Financially Naked

Today's episode of Financially Naked: Stories from The Financial Gym, is all about medical bills. Even with insurance, the health care system can be confusing to navigate. Catriona Williams, a Level 2 Certified Financial Trainer, is joined by Financial Gym client Anne Weigand. Anne is here to share her journey with medical bills, tips for navigating the space, and ways you can advocate for yourself while trying to seek medical care. Podcast Notes

• Needing medical care is part of life, but in America, there is a lot of uncertainty when it comes to paying for it. With an endometriosis diagnosis, Anne has first-hand experience with the medical billing system and has been advocating for herself for the last few years.
• It started in 2019 when she had a job that provided health insurance. She found a doctor in her network and scheduled an annual checkup, as preventative checks and routine care were supposed to be covered by the insurance. She even called the doctor's office before the appointment to confirm the visit would be paid for by them. A few weeks later, she received a $300 bill from the visit.
• This led to months of back and forth with the billing department at that office. The bill felt rude and was a shock and a bummer, as it was unexpected. She was told the first meeting with a physician isn't technically 'routine' which is why it was not covered by her insurance. After four months, the billing manager refused to speak with her, and this caused a lot of frustration, as she did not want this bill to end up in collections. Anne was not trying to get out of paying it, she just wanted to understand why she got a bill at all when she was told her insurance would cover the visit.
• Shortly after, Anne was experiencing issues and got progressively more ill. After doing some of her own research, she saw a women's wellness doctor but didn't feel like she was being heard and wanted a second opinion. She wanted to establish care with someone else who could validate her concerns and answer her questions.
• Anne was diagnosed with endometriosis and started working with a specialist in late 2019 and into early 2020. This specialist was able to use an MRI to help Anne understand what was happening with her body, before moving forward with surgery.
• She was able to schedule the surgery for June of 2020. Even though endometriosis affects other organs and overall health, the surgery is considered elective, so she wasn't able to have the procedure before then due to covid.

When planning medical care:

• Make a plan going in if you can! Sometimes medical issues are sudden and you don't have time to plan beforehand.
• Understand your insurance policy and find providers in your network.
• Know the details of your plan. There are things like deductibles and out-of-pocket maximums to keep in mind and ask questions if you're unsure. Putting in the extra time will help in the long run.
• Call the doctor beforehand and ask about the price. Let them know if it's out of your budget. They may be able to be flexible, and it doesn't hurt to ask.

Understanding how medical bills work:

• When you go to the doctor, they send a bill to your insurance. That bill has a code on it that tells your insurance company what was done with the doctor, so they know what needs to be paid for.
• If you are seeing a specialist regularly, learn the billing codes. It will help when sorting through the bills, which can sometimes come months later.
• Even if you went to one hospital, bills can come from different places. It's always good to ask, 'Who can I expect a bill from?'
• It can sometimes take months for bills to be processed through insurance and sent out.

When a bill arrives:

• Do not pay the bill in full without questioning it. Question everything!
• Always call and confirm the bill is correct. Ask them to go line by line with you and explain the charges in detail.
• There could be an error with the bill or an incorrect code.
• There may have been a lapse in insurance, and the bill wasn't sent to the new insurer.
• Some hospitals have financial assistance. Apply if it is available. Even if it is denied, there may be other actions that can be taken from there. Anne emailed the CEO directly, and they were able to help her.
• If you are working with a billing department, take notes and keep a record of all of the conversations. Email yourself a thread so you have detailed records of the conversation.
• Try to be patient and kind with the people on the phone, they're more likely to be helpful.
• When you're sick or recovering, it can feel like the last thing you want to do, but it is important. At the end of the day, you have to advocate for yourself. There are always options out there, be brave, and ask for help if you need it!

Resources for Endometriosis

Nancy's Nook Facebook Group

Illustrated story about Endometriosis

Connect with Anne Weigand

Instagram: @anneweigandofficial

Meet The Trainer

Meet Catriona, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Bevin Morgan, a Level 2 Certified Financial Trainer, and she is joined by one of her clients, Stephanie Arteaga. Today's conversation is a fun chat all about side hustles. Stephanie has years of experience running a robust side business and is here to share her tips about how to manage one, the realistic expectations, and how not to get caught up in the process.

