Welcome to installment #2 of my Money Diaries-inspired series!
If this is the first post you're reading from the series, head back to Pt. 1 and get your baseline established—not a "must" to understand the below but if you're interesting even obliquely in financial advice then you'll probably find Pt. 1 (LOANS, DEBT, AND SAVINGS) even more helpful!
As background, this insight isn’t coming from me—I'm merely passing on the brilliance of Manisha Thakor, a Harvard MBA, CFA, and CFP® who’s nationally recognized for her expertise on financial wellbeing.
Manisha's the VP of Financial Education at the Seattle-based wealth management firm, Brighton Jones. (Little ~fun fact~: most wealth management firms have a minimum net worth value of $1,000,000 before they'll work with you. Cute!!)
This one won’t be as lengthy as the first post, but still hits on some critical points if you ever want to be someone who has enough money to warrant financial advising. If you're craving more in the meantime, go ahead and order the book. I promise, it's a worthwhile investment (coming from the girl who exclusively buys Calvin Klein underwear because they're on-brand...I know, but trust me).
Getting a financial adviser is wise, if you don’t yet have one. But be careful—if you feel a little icky about them, she explained, it’s with good reason, because financial advisers don’t have a universal standard like doctors and lawyers.
I’ve only received informal personal finance advice from my friends Ali and Evans who own a wealth management firm and practice personal finance education in his free time, respectively, but now that I have this information I’ll probably move forward with finding an official adviser.
Side note: we were talking about investments and wealth management along this same vein, and she off-handedly made a comment about how "if you have less than $250,000 in assets, you should work with Ellevest," and I swear you could hear a penny drop in the room. Someone in the back was like, "What if I have no money?" Hilarious.
The questions you should ask your financial adviser, in order of importance:
Alright, folks, thanks for playing. Tomorrow we'll talk about everyone's favorite thing to stress about as young adults: renting vs. buying.
The young woman's money guide to all the things you're too embarrassed to ask your friends. Build the life you thought you were too broke to afford through managing your spending habits, travel hacking, and simple, smart investing.
Full-time Brand marketer at Southwest Airlines, part-time Yoga Sculpt teacher, occasional Waffle House Model and reformed materialist.
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