Financially Naked

On this episode of Financially Naked: Stories from The Financial Gym, our host is Genar Medez, a Level 2 Certified Financial Trainer based in Los Angeles. He is joined by Bob DePasquale, author of Personal Finance in a Public World: How Technology, Social Media, and Ads Affect Your Money Decisions. Bob is a Certified Financial Planner with ten years of experience and is dedicated to the empowerment of others through financial literacy. Today, Genar and Bob talk about how our relationship with money dictates all other relationships in life and how technology is intertwined in it all.

Podcast Notes

• Bob's personal finance journey started with a recruiter at his wife's job. Bob's mom worked in a bank when he was a kid and taught him the basics.
• He loves working in personal finance because we all have to manage our finances, no matter how much money we have. It's important for everyone to have an understanding of what finance means in our personal lives.
• Money is a tool in our lives and we all have a relationship with it. Good habits promote a more positive relationship! Challenging times can bring challenging emotions. When good habits are in place, these times are easier to navigate.
• Bob's book talks about the importance of building habits. With so much going on, people are making a lot of decisions these days. Develop habits that don't require a lot of brainpower to execute. Make decisions about your savings and debt in advance and use technology/automation to make your life easier.
• Bad decisions happen when you're mentally exhausted. Spend energy on big decisions and simplify everything else.
• How has technology and Social Media impacted our relationship with money and our overall personal well being? Technology is an inherent part of many people's lives. It is hard to avoid technology altogether.
• Tech thinks like we do. We used to only see ads when companies had a big budget for ads. That is much different now.
• You can use technology as a positive force in your life.
• Figure out what brings you fulfillment and joy and ensure there is money allocated for those things. These should take priority in your budget.

Looking ahead to the future:

• Technology makes things easier, but also more complicated. It's important to understand the systems and prepare for what's ahead.
• There are new technologies out there designed to decentralize finance. It is a new system and will continue to grow. Bob thinks of these new concepts as a new way to understand how money works. Before learning about the new systems, an understanding of the current system is required first.
• Once you want to learn about the new systems, start with learning about Blockchain and Crypto. Bob recommends investopedia.com as a great place to get started.
• Bob shares an incredible story about his background and why he dedicates his life to serving other people.

Resources Mentioned in the Episode:Atomic Habits, book by James Clear

Connect with Bob DePasquale

Websites: bobdepasquale.com & initiateimpact.com

Instagram: @bdepa

Twitter: @bdepa

LinkedIn: Bob DePasquale, CFP®CAP®

Bob's Book: Personal Finance in a Public World: How Technology, Social Media, and Ads Affect Your Money Decisions

Meet The Trainer

Meet Genar Mendez - Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers are discussing consolidation loans. If you have less than $10k in debt, one option is balance transfer cards. For debt greater than $10k, consolidation loans are a better option. Kadri and Mike are co-hosting today to talk through what consolidation loans are, how to address underlying issues before taking one out, and best practices to help you stay focused on the debt payoff journey. Podcast Notes

• If you have more than $10,000 in debt, loan consolidation can be a great option.
• It is a personal loan that is used to pay off all of your balances. Instead of managing 5-6 different debts at high interest rates, you can focus on the single loan. It makes for more seamless debt management and more stable interest rates.
• One of the most important steps is to address the underlying reasons for the debt. Reflect and be honest with yourself.
• Are you living above your means? Was there a big expense you had to take care of? It is a mix of everything? Life happens, give yourself grace, but don't ignore the reality.
• Since the personal loan will open all your other lines of credit, not using those cards, or digging yourself deeper into the hole, is vital.
• Loan consolidation is a tool and you have to put in the work to use it wisely.
• Take the time to look at all of the different options and really understand the lending contract before signing.
• A higher credit score will give you more availability when choosing a loan.
• If you continue to make payments and live within your means while paying off the loan, your credit score will likely jump. This is because when the credit lines are open, overall utilization is lowered, which helps increase your credit score.
• More options will become available as your credit score goes up. Debt payoff can take many years, and more progress opens up more options.
• If you apply for a loan and the interest rate is higher than what you're already paying, loan consolidation might not be the best fit.
• Be realistic about what monthly payment is going to work for you.
• Be sure to save money while working on the debt. It is impossible to break out of the debt