Podcast Notes

• Stephanie started on eBay over ten years ago and now sells items there and on Mercari. Each platform has its own advantages and disadvantages.

• She does this in addition to her full-time job, and that is by design. Her goal isn't to replace her regular income, but to make additional money on the side.

• It started back in 2009 out of necessity. She didn't want to get another part-time job but wanted to make money. She did some research and decided to start selling things online.

• There is a buyer out there for everything and whole communities surrounding certain types of items. You can get started with the things in your house.

• Be honest with yourself about what is actually worth selling. If you think something is trash, don't try to sell it. Having a good reputation is valuable and gives you credibility in the long run.

• Selling on an online platform takes time. Stephanie treats it as a part-time job. You have to commit to taking photos, posting, shipping, and following through.

• Create a schedule that works for you. It is easy to get caught up in the rush of selling and let it consume your whole day. Be mindful of your time and set boundaries.

• There are a lot of great videos and guides online, but creating a system that works for you is the key to success.

• The total sales is not the amount of money going into your pocket. There are other costs to consider such as your time, shipping, fees, paper, boxes, and labels.

  • When running a side business, remember it is a business. There will be taxes owed on your profit.

  • Keep track of your expenses, and keep track of your revenue (the total amount of money coming in) and the profit (the total amount of money made).

• You don't have to quit your job and do this full-time to make money. A great system will allow your side business to thrive.

Links from Stephanie for getting started:

• https://www.ebay.com/help/selling/fees-credits-invoices/selling-fees?id=4822

• https://export.ebay.com/en/marketing/analytics/top-selling-categories/

• https://www.bustle.com/life/how-much-is-90s-memorabilia-worth-heres-what-your-old-stuff-could-score-you-on-ebay-2896336

• https://www.mercari.com/us/help_center/article/169/

• https://www.mercari.com/us/help_center/article/525/

Connect with Stephanie Arteaga

On Ebay: https://ebay.com/usr/stepha2*sell

Meet The Trainer

Meet Bevin, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, three of our Certified Financial Trainers, Garrett, Jazmin, and Danielle sit down to talk about mortgages and refinancing.

Podcast Notes

• When it comes to applying for a mortgage or refinancing the one you already have, there are many factors to consider.
• Your first home does not have to be your forever home.
• When saving for a home, keep in mind that things will go wrong. It is inevitable.
• Go in with a plan. You'll want to save for the down payment, closing costs, and extra contingency.

Getting Pre-Approval

• Having the pre-approval before you start the process of looking for a home will give you more power. It makes your offer stronger.
• You'll likely need W2's, (or a letter from your tax preparer if you're a freelancer), 2 years of tax returns, and certain bank statements. Get these things in order ahead of time.

The Down Payment

• You don't have to put 20% down in order to apply for a loan. There are First TIme Home Buyers programs that allow you to put down as little as 3.5%.
• If you do have a down payment of less than 20%, private mortgage insurance (PMI) will be required.

What to look for in a lender:

• Always do your research and talk to a few different lenders.
• These are big numbers, working with someone who makes you comfortable and takes the time to answer questions is important.
• You can shop around for different interest rates, and negotiate with the lenders.

Refinancing Your Mortgage

• You could
• knock out the PMI, if you have more equity now
• lower the monthly payment and/or interest
• change the length of time on the loan
• free up money with a cash out refinancing
• You will pay closing costs again when refinancing
• When considering if it's worth it, do the math, reflect on what your goals are for the property, and the best way to achieve them.
• A Mortgage & Refinancing Calculator can help you figure out if refinancing is a good option for you!

Meet The Trainers

Meet Garrett, Level 3 Certified Financial Trainer

Meet Jazmin, Level 2 Certified Financial Trainer

Meet Danielle, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Hector and Garrett, are talking all about Cryptocurrency! In June of 2021, Hector and Garrett did an episode all about Bitcoin, and since then, it has only become more mainstream and part of the personal finance conversation. Listen to Cryptocurrency Decrypted Part 1 here!

