On This episode, I chat with Jacquelyn Wright, a financial advisor with Edward Jones. She is also the co-president of the Brentwood Chamber of Commerce and a Rotarian, and we discuss financial planning in 2019, money management.

We highlight why someone needs a financial advisor, begin investing as soon as possible, buying a house vs. renting, 401K plan vs. IRA, retirement and how much you need? Keeping up with the Jones issue. Common mistakes in investing. We also talk about the importance of patience. Dave Ramsey also comes up and how he is a great resource for those trying to get out of debt.

 

Show Overview:

  • 00:10 – Intro on Jacquelyn Wright
  • 01:10 – why schools don’t teach money management anymore.
  • 02:02 – What is a financial advisor and why would someone need one?
  • 02:44 – How do financial planners determine level of comfortability in investing with their clients and how do people actually start. Wright says you can’t buy time, the earlier the better to begin building your financial portfolio.
  • 05:12 – How large should an emergency fund be?
  • 05:40 – Swings in stock market, what do they actually mean? Wright says people should not focus on the points, but rather the percentages.
  • 07:20 – building a team around a financial planner, different experts such as tax advisor, accountant/CPA, estate attorney.
  • 08:15 – 401K vs. IRA or ROTH IRA
  • 10:40 – What is a good goal financial for someone to retire comfortably.  Is $1 million enough?
  • 13:15 – What are the most common mistakes a financial advisor sees and why do they keep happening if everyone is aware they are the biggest mistakes?
  • 15:30 – Is a huge flaw in society keeping up with the Jones? Need vs. Want in society instead of paying yourself first.
  • 17:24 – Pay down the house first? Or instead invest?
  • 19:05 – What percentage of a paycheck should a mortgage payment or rent be?  Buy vs. rent?
  • 21:20 – The importance of patience and managing expectations when it comes to financial planning.
  • 24:30 – Graduates within the past 10-years have never lived in a down market, how do we get those under 30 to relax in a down market? Ensure income matches lifestyle.
  • 26:16 – How often should one speak with their financial advisor?
  • 28:30 – Wright offers her biggest concern with the market right now and red flags.
  • 29:44 – How does one pick a financial advisor?
  • 32:19 – Wright highlights again that the sooner your start the better off one will be in the long run.
  • 33:03 – Wright highlights how she believes Dave Ramsey is a great resource on how to get out of debt, saving and spending in the right buckets.
  • 35:40 – Closing

For more information on Jacquelyn Wright of Edward Jones, visit her website.

 

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