Home Australia How to avoid being ‘exploited’: Millionaire money expert LISA JOHNSON reveals five steps to ensure you’re not subsidizing your less wealthy friends

How to avoid being ‘exploited’: Millionaire money expert LISA JOHNSON reveals five steps to ensure you’re not subsidizing your less wealthy friends

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Lisa Johnson, 46, from Hertfordshire went from being in debt to being a millionaire

I’m Lisa Johnson, a global business strategist who runs That Strategy Co and helps ambitious people create passive and semi-passive income streams.

I’m the Sunday Times bestselling author of Making Money Online, a 46-year-old mother of twins who went from being £35,000 in debt to earning £16 million in just six years – and I teach others how to do it. also.

But I’ve only been financially successful for the last eight years or so. Before that, I had a lot of different jobs, some that paid better than others, but none that gave me the kind of lifestyle I’ve created since starting my own business.

I grew up in social housing and was the kid who couldn’t afford a uniform or school lunches, so I know all too well what it’s like to benefit from the financial help of others.

Lisa Johnson, 46, from Hertfordshire went from being in debt to being a millionaire

That is why it is especially difficult for me to address today’s topic. If you haven’t heard of it, “brokefishing” is a fairly new term that was coined to describe when someone pretends to be poorer or more financially struggling than they really are.

Interestingly, people can take up broke fishing for a number of reasons, some of them quite surprising.

It can range from simply seeking sympathy to something as sordid as manipulating others for personal gain.

To give an example that is different from the initial perceptions we have about breakfishing, think about online dating. Someone might say they have less money than they do, not to avoid paying, but to appear more relatable or to avoid attracting people who are only interested in them for their money.

However, the examples I have come across in recent years are of a different type.

I’ve always loved helping others, I think that’s because I didn’t grow up much and I love being in a position where I can get the drinks or pay for lunch.

I have taken great pleasure in “returning the favor” on numerous occasions, and these instances are rarely because I have been asked to do so. It may be a comment that I have overheard or having read between the lines of what someone has written.

But there’s a fine line between helping a friend through tough times and being taken advantage of.

Lisa is a global business strategist who runs That Strategy Co, helping ambitious people create passive and semi-passive income streams.

Lisa is a global business strategist who runs That Strategy Co, helping ambitious people create passive and semi-passive income streams.

I never really thought about what would happen if I started making more money than most of my friends, but as my income has increased, there are certain things I’ve noticed.

The most important thing is that all my real friends knew me before my success. They don’t care how much I’ve earned or where my purse is from.

Not long ago I would have said that I have dozens of close friends. Now I’m under 10, but the trust and support within these friendships is on another level, and that’s what matters.

And I think that’s the crux of the whole issue. Your true friends will never seek to benefit from your financial success and give you more than can be measured financially.

However, I can’t lie and say that everything has been a bed of roses. People I thought I could trust have come and gone. On numerous occasions, unsubtle measures have been taken to obtain financial aid.

Like I say, I love helping others, but being sold an eviction story if the rent isn’t paid and then watching the updates on social media from my sun lounger in Spain is really hard to take.

Or the time I gave £2,000 towards the rental deposit, which I then spent on a designer handbag proudly displayed the next day.

These are my best tips on how to stop being exploited into bankruptcy.

1. Set limits

'Brokefishing' is a fairly new term that has been coined to describe when someone pretends to be poorer or struggling more financially than they really are, explains Lisa, pictured.

‘Brokefishing’ is a fairly new term that has been coined to describe when someone pretends to be poorer or struggling more financially than they really are, explains Lisa, pictured.

Friends, coworkers, family members, or business partners should never make you feel like you have to cover their cost of living.

No matter how close you are to this person, it is important to set boundaries.

2. Understand why

Lisa is also a mother of twins (pictured with her children on vacation)

Lisa is also a mother of twins (pictured with her children on vacation)

In the same way that hurt people hurt other people, we are often a product of our environment and experiences, so the financial hardships you experienced may still be affecting your money mindset now.

Or it may simply be that they believe that you or others around you simply have more disposable income. Interestingly, most fishermen do not have financial difficulties.

3. Don’t be afraid to speak

In the UK we have a hard time talking about money, so be careful with your words, but fully understanding what the situation is and the reasons for someone’s behavior can be a real eye-opener.

4. Don’t offer immediately

The Sunday Times bestselling author managed to turn her life around after growing up on a council estate and being bullied at school.

The Sunday Times bestselling author managed to turn her life around after growing up on a council estate and being bullied at school.

I would warn you to be careful and not rush.

I know it’s easier said than done, but make sure you don’t fall for any broken fish baits.

Remember that it is not a complete sentence and if after consideration and thought, you do not feel comfortable, you do not need to explain why you will not pay.

4. Think about the bigger picture

Word spreads and covering someone else’s costs could be taken as a sign that you are a people pleaser and could easily lead to others taking advantage of you because of it.

5. Money is not always the answer

What other ways could you help? What are the reasons behind approaching you? It could well be a cry for help, a sign of a situation that wouldn’t necessarily benefit from money.

See if you can get more details. I had a case where the real reason was depression, resulting from a perceived need for over-the-counter type stimuli.

I was able to help, but not in the way that would have initially seemed most obvious.

Lisa Johnson is a global business strategist who runs That Strategy Co, helping ambitious people create passive and semi-passive income streams.

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