Ina Coveney
The net worth that I've created, which is well over a million now, was from investing. It wasn't because I made a lot of money in my day job. If you put in $100,000 invested by the time you're like 35, if you never added another dollar to that money, that could be roughly a million by the time you retire. I don't really manage my finances. What do you say to people like me?

Tess Waresmith
who have deferred personal finances to somebody else and they're like, I just don't know enough about it. You never know what could happen. Getting let go from a job, divorce, death—that is not the time where you want to be learning about what's going on with your money. I don't want you to go through that situation where something happens and now you're like, where are the accounts? How are they invested? What does that mean? The time is now, like if you're listening to this.

Ina Coveney
This is your moment. This is the message that I want you to receive to make a decision now, make a commitment to be part of your financial journey so that if

Tess Waresmith
slash when something happens, you're able to take care of it.

Ina Coveney
Welcome to the Superhumans Podcast. My name is Ina Coveney, and I am here with Tess Waresmith. She's a financial educator who has amassed a $1 million net worth.

Tess Waresmith
And she's not even 40 yet.

Ina Coveney
So we need to talk to her about exactly

Tess Waresmith
how she did it so that you can go and do it too, and you're going to see how doable this is.

Ina Coveney
Welcome to the podcast.

Tess Waresmith
Oh, thank you so much for having me. I'm so excited to be here on this couch.

Ina Coveney
I know. My goodness. Feel it. This is luxury.

Tess Waresmith
It's luxury. $100 on Facebook Marketplace, but luxury.

Ina Coveney
I am so happy to see you.

Tess Waresmith
Likewise.

Ina Coveney
I'm going to tell you something. Oh, before we start, can you please just tell everybody? Because I'm going to get ahead of myself—so much to talk about today. Can you please tell everybody what is it that you do and who you help right now?

Tess Waresmith
Sure. So I am a financial educator and I help women in transition, mostly women in their 30s, 40s, and early 50s, who really want to take control of their money and grow their hard-earned money through investing.

Ina Coveney
And so your goal is to provide digestible, accessible...

Tess Waresmith
I like to use the word "finance, bro"-free education that helps you understand how powerful investing is and how you can do it even if you are just getting started, if you're allergic to math, if you only have a little bit of money. So my goal as an educator is really to break down the barriers that help regular people learn how to invest because it really is accessible. And especially with women, I think we have more barriers. Some of them are limiting beliefs, and it's really important that we educate and help more women understand because it's such a powerful tool to build wealth.

Ina Coveney
Yeah, you were just featured in Business Insider.

Tess Waresmith
And I'm going to put the link to that article right below in the show notes so everybody can go and check it out. But you tell the story of where you came from and how you became a self-made millionaire at 36 years old.

Ina Coveney
And I discovered something in this article that I didn't know about you.

Tess Waresmith
And that is that you got a scholarship to college because you did springboard diving.

Ina Coveney
Correct. And just because I am going to show this on the podcast—people need to see what this means.

Tess Waresmith
I'm about to show this to you so you can react to it. I am going to put this up on the screen on the YouTube version. But I am showing you a video of you doing legit…

Ina Coveney
Olympic-style...

Tess Waresmith
Springboard diving. And for everybody who is listening on the podcast, this is her getting to the edge of like a 15-foot, 20-foot tall springboard, making a huge jump up in the air, doing like a triple flip in the air, and just flawlessly going right into the water in a single line without splashing a single drop. Can you please react to this part of your life that I had no idea about?

Ina Coveney
I'm reacting more to the fact that you went on YouTube and you found this video, which I love that you found.

Tess Waresmith
Oh my goodness. Yeah, it was a big part of my life. I mean, I trained in diving from the time I was eight until I graduated from university. I really wanted to make the Olympic Games. That was my big dream for sure. And it was something that I was pretty certain was going to happen for me. Like, I really believed in that dream. There was a time when it was on the table, and then, you know, a few injuries later, kind of changed the tide for me.

