#SWAAYthenarrative

Top 5 Things to Consider Before You Mix Money with Friendship

4min read
Finance

The dire warnings against mingling money with friendship date back to Shakespeare, when Polonius, the chief counselor to King Claudius in Hamlet, says, "Neither a borrower nor a lender be, for a loan often loses both itself and friend." They didn't have electricity or equal rights during the 1500's, but they were still enlightened enough to understand a thing or two about money: it often brings out the worst in people; a loan to the wrong friend could cost both the cash and the relationship.


I got a stiff reminder of this lesson a couple of years ago (my bad, Polonius), when a "mom friend" of mine, Ally, asked to borrow $500, stat. She had an urgent need for seed funding, and I am generally the type who will help a frog cross the road if need be, so I obliged. No interest, no strict payment terms, just goodwill. "Pay me back when you are financially comfortable to do so," I said. "Don't worry about the timing."

You can guess how that turned out.

I am without the money I lent, and without the friendship I thought I had. We'd been close friends since our kids met in first grade, and she ghosted me after I did her a favor.

Despite my friendship-induced PTSD from this incident, I believe money and friendship can mix… with the right person. For me, that person is Jody.

I met Jody in kindergarten, and we immediately bonded over our shared first and middle names (Jodi Lyn and Jody Lynn, respectively). During 40 plus years of friendship, we survived a duel for the same boy in elementary school, high school cliques, double-dating two boys named Jimmy, 80s hair, playing the same varsity sports, attending different colleges, being roommates in our early twenties, multiple moves, marriages, divorce, trips abroad, health scares, pregnancies, motherhood, and my mother's death.

(She never once asked me for money during all of these years of friendship, by the way.)

After my mom's funeral, I became fixated on fulfilling her dream of writing a children's book. I spent countless hours brainstorming and researching possible topics, and sketching out copy. When my son finally gave me the winning idea by innocently asking, "Mom, what was it like when I lived in your belly?" I devoted every minute of my free time to answering his question.

Multiple drafts and rewrites ensued at various coffee shops, between nursery school drop offs, pick ups, and freelance projects. Once I got the book to a place where I felt others could read it, I called her. Jody is not only an incredibly talented illustrator, she is a mom extraordinaire. I knew she would be a perfect second read, and she would see my vision better than anyone else.

I didn't have any money to offer her at that point. I didn't have anyone backing me or believing in me. I had no guarantee the book would ever be published. All I had was my word—a mutual trust earned through decades of friendship—and that was good enough for her.

It took five years to get it done, but, now, our book baby, When You Lived in My Belly, is available for pre-sale and will be out on August 6th. We effectively worked together despite multiple obstacles, differences of opinion, zero funding, countless roadblocks, and almost daily tests of patience, perseverance, and emotional fortitude to bring this book to market. There was a little strain and push and pull but, mostly, there was synergy, shared commitment, and resolve to see it through.

If you're considering mixing money with friendship, how do you avoid an Ally? Here are five ways to pick a Jody:

  1. Assess the friendship. Women have a way of disarming each other and connecting on a deep level rather quickly. Close friendships can be formed during in-depth conversations at kids' sporting events, school functions, or at the gym. Suddenly, someone who was never in your circle is at the center of it—but do you really know her?
  2. Take a hard look at the history of your friendship. Have you had a conflict before? If so, how did you resolve it? Differences of opinion are inevitable when dealing with money and business partnerships. Is your friendship strong enough to overcome challenges and weather storms while remaining intact? Do you really trust her or are you taking a leap of faith?
  3. Get to know her professional persona. Does she have expertise that will complement or clash with yours? Many friendships are based on similarities and not differences, but diverse skill-sets and perspectives make partnerships thrive. What's her work style? Have you spoken to people who have done business with her in the past? Does she share your work ethic? You need to consider every positive and negative attribute before you take a leap.
  4. Take the rose-colored glasses off. According to the Bureau of Labor Statistics, the average American spends 8.5 hours a day at work, but entrepreneurs clock much more time than that. While it may be tempting to believe that spending 50-plus hours per week with your bestie is your version of a professional utopia, consider the alternative. Does she have quirks or issues that already grate on your nerves? Have you built enough friendship equity to spend more time with each other than you do with your families?
  5. Have an honest conversation about the structure of your business. Make sure you have transparent and thorough conversations about hierarchy, titles, hiring practices, goal-setting, financial investments, and work expectations. Better yet, capture the conversation in writing when it comes to anything involving money.
  6. Prepare for the worst, and hope for the best. The Small Business Administration states that while nearly 80% of small businesses survive their first year, only 50% last five years or longer. You're about to embark on a partnership that has more chances of failing than succeeding. That's the reality of starting any business, without the extra layer of complication a friendship can bring. Make sure you pick the right friend.
3 Min Read
Health

7 Must-have Tips to Keep You Healthy and Fit for the Unpredictable COVID Future

With a lack of certainty surrounding the future, being and feeling healthy may help bring the security that you need during these unpredictable times.

