addressing your money mindset are all crucial pre-investment steps.

Remember, the ability to manage money confidently is not an innate skill; it’s learned. And that dreaded financial jargon? Tess and I are here to translate it into everyday language on "Keep What You Earn". Feel free to connect with her at Wealthwithtess on Instagram for more resources, and if you’re looking to take the next step, consider my CFO on-demand service for personalized guidance.

Remember that financial empowerment is not a sprint; it’s a marathon. It's perfectly okay to start slow and build as your confidence and knowledge grow. Don't wait until you have a lot of money to start learning about money. The earlier you begin, the more time your investments have to flourish.

So, why not take a page from Tess’s playbook and start crafting your investment journey today? At the end of the day, it's about keeping what you earn and making it work for you. Because, let's be honest, we all deserve a future where our finances don't keep us up at night.

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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.