WEBVTT - BA Q&A: Do I Need A Financial Advisor?

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<v Speaker 1>What's up via fam It's Mandy aka Mandy Money aka

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<v Speaker 1>Mandra to Tiffany and to Tiffany only who is not

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<v Speaker 1>with me today, But I am happy to be here anyway,

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<v Speaker 1>answering y'all's questions on the show. That's right, This is

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<v Speaker 1>the b a QA. Now, if you have a question

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<v Speaker 1>you want to submit to the podcast, hit us up

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<v Speaker 1>on Instagram. You can follow us at Brand Ambition Podcast

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<v Speaker 1>and slide into our dms with your question. You can

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<v Speaker 1>also send us an email snail mail right kind of

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<v Speaker 1>Brown Ambition Podcast at gmail dot com. Now, I'm not

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<v Speaker 1>gonna lie because we keep it one hundred on this show.

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<v Speaker 1>Your girl is on top of having a brand new

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<v Speaker 1>baby and a crazy toddler. YO. Why do they not

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<v Speaker 1>talk about the toddler stage everyone talks about, not the

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<v Speaker 1>toddler stage, the three and four stage. No one talks

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<v Speaker 1>about that. They only talk the newborn stage being exhausting.

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<v Speaker 1>You know what, I would take twelve newborn sometimes over

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<v Speaker 1>my three and a half year tantrum. But on top

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<v Speaker 1>of that, y'all, I am writing my very first book

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<v Speaker 1>and it has been so rewarding and so challenging, and

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<v Speaker 1>I feel incredibly privileged to get the opportunity to do that,

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<v Speaker 1>but the level of focus that it requires when I

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<v Speaker 1>get into that book cave and I get into my groove,

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<v Speaker 1>I had to pull myself all the way out of

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<v Speaker 1>that cave to come here and to answer these questions y'all.

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<v Speaker 1>And I am grateful for y'all giving me a chance

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<v Speaker 1>to actually talk to people again besides babies. And I'm

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<v Speaker 1>just saying, I'm going to do the best I can

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<v Speaker 1>to answer these questions. But if I got to search

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<v Speaker 1>for words or start over, just blame not mom brain,

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<v Speaker 1>but like mom brain plus book brain. Okay, well, we're

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<v Speaker 1>going to get it going for y'all. We have two

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<v Speaker 1>juicy questions. I'm going to do one money question because

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<v Speaker 1>I thought it was very interesting, and then a second

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<v Speaker 1>one about a career. Okay, so career question from someone

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<v Speaker 1>who's feeling like, at forty nine years old, their career

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<v Speaker 1>is a little bit more janky than they wanted at

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<v Speaker 1>this point. And then we're gonna take I'm gonna take

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<v Speaker 1>a money question from someone who's wondering if it's worth

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<v Speaker 1>spending money on a financial planner because her husband, as

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<v Speaker 1>husbies do, is not listening to her okay, so let's

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<v Speaker 1>jump into it. Question number one comes from a listener

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<v Speaker 1>who would like to remain anonymous. She says she or he.

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<v Speaker 1>I'm just gonna assume it is she, they say. I

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<v Speaker 1>experienced burnout working in the school system, and I left

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<v Speaker 1>at the end of twenty twenty two. Towards the end

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<v Speaker 1>of my time there, I landed a remote, part time

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<v Speaker 1>turned full time position working in a completely different field

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<v Speaker 1>from my field of speech pathology. I really enjoyed the

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<v Speaker 1>change and the job. It also offered me the quality

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<v Speaker 1>of life that I wanted. But out of the blue,

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<v Speaker 1>about eight months later, I was let go at the

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<v Speaker 1>end of twenty twenty three. Anyway, I fell back to

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<v Speaker 1>my degree, but this time I work with adults in

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<v Speaker 1>the geriatric population through a staffing and contract agency. Overall

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<v Speaker 1>it's been fine, but now I just found out the

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<v Speaker 1>facility will soon break ties with my staffing agency. So

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<v Speaker 1>the rug has gotten pulled out from under me again.