Podcast Notes

• Cryptocurrency is not new and is not going away any time soon. Even though it's been around and is gaining more popularity, there is still apprehension around it.
• There are two ways to look at it; either as a currency, or as an investment. If you are using it to make purchases, that's a currency. If you are planning on buying it and holding on to it, that's an investment.
• Cryptocurrency is much more volatile than traditional investments. It trades 24/7 and is going up and down constantly. One person's tweet can massively swing where this can go. If people are making money on it, it will be in the news.
• When you are looking to invest, know what you are investing in. Don't get caught up in FOMO and always do your research, or talk to a professional!
• Think about crypto as a long-term investment. Put the money away, and be comfortable knowing it will go up and down. Only invest money you are comfortable losing.
• More big players in the game are beginning to accept cryptocurrency, Starbucks, Tesla, AirBnB, Stripe, and other payment processing platforms.
• Coinbase is a great place to get started. It covers all of the major players for buying and selling crypto.

Before getting started in crypto, make sure your personal finance foundation is solid:

• • Ensure any high-interest debt is paid off
  • Have an emergency fund in place
  • Make sure retirement contributions are taken care of

• Sit down with a pen and paper and determine what amount is right for you. How much can you afford to invest and are you comfortable with that level of risk?
• The 5% rule is a good rule of thumb. Keep your crypto investments to 5% or less of your investment portfolio, to ensure diversity among investments.
• Gary Gensler is a major voice in the crypto space. His YouTube video is a great place to get started if you want to learn more: Watch Gary Gensler's Introduction to Crypto

Listen to Cryptocurrency Decrypted Part 1

Meet The TrainersMeet Level 2 Certified Financial Trainer, Garrett Faulconer

Meet Level 2 Certified Financial Trainer, Hector Lopez

On this episode of Financially Naked: Stories from The Financial Gym, Bevin Morgan, a Lexington-based Financial Trainer, is joined by Raquel Carter. Raquel is a Principal Broker, Realtor, and Independent Brokerage Owner. Guide Realty has been around for 14 years and is the largest Black-owned real estate company in Kentucky. Today, Bevin and Raquel will be talking about how real estate works and things you should be thinking about when getting ready to buy a house.

Podcast Notes

• Raquel has been working in real estate for 20 years. Her mom worked in the industry and encouraged her to get involved!
• There are many benefits to working in real estate. Where there are structures and limits in the corporate world, there's more control over opportunity and growth when working in real estate. You work as an independent contractor, which Raquel loves.
• She frames selling houses as a service for people. She thinks of it as mothering folks through something they have to do anyway.
• Contract to closing is not always a direct line:
• Sometimes deals are smooth, sometimes they're a roller coaster.
• You don't know what you don't know until you're in it, which is why a professional can bring value.

Buying a home for the first time, some things to keep in mind:

• Your first home doesn't have to be your forever home.
• You don't always have to have 20% down to purchase a home. There are programs and loans out there for first-time home buyers that are more flexible.
• At this point in time, with the extremely competitive market, you want more cash.
• Credit score is incredibly important. A higher credit score will help give you the best opportunities.
• Start taking those first steps. Remember that buying a house can take time. There are no quick fixes. You want to come at it from a place of power.

Real Estate as an investment

• If you want to invest in real estate, the best place to start is to become a homeowner. This shows stability to lenders and the rates for financing for a personal residence are generally better than an investment property.
• Not everyone is cut out to be a landlord, and that's okay! You don't have to in order to invest in real estate.
• Property will continue to go up in value. The bare minimum required is taking care of the property and you can always make improvements. Pay attention to the trends happening.

Final Thoughts

• Get your approval first. This gives you greater negotiating power. Going in without knowing the budget is like going to the mall without knowing how much money is in your checking account,
• You'll need two years of tax returns, be aware of your credit score, debt to income ratio, and make a plan.
• Working on getting your finances and goals in order are the things you can do while saving up and thinking about that first home.
• There are variables out of our control, especially right now. The market is intense and Raquel doesn't see that changing in the short term.
• Home ownership is a fantastic way to add to your asset portfolio, build wealth, and progress further towards your goals.

