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Advisor, Bala Tila, Ella Vast discussed on Sip on This with Ashley Nicole Black

Automatic TRANSCRIPT

And get those returns back with your young. If you're if you're older you wanna have less risk. It'll get you a lower return typically, but you don't want to run the risk of retiring, you know, on a Thursday and Wednesday, the market goes down. Okay. So you wanna have that diversified portfolio and you wanna be investing regularly? You don't typically you don't wanna and nobody can by the way, just invest on one day. If you do that, you do leave yourself the risk of what if there's Bala Tila me in the market. He won invest a bit out of every paycheck. And what that means is if the market goes up, you're buying the stock higher stocks higher the next week in the next week. If it goes down, you're buying it on sale and typically it evens out when you make. Habit of it like that even if the market declines, you're buying it lower. It's called dollar cost averaging but you're buying it lower. So you're actually evening out getting those market like return. So the trick really is diversified portfolio. Of course, keep costs low keep the fees you pay low as we work to do it. Ella vast and invest a bit over time. And which will really be surprised about is the returns that you can get and particularly if you start your twenties bright investing dollar new twenties is worth so much more than in your thirties. Your forties or fifties or sixties because it has the opportunity in the room to grow and men are doing this and the guys are doing this. Ashley, we women leave the majority of our money in the Bank in cash and men leave the majority had the majority of their money invested and the difference has been hundreds of thousands, or for some women even a million dollars more over the course of their lives. The guys are doing. Doing it. And we have it. It's not our fault. You mentioned financial advisor to mostly male the messages from the investing industry tend to be very competition-related, very male, the industry symbol is a bull. That's a phallic symbol. We have been given messages. This is not for us when we've gone to find a financial advisor, we've been greeted by a wall of white males. And so it's felt unapproachable to us in. So we have not been doing this. And it's hurt us. I think also men are. I think this is true men are more confident, and they're often that what makes you. That they should be because they're confident that if something goes wrong, if I invest this money, and I lose it all there's going to be another opportunity. I'm always going to get another job, my friend. Steve I went to Harvard with owns his own business. There's that that kind of confidence and for women, I think were afraid because we're like, I know at some point I'm going to be on my own. And maybe I have these kids to take care of her. I'm thinking of the future, and I want that money to be sitting in the Bank waiting for me if something happens. But with the confidence comes the the risk. Yes. But also the reward how many thoughts I have so many thoughts on what you just said. So I there's a piece of research that says both men and women think about money in terms of water believe it or not for men. It is a river and money comes in and money goes out and the level of the river or the money goes up. It goes down with his always more money women think of money as a pond, which is I got this amount. And this is it and the only direction it goes. Downs. That's number one. Number two. You hit on. You know guy loses job, I've got friends and I'll get another job. And so on there's actually, you know, if guys tend to be more successful, if their friends are more successful. And we all know him. We all know that guy who you like he is so dumb yet. How Faso like how the hell is he so successful? And it's like, oh, yeah. Because he was a fraternity brother was. So what does he do all day? What the hell? How can that be women? That is not the case that we women don't tend to be more successful because our friends are more successful..