The most common question advisors get is, “What should I do with my money?” The most common answer? “It depends.” Today, we explore the “why” behind that question and dive deeper into how it connects to your evolving life goals. In this episode of Off the Wall, hosts Jessica Gibbs, CFP®, and David B. Armstrong, CFA®, are joined by Marla Sofer, founder of the fintech startup Knomee.
[00:50] Introducing Joy Lere & The topic of today’s episode.
[02:22] How our understanding of money early in life impacts our adulthood.
[06:38] At what age do kids start understanding conversations about money?
[08:40] Families develop unspoken rules about finances. How do these shape your financial behaviors?
[10:39] Why is creating and sticking to a wealth plan so hard for me? & How to overcome the lack of motivation and drive to start a wealth plan.
[14:19] A skilled financial advisor understands the psychology of money.
[15:25] The importance of sticking to your values and defining financial well-being for yourself.
[20:09] How to focus on your present financial well-being AND your future wealth, even after financial trauma or feelings of scarcity.
[24:20] How to choose a trustworthy financial advisor.
[31:50] When to listen to (or ignore) your survival instincts when making financial decisions.
[34:01] How to test whether or not your financial advisor has good intentions.