Financially Naked

On this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Kylie and Jazmin are talking about blending finances with a partner. This topic is very common among Financial Gym clients. From couples reimagining the way they manage their finances to helping folks navigate combining them for the first time, our Trainers see it all. Today Jazmin and Kylie talk about how they both manage money in their relationships, and the advice they share with clients.

For more info check out our show notes here!

• The Honeydue Finance App is great for couples and takes out some of the learning curves.
• 1-1 Accountability Coaching with a Certified Financial Trainer
• Trainer-on-Demand

Meet Jazmin Higgins, Level 2 Certified Financial Trainer

Meet Kylie Lipinski, Level 2 Certified Financial Trainer

When it comes to saving for your child's future, there are a number of options available. On this episode of Financially Naked: Stories from The Financial Gym, our Certified Financial Trainers, Joy Liu and Mike Poulin, are discussing the different types of investment accounts you can use to save for your children's future, considerations for each, and how to choose which is the best for you!

Links Mentioned in the Show:

• Schedule a Free 20 Minute Consultation
• Refer The Gym to Your HR / Benefits Team
• Become a Certified Financial Trainer

Meet The Trainers

Joy Liu - Head of Trainer Academy

Mike Poulin - Level 2, Certified Financial Trainer

For more info, check out the full show notes here!

On this episode of Financially Naked: Stories from The Financial Gym, our host is Bevin Morgan, Level 2 Certified Financial Trainer and she is joined by one of her clients, Maggie May. Today, they discuss a unique form of philanthropy: giving circles. Giving circles aim to make philanthropy accessible for people of all budgets! They are groups of like-minded people who pool together their time, energy, and money to make a difference. Maggie tells us about giving circles, how she and her friends founded The Undercard Collective, and how you can get involved in collective philanthropy.

Website: TheUnderCardCollective.com

Instagram: @undercardcollective

Meet Bevin Morgan, Level 2 Certified Financial Trainer

For more details, check out the show notes here!

On this episode of Financially Naked: Stories from The Financial Gym, our host is Level 2 Certified Financial Trainer Genar Mendez. He is joined by Financial Gym client Sam Block who is recording from her tiny house in the Colorado mountains. Sam works as a Branding & Mindset Coach and today Genar asks her about some of the biggest challenges she sees her clients face and tips for working through them.

Website: https://samblockcoaching.com

Instagram: @sam__block

Meet Genar Mendez, Level 2 Certified Financial Trainer

Also mentioned:

Beautiful You Coaching Academy.

For full show notes click here!

On this episode of Financially Naked: Stories from The Financial Gym, Jazmin Higgins, Level 2 Certified Financial Trainer is joined by Rachel Adaline. Rachel joined The Financial Gym in May of 2022 as the Human Resource Manager and this is her first appearance on the podcast! She's here to chat with Jazmin about Employer Benefits. There are different benefits that may be offered by your employer and sorting through them can be confusing. They gymsplain the typical enrollment packages to help you make sense of it all!

For more details click here.

In America, health insurance is one of the most complicated systems to navigate. With The Great Resignation, more people than ever are looking for alternative options to traditional health insurance. Some folks are in between jobs or are taking the leap to try something on their own for the first time. Indipop is a healthshare platform aiming to fill the gaps for folks who might not be the best candidate for traditional insurance. Melissa Blatt joins Certified Financial Trainer Kadri Augustin for the second time on the podcast, to share an update about Indipop. Her first appearance was in February 2021 and because healthcare is constantly changing, there's a lot to chat about today.

