Having a financial plan and Mary Beth Storjohann is a passionate Certified Financial Planner who loves to educate her audience and I’m so glad we have her with us today on this episode!

Mary Beth Storjohann, CFP® and Founder of Workable Wealth is an author, financial planner and accountability coach working to help clients in their 20s-40s across the country make smart, educated choices with their money. Her recent accolades include the “Top 40 Under 40” by Investment News, “10 Young Advisors to Watch” by Financial Advisor Magazine, and “10 of the Best Personal Finance Experts on Twitter.” She frequently appears on NBC as a financial expert and her expertise has been featured in The Wall Street Journal, CNBC, Forbes and more.

IN THIS EPISODE

1:18 Mary Beth’s dad worked at a local mall and they would have famous people and events, and one weekend they had the batmobile so they took it for a cruise.

2:56 The reason why there is confusion around financial planners is that there are not many regulations on who calls themselves a financial planner.

3:46 You want to work with someone who is a CFP – Certified Financial Planner who will help you look at your cash flow, how to pay down your debt, education planning and how much life insurance you need. They look at your values and goals and create a plan to live a life you love.

5:36 If you are looking into a financial planner, ask someone who is going to invest your money, ask how they get paid. If they are commission based, be careful.

6:22 Mary Beth will create a plan for her clients, teach them how to invest their money and she also invests the money for them. She has been in the industry for 10 years and her biggest thing is educating her clients about their options and she wants them to feel empowered around their money. She wants to make sure that her clients are confident that they are in control of their money.

9:00 Her family declared bankruptcy and money was a controversial topic in their household. She grew up with a lot of anxiety around money. When her parents were buying her a car, she had a panic attack around the fact that her parents were buying her a car but couldn’t pay for her college. Her mindset was one of scarcity and in college, she would squirrel away her money. Having her own business and being in the financial business, she still has anxiety around the money. She and her husband hired a financial planner and that has helped her let go of controlling her money.

17:30 If you’re in a place to hire help, if you have goals and if you’re having issues keeping yourself accountable. If you have kids, do you have life insurance, if you have bills to pay, you should not be saving for college yet. Big life events or questions are a great place for getting a financial planner. If you’re someone who is in a ton of debt, there are courses like Dave Ramsey. If you’re someone who has a 401K, then you can get help figuring out your money. If you have cash and you want to buy a house but need help figuring out how much you can afford. Mindset is one thing, but you have to do the tangible work to figure out where your money is actually going.

22:30 The biggest thing if you’re in a place where you’re struggling and you need an accountability partner, that’s where you want to get started. The creative online entrepreneur world, there is so much fear and anxiety and seeing what other people do. What you’re seeing online is all fake. No one is perfect and everyone has their money issues.

23:48 I have two ways of handling clients. I either make a plan and we work on a few things at a time. I also start with those people who come to me and their stuff is all over the place. Try to do one thing each day and that’s a step to celebrate. Create a rough budget for yourself. Go to Mint.com and let it create your budget for you.

25:12 When I work with clients, we spend 4-6 weeks of a plan together. We don’t do it all at once and get them set up with a bookkeeper or a CPA. I don’t have them do things all at once. They work at 2-3 things a month. We measure big progress ever six months.

27:17 You have to train your mind to say no to something. You take baby steps.

28:18 Saving your money and using the course you’ve already invested in is an important step to getting ahead in your business.

There are mindset changes and you should celebrate them.

28:51 When I started college, I started out studying International Business and wanting to move abroad to Italy. When I was selling cell phones, I decided I needed an office job. By that time I’d switched my major to accounting and I’d gotten a receptionist at a CPA firm. I saw financial planners working, people coming in with anxiety and leaving with less anxiety. Something clicked inside of me and I switched my major and I was one of the youngest CFPs in the country.

31:22 Even as a young woman in a predominantly white male job, this is a case of no one will look out for you like you will look out for you either in your finances or your money. I’ve built my career by looking out for myself. I’ve almost left a few places because of the sexism and ageism that I faced.

33:10 Where I am right now is that it’s all about relationships. Instead of looking for clients who have millions of dollars, what if I find regular people who can get to a million dollars. I have genuine relationships with my clients and my clients become friends. It’s so cool I can celebrate with my clients and I love those relationships.

37:44 When you’re wanting to work with someone, decide if you want to work virtually or locally. You want to go with someone who is a fee-only financial planner. You want someone who doesn’t make a commission because they’re getting a cut of what they’re selling you. When you meet with me, there’s a 30-minute conversation and I ask what their goals or questions are. You can expect 15-20 minutes talking about and your current situation and finances, goals and what the future looks like. You should expect someone to tell you how you work with clients and then have time to ask questions. What type of clients do you work with, what type of experience do you have, how much access do we have, how often can we expect to hear from you, do you have a team we will also hear from you, and ask if they’ll act in your best interest.

When you meet with me, there’s a 30-minute conversation and I ask what their goals or questions are. You can expect 15-20 minutes talking about and your current situation and finances, goals and what the future looks like. You should expect someone to tell you how you work with clients and then have time to ask questions. What type of clients do you work with, what type of experience do you have, how much access do we have, how often can we expect to hear from you, do you have a team we will also hear from you, and ask if they’ll act in your best interest and how they’re compensated. Ask what how they plan and how they’ll hold you accountable.

46:41 Income factor isn’t a factor, I look at the income level to see if they can afford me. If I’m not sure if they can, I have a template email that shows where my fees and if they can’t afford me then I refer them to others who charge less. No matter who books a consultation with me, I always get back to them. I only work with those who want to do a continuing relationship with me.

51:15 It starting by figuring out what’s important to you and what your goals are.

Financial planning and wealth is starting by figuring out what's important to you and what your… Click To Tweet

KEY TAKEAWAYS

  • You want to work with a Certified Financial Planner who will help you look at your cash flow, how to pay down your debt, education planning and how much life insurance you need.
  • No one is perfect and everyone has their money issues.
  • Mary Beth will create a plan for her clients, teach them how to invest their money and she also invests the money for them.
  • There are mindset changes and you should celebrate this.
  • I’ve built my career by looking out for myself.
  • Where I am right now is that it’s all about relationships.
  • How to find a CFP for yourself.

EPISODE RESOURCES

National Association of Fee Only Financial Planners

Financial Planning Association

7 Steps to Financial Freedom by Tony Robbins

Free Money Mindset Training– just in case you’re ready to take your profit power to the next level!

Hang out with us inside our free Facebook Community– where every day is a party!

CONTINUE THE PARTY WITH MARY BETH

Workable Wealth website

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<Want to know great ways to keep and grow your wealth? Check out this episode of the Profit Party Podcast with Mary Beth Storjohann

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