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<v Speaker 1>But at least this time I've got some advanced notice

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<v Speaker 1>at forty nine years old. Though this is not how

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<v Speaker 1>I want the rest of my life to look. I've

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<v Speaker 1>got responsibilities and bills. I'm okay with doing this current job,

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<v Speaker 1>and they seem willing to hire me as staff and

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<v Speaker 1>possibly negotiate some things. However, thinking about it, I don't

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<v Speaker 1>want to stay here for the long term. Can you

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<v Speaker 1>give me some advice on how to move forward at

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<v Speaker 1>my age? All right, Anonymous, listen, forty nine, I want

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<v Speaker 1>you to sort of like throw that number out of

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<v Speaker 1>the window a little bit, because I'll be blunt. I

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<v Speaker 1>think that we use our age to put ourselves in

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<v Speaker 1>a box sometimes, and to put ourselves in a box

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<v Speaker 1>that feels like this is where I should be, this

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<v Speaker 1>is what I should be doing at this age, and

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<v Speaker 1>it really doesn't serve us. In fact, it makes us

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<v Speaker 1>feel really crappy. Like the way that you're feeling right

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<v Speaker 1>now is I'm forty nine. Shouldn't I have something steady

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<v Speaker 1>and stable by now? Shouldn't I not be having to

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<v Speaker 1>deal with the ups and downs of a career that

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<v Speaker 1>at forty nine should be all figured out by now?

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<v Speaker 1>You took a chance and you tried something different a

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<v Speaker 1>couple of years ago because you were feeling burnt out,

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<v Speaker 1>Like you said, so, you you know switch from speech

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<v Speaker 1>that the switch from speech path path. Why can't I

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<v Speaker 1>say I told y'all, mom, and freaking book cave brain?

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<v Speaker 1>What are words? How do you talk out loud? Let

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<v Speaker 1>me try theick in. So you took a pivot. You

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<v Speaker 1>pivoted from speech that pathology, I said it. And you

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<v Speaker 1>got into a different field, right, or did something a

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<v Speaker 1>little bit different, And that's great. I'm glad that you

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<v Speaker 1>did that. All right, Listen, you made a choice that

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<v Speaker 1>was best for you. You got burnt out, so you shook

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<v Speaker 1>up your career. I think that's awesome. Here's the thing,

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<v Speaker 1>Like when people sometimes make changes in their careers, which

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<v Speaker 1>I think we should be allowed to do at any age,

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<v Speaker 1>sometimes the road will not be super linear and you

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<v Speaker 1>may have a setback and you may need to readjust

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<v Speaker 1>to move forward. And that's sort of what's happening now.

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<v Speaker 1>Like you changed, you want a different path, and now

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<v Speaker 1>you're getting back into your you know, the space that

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<v Speaker 1>you've been in, which is speech pathology. Lord that word,

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<v Speaker 1>let me not say that ever again. And now you're

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<v Speaker 1>working for an agency and yeah, this agency is about

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<v Speaker 1>to maybe potentially lose its contract with the facility that

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<v Speaker 1>you're working at, and now you've got to figure out

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<v Speaker 1>sort of what your next move is. But I would

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<v Speaker 1>say that this is just a normal symptom of someone

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<v Speaker 1>who's changing up their career a little bit. You know,

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<v Speaker 1>you left the school system. Now you're working for it

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<v Speaker 1>sounds like a private contracting firm, so it may be

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<v Speaker 1>that you're going to feel some growing pains with this opportunity.

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<v Speaker 1>I want you to stop thinking about at this age

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<v Speaker 1>you should have this figured out, and instead think of, Wow,

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<v Speaker 1>I am sort of starting a sort of a new

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<v Speaker 1>chapter in my career, and it's going to give me.

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<v Speaker 1>I'm gonna have some groin pains. It's going to take

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<v Speaker 1>a little while for me to get everything smoothed out

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<v Speaker 1>and figured out. And that's okay, Okay. Now, what you're

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<v Speaker 1>learning about yourself is you really don't like like no

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<v Speaker 1>one does. Really, you really don't like being or feeling

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<v Speaker 1>like you're at the mercy of another company to sort

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<v Speaker 1>of get your access to jobs. Right. So you're working

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<v Speaker 1>for a staffing agency, it's you know, you're relying on

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<v Speaker 1>them to get relationships with other facilities so that you

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<v Speaker 1>can be one of the workers that works for that facility,

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<v Speaker 1>and then if they lose their contract, then you're, you know,