• Everyone should have accessible and affordable healthcare. It shouldn't be something you can just afford with nothing at all included. Indipop was born from Melissa's personal struggle when she left the corporate world. The process of finding health insurance was incredibly frustrating.
• When most people think about insurance, it's planning for the worst-case scenario, but what if insurance was for more than the 'what if' moments in life?
• Choosing an insurance policy isn't fun, and can be a confusing process. In addition to the monthly payment, other important considerations include:
• What is the deductible? (the amount you have to pay before insurance kicks in)
• Which doctors are included in the network? Is virtual care included?
• Is preventative care included?
• How much are the copays?
• Are there annual or lifetime caps to the amount of coverage?
• How indipop is addressing the gaps for freelancers and those underinsured:
• Indipop plans are not the 'unicorn' or one-size-fits all plan, but it provides options.
• They are subscription plans, where you become a member of a community that shares the costs of medical needs, with an open network.
• There's a care logistics team to help you navigate through your medical needs.
• You are able to keep your doctor, and receive care even if traveling.
• Whether it is care on demand, or a referral, you're not alone figuring out what is best for you.
• How it works:
• Indipop brings plans to you. All of them are highly vetted and meet a strict criteria. They're plans that Melissa uses herself and feels comfortable sharing with her friends and family.
• There are eligibility and considerations around pre-existing conditions, with a two year check in.

• Some of the changes in the healthcare industry since Melissa's last appearance:
• It's an exciting time to be in healthcare and see the industry changing. These types of memberships are more available, especially in mental health and pharmacy care.
• Virtual medicine has really expanded and evolved. People like being able to receive care at home; they feel less rushed and more comfortable. Virtual medicine cuts out time, traveling, waiting, and logistics.
• People are asking for virtual healthcare because it's working, and they're getting the help they need.
• Younger people want to take control of their health and are interested in preventative care.
• Traditional insurance has a place, but it's refreshing there are different options out there, like indipop. Indipop replaces insurance with a new, different type of healthcare.
• It is available to clients in all 50 states, even when traveling.
• Customer service is a huge priority. When we aren't feeling well, it can be hard to function and the team is there to make sure you're taken care of.
• Healthshare companies are not new, but they are becoming more mainstream and accessible.

Healthcare for Freelancers

Website: https://indipop.co/Email: [email protected]

Instagram: @theindipop

Meet Kadri Augustin, Level 3 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Genar Mendez, a Certified Level 2 Financial Trainer, and he is joined by Gym client Christian Prince. Christian is a digital nomad, who has worked in tech recruitment for over seven years. In 2021, he decided to pursue his dreams of playing professional basketball and living overseas. He just finished playing his first season in Spain with a team in Valencia. Today, Genar interviews Christian about his journey from deciding to become a digital nomad, the lessons learned along the way, to what's next on the horizon.

• Genar opens by asking Christian to share what started his journey of becoming a digital nomad.

  • In 2020, Christian felt like he was up against a wall emotionally, spiritually, and physically. He knew he needed to make a change, but didn't know what was next. He took a leap of faith, quit his job, and stepped into the unknown. In the back of his mind, he dreamed of living abroad, and didn't know it at the time, but was planting the seeds to make it happen.

• Many people can relate to Christian's story about feeling stuck. It takes enormous courage and faith to leap into the unknown. Genar asks Christian what advice he'd give someone who might be feeling stuck but afraid to take that leap.

  • Christian could feel physically in his body that a change needed to happen. The feeling was there, building and building. Your body and mind will tell you or you may feel trapped in a negative space.

• It's important to have a plan in place. Quitting a job might not be a realistic option for some people. Christian talks about what the steps looked like for him.

  • In 2020, he realized he wasn't pursuing his dreams, he asked himself if he'd rather go for it all and fail or be the person who followed someone else's path. He made the decision to pursue something he wanted.

  • Around that time, he heard about a basketball summer league in Spain. He got tunnel vision on this goal and started working hard to get to this camp. He wanted to be in that environment and started taking on extra side jobs and saving as much as he could.

  • In May of 2021 he was able to compete in the summer league. He was playing basketball twice a day. There were games, practices, and weight training. Going through this process finally felt like he was pursuing his dreams. He felt like things were going in the right direction and was exposed to a remote work opportunity.

  • He started writing and sharing on Medium, which was a great platform for blogging and sharing his story. In January, he started a remote position as a recruiter. This job allows him to work from anywhere and continue to pursue his basketball and his writing. All of his dreams and passions came together in a unique way.

  • Once the big picture came into focus, he was able to get clear on what he wanted and put in the work. Everything started falling into place. When we let go of what isn't serving us anymore, we get more clear about what we want.

  • Now Christian gets to live out his dreams working in the recruiter position and traveling as a digital nomad.

• Christian would have been more open with his friends and family and used his voice to be more transparent throughout the process.