Connect with Raquel at Guide Realty

www.guide-realty.com

Facebook: @GuideRealty

Instagram: @guiderealty

#guidingyouhome

Meet The Trainer

Meet Bevin, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, Bevin Morgan is joined by Laura Clay and Ali Clark from I Grew Strong to talk about a sensitive and incredibly important topic: financial abuse. Today, they start by defining financial abuse and discussing the different forms it can take. They also talk about tools to help yourself, friends, or loved ones who may be experiencing financial trauma or abuse. Podcast Notes

What is financial abuse?

• Every circumstance is different. Some examples include having to get permission to spend money, only being given a small allowance, not having your name on any bills, being told to stay at home, or having a lack of choice or freedom around finances.
• People often will experience low confidence, self-doubt, or feel fear and shame.
• Isolation and dependency are created. It's all about control.
• Sometimes the signs are subtle or the actions aren't completely conscious. You may have felt like you started on the same page, but the dynamic has shifted.
• It can look like a partner getting angry or giving the silent treatment.
• I Grew Strong focuses on empowering clients. They work to help people make decisions and use resources to get the help they need.

How do I know if I'm living with a narcissist or struggling with financial abuse?

• There may be signs of gaslighting, stonewalling, or confusion. The first step is paying close attention to your emotional reactions while interacting with this person.

How can we help empower our loved ones if they are struggling with financial abuse?

• Have blunt and tough conversations with your loved ones. Let them know you love and support them, but warn them of the danger. From there, help them by providing tools and empowering them to make their own choices.
• We can't control other people. We can only provide tools, help our loved ones know their rights, and set boundaries. You can help them look for a child advocate or other professionals who can provide support in delicate circumstances.
• It can help to ask, 'what would you tell a friend or daughter to do if they were in this position?'
• Encourage them to imagine what they want their future to look like. Even if it's hard to really picture it. From there, think about what can be done today to get one step closer to that future.

If you're with a partner or spouse who has experienced financial abuse in the past, how can you work on it together now?

• Get to the root and find the real story. Whether it is over-spending, over-saving, or financial anxiety, explore where the feelings are coming from. That is the best place to start.
• Have deep conversations and find common ground. Create a vision for the future that addresses the fears and anxieties, so each partner feels taken care of and secure.

Final Thoughts

• We can only control our own stories and our own choices. We cannot control other people and how they will react. What power and control do you have? What choices can you make right now?
• People are more powerful than they know.
• There is help out there, reach out to a family member, or professional like an expert from I Grew Strong.

Connect with I Grew Strong

https://igrewstrong.com/

Meet The Trainer

Meet Bevin Morgan, Lever 2 Certified Financial Trainer

Homeownership is a goal we see a lot with our clients, but how do you know if it is for you! On this episode of Financially Naked: Stories from The Financial Gym, three of our Certified Financial Trainers, Bevin, Jazmin, and Danielle sit down to talk about buying a home. Since all of them have been on various home buying journeys, they share their experiences and what they've learned along the way. They talk about the benefits of owning a home, the costs associated that aren't always obvious, and how to be prepared for it all. Podcast Notes

• Everyone shares a little bit about their personal home ownership journeys to start the conversation.
• Jazmin talks about purchasing the home she had been renting.
• Danielle tells us about finding her forever home in Atlanta
• Bevin went from owning multiple properties to now being in the process of selling them.
• Is it better to rent or purchase a home? There is no right answer. It truly depends on your finances, your goals, and what's important to you!
• Do you plan to live in a place for a long time?
• Can you afford a down payment?
• Can you afford to maintain a home? Repairs and replacements can be expensive.
• Do you want to maintain a home? Do you have the time, energy, or physical capability to do so? Renting allows these things to be taken care of by someone else and are included in the cost of rent.

What are some benefits to home ownership?

• If you know you want to live somewhere long term, owning a home offers a certain stability. You can create a safe space and make it truly your own.
• There's peace of mind knowing a landlord won't kick you out or sell the place with short notice.

What are some unexpected costs associated with home ownership?

• Repairs can be expensive. Even with inspections, things can be missed. They almost always happen within the first year, but will definitely happen at some point.
• If you refinance a mortgage, closing costs must be paid again.
• While a landlord won't raise your rent, taxes can change and increase the monthly financial commitment.
• Your first purchase does not have to be your dream home!
• Housing costs have exploded the last few years. If you plan to buy a home, take your time and really do the research!
• If you are planning to buy a home and want a Certified Financial Trainer to make sure you've planned for it all, check out our newest service, Trainer-on-Demand!

