Shang Saavedra – Learn About Saving Your Cents to Wealth

BIO: Shang Saavedra reached the ability to be work-optional by the time she was 31 years old by focusing on increasing her income, lowering her expenses, and investing all her savings. STORY: Shang was ill-advised to buy a life insurance policy with the promise of getting 6-7% returns. She trusted the financial advisor without doing any research on the policy. The policy is barely making any returns. LEARNING: Do due diligence on the motivations of any financial advisors that you take on. Scrutinize any figures and illustrations that you get.   "You should be able to explain your investment to your teenage self. If your teenage self cannot understand it, then don't invest in it."Shang Saavedra  Guest profilehttps://www.linkedin.com/in/shangsaavedra/ (Shang Saavedra) reached the ability to be work-optional by the time she was 31 years old by focusing on increasing her income, lowering her expenses, and investing all her savings. During the day, Shang is a corporate working mother, and at night, she creates content around investing, personal finance, and mindset, on her blog https://savemycents.com/ (savemycents.com) and Instagram https://www.instagram.com/savemycents/ (@savemycents). She has a heart for teaching Americans how to retire with dignity, focusing on mental health, behavioral psychology, and an attitude of doing things scared. She lives with her husband, child, and two cats in New York City. Worst investment everWhen Shang was in her mid-20s, she was scouting for an investment that would help her avoid income tax as much as possible or reduce her income tax liability. A financial advisor she was talking to sold her a whole life insurance policy that he claimed would give her six to seven percent returns. Shang bought the policy with yearly premiums of $5,000. It was only a year later, when Shang started reading more into the whole life insurance policy and its financial statements, she realized the growth rates that the financial advisor had illustrated to her were unrealistic. In real