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<v Speaker 1>out in the cold. I think what would be great

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<v Speaker 1>is if you started to develop your own relationships with

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<v Speaker 1>some facilities and then on your own, independently you could

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<v Speaker 1>have your own contract. You can get hired full time

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<v Speaker 1>and sort of cut out that middleman of a contract

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<v Speaker 1>or staffing agency. Now, even this is not necessarily going

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<v Speaker 1>to give you like the perfect smooth path, because of course,

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<v Speaker 1>the pros of having like a freelancing or contract agency

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<v Speaker 1>is that they're going to help you find your next client, right,

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<v Speaker 1>and I'm assuming even if they lose their contract with

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<v Speaker 1>this place that they would help you get placed somewhere else, right,

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<v Speaker 1>So you're going to lose that little bit of I

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<v Speaker 1>don't know, safety net by having a contract sort of

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<v Speaker 1>having a staffing agency work with you. On the other hand,

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<v Speaker 1>if you were fighting for your own place at these

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<v Speaker 1>facilities as a consultant or as an independent contractor, then

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<v Speaker 1>maybe you could negotiate higher rates than whatever the staffing

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<v Speaker 1>agent and see could negotiate for you, and maybe you

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<v Speaker 1>could negotiate longer contract terms. Take things you know into

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<v Speaker 1>your own hands a little bit. I just again, just

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<v Speaker 1>to like reiterate, I just don't want you to think, Okay,

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<v Speaker 1>I'm forty nine and this is unacceptable. I think that

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<v Speaker 1>we need to see different versions of how careers can

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<v Speaker 1>be playing out at every age. Okay, and at whatever

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<v Speaker 1>age you're at. Nothing can beat the power of networking

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<v Speaker 1>when you need to get new information and learn a

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<v Speaker 1>different approach. So what I want to say to you

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<v Speaker 1>right now is now you're forty nine, and we love

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<v Speaker 1>to put ourselves in the box of I'm too old

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<v Speaker 1>to make new friends. But if you're going to be

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<v Speaker 1>pursuing this, you know, this career in a different way

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<v Speaker 1>a speech pathologist independently, then I need you to whether

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<v Speaker 1>it's join a professional association, you know, locally where speech

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<v Speaker 1>pathologists can network, where you can talk to other people

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<v Speaker 1>who have your own practice. You know, how are you

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<v Speaker 1>finding how are you finding gigs? How are you finding work?

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<v Speaker 1>You know? What does it take? Do you know any

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<v Speaker 1>better contracting or staffing agencies that you've worked with? You know,

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<v Speaker 1>and be open to that, be open to kind of

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<v Speaker 1>figuring things out in a new way. And you don't

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<v Speaker 1>have to think about it as like I'm starting all over.

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<v Speaker 1>You're just learning and everyone should be learning and growing,

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<v Speaker 1>you know, even at whatever age you're at. I don't

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<v Speaker 1>want to say middle aged because there's so much you know,

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<v Speaker 1>negative connotation with that, but anyway, at a mature age, right,

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<v Speaker 1>So be open to learning, be open to getting new ideas,

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<v Speaker 1>be open to networking, because I think that sitting down

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<v Speaker 1>with other people who are doing the thing that you

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<v Speaker 1>want to be doing is probably going to reinvigorate you

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<v Speaker 1>and make you more excited to continue on this path

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<v Speaker 1>because you're going to see like, Okay, these people are

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<v Speaker 1>doing it and they have bills and responsibility just like me,

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<v Speaker 1>and they're making it work. And then you'll have sort

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<v Speaker 1>of that support system baked in as well. So that's

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<v Speaker 1>what I would have. That's what I would say. God,

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<v Speaker 1>I hope that made sense. Thanks so much for someoning

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<v Speaker 1>your question. I'm going to take a quick break and

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<v Speaker 1>I'll be right back with our next question, which is

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<v Speaker 1>a little juicy one about managing finances with a spouse.

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<v Speaker 1>Don't don't don't. All right, y'all, we are back and

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<v Speaker 1>I am back with my next question. We dumpantly dig

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<v Speaker 1>into the money bag real quick. The money questions. All right,

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<v Speaker 1>This is from listener Melissa. Melissa says, I am a

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<v Speaker 1>longtime listener and lover of the podcast. BA has really

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<v Speaker 1>helped me get on track with my finances and career.