Meet The Trainers

Meet Bevin, Level 2 Certified Financial Trainer

Meet Danielle, Level 2 Certified Financial Trainer

Meet Jazmin, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Catriona Williams, Level 2 Certified Financial Trainer. Joining her is the Founder and President of Brass Taxes, a company that specializes in working with freelancers, artists, and other nice people. Today, Catriona and Rus sit down and talk all about how he started doing taxes, the history of Enrolled Agents, what the heck a 'write-off' is, and his biggest pieces of advice for self-employed folks to be prepared for tax time.

Podcast Notes

• Rus was working as a writer and editor in New York for many years. In 2008, he needed to find a day job and started working for his friend's dad doing taxes. He realized very quickly that he had been doing his own taxes badly for years, and his friends probably were too!
• What started as Rus doing taxes on the side for his friends has transformed into Brass Taxes. They now have a team of creative professionals all trained to be amazing tax advisors.
• He wanted to create the company that he wished existed when he was working as a freelancer.
• Rus is an Enrolled Agent, which is different from a CPA. The EA designation dates all the way back to The Civil War!
• There is a lot of value in having a conversation with someone who understands your industry. You should feel comfortable talking to them, asking questions, and feel confident they understand your day to day.
• Tax laws are always changing and so are your personal finances. It's not worth teaching yourself how to do taxes every year.
• Taxes are like a video game. Brass Taxes advisors play the game 300 times a year whereas most people doing it themselves just play it once. An advisor knows the rules and nuances to get the best result.
• Dealing with taxes is a lot of bad branding and graphic design. It's hard to know what's important when you look at the forms. Brass Taxes advisors specialize in talking about taxes in plain language. They let you know what's important and what you don't need to worry about.
• When you're an employee at a company, you get a paycheck and the employer withholds taxes for you. Filing at the end of the year is pretty straightforward. If you're a freelancer, have a side hustle, or make untaxed income, it becomes more nuanced.
• As soon as you're paid money without taxes withheld, poof! You're a business! You don't need a formal structure like an LLC or DBA to be a business.
• As a business, you are only required to pay taxes on the profit: All income (the money that comes in) - expenses (the money you spend to run the business) .
• Any money spent that is 'reasonable' and 'necessary' to run your business can be considered a business expense. This is a fluid line and varies depending on your line of work. You can choose to be more aggressive or conservative with your position.
• You don't need a 'business' bank account, but keeping your business spending separate from your personal spending will make your life much easier. It can be a designated credit card or separate checking account, whatever works for you!
• Brass Taxes works with freelancers, creative professionals, and nice people who want to understand more about their taxes!
• They're also working on different options to work with their clients all year round including monthly memberships. It will come with an automated expense tracker and consultations throughout the year!
• If you want to work with Brass Taxes this year, use code FinGym50 for $5o off the price of your first return.

TWO THINGS RUS WANTS EVERYONE TO REMEMBER

• Keep track of your expenses during the year
• Know how much you will owe at tax time, and have the money saved!

Connect with Brass Taxes

Website: brasstaxes.com

Email: [email protected]

Instagram: @brass_taxesCheck out the FAQ

If you want to work with Brass Taxes this year, use code FinGym50 for $5o off the price of your first return.

Meet The Trainer

Meet Catriona, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Sara Belhouari, a Level 2 Certified Financial Trainer based in New York. She is joined by Jessica and Ryan, a married couple who have been her clients since February 2020. Today, they are talking about the importance of showing up for yourself and being open to change. Jessica and Ryan share with us how The Gym has positively changed their lives and why they plan to stay members long into the future. Podcast Notes

• When Jessica and Ryan first heard about The Gym, they weren't sure about joining, but now feel like it was the best decision they ever made.
• They found Financial Gym truly makes financial literacy accessible to everyone. Many of the trainers have had their own money journeys or were clients of The Gym themselves.
• Jessica and Ryan's first session was scheduled on leap day (Feb 29, 2020). They met in person and Jessica was really emotional the entire train ride from New Jersey. When they arrived at The Gym, she felt relaxed. The space didn't feel clinical or scary, it was a cool environment she wanted to be in.
• Jessica and Ryan were paired with Sara and it was a perfect match. They felt comfortable with her immediately and were able to put everything on the table, emotions and all.
• At the time, she felt like she had no control. The first few sessions brought a lot of relief and motivation to move forward.
• The outside perspective of a Financial Trainer is so valuable. If the financial journey is a road trip, your Trainer is the GPS guiding the way and you are in the driver's seat.

