How do financial professionals manage their own money? Do they practice what they preach or make mistakes like everyone else? On today's episode, Neela Hummel and Mary Beth Storjohann get candid about their personal finances, opening up about their strengths, weaknesses, successes, failures, and what they've learned in their careers about managing money as individuals, partners, and parents. They'll also get honest about the nuances of managing finances with their partners, balancing their checkbooks and children, teaching their kids about money, and how they stay mindful about setting priorities while avoiding lifestyle inflation.
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What You'll Learn in This Episode:
- An inside look at how finances are handled in Mary Beth and Neela's families
- How they align their money with their family values
- Different accounts Mary Beth's family uses to allocate money to achieve her family goals
- Why Mary Beth and her family believe investing in experiences is so important
- Why you must invest in your future self
- The importance of finding balance in your discretionary spending
- Restrictions Mary Beth and Neela notice they place on themselves around finances
- Their approach to credit cards, the number of credit cards each has, and why
- The different investment accounts each uses
- The conversations Mary Beth and Neela have with their spouses around money (and why)
- The most important document most financial planning clients wait to do (and why you should get it done now!)
- The overall theme both advisors value when it comes to their finances
Resources Mentioned on the Show:
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