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In today’s blog post, I wanted to share a review of the Ellevest 1:1 Money Checkup session, as well as my thoughts on the “Money Coaching” offering from ElleVest.
Because a lot goes into reviewing a session, I’ve broken down this post into a few sections:
- Who I am, and what I was looking for
- Why I chose the session
- How the session went
- My overall recommendation
I disregard personal finance reviews that don’t give background on WHO the blogger is, because something that works great for Person A may be a horrible idea for another person.
Who I am – My Financial Literacy Background
If you’re new to The Huntswoman, let me introduce myself! I’m a 30-year-old self-employed human, who has a lifestyle blog (where we are now), as well as a consulting and branding business (link here).
I don’t have kids, and a couple of years ago I started getting SUPER into personal finance – after seeing how my maternal grandparents lack of retirement planning impacted my family.
i’ve been listening to personal finance podcasts for years, and I have my own accountant. I wasn’t always this proactive about money, and I wrote a bit about HOW I overcame my money anxiety here.
So, TLDR: I’m 30, single with no kids and no mortgage. I have my own business, and I know a good amount about retirement and all that jazz.
Why I Chose to Book an Ellevest Coaching Session
I chose to book an Ellevest coaching session, because it was honestly way easier than tracking down recommendations for a financial planner. Specifically, I wanted a financial planner who is fee-based, NOT someone who earns a % based on what I choose to do with my money.
I wanted recommendations from someone with NO STAKES in what I decided to do.
I have a retirement account with ElleVest, so I figured I’d take advantage of my member discount and book a call.
Specific Questions for the Ellevest Coaching Call
When I booked the 30 minute consult, I went through a pretty thorough questionnaire. I shared that I was trying to figure out a balance between investing (outside of retirement funds) in the market with paying off my $56,000 of student debt.
How The Call Went – Ellevest Review
My Ellevest coach gave me a call at our appointment time, and we dived in. She recapped my questions and then she asked me a question I wasn’t expecting:
“What are your money goals? Put another way, what are your goals that you’ll need to finance?”
I know this sounds SUPER BASIC, but the truth is I hadn’t asked myself if I wanted to save for a wedding, house, purebred pony or other Big Life Things.
We put a pin in that existential question (as I didn’t know), and then my Ellevest coach took me through a thought experiment on deciding whether to pay down debt or invest. I had already heard of this approach, and I appreciated that the coach didn’t take a stance on what I should do. She just laid out options.
I didn’t learn NEW information per se, but I really appreciated the additional perspective of the question, “What are your money goals?”
So, knowing what I know now, I’d encourage my past self to book a call.
Do I Recommend Spending Money on ElleVest Coaching?
Okay, so here’s the thing. My recommendation is *actually* based on where YOU are at, specifically, your level of financial self-education.
I’ve divided my recommendation up by where you (roughly) are at:
- Newbie: If you’re totally new to the world of personal finance, and don’t know how a 401K works, then I’d recommend that you get Rami Sethi’s book, “I Will Teach You to Be Rich.” I would start listening to a personal finance podcast, and don’t make any big money moves until you’ve done a good amount of self-education. The call will be NOT HELPFUL if the coach is explaining terms you can Google, imho. Ellevest also has a bunch of blog posts and free resources. Start there.
- Debater: If you know a good amount about personal finance, but you can’t decide between two types of retirement accounts or what the pros/cons are for a finance choice for *your* specific situation, then I’d book a call. I consider myself a Debater, to be clear!
- Money Master: If you’re a hardcore personal finance NERD, then I’d suggest finding and interviewing a longterm financial advisor or planner to work with longterm. So, I’d say you want someone for many calls, not just a one-off session. [Update: Ellevest offers this, but I haven’t used it. Info on longterm financial advisors here.]
Additional Helpful Blog Posts
Looking for more helpful blog posts? Check out these three:
- What Does It Cost to Be A Fashion Blogger?
- How I Totally Screwed Up My Credit Score
- How Much Does It Cost to Have a Dog?
More Money Tips!
I’m excited to be sharing more learnings about money – and having fun with it – on The Huntswoman!. Be sure to subscribe to my newsletter so you don’t miss out!