Jen Risher, Author of “We Need to Talk, A Memoir About Wealth” and her husband made a fortune thanks to stock they both received while employed at Microsoft, adding more when her husband joined Amazon. But as Jen shares, the blessings of wealth came with a social awkwardness until she learned some key strategies we can all learn from and apply to our lives when we have different financial circumstances from those around us.
Jen’s Money Story:
Jennifer Risher:
I joined Microsoft, and I met my husband and then I got these things called stock options which ended up being worth hundreds of thousands of dollars. And that was the beginning because six years later when David and I were married and expecting our first child, he took a job at a small unknown start-up that was selling books on the internet called Amazon.com. And there we were in our early thirties, company went public and yeah, we had more money than we could wrap our head around.
Bobbi Rebell:
Which is wonderful, but it also made your life a little bit complicated and your money story has to do with how it, I guess, influenced the different challenges you faced when you were a new mother. Tell us your money story.
Jennifer Risher:
Yeah. Well, after our first daughter was born, well, motherhood is incredible, right? So this curtain opened, I entered this new world, I had this incredible baby, and I joined a moms group with other new moms and we were all in it together. I mean, everyone wants to talk about how much their baby isn't sleeping, and how to keep them from crying and just all the joys, the ups and downs. And I felt so connected to this group of women. At the same time, I had this other curtain lift and I was in this other new world where there was really silence. No one talks about money and I heard that, "Oh, the wealthy don't want to worry about people only liking them for their money." But I wasn't worried about being liked for what I had. I was worried about being hated for it. So I kept it secret. I kept it hidden. So as the women in my mothers group started talking about what stroller to buy or what highchair to buy, I felt like I couldn't contribute. I didn't want anyone to know about my situation.
Bobbi Rebell:
Because a lot of the discussion had to do with best value, best bang for your buck, where can you get things for less. Price was a big part of that decision for them and it wasn't necessarily for you. Is that correct?
Jennifer Risher:
That's absolutely right. Yes. So although we were relating on every level to all the stuff that was going on as new moms, when it came to buying anything or thinking about like, I'd have to just be at home during the evenings when my husband was out working, he never came home, he was working really hard. And I felt like I couldn't complain about that. So there were a lot of issues that were kind of coming up for me that I couldn't share with other people.
Bobbi Rebell:
And how did that evolve? Did you become more comfortable with them? Did it start coming out? What was their reaction? And did they react negatively as you feared?
Jennifer Risher:
Well, it took a long time to evolve. It's hard to imagine money is a challenge that needs to be overcome. And I'll say up front that money does make life easier. So no one needs to shed any tears over my situation, but it is isolating. So I didn't talk about it. And normally I do, if I have a question, I ask my friends, "What should you do? What did you do?" I get other people's experiences but when it came to money, there was no one I could turn to. I felt like I couldn't talk. And it's taken me a long time to get comfortable enough to talk and to try and get other people to do the same.
Bobbi Rebell:
So what did you do that helped you get over that hurdle?
Jennifer Risher:
Yeah. I spent some time feeling a little on the outside, which was tough. And I think I spent a long time writing my book and that was part of kind of coming to terms with issues around money. And now I really want to get us talking about money because it is a way to connect and learn from each other. I mean, the emotions that come up with money are pretty universal because they involve fear. We're afraid of hurting someone's feelings, we're afraid of not measuring up or sounding unknowledgeable. And we all have some sense of money shame or money guilt. We all have a money story. Right? And so the more we can talk to each other about the emotions that come up for us, I think the better because we'd be more connected.
Bobbi Rebell:
How has it affected your friendships?
Jennifer Risher:
When you don't talk about something, I think it tends to loom large and take on a life of its own. It gives money a lot of power when you don't talk about it. But I think when you actually can have that dialogue, it kind of puts money in its place as a tool and a benefit. That's something that's not bigger than I am or than a friend is. So the people who know me and know that that's just something that I am lucky enough to have as a tool in my toolbox.
“I really want to get us talking about money because it is a way to connect and learn from each other”
Jen’s Money Lesson:
Jennifer Risher:
I think it is important to be transparent and to acknowledge those differences upfront. And when they come up, to talk about them, like if I want to go to a fancy restaurant and I know the person that I want to have dinner with, can't afford it, [inaudible 00:07:20] "It's on me this time." Or if someone feels like they don't want to go to that restaurant, they want to eat somewhere more within their budget, then we need to talk about it and make sure that those things don't become bigger than us and that we're in communication. So I think it really is important to maybe get uncomfortable for a little bit and to be vulnerable and really connect as people because ultimately, I mean, that's where life happens and that's where happiness happens. Is in our relationships and our connections with other people.
Jennifer Risher:
People say money doesn't make you happy. And I used to tell myself, "Oh, money doesn't make me happy. Well, it's not going to make me happy." Kind of secretly thinking that it just might, but now I can tell you from firsthand experience that yeah, it's nice, but it's not it. It really is those relationships that you have with other people.
