“You can do it all, you just can’t do it all at once.”Mary Beth Storjohann
Advice from Mary Beth..
- Financial planning is really about getting clear on your priorities and then directing your money towards those priorities.
- What’s a basic plan?
- Here are my bills.
- Here are the things I must pay for.
- Here are what I want and desire.
- Here are my future goals.
- How can I make money work to reach all of these things, or what do I need to eliminate or cut back on to reach these goals?
- Are you ready for a shift in income if you start your own business?
- What do you need to replace your income? And how long will it take to get there?
- Do you need part time work to start.
- Have 6 months of emergency expenses set aside.
- The must have expenses.
- For entrepreneurs add 3 more months.
- Are your start up expenses saved up?
- Saddled by debt?
- Look to kill credit card debt first.
- Before you start a business get on the same page with your spouse. There are important conversations to have with your spouse BEFORE you start a business. Have them.
- Stay in communication after the fact.
- Set expectations on income and timelines before and during the process.
About Mary Beth Storjohann
Mary Beth Storjohann, CFP® is the Founder of Workable Wealth, specializing in financial planning for Gen Y. She works as a writer, speaker and financial coach with individuals and couples in their 20s and 30s across the country to help them to make smart, educated decisions with their money.
She applies a fun, albeit no-nonsense approach in working with professional women, newlyweds, couples with young children, and military families in their accumulation years to help them organize and gain confidence in their financial lives.
As a financial expert, Mary Beth has appeared on NBC multiple times and has been quoted in the Wall Street Journal, Forbes, Investment News, Yahoo! Finance, MSN Money, and various other media outlets. Mary Beth is an active member of the Financial Planning Association and NexGen Financial Planner community. She has a passion for helping those in need and has previously been named as one of San Diego’s 25 in their 20’s and as one of the city’s 2014 Young Influentials. In addition, she was named as one of the industry’s 40 Under 40 for 2015 by Investment News. She serves as Chair of the San Diego FPA’s Wounded Warrior Financial Counseling Project, which pairs volunteer Financial Advisors with wounded Marines in an effort to provide them with a plan and financial skillset to ease their transition to civilian life.
Prior to establishing Workable Wealth, Mary Beth spent nearly 10 years in the Financial Services industry working with boutique and large firms alike and most recently served as Director of Financial Planning with a San Diego based Registered Investment Advisor.
Mary Beth received her Bachelor of Science Degree in Financial Services from San Diego State University, where she graduated with Business Honors. She is a proud military spouse and lives with her husband, Brian, daughter, Ellie and their two rescue dogs, London and Chloe, in San Diego.
MARY BETH WILL BE SPEAKING AT PV3 IN SAN DIEGO THIS MARCH
She will be hosting a workshop on financial planning for entrepreneurs.