Ina Coveney
I'm so grateful I did that sport because it opened up so many doors. It taught me so many lessons. In terms of, you know, the parallels between business and sports, there are plenty. I learned a lot of really valuable life skills from that.

Tess Waresmith
But right now, the Olympics are on, right? And it's always a little bit painful for me to watch the Olympics because I know there's another parallel universe where I definitely make it. But I will also say I've done some incredibly cool things in my life that weren't the Olympics, and those might not have happened if I went that way. So, you know, it's all good.

Ina Coveney
I do want to, like... I don't mean to bring up a sensitive topic, but I do think it's such a big part of your life, you know? I'm sure there's people listening right now who identified with something they were doing or being at a certain point, and then that didn't come to pass, or that didn't happen for them, and they found themselves pivoting to something else. And like you said, it's a little bit painful watching the Olympics because you're seeing like the sliding doors version of yourself and what happened.

Tess Waresmith
And I just want to speak to those people who are going through that kind of transition, where they realize what they thought was going to be in their life is just not.

Ina Coveney
Can you speak a little bit to what those feelings were when you realized that, you know what, these injuries are just not going to make that dream possible?

Tess Waresmith
You know, when I was growing up, the sport of diving was such that most of the Olympic team was pretty young. So the sport's changed a lot; now you can dive later in life. There are people making the Olympic team that are in their late 20s and 30s. When I was diving, you were sort of over the hill in your early 20s. And so I accepted it begrudgingly because I was graduating from university, and I really didn't see myself trying to come back from injuries and train another four years in adulthood. That's a huge sacrifice. And then, you know, what if you don't make it?

Ina Coveney
I would say the story doesn't really end there because I ended up picking up another sport a few years later, Olympic-style weightlifting, and I reached the national level in that sport. And that was also a sport where I thought there might be an opportunity for me to compete internationally. I got injured again.

Tess Waresmith
And so my identity was so tied up in being an athlete for so long that I think at some point I really forgot that I have so much else to offer the world. And this entrepreneurship journey and running my financial education business has been such a blessing because it is a complete departure from athletics. I think most people would have thought I would have started a business around fitness. And a lot of times, I go to conferences and people are like, "Oh, do you have a fitness business?" because I still work out and I’m still relatively fit some days.

Ina Coveney
But I walk for exercise now; I’m not the athlete I once was. And that was really hard to let go of. But letting go of that really made me realize all these other things that I'm good at and able to give to the world. It also gave me more space to spend time with people I love and be present for that time and enjoy the little things.

Tess Waresmith
So it is such an important lesson and a hard lesson to learn when you work so hard at something, even if it's a job. It's why people stay in toxic jobs for a super long time because they get really caught up in the company. And I know a lot of people in that situation where their identity is tied up in the company they work for because they've been there for 10 years.

Ina Coveney
And so anything can become your identity if you let it, and it becomes all-consuming. And when you are able to step back and realize that you have so much more to offer...

Tess Waresmith
...it's an incredibly freeing moment, but it can take a long time. It's not easy to let go of those identities.

Ina Coveney
So how do you go about finding something new?

Tess Waresmith
I think the first thing you have to do is create space and not force it. You know, there was a lot of time where when I finished one sport, I'd be like, "What's my next sport? What's my next sport immediately?" And the more that I took time to just exist in the white space, that's when some things that I didn't realize I was passionate about came to the forefront.

Ina Coveney
And even with financial education, this business started because I was grieving, and I didn't have an outlet. And I realized that I was really passionate about financial education. In my free time, when I created enough white space to actually spend some time on something, I was reading finance books.

Tess Waresmith
Why finance books? Where did that come from? It could have been knitting, but why finance?

Ina Coveney
A couple of reasons. One, I've always been intrigued by the power of money, and I’ve always been very afraid of money. I grew up not feeling like we had enough money and being told that we didn't have enough money. And in hindsight, we did—we were middle class—but I definitely grew up with the scarcity messaging that we didn't have enough to live whatever lifestyle we wanted.