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<v Speaker 1>My question is, my husband and I are bringing in

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<v Speaker 1>way more than we were before. We want to purchase

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<v Speaker 1>a home, invest more, and laid down a great financial future.

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<v Speaker 1>We reached out to a financial advisor who was fee only,

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<v Speaker 1>and while we are making good money, I don't think

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<v Speaker 1>it's enough to make a financial advisor work with it.

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<v Speaker 1>While I am confident in my financial prowess, my husband

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<v Speaker 1>often needs to hear things from someone who isn't me.

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<v Speaker 1>What do you suggest as another place where we can

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<v Speaker 1>find help slash advice at a reasonable rate? A reasonable rate? Okay, Well,

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<v Speaker 1>it sounds like you went to one financial advisor, a

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<v Speaker 1>fee only financial advisor, and you got a quote and

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<v Speaker 1>it was more than you know, than you expected to pay,

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<v Speaker 1>than you want to pay. I would say, get a

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<v Speaker 1>few more quotes. When I was shopping around for my

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<v Speaker 1>financial planner several years ago, I got it. I interviewed

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<v Speaker 1>three or four different planners, and for me, it was yes,

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<v Speaker 1>to compare the rates and the costs and all of that,

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<v Speaker 1>but also to get to know the person and make

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<v Speaker 1>sure that it was a good personality fit. Now, if

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<v Speaker 1>you're looking for someone who can, you know, maybe not

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<v Speaker 1>manage your investments for you, but help you and your

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<v Speaker 1>husband sort of like I did with my husband. Have

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<v Speaker 1>a financial planner that you can call up on big

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<v Speaker 1>occasions when you guys have like a big financial moment,

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<v Speaker 1>like like you said, buying a home, laying down a

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<v Speaker 1>financial future, which wouldn't you know, involve things like maybe

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<v Speaker 1>a state planning and wealth building for your future. Then

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<v Speaker 1>you can have a financial planner just to come in

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<v Speaker 1>at those key moments and sort of play yes, financial advisor,

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<v Speaker 1>but then also sort of like marriage counselor Then I

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<v Speaker 1>think it's worth the money if you look at it

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<v Speaker 1>that way, like you're gonna be paying whatever you're gonna

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<v Speaker 1>be paying for that, maybe a few hundred dollars or whatnot.

0:12:35.760 --> 0:12:38.600
<v Speaker 1>It may seem like a lot of money, but think

0:12:38.600 --> 0:12:41.040
<v Speaker 1>about the time and the stress that you could be

0:12:41.120 --> 0:12:43.960
<v Speaker 1>saving not having to argue with your spouse about the

0:12:44.000 --> 0:12:46.640
<v Speaker 1>decision that you're gonna make and get them to see

0:12:46.679 --> 0:12:48.880
<v Speaker 1>your point of view. Y'all know, Tiff and I have

0:12:49.000 --> 0:12:51.719
<v Speaker 1>talked about, you know, being like the money person in

0:12:51.760 --> 0:12:54.360
<v Speaker 1>the relationship. It does not mean that your partner, even

0:12:54.400 --> 0:12:58.240
<v Speaker 1>though they love you, is gonna always take your advice. Now,

0:12:58.360 --> 0:13:00.600
<v Speaker 1>y'all love to listen to our advice, and that is

0:13:00.760 --> 0:13:04.160
<v Speaker 1>a blessing, But family and friends not so much. I

0:13:04.160 --> 0:13:06.440
<v Speaker 1>don't know what it is. Don't know what it is.

0:13:07.080 --> 0:13:09.280
<v Speaker 1>So if you just think of it that way, you know,

0:13:09.360 --> 0:13:12.040
<v Speaker 1>I'm going to be not just hiring a financial advisor

0:13:12.120 --> 0:13:14.800
<v Speaker 1>to help us through this moment that I really know

0:13:15.000 --> 0:13:17.120
<v Speaker 1>enough about that I could probably do it myself. But

0:13:17.240 --> 0:13:21.080
<v Speaker 1>instead you're thinking about a financial planner an advisor as

0:13:21.080 --> 0:13:23.840
<v Speaker 1>someone who can smooth out this process for you and

0:13:23.880 --> 0:13:27.680
<v Speaker 1>get you guys pass the finish line together as a team.