Bobbi Rebell:
And it sounds like you've evolved. How would you have approached that group differently?
Jennifer Risher:
I used to want to keep things hidden and now it doesn't benefit me, it doesn't benefit anyone else either. I mean, it's not helpful to try and hide what you have or what you don't have because people can sense authenticity and I trust people enough to be able to handle the fact that I have money and that they can look past it and see me as just another person, because that's how I feel and I think that's important for us all to know. That, no, money doesn't make you special or better than or worse than. It's just one more thing that you have in your life. And I feel very fortunate that I have it in my life because it means that I can be generous and I am very grateful.
“The emotions that come up with money are pretty universal, because they involve fear, we are afraid of hiring someone’s feelings, or not measuring up.. we all have some sense of money shame or money guilt.”
Jen’s Money Tip:
Jennifer Risher:
It is. I'll tell you a little story because a friend of mine who is middle-class told me how she and her husband drove the same car for many, many years and finally, when it broke down, she bought an Audi Q5. She'd always wanted that car, she loved that car. But then when she was thinking about visiting her sister and driving up in the car, she started to worry about being judged. And in her mind, she heard herself through her sister saying, "Oh, aren't we fancy now? Probably too good for us," in her mind. Then she also heard herself justifying the car, "Well it was used. It wasn't that expensive." And there is an example of, you haven't even talked to your sister and you're making all these assumptions, you're telling yourself stories of what would happen if she had talked to her sister. My bet is that it maybe would be a little uncomfortable, but there's so much relief and connection that can come from addressing your fears of whatever she was afraid her sister would feel.
Jennifer Risher:
And then there is that, like you say, the ownership of, "Yeah, I wanted this car, I'm excited about this car, and I'm happy with it." And to share that excitement with your sister.
Bobbi Rebell:
Yeah. I think that what you're basically saying is, don't apologize for something. Don't create a conflict that doesn't exist. Don't prejudge that people are going to judge you for a purchase. Live your own life, do what you want to do, and let them react but communicate with them, discuss it. If they have a reaction like that to something you purchase, well, ask them, why. Why do they take issue with you buying something? And in some cases it could be they're taking issue because they have a real concern. Somebody might have a spending problem or something. It doesn't sound like that's the case here, but it's the dialogue. It's talking about it, and keeping that relationship intact and not presuming someone's going to judge you and therefore not buying it or even worse hiding a purchase.
Jennifer Risher:
Yes. Well said. Exactly. Yeah. I mean, it is that communication. A friend of mine told me like a year after the fact that she almost hadn't invited our family to join hers to see a Cirque du Soleil show. And she said, "Yeah, I agonized over it for weeks. I was worried that you would only want to sit in front row seats, which our family can't afford." I felt terrible. I didn't realize that she was worried about the finances, but our friendship meant more to me than front row seats. Didn't she know that? But I'm so happy that she said something to me. And the fact that she trusted me enough to bring up money really made me feel closer to her, and our conversation really, it ended up bringing us closer. It also made me more aware of how money might play a role in my relationships with other people and how I could be out of touch. Like that hadn't even crossed my mind. But hearing that from her helped me be more aware. So I think it's just a win win.
Bobbi Rebell:
Yeah. I mean, there's so many things. Who knows what we don't know? That people judge us, whether maybe somebody doesn't invite somebody to something because they think they don't have enough money, and they do want to sit in the front row seats, which is not very nice. But some people might say, "We want to go to this restaurant and we don't feel comfortable treating them. And so we're not going to invite them," when maybe they could afford it or would do it, and we just should talk about it. We shouldn't just assume and make judgments about people. And also we should buy things we want to buy if we can afford them and enjoy them and not assume we will be judged. So much wisdom.
“It gives money a lot of power when you don’t talk about it. But I think when you actually can have that dialogue it kind of puts money in it’s place as a tool or a benefit.”
Bobbi’s Financial Grownup Tips:
Financial Grownup Tip #1:
if you are the wealthier of your friends and you want to treat the other friend or friends to say a restaurant meal or the best seats at a show like Cirque du Soleil, you can make it a little less awkward by tying the outing to a special celebration. Maybe it's a birthday, or if it's a couple, maybe it's a couple's anniversary, or maybe there's a work accomplishment to celebrate. That way, you're treating as a gift for a reason, not because of the difference in economic resources.
Financial Grownup Tip #2:
The next time you're negotiating for a new job, or you're getting a raise, or you have any leverage in a job or some kind of venture that there's stock options as a possibility, get the stock options. They could pay off big.
Episode Links:
Jen’s website - jenniferrisher.com
Jennifer’s Book - WE NEED TO TALK: A Memoir About Wealth
Follow Jen!
Twitter - @JenRisher
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