178. Managing Inheritance, Dealing With Debt, and Firing Your Financial Advisor with Nikkei Lamodi
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Episode Synopsis:
In this conversation, Nikkei Lamodi shares her personal experience with money as an eldest daughter and the challenges she faced in managing her finances. She discusses the impact of her parents' financial habits and the responsibility she felt as the eldest daughter to support them. Nikkei also talks about her journey with debt and her attempts to follow different financial strategies, including Dave Ramsey's approach. She shares her experience of inheriting money and seeking the guidance of a financial advisor. However, she realizes that she lacks financial education and feels disconnected from her own money. In this conversation, Nikkei shares her experience of breaking up with her financial advisor and taking control of her own finances. She discusses the power dynamics and lack of knowledge that can lead to being taken advantage of by financial advisors. Nikkei emphasizes the importance of understanding fees and the impact they can have on long-term wealth accumulation. She also highlights the ease of transitioning to a new financial advisor and the peace of mind that comes with self-managing her money. Nikkei recommends 7 Figure Wealth as a valuable resource for learning how to manage and grow wealth.
Timestamps:
00:00 - Introduction and Background
02:25 - Motivation for Working on Wealth Building
04:12 - Challenges with Financial Advisors
12:58 - Dealing with Personal Loss
15:31 - Arriving and Discovering Hoarded Belongings
21:14 - Humorous Discoveries and Anecdotes
26:06 - Grief and Administrative Work
27:48 - Navigating the Emotional Rollercoaster of Grief
32:06 - Finding Growth and Self-Discovery in Grief
37:04 - Desensitization to Money: Viewing Assets vs. Personal Worth
39:33 - Redefining Success: Moving Beyond External Indicators
43:08 - The Quirks and Humor of Unconventional Wills
About Nikkei Lamodi
Nikkei is a first-generation eldest daughter and certified coach. She is passionate about helping eldest daughters create healthy relationships with others without sacrificing their time, money, or desires.
Where to find Nikkei:
Website: https://randawellness.com/
Podcast: https://podcasters.spotify.com/pod/show/thewellnesshelpdesk
Tik Tok: https://www.tiktok.com/@eldestdaughterhelpdesk?_t=8ogOaifxBFa&_r=1
IG: https://www.instagram.com/nikkei_lamodi/?hl=en
Category: Wealth
Keywords: inheritance, investing, financial advisor, eldest daughter, money habits, debt, financial strategies, financial advisor, fees, power dynamics, knowledge, wealth accumulation, self-management, peace of mind, 7 Figure Wealth
