Six Types of Financial Frenemies, with Mary Beth Storjohann

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Investing, Entrepreneurship, Business

4.7 • 3.6K Ratings

🗓️ 14 November 2016

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

#51: Today's guest is Mary Beth Storjohann, CFP®, Founder of Workable Wealth, and author of the book Work Your Wealth. As I was reading through her book, one thing stuck out to me: the financial frenemies we all have, and how to deal with them in a constructive way.  What's a financial frenemy? They're the people in your life that are sabotaging your efforts to improve your net worth. Sometimes they're friends, sometimes they're family, and other times, they might just be people that have no business asking about your financial situation in the first place.   Whoever they are, we've all known one at some point or another.  In fact, I bet one of these sounds familiar:  1. The Entitled Frenemy: "Can you spot me? I'll get you next time!" 2. The Budget-Buster: "You deserve it, you should buy it!" 3. The One-Upper: "You got a $1,000 bonus? Nice. I got a $10,000 bonus." 4. The Priers: "How much do you make?" "How much did you spend on that?" 5. The Green-Eyed Monster: "Must be nice that you can afford such a big house." 6. The FOMO Frenemy: "You can spend your money just this once!" Navigating conversations with these financial frenemies can be tough, but Mary Beth has some awesome advice on how to do it and not feel bad about your words.  Even though it might sound scary, honesty is the best policy.  While saying, "I don't feel comfortable answering that" means enduring a few moments of awkwardness, the alternative is answering truthfully and proceeding to wonder if your "friends" are judging you...every single time you interact with them.  Finally, we need to realize that what they're saying isn't a reflection on us - it's a reflection on them. If they're jealous, feel the need to one-up you, or discourage you from your financial goals, that's on them, not you.  Mary Beth offers other great tips on how to deal with financial frenemies in this episode, and we even role-played a scenario to give you a script to follow.  Resources Mentioned: • Workable Wealth  • “Work Your Wealth" on Amazon • Mary Beth's Twitter & Instagram  Enjoy! -- Paula Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything, and that's true not just of your money but
0:12.7	also your time, focus, energy, attention, any limited resource in your life.
0:17.9	My name is Paula Pant, host of the Affordable Care Foundation, where we try to tackle how
0:22.3	you should allocate those limited resources, how can you make better decisions that will
0:26.6	lead to more self-improvement?
0:28.7	Today, I've invited Mary Beth Storjehan onto the show.
0:32.6	Mary Beth is a certified financial planner and the author of a book called Work Your Wealth.
0:37.4	When I read through her book, one of the things that intrigued me the most was that she
0:41.0	outlined six different types of financial frenemies, people in your life who might be sabotaging
0:48.1	your efforts to improve your net worth.
0:53.1	Several frenemies, Mary Beth says, are often characterized by a few different types of statements.
1:00.3	Number one, you've got the entitled frenemy.
1:03.4	The people who say, oh, can you spot me?
1:05.3	I'll get you next time.
1:06.6	The people who are always trying to borrow money from you or worse think that they deserve
1:12.2	to reap the benefits of everything that you've earned.
1:15.0	They think that you ought to cover the bills because you make more.
1:18.5	She talks about how we can deal with that.
1:20.8	No frenemy number two is the type of person who's always trying to throw you off budget.
1:25.3	They're always trying to detract you from your goals by saying, oh, you should totally
1:29.8	buy that.
1:30.8	You deserve it.
	...

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