June 04, 2024

You are Not Your Work: Untangling Your Identity From Entrepreneurship with Chelsea Fagan of The Financial Diet

47 minutes

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This week on The Journey Podcast, Morgan DeBaun sits down with The Financial Diet's Chelsea Fagan to discuss the intersection of identity, finances, and entrepreneurship.

To start, Chelsea delves into why so many people are feeling "insane" with the current state of the economy, which is vastly different from what millennials anticipated as they entered adulthood. Morgan and Chelsea open up about their family financial backgrounds, with Chelsea sharing how moving from a low-income community to a more affluent one led her to constant self-comparisons, and eventually, credit card debt. This conversation extends into how social media exacerbates these comparisons, as individuals often present lifestyles they can't truly afford, impacting financial behaviors across generations, especially for Generation Z and Generation Alpha.

The discussion transitions into the struggles of entrepreneurship, as both Morgan and Chelsea acknowledge the trap entrepreneurs can fall into when their identity is closely tied to their business. Identity and entrepreneurship are examined further, particularly how becoming a mother can shift one's self-perception; Morgan shares her experiences as a mother, while Chelsea provides insights from observing her business partners' transitions into parenthood, despite her own decision not to have children. Chelsea acknowledges that she has had to be intentional about giving herself other projects and passions to pour her energy into so as to not become consumed by her work.

The conversation touches on the societal pressure to excel immediately in new ventures, and both Morgan and Chelsea highlight the value in trying new things and continuously evolving. They also express their desire to step back from the constant online grind, seeking more experiential endeavors in their businesses, such as retreats and other in-person offerings.

Chelsea offers a behind-the-scenes look at The Financial Diet's monetization strategies, explaining the three key revenue streams: ad revenue, direct-to-consumer sales, and PR opportunities. She details how the company has strategically adapted these models, including the shift to a subscription-based model, and the impact this has had on their business over the years.

Join Morgan and Chelsea for a thought-provoking conversation on current financial realities, the complexities of entrepreneurship and identity, and the pursuit of a more balanced, fulfilling life. To support the podcast, leave a five-star rating and review wherever you listen!

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