• Since joining The Financial Gym, Jessica and Ryan have made incredible progress!
• Their savings have grown 200%
• They've paid off most of their debt
• In addition, and just as importantly as the numbers, their feelings around money have transformed. Mindset is a huge part of the financial journey.
• Jessica talks about how as a perfectionist, being open to other perspectives was a challenge for her. She had to be willing to do things differently.

• People often ask, 'how long should I stay a client at The Gym?'
• A personal finance journey does not happen overnight. Change is created by showing up, being committed, and doing the work. If you set goals and stay consistent, you will achieve them.
• Stay with The Gym as long as you're finding value in the service. If the meetings and accountability keep you motivated, stay forever. If you are more self-motivated, three months of membership might be the perfect fit! It all depends on you and your needs.
• Jessica and Ryan have been clients for a long time and share why they love working with Sara!
• Since starting with The Gym, they have had constant positive progress. Some wins are small, some are big, but they're always moving forward.
• They like knowing someone is there to help them plan, no matter what comes up.
• They've built a strong relationship over time with Sara who has a deep understanding of them and their goals. She's a household name! Trainers really are your Best Financial Friends.
• When they first started, it was about getting out of survival mode and to a place where they can live their best lives. There's security now there wasn't two years ago.
• They are proud of their money story and love to share it with others. Jessica never pushes money management or The Gym on people, but she is always happy to share when people are ready to hear it.

• Advice for folks who are thinking about working with The Gym?
• You have to be open, ready, and willing to commit.
• Be honest with yourself and your Trainer. There is nothing to be gained by editing the truth.
• If you aren't connecting with your Trainer, be brave to ask for what you need. Each trainer has their own unique style and wanting to switch is not personal.
• Showing up to see your Trainer is showing up for yourself.

Meet The Trainer Meet Sara Belhouari, Level 2 Certified Financial Trainer

In addition to working with individual clients, The Financial Gym provides a number of services to companies and membership organizations of all sizes. These can include webinars, engaging online courses, and a new service called Trainer on Demand. To talk about how these services can benefit employees, our host is Sue, a member of The Gym's Business Development Team. Joining her today is Conor, the Learning and Development Manager at Justworks, to talk about the evolution of employee benefits and how Financial Training has had a positive impact on their team.

Podcast Notes

• In 2021, Justworks launched 'Just Be Well,' which focuses on four aspects of employee health for the Justworks team. They want employees to be healthy, happy and engaged so they can continue to grow with Justworks.

• There are four areas of focus with Just Be well: mental health, physical health, healthy work habits, and social well-being.

• The Financial Gym benefits fall under the social well-being category. It started with Finance Fridays and webinars and expanded to include Trainer-on-Demand this fall.

• Employees can turn to The Financial Gym Trainers for answers to questions without worrying about feeling judgment or shame. They can talk about navigating a budget, student loans, saving, or any other financial-related questions.

• Conor personally finds a lot of value in the service. There are little 'aha' moments while talking through finances with a Certified Trainer.

• Employee wellness is critical in running a successful business. Thinking about money and budgeting can be stressful. Having a trainer to work through questions with is an amazing employee perk. The goal is to empower people and give them the tools to be successful financially.

• For people looking for work, employee benefits are a huge aspect of a compensation package. Financial Wellness is only going to become more important over the next few years and helping employees in this part of their life can be transformative. Employee benefits are changing and evolving and will continue to in the next few years.

• If you're interested in learning more about what benefits The Gym can offer your employees, you can learn more here or get in touch with Sue directly!

  • [email protected] or [email protected]

Check out JustWorks - HR for Businesses

WEBSITE: justworks.com