Lorraine Ell is the CEO of Better Money Decisions (B$D) and Better Insurance Decisions. As co-owner of B$D, she is excited to continue her long career as an investment professional which started when she worked in the 1980s as an advisor with Drexel, Burnham and Lambert and J.W. Charles and as Co-owner of a Registered Investment Advisory (RIA) firm.
Real quick- can you tell us your mission for both of your companies?
- Primarily an investment advisor firm
- “What’s money for but to live the life you want”
- People lose sight of what they want from life
What are some first steps that you can recommend for people who are a bit behind in saving for retirement?
- Don’t panic!
- There are things you can do to catch up- working more, upping your savings
- It’s important to take that first step
- Try remove yourself from the expectations you hear
What are some things people should take into account when starting their retirement accounts?
- So much panic over student loan debt
- Put it aside and don’t forget to pay yourself- put money in your savings
- Take advantage of programs e.g. 401(k)’s
- It’s important having something for the future saved up
You have a whole section on your website about suddenly becoming wealthy- what a dream!
- How do you advise people who receive a large inheritance or win the lottery?
- Often people inherit money that they aren’t expecting
- Find an advisor that is a fiduciary
What is a common mistake you see people making with their money?
- Buying a house that’s too big or beyond their means
- People that get very wealthy don’t spend too much on their house
- More stuff to fill the house costs a ton of money
- Everything costs more money – A/C, heat etc.
Value Link Round (VLR)
Why do you think people struggle to achieve their dreams?
- Lack of focus
- People are afraid of change or pivoting
- Doing things differently is hard for people to accept
Do you have a favorite quote?
- I don’t want to be a poet, I want to change your life
Any last advice?
- Spend some time thinking about who you are and where you want to go