This past month I have done something that is truly terrifying to me – learned (and still learning) to manage my retirement investments. DUN DUN DUH!!!!!
Now to some of you this probably sounds silly, but I am not good with all the stuff (for lack of a better word) around investing. I always joke with people that my exposure to investing came from the classic movie Trading Places (Eddie Murphy and Dan Aykroyd). To this day I still don’t understand futures and how you buy and sell something you don’t own.
In my former marriage, my financial duties were to manage the day-to-day finances. When it came to our investments, I would go to the annual meetings with the investment advisor and would soon check out because he would go on and on about this company and that fund and the funds under the umbrella of the bigger funds and down the rabbit hole it went. I need broad strokes not the minutia that I was inundated with – UGH!
After the divorce, my portion of the retirement accounts resided with the previous advisor (chosen by my ex). This year I finally decided to make a change and asked a good friend for advice. He led me to my new advisor/company, and I couldn’t be happier!
There were 2 reasons for making the change:
a. My ex chose the previous advisor and that energy need to change, and
b. The advisor started telling me that I needed to find a job and not go through my savings.
Telling me how to manage my personal finances and commenting on my need to get a job when you don’t know my situation or plans pissed me off! I did not ask for that opinion so stay in your lane asshole.
That sealed his fate.
Now I have a new advisor at Schwab who understands how I need the broad strokes and to keep in mind that he needs to “dumb-down” the information at times. He is infinitely patient, thank goodness, because investing can be very confusing. If you want contact information, I am more than happy to recommend him, just drop me a note. (Correction – see edit at bottom of page)
The real point is that you should find an investment broker that is willing to meet you at your level to help guide you in your investing. When you say “dumb it down” or whatever your favorite phrase is, they do it with kindness and patience.
I also strongly suggest working with a reputable company that, most importantly, is a fiduciary (a trustee that must act in the best interests of the beneficiary – you). I have recently learned how important this is when investing. And have your own investments, based off your own preferences, in the event of a life change. This way you know you have money working for you.
I know how easy it is to abdicate this responsibility to your partner but trust me you want to have more involvement. Don’t wait like I did (cautionary tale for one? 🙋♀️).
I’m pretty damn proud that I finally took an active role in my investing and I look forward to growing a wonderful retirement plan for myself.
EDIT: My financial advisor gave me permission to give out his information. Click here to find out more about Zak Irizarry https://client.schwab.com/public/consultant?fc=zak.irizarry
My Lemons My Lemonade 