0:13:28.400 --> 0:13:30.760
<v Speaker 1>Then think of it that way and maybe it will

0:13:30.800 --> 0:13:33.439
<v Speaker 1>become worth it to you. And if you're listening and

0:13:33.480 --> 0:13:36.240
<v Speaker 1>you're wondering, like, what is a fee only financial advisor

0:13:36.280 --> 0:13:39.640
<v Speaker 1>and how can that differ from you know, someone who's

0:13:40.040 --> 0:13:42.360
<v Speaker 1>you know, working off of commissions or things like that.

0:13:42.679 --> 0:13:45.800
<v Speaker 1>When they're fee only, they you typically have a flat rate,

0:13:45.840 --> 0:13:48.920
<v Speaker 1>whether it's hourly or they may sell a package. You know,

0:13:49.040 --> 0:13:52.280
<v Speaker 1>we'll do all this financial planning, you know, we'll do

0:13:52.400 --> 0:13:56.679
<v Speaker 1>your retirement plan, We'll I don't know, we'll do some

0:13:56.679 --> 0:13:59.679
<v Speaker 1>stuff budgeting, whatever. Here's our package and here's what you

0:13:59.720 --> 0:14:01.480
<v Speaker 1>get out of it, but you know what you're going

0:14:01.559 --> 0:14:04.760
<v Speaker 1>to pay, and you pay it upfront, whereas maybe a

0:14:04.800 --> 0:14:09.320
<v Speaker 1>more like old school advisor may take a percentage of

0:14:09.400 --> 0:14:12.080
<v Speaker 1>money that they're going to invest with you or a

0:14:12.080 --> 0:14:16.319
<v Speaker 1>percentage of your assets they may charge you. So whether

0:14:16.400 --> 0:14:19.200
<v Speaker 1>you're looking at someone who's fee only or more of

0:14:19.240 --> 0:14:22.760
<v Speaker 1>a traditional advisor model, just make sure that you understand

0:14:22.840 --> 0:14:25.520
<v Speaker 1>how are they going to get paid, and don't be

0:14:25.600 --> 0:14:28.440
<v Speaker 1>shy about asking that. And then when it comes to

0:14:29.320 --> 0:14:32.480
<v Speaker 1>you feeling like this is a good use of my money,

0:14:33.120 --> 0:14:36.640
<v Speaker 1>stop thinking of it, like I said, as a replacement

0:14:36.680 --> 0:14:39.800
<v Speaker 1>for what you could be doing yourself, Because yeah, you

0:14:39.880 --> 0:14:43.440
<v Speaker 1>say that you're confident in your financial knowledge and all

0:14:43.480 --> 0:14:45.160
<v Speaker 1>of that, and I'm sure if it was just you

0:14:45.200 --> 0:14:47.760
<v Speaker 1>by yourself, you have no problem buying a home or

0:14:47.800 --> 0:14:52.360
<v Speaker 1>investing now that you've earned more. But you need, or

0:14:52.360 --> 0:14:55.040
<v Speaker 1>at least it sounds like you need, just like I did,

0:14:55.520 --> 0:14:58.080
<v Speaker 1>someone who can sit down with you and make you

0:14:58.120 --> 0:15:01.640
<v Speaker 1>and your partner go together as a team towards those goals.

0:15:02.320 --> 0:15:04.920
<v Speaker 1>And one of the best benefits I would say of

0:15:04.960 --> 0:15:07.480
<v Speaker 1>having a financial advisor for my partner, my husband, and

0:15:07.520 --> 0:15:12.960
<v Speaker 1>I is that it really helped me. I mean not

0:15:13.520 --> 0:15:18.880
<v Speaker 1>be so critical of his values and his goals. You know,

0:15:19.040 --> 0:15:22.840
<v Speaker 1>for him, owning a certain type of car or having

0:15:22.920 --> 0:15:28.080
<v Speaker 1>a certain size garage for a house is really fundamentally

0:15:28.080 --> 0:15:31.040
<v Speaker 1>important to his own happiness. And those are maybe not

0:15:31.240 --> 0:15:34.400
<v Speaker 1>my same core values. But a financial planner can sort

0:15:34.400 --> 0:15:37.320
<v Speaker 1>of show you that the plan that we're putting together

0:15:37.560 --> 0:15:41.680
<v Speaker 1>will probably help you guys, get both of what you value.