Tess Waresmith
So it probably started there, and then throughout high school, as soon as I started having jobs, I liked having money because I felt like it gave me options. I could buy stuff I wanted.

Ina Coveney
So that's probably where it started. The real catalyst was later when I started investing in real estate. I found a financial advisor and had saved enough money that I knew I wanted to grow it and invest it. I gave them a lot of my money and just said, "Please make it be more." And I kind of turned around and stopped paying attention.

Tess Waresmith
Several years later, I realized that this advisor wasn't investing in my best interest, that I was paying a lot of money in fees for below-average performance. When I realized how simple it could be to invest, that made me so much more interested in really learning about investing.

Ina Coveney
And then you wanted to share it.

Tess Waresmith
Yes! In fact, I would say I felt morally obligated because I felt like I had uncovered this crazy truth that everyone should know, every woman should know—that you are totally capable of learning how to invest, and you don't need to pay someone an arm and a leg to do it for you. There is something so empowering about taking control of your money. That's really where it started for me. But it started with understanding that something was wrong with my existing relationship with a financial advisor.

Ina Coveney
I remember you mentioned that one conversation you had.

Tess Waresmith
Yes! I remember a friend saying, "Why don’t you just do it yourself?" And I looked at him and thought, "What are you talking about? Do it myself? I’m not an economics PhD. I can't do it myself." But then he taught me a little bit about it, and that 30-minute conversation sparked this whole journey in my life that led to wealth and knowledge. And now I feel very morally compelled to share it with everybody else.

Ina Coveney
Why don't we start there? I’ll tell you what my feelings are, and I feel like they're echoed by a lot of women out there. I’m very average in that sense; I don't really manage my finances, right?

Tess Waresmith
When my spouse and I got married, I actually had a situation with a financial planner. It was like a discovery call, right?

Ina Coveney
They said, "Hey, if you pay us $600, we will help you track your expenses and your income and help you save more." And I thought, "Well, that sounds like something I can do myself." So I went in search of figuring out how to save.

Tess Waresmith
So you did that?

Ina Coveney
Yes! I created a massive spreadsheet, because that's the kind of person I am. I tracked every single expense, every single income, and it finally started making sense to me where my money was going. Then, when I got married, my husband was using Quicken and was just as meticulous about his finances as I was. It made more sense that since our finances were together, he would take care of it. Since then, I haven’t looked at our finances.

Tess Waresmith
And since you've gotten further away from that, you’ve become of that same mindset—like...

Ina Coveney
“Wait, but I don’t know enough.” I don’t know enough about this. There are people who know more than me, people who can do this better than me, people who get paid the big bucks because they know how to do it.

Tess Waresmith
So you’re in this "I don’t know anything" mindset.

Ina Coveney
Exactly! And when I heard you speak—because I went to one of your workshops—I was like, "Oh, that sounds like me." And you made it sound so doable and possible.

Tess Waresmith
What do I say to people like you who have deferred personal finances to somebody else and feel like they just don’t know enough about it?

Ina Coveney
I would start by creating a definition around the purpose of money, which is to create security, safety, independence, freedom, options, flexibility, impact, influence if you’re a business owner. All those things are incredibly important, and money is a tool to help you get those things.

Tess Waresmith
Until we assign a level of importance to money, we’re not going to prioritize it. And I think there’s a bunch of reasons why most women don’t prioritize learning. There are two pieces here: cash flow (actual money coming in and going out) and the investing side, which is making sure your money works for you.

Ina Coveney
Right.

Tess Waresmith
Unfortunately, you never know what could happen. I work with a lot of people in transition—getting let go from a job, divorce, death, healthcare issues. That is not the time when you want to be learning about what’s going on with your money. Those are difficult situations, and they’re likely inevitable in most of our lives in one way or another.

Ina Coveney
So while it’s not necessarily your fault if you’re not taking an active role in your money right now...

Tess Waresmith
I would strongly encourage you to do so, because I don’t want you to be in a situation where something happens and now you’re scrambling to understand where the accounts are, how they’re invested, what that means, and where the money actually is. There’s a basic level of understanding required to make sure that you’re going to be okay no matter what happens.