• Christian shares about culture shocks he experienced:

  • Living and being a resident in Spain was very different from his time studying abroad.

  • Their pace and way of life are very different from America. It's much slower and work isn't the central focus of everyone's lives. It seems like in America, we live to work, and over there, people work to live.

  • He took some Spanish classes and really immersed himself in the language. He loved how people really bring you in and make you feel like part of the family.

• Christian talks through what this all looked like financially:

  • He shouts out Gina, and says without her and Financial Gym, none of this would be possible for him.

  • What helped Christian develop a budget and stick to it was getting very clear about what the goal was. He was connected to the dream of living in Spain.

  • It's about not being impulsive and making sacrifices in the short term to accomplish those big goals.

  • Christian talks about how he takes everything one day, week, and month at a time. He met with Gina before Spain and planned the next few months. Being able to execute the plan made him feel like a financially responsible adult.

• Christian shares the greatest lesson he's learned being a digital nomad and living abroad:

  • Have faith in being rooted in your purpose. There are things that may not go as planned, mistakes, and failures, but they are helping you build resilience to take the bigger leaps in life. He has been able to let go of the fear and anxiety, and see life more clearly. He feels like he's on the right path and continues to learn every day.

Christian is a multidisciplinary creative, as a freelance writer and a DJ. An avid world traveler, he has been to 13 countries and counting. He looks forward to playing basketball in the UK this upcoming season while continuing to work as a digital nomad and creative.

Medium: Medium.com/@cprincejr

Instagram: @christianprinc3

Meet Genar Mendez, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Danielle Thomas, Level 2 Certified Financial Trainer at The Financial Gym. She is joined by Lindsay Clark from Savi. Lindsay is a fierce champion for the student loan borrower - having accumulated enormous student debt over the course of her undergraduate and graduate studies at Yale and Columbia, respectively. Having worked in advocacy and financial technology for nearly a decade, Lindsay brings a deep understanding of the urgency behind providing solutions for student loan borrowers. As Director of External Affairs, Lindsay built and continues to lead our front-line efforts to assist America's 46 million borrowers.It's been over two years since the government first paused federal student loan payments and interest, and for so many borrowers it's been out of sight and out of mind. With the possibility of cancellation and updates to policies passed with Covid relief, there's a lot of news and support for borrowers out there. Savi helps America's 46 million student loan borrowers easily lower their payments and find forgiveness. Lindsay is here to share some of the highlights and things to watch out for if you're a borrower.

• Savi was founded in 2017 by student loan policy experts and advocates. Since repayment options and forgiveness programs are new, clunky, and can be challenging to comprehend, Savi is designed to help!
• They work with borrowers across the country to help them be more informed and empowered as borrowers and consumers. From understanding repayment options to navigating the application process, all the way to crossing the finish line.
• Where to get started if you have student loans:
• • Understand the different repayment options. For federal student loan debt, there are programs and various payment plans (some income based) available. When considering which is the best fit for you, think about where you will be five and ten years in the future.

• Excellent for people who may be struggling to make the monthly payment for folks newly out of school, looking for their first job.

• The required payment is based on your income and considers tax filing, rather than basing it on the amount of debt.
• Some borrowers do not take advantage of these plans, including Lindsay when she was first paying back her loans.
• These income-based plans are a much better option than forbearance. At the end of these plans, loan forgiveness is an option if you're eligible. While the programs aren't perfect, there are planned improvements in the coming years.
• In general, any debt forgiven under an income-based repayment plan is considered taxable income on your taxes that year.
• There was recently a law passed that grants tax-free forgiveness for these repayment plans through 2025. It may be extended past that, but we don't know yet.

