Lazetta Rainey Braxton, co-founder and co-CEO of 2050 Wealth Partners, shares her pro-tips on how to manage mixed-income friendships. 

Lazetta Rainey Braxton, co-founder and co-CEO of 2050 Wealth Partners, shares her pro-tips on how to manage mixed-income friendships.&nbsp;

Wake Up With Cheddar

Stretching Your Dollar: Mastering Mixed-Income Friendships 

Hello. Hello, everyone. Welcome back. I'm Baker and I'm and now to stretching your dollar, we've all been there. You're planning dinner with friends or a nice vacation? And then that big question comes up. What's everyone's budget, talking finances with your friends? It could be tough. So how can you make sure you're not breaking the bank but still enjoying life with the people you love joining us now to figure it all out as financial planner and co CEO at 2050 wealth partners, Lisetta Braxton. Lisetta. Welcome. Hi, good to be here. So happy to have you. So we all have those friends who make more money than us and it can be a little intimidating to talk money when it comes to your friends and setting up those boundaries. But how do you do it? You say this is what I have to a lot to my vacations going out and work within that budget. That easy, easy, easy. Well, ok, I say it that easy. I say it's that easy because it's a financial planner. That's really what we tell our clients to do. Right is just set aside that money that becomes your, your boundary and then you get to decide how you wanna work. It, it's a mental shift because a lot of us deal with fogs, fear, obligation, guilt and shame when it comes to our money. So it's really the mindset. Well, let's talk about that a little bit more because Fomo plays a role, especially when you see your friends going on amazing vacations, spending tons of money at these great dinners. I mean, do they expect sort of the same from us when we're sort of living our lives differently? Maybe financially. Of course they do. I mean, if you have a lot of money you can spend in any way that you want to, you love, you know, to have some company to come along with it. And certainly your friends are top on the list and we have to get to reality. Right. It's not to say that you can't do these things. It's just when and how, and I'm in peace with that. We have to talk about weddings because a lot of people have trouble with this. What do you do if there's a weekend getaway for bachelorette party or a destination wedding? And people expect you to afford it. It's a tough one. I, I know we, it's inevitable. Right. So, when you're coming out of college, you know, you don't have any money and, you know, your friend is gonna get married at some point and it may even be, you, you're gonna be asking the same things and so that credit card just looks so attractive, right? To be able to have fun and, and celebrate. Sometimes you just have to go that way. Ideally, no, put the money aside, but you're putting the money aside for a student loan payments and retiring accounts and all these competing things. And then you also have this, you only live once, right? So whatever decision that you make, whatever sacrifice you make, you just have to be willing to live with it and just hope that those dollars, if his debt doesn't stretch out until the next decade. So what kind of financial questions and conversations then can you have with your friends ahead of time instead of maybe, then just reacting to the moment and say sure, ok, I'm going on the bachelorette party now. Yeah. So, you know, you think about partying with your friends and they kind of see parts of you that, you know, they're gonna see parts of you about when you're maybe not at your best and uh maybe not sober. Think about the same thing with money and you know, party with it. Think about it as being fun, laugh at yourself and say, oh no money. This is what I have and maybe you can work together on. I wanna ask you this. We have about 10 seconds, maybe 15 cultural expectations of why we can't talk money with our friends. Money and sex. Long history. Of not having those conversations. Be brave. Talk about its Braxton. Thank you so much and we got more wake up coming up. Guys don't go anywhere.