0:15:41.800 --> 0:15:46.200
<v Speaker 1>And yeah, so playing that role as a mediary, intermediary,

0:15:46.360 --> 0:15:49.280
<v Speaker 1>as a mediation person, as a you know, like a

0:15:49.320 --> 0:15:51.640
<v Speaker 1>monkey in the middle, like helping you guys work through

0:15:51.680 --> 0:15:54.480
<v Speaker 1>your challenges and speak better to each other and understand

0:15:54.520 --> 0:15:57.160
<v Speaker 1>each other. I think that it's hard to put a

0:15:57.200 --> 0:16:01.040
<v Speaker 1>price tag on that. Okay, So Melissa, my advice would

0:16:01.040 --> 0:16:05.800
<v Speaker 1>be to rethink whether this investment in your relationship and

0:16:05.840 --> 0:16:09.240
<v Speaker 1>your marriage and your future happiness as a partnership as

0:16:09.280 --> 0:16:13.040
<v Speaker 1>a team, and maybe it is worth it. And even

0:16:13.080 --> 0:16:15.800
<v Speaker 1>if you still feel like, ah, still, this is pretty high,

0:16:15.880 --> 0:16:19.000
<v Speaker 1>then go back find some other fee only planners and

0:16:19.160 --> 0:16:22.720
<v Speaker 1>continue to get quotes until you feel like the services

0:16:22.720 --> 0:16:26.480
<v Speaker 1>they're offering you are matching for you anyway, how you

0:16:26.560 --> 0:16:29.040
<v Speaker 1>value it and how much you want to pay. And

0:16:29.760 --> 0:16:32.520
<v Speaker 1>I also will say as you're starting to earn more,

0:16:32.600 --> 0:16:34.280
<v Speaker 1>and TIF and I have talked about this as well,

0:16:34.320 --> 0:16:37.200
<v Speaker 1>like you don't always feel like you're really earning more, right,

0:16:37.320 --> 0:16:39.880
<v Speaker 1>So I don't want you to be making more money

0:16:40.480 --> 0:16:43.720
<v Speaker 1>but be stuck in this like I'm operating from a

0:16:43.720 --> 0:16:46.400
<v Speaker 1>place of what I was earning before. All right, So

0:16:46.440 --> 0:16:50.720
<v Speaker 1>it's like you're still playing small when you've got the money. Now,

0:16:50.960 --> 0:16:54.440
<v Speaker 1>you've got the resources. Now it's time to like ratchet

0:16:54.440 --> 0:16:57.120
<v Speaker 1>it up a little bit and spend that money that

0:16:57.240 --> 0:17:00.240
<v Speaker 1>you're earning. And don't think of it as money lost again.

0:17:00.320 --> 0:17:02.960
<v Speaker 1>Think of it as money that you're investing into your

0:17:03.000 --> 0:17:07.040
<v Speaker 1>own long term happiness and the long term happiness of

0:17:07.960 --> 0:17:13.600
<v Speaker 1>your marriage, of this precious partnership. Right, Okay, I hope

0:17:13.600 --> 0:17:16.000
<v Speaker 1>that was good, Melissa. Thank you so much for sending

0:17:16.040 --> 0:17:21.000
<v Speaker 1>your question. Riba fam again. I'm Mandy aka Mandy Money.

0:17:21.000 --> 0:17:23.280
<v Speaker 1>Thank you so much for submitting your questions. We'll be

0:17:23.320 --> 0:17:26.520
<v Speaker 1>back next week. Every Friday, we are here answering y'all's

0:17:26.600 --> 0:17:29.439
<v Speaker 1>questions through the ba QA. If you want to submit

0:17:29.480 --> 0:17:31.639
<v Speaker 1>your question, you can hit us up in our DMS

0:17:31.680 --> 0:17:35.320
<v Speaker 1>at Brand Ambition Podcast. You can also email us Brand

0:17:35.400 --> 0:17:41.280
<v Speaker 1>Ambition Podcast at gmail dot com. Until next Friday. Bye