• This program started in October of 2007. Unfortunately, there are a bunch of technicalities required for forgiveness to be granted that a lot of borrowers were not aware of. Out of the 100,000 applications, less than 1% were accepted.
• Requirements:
• • Be employed by an eligible institution
  • 120 qualifying payments
  • Be on an income-based repayment plan and have a qualifying loan type

• In general, people met the employer requirement, but did not have the correct type of loans and weren't on the right type of payment plan.
• Right now, there is a limited waiver for the PSLF program where they've expanded the requirements around loan type and payment plan. This will only be available until October 31, 2022, but expands the number of eligible borrowers.
• If you applied and were rejected in the past, you may now be eligible and should take action before October. Since the expansion, over 100,000 borrowers have been granted forgiveness.
• If your loans are forgiven through the PSLF program, the forgiveness is tax-free.
• One of the biggest issues surrounding the student loan crisis is that there is hardly any communication from the institutions supporting borrowers and there is a barrier to entry. You can read studentaid.gov all day long, and still not be clear on all of the information.
• This waiver did not get a lot of attention, and a majority of people don't know they might qualify for forgiveness.
• Any news on another extension on payment pauses or possible cancellation?

• As of now, payments are set to resume on September 1, 2022.
• This has become such a political issue, Lindsay predicts it is unlikely they'll turn payments back on right before the midterm election, and she would not be surprised if it was extended further. As of now, payments will resume.
• To prepare, be aware of your federal provider and the current payment due. Three of the largest loan servicers announced they are ending their contracts, so many people will be transitioned to other servicers. If you're not sure where your loans are currently, make sure to find out that info.
• If you're unsure where your loans are held, you can check studentaid.gov. The username and password will be from when you took out the debt but can be easily reset if you don't remember. All of the loan and grant information should be available there, along with who is holding the loans now.

• Loan cancellation was a huge campaign promise and there is pressure on lawmakers to make it happen. It might look like $10,000 may be forgiven and have income limits.
• The rising cost of higher education is what is fueling the debt crisis and while forgiveness will provide relief to some borrowers, it does not fix the problem. This is not a matter of either or, it's a matter of addressing both sides of the crisis.
• If someone has debt out there and has never logged in or made a payment, what should they do?
• • The government recently announced Fresh Start, which will bring any borrowers out of default once payments resume. It would be a mass reset for roughly 8 million borrowers who are in default, many of whom have balances less than $10,000.
  • This is separate from loan rehabilitation, which is a process that can take up to nine months.
• Lindsay assures us the momentum and direction of the policy are positive and we're going to see good changes come through. She's more optimistic than she's ever been and hopes these will help improve the system.

Read more about student loans: FAQs About Student Loans 6 Questions to Ask Before Refinancing Student Loans5 Things to do Before the Student Loan Pause is OverMythbusting Student Loans

Meet The TrainerMeet Danielle Thomas, Level 2 Certified Financial Trainer

Investing is one of the most common goals clients have at The Financial Gym and is a popular topic in financial media, especially as of late. There have been more questions than ever about investing, so on this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Jazmin and Sydney sit down today to talk about it. They discuss the order of operations for creating a strong financial foundation and how to start your investing journey from there.

When it comes to investing, the best time to start is as early as you can, but there are a few other financial priorities to check off the list before diving in. At The Financial Gym, there is a specific order of operations Trainers typically recommend for clients.

• The first priority is an emergency fund. It is important to be prepared for the short term before investing in long-term goals.
• Learn more about emergency funds: Using Your Emergency Fund
• The next step is to address high-interest debt: usually credit cards or personal loans. Lower interest debt (like student loans) is a separate part of the conversation and is not as pressing as higher interest debt.
• Learn more about managing debt: Debt & Credit Management Gymsplained
• Once those first items on the checklist are taken care of, it is time to start investing!

Often when people hear or think about investing, it is in regards to purchasing individual stocks or cryptocurrency. Before diving into those, start with retirement investing. Setting yourself up for the future should ideally come before other investment goals.

• If offered through the workplace, employer-sponsored 401k's (or 403b's, etc) are a great place to start. If you're contributing to a retirement plan, you are already an investor!
• If they offer a match, and it's within your budget to contribute up to that match, that is ideal.
• If a 401k isn't available through the workplace, or you're already maxing that out, the next account to consider, if you're eligible, is a Roth IRA.
• The next consideration would be other tax-advantaged accounts, such as 529 plans or Health Savings Accounts.