When it comes to your health, there is a direct relationship between nutrition and physical activity that play an enormous part in physical, mental, and social well-being. As COVID-19 continues to impact almost every aspect of our lives, the uncertainty of the future may seem looming. Sometimes improvisation is necessary, and understanding how to stay healthy and fit can significantly help you manage your well-being during these times.

Tip 1: Communicate with your current wellness providers and set a plan

Gyms, group fitness studios, trainers, and professionals can help you to lay out a plan that will either keep you on track through all of the changes and restrictions or help you to get back on the ball so that all of your health objectives are met.

Most facilities and providers are setting plans to provide for their clients and customers to accommodate the unpredictable future. The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C. An enormous amount is on the table for this coming fall and winter; if your gym closes again, what is your plan? If outdoor exercising is not an option due to the weather, what is your plan? Leaving things to chance will significantly increase your chances of falling off of your regimen and will make consistency a big problem.

The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C.

Tip 2: Stay active for both mental and physical health benefits

The rise of stress and anxiety as a result of the uncertainty around COVID-19 has affected everyone in some way. Staying active by exercising helps alleviate stress by releasing chemicals like serotonin and endorphins in your brain. In turn, these released chemicals can help improve your mood and even reduce risk of depression and cognitive decline. Additionally, physical activity can help boost your immune system and provide long term health benefits.

With the new work-from-home norm, it can be easy to bypass how much time you are spending sedentary. Be aware of your sitting time and balance it with activity. Struggling to find ways to stay active? Start simple with activities like going for a walk outside, doing a few reps in exchange for extra Netflix time, or even setting an alarm to move during your workday.

Tip 3: Start slow and strong

If you, like many others during the pandemic shift, have taken some time off of your normal fitness routine, don't push yourself to dive in head first, as this may lead to burnout, injury, and soreness. Plan to start at 50 percent of the volume and intensity of prior workouts when you return to the gym. Inactivity eats away at muscle mass, so rather than focusing on cardio, head to the weights or resistance bands and work on rebuilding your strength.

Be aware of your sitting time and balance it with activity.

Tip 4: If your gym is open, prepare to sanitize

In a study published earlier this year, researchers found drug-resistant bacteria, the flu virus, and other pathogens on about 25 percent of the surfaces they tested in multiple athletic training facilities. Even with heightened gym cleaning procedures in place for many facilities, if you are returning to the gym, ensuring that you disinfect any surfaces before and after using them is key.

When spraying disinfectant, wait a few minutes to kill the germs before wiping down the equipment. Also, don't forget to wash your hands frequently. In an enclosed space where many people are breathing heavier than usual, this can allow for a possible increase in virus droplets, so make sure to wear a mask and practice social distancing. Staying in the know and preparing for new gym policies will make it easy to return to these types of facilities as protocols and mutual respect can be agreed upon.

Tip 5: Have a good routine that extends outside of just your fitness

From work to working out, many routines have faltered during the COVID pandemic. If getting back into the routine seems daunting, investing in a new exercise machine, trainer, or small gadget can help to motivate you. Whether it's a larger investment such as a Peloton, a smaller device such as a Fitbit, or simply a great trainer, something new and fresh is always a great stimulus and motivator.

Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine.

Just because you are working from home with a computer available 24/7 doesn't mean you have to sacrifice your entire day to work. Setting work hours, just as you would in the office, can help you to stay focused and productive.

A good night's sleep is also integral to obtaining and maintaining a healthy and effective routine. Adults need seven or more hours of sleep per night for their best health and wellbeing, so prioritizing your sleep schedule can drastically improve your day and is an important factor to staying healthy. Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine. This can help the rest of your day feel normal while the uncertainty of working from home continues.

Tip 6: Focus on food and nutrition

In addition to having a well-rounded daily routine, eating at scheduled times throughout the day can help decrease poor food choices and unhealthy cravings. Understanding the nutrients that your body needs to stay healthy can help you stay more alert, but they do vary from person to person. If you are unsure of your suggested nutritional intake, check out a nutrition calculator.

If you are someone that prefers smaller meals and more snacks throughout the day, make sure you have plenty of healthy options, like fruits, vegetables and lean proteins available (an apple a day keeps the hospital away). While you may spend most of your time from home, meal prepping and planning can make your day flow easier without having to take a break to make an entire meal in the middle of your work day. Most importantly, stay hydrated by drinking plenty of water.

Tip 7: Don't forget about your mental health

While focusing on daily habits and routines to improve your physical health is important, it is also a great time to turn inward and check in with yourself. Perhaps your anxiety has increased and it's impacting your work or day-to-day life. Determining the cause and taking proactive steps toward mitigating these occurrences are important.

For example, with the increase in handwashing, this can also be a great time to practice mini meditation sessions by focusing on taking deep breaths. This can reduce anxiety and even lower your blood pressure. Keeping a journal and writing out your daily thoughts or worries can also help manage stress during unpredictable times, too.

While the future of COVI9-19 and our lives may be unpredictable, you can manage your personal uncertainties by focusing on improving the lifestyle factors you can control—from staying active to having a routine and focusing on your mental health—to make sure that you emerge from this pandemic as your same old self or maybe even better.