Your Money Guide on the Side Ep 26 - Tess Waresmith - 3 Silent Wealth Killers Hiding in Plain Sight (Or Small Print)
Jul 28, 2025
In this lively discussion, financial educator Tess Waresmith, founder of Wealth With Tess, focuses on empowering women through investing. She shares her own financial missteps and highlights how hidden fees can silently siphon off wealth. Tess emphasizes the necessity of financial literacy, urging listeners to question conventional advice. Her frank take on the investment landscape encourages confidence and self-advocacy, while providing quick tips to spot red flags in financial services. Tune in for a crash course so you can take charge of your financial future!
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Pivotal Financial Wake-Up Moment
- Tess recounts a pivotal moment when her mother revealed financial struggles after abandonment.
- This inspired Tess to take control of her own money and uncover costly advisor mistakes early on.
Start Small to Gain Confidence
- Start learning the basics of investing by opening a small account yourself to build confidence.
- You'll find it's not that hard tactically, though the psychology can be challenging.
Misleading Fiduciary Standards
- For young investors, a portfolio heavy in bonds and high fees leads to underperformance.
- Fiduciary duty means acting in your best interest but is defined vaguely, so basic investing knowledge is crucial.
