Money For Couples with Ramit Sethi
127. “Our financial advisor almost cost us $800k. How do we fire them?”
Oct 24, 2023
Jeff, a specialized surgeon, and Susan, a stay-at-home parent, discuss their financial struggles and being taken advantage of by a percentage-based financial advisor. They debate the value of a whole life insurance policy, share their upbringing and the impact of the fiduciary rule on financial consumers, and reflect on their experience with a financial advisor. They emphasize the importance of conscious spending, confronting and switching financial advisors for high fees, and leveraging assets. The hosts conclude with plans for change and meeting with a new financial advisor for better financial alignment.
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Quick takeaways
- Establish clear financial boundaries and prioritize individual needs.
- Recognize how childhood experiences shape attitudes towards money.
Deep dives
The importance of conscious spending and the need for financial boundaries
Susan and Jeff have realized that they need to establish clear financial boundaries and be more conscious about their spending. They recognize that their current approach of not setting limits and adding on expenses is unsustainable. Susan struggles with prioritizing her own needs but is now realizing the importance of making herself a financial priority.
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