Investing outside of retirement:

• The first step is to ask yourself the question: what am I investing for?
• It is important to figure out what you are investing for and the timeline for that goal. Asset allocation is a key part of investing, and the timeline is a huge part of deciding that.
• Bonds carry less risk than stocks, but stocks have a greater rate of return, so you want to have a little bit of both.
  • For example, a shorter-term goal could be 75% stocks and 25% bonds.
  • If the goal is 10+ years away, long-term asset allocation would look more like 90% stocks and 10% bonds.
  • This is broad advice and it truly depends on a few variables including your personal risk level.
• Once you have the goal, put a system in place! It's about figuring out what works best for you and following those systems. Trainers typically recommend:
• Setting up recurring contributions and making them automatic. Automating is one of the best ways to stay on track. It's how most 401k plans are set up, and you can set that up for your other investment accounts too!
• If you are looking for an easy way to get started robo-advisors can be a great option. These are digital platforms that will help you invest money based on your goals and timeline. You answer some questions, and the algorithm does the work for you.
• Because they are doing the work for you, these robo-advisors generally have fees, but they are less intimidating, especially if you are just getting started.

Investing is one of the most common goals among clients at The Financial Gym, and we know a lot of people want to dive in, but it can feel overwhelming.

• If you want a Financial Trainer to hold your hand through the journey and provide a custom plan so you can reach your goals faster, chat with our warm-up call team about the Accountability Program!
• If you want to work with a Certified Financial Trainer on your investing-specific goals, check out Trainer on Demand where you can meet with us once a month to talk through your questions.

Read More About Investing: Investing 101: What are Investment MarketsThe Other Gender Wealth Gap, The Investing GapHow to Invest For Your Child's Future Why Should I Invest In a Socially or Environmentally Responsible Way? Tools to Invest in the World You Want

Meet Jazmin Higgins, Level 2 Certified Financial Trainer

Meet Sydney Kobell, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Victoria and Yenny discuss familial expectations around financial support and how to plan for it in your budget! Depending on your family dynamic, this may apply to you in different ways. We love our families and want to help them as much as we can, which is why it is important to fold it into the budget to ensure our own finances are taken care of. Yenny takes us through her personal experience supporting her family financially and how that has evolved over time.

• In the 1980s, Yenny's parents immigrated from El Salvador and she is deeply passionate about helping other first-generation Americans starting out on their personal finance journeys. She aims to help her community build knowledge and wealth. Because she has first-hand experience growing up in an immigrant family, this work is personal for her.
• Yenny's parents' main focus was the day-to-day, so they didn't have much experience planning for retirement. It's hard to plan for the future when you're in a cycle of making ends meet. She has heard similar stories from her clients.
• She wanted to learn everything she could and get a bigger picture. She started researching and reading blogs and loved seeing all the different personal finance perspectives.
• She reflected on her own situation and got clear on the financial goals she wanted to achieve. She wanted to ensure she was carving her own path.
• In 2015, Yenny purchased a home, which was one of her goals. She shared that experience with her family, and other members purchased their own homes within the next couple of years. Sometimes seeing someone close to you accomplish a goal shows you it's more attainable than you may have thought.
• Victoria asks Yenny to share more about the expectations there were in regards to supporting her family financially when she was growing up.
• There are a lot of feelings that come with supporting your family. They have sacrificed so much, there's a sense of obligation to pay it back to them, even though you truly never can. There's also an excitement in being able to share wealth and knowledge with them. When she was in college, she would try to do small things for her parents. As she made more money, the expectation became greater.
• There was a point in time when Yenny was living paycheck to paycheck even though she was making more money than ever before. It made her pause and reflect on what she was spending and how much financial support she was providing to her parents.
• She had to sit down and do the math before it really clicked for her. She'd been giving without a budget, and a lot of their bills had become intertwined; like the insurance and cell phone plan. She had to reframe these expenses in her mind and remember this was part of the overall contribution.
• She also helps them find support and discounts in other ways that are available to them now that they are retired and on a fixed income. She is transparent with her family about her goals, and they are very understanding.
• Her family has a sense of collaboration, like a shared Costo card and strategic bulk buying. It is lovely to see everyone take care of each other and grow financially.
• If you want a Certified Financial Trainer to help plan a budget so you can support your family financially, schedule a free warm-up call today!

Meet Victoria Sechrist, Level 2 Certified Financial Trainer Meet Yenny Urquilla, Level 2 Certified Financial Trainer