Ina Coveney
So while it’s not your fault, it is your responsibility. What else would you say?

Tess Waresmith
It doesn’t take as much time as you think. I love using the example of driving a car. Most people have driver’s licenses; they went to driver’s ed, got a car, and learned how to drive. They’re not mechanics—they don’t know how the engine works—but they can drive the car really well. The same goes for investing. To understand the basics of the stock market and to make sure your money is working for you, you only need a driver’s license. You don’t need to be a mechanic.

Ina Coveney
But most of us think we have to be the mechanic…

Tess Waresmith
Exactly! We think we need years of education. So for someone like you, I would say it’s risky not to understand it. I get that psychologically and emotionally it feels like a lot to dive into your money, especially if someone else is managing it or you’ve never dove into it before. But it’s honestly scarier not to.

Ina Coveney
I totally understand that. When I went to your workshop, I went home with a new mentality, like, "Okay, I need to get more involved in my finances." But I was also scared.

Tess Waresmith
What were you afraid of?

Ina Coveney
I was scared that by telling my husband, "Hey, I want to know more," he would take it personally, like, "Don’t you trust me? Don’t you think I’m doing a good job?" My husband has been doing an excellent job, for the record. If we can make a reel right now: my husband is doing an excellent job with our finances. But I was afraid he’d take it the wrong way.

Tess Waresmith
How did he actually react?

Ina Coveney
It turns out he was like, "Yes! I want you to know these things." And I was like, "Really?" Then he suggested we move our savings to a high-yield savings account, and I was like, "Wait, what makes you think we don’t already have one?" He said, "Oh, we do." And I was like, "Oh, great!" Then I asked if we knew the fees for our investments. I barely understood what I was asking, but he said, "Why don’t you just ask our wealth manager?" And he encouraged me to reach out to our advisor.

Tess Waresmith
That’s a successful outcome!

Ina Coveney
Yes! And I want to ask, what would you say to women who are scared that this might create tension with their partner?

Tess Waresmith
I think it’s natural to feel intimidated because money and investing can feel like a foreign language. But, like you, some women take a beginner investing course on their own so they can have an informed conversation. That’s a good strategy. Or pick up a book. But if there’s anything but encouragement from your partner, that would be a massive red flag.

Ina Coveney
Interesting.

Tess Waresmith
Yes, if your partner is not supportive, that’s something to reflect on. I often have women who go back to their partners after learning the basics, and it turns out their partners don’t actually know as much as they thought. Before having the conversation, consider getting some education on your own so you feel more confident.

Ina Coveney
So education can help bridge the gap, and then if the response is negative...

Tess Waresmith
...trust your gut. If your partner is defensive, it could mean a few things. It might be an ego check—they might feel criticized. Or, in some cases, it could point to financial infidelity, which is a real issue. So if the conversation doesn’t go well, don’t give up on it. This is your money too, especially if you’re managing your finances together.

Ina Coveney
Yes, I totally agree with that. Let’s give people a taste of a super basic thing they should know—something that doesn’t require a full financial education but can be incredibly helpful, like high-yield savings accounts.

Tess Waresmith
Absolutely. A high-yield savings account is a savings account that gives you a higher return than a typical brick-and-mortar bank. Most bank savings accounts give you about 0.03% interest—pennies on the dollar. High-yield savings accounts, especially online ones, can give you a much higher interest rate, sometimes around 5%, and they’re still risk-free since they’re FDIC-insured.

Ina Coveney
Wow, that’s incredible.

Tess Waresmith
It really is! If you have a lot of money sitting in a checking or regular savings account that you aren’t actively using, putting it in a high-yield savings account is an easy way to earn extra cash each month without any added risk. The best part? These accounts take five minutes to open, and you can just Google "top high-yield savings accounts" for the best options.

Ina Coveney
This tip changed the game for me. For business owners, finding a high-yield savings account for business can be tricky, but it’s worth it. I’ll share the link to the account I found in the show notes, which gives you a little bump in interest rate.

Tess Waresmith
Yes, that extra bump is great, and it’s definitely worth taking advantage of if you have savings sitting there.

Ina Coveney
Thank you for that tip! Something else I saw in the Business Insider article you were featured in—you mentioned at one point you had $45,000 just sitting in a regular savings account.

Tess Waresmith
Yes, this was one of the hard lessons. Between 2010 and 2015, I held $45,000 in cash that I didn’t need. I did this because of a scarcity mindset, which I’m still healing from. During those five years, the stock market was recovering from a global banking crisis, and the average return was around 14-15%.

Ina Coveney
So that $45,000 could have doubled in that time!

Tess Waresmith
Exactly. If I had invested it, it could have been around $90,000 just in a simple market index. This taught me the power of compound interest. Most people understand that conceptually, but it’s hard to truly grasp it without seeing the math. Even if you only invest $100,000 by age 35 and leave it to grow at 7-8% interest, it could be roughly a million by the time you retire.

Ina Coveney
Wow, that’s life-changing!

Tess Waresmith
It really is. You don’t need to be rich to start investing; small, consistent investments over time can lead to massive growth. But because we can’t visualize that growth, we don’t take the steps we should. The short answer is yes, even investing $200 a month in your 30s and 40s can impact your retirement by hundreds of thousands of dollars.

Ina Coveney
That’s such an important message for people to hear.

Tess Waresmith
Absolutely. It’s not about getting rich quickly. Compound interest is powerful, but it’s not instant. And if anyone tells you they can make you rich quickly, they’re likely selling you a scam.

Ina Coveney
Speaking of that, can you explain what net worth actually means? Because I think people assume being a millionaire means having a million dollars sitting in a bank account somewhere.

Tess Waresmith
Yes, great question. Your net worth is your assets (everything you own, like savings accounts, retirement accounts, real estate) minus your liabilities (what you owe, like mortgages, student loans, credit card debt). My net worth didn’t come from making huge sums in my day job; it was from intentional, consistent investing over a decade.

Ina Coveney
So it’s about tracking what you have rather than just cash flow.

Tess Waresmith
Exactly. Tracking your net worth gives you a picture of whether you’re moving in the right direction. I use a free dashboard called Empower to connect all my accounts, so I get a clear view of my assets, liabilities, and credit card charges.

Ina Coveney
And for those whose net worth is negative, that can feel painful...

Tess Waresmith
Yes, but knowing where you stand is the first step. Many women I’ve worked with who started with negative net worths are now in positive territory after a few years. Knowing your net worth gives you direction and clarity, and it’s so important, especially if someone else is managing your finances.

Ina Coveney
Thank you so much, Tess. I think you’ve really opened people’s minds about making their money work harder for them. Just a few more quick questions: What do you think is the biggest misconception people have about you as a millionaire?

Tess Waresmith
I’d say people assume that my life looks drastically different. But being a millionaire doesn’t mean I’m living a lavish lifestyle. I drive a Subaru, I rent, and I still look for discounts. My life has a lot of flexibility because of my net worth, but I’m not living extravagantly—I’m focused on letting that money grow for my future.

Ina Coveney
And finally, if everyone listening had to do one thing in the next 24 hours, what would that be?

Tess Waresmith
It depends on where you are, but a great place to start is my three-day mini course called Journey to Financial Independence. It has calculators and videos to help you calculate your net worth, see how much you’re investing, and understand the power of compound interest. It’s a quick, easy way to get clarity and take the next steps.

Ina Coveney
Perfect! Say the link out loud so people can hear it.

Tess Waresmith
It’s moneyconfidentcoach.com/3daysfi.

Ina Coveney
I’ll put that link in the show notes. Thank you so much for being here, Tess, and for sharing your knowledge with us. You’ve given everyone listening so much to think about.

Tess Waresmith
Thank you for having me! This has been amazing.

Ina Coveney
And thank you to everyone listening. Don’t forget to subscribe and tune in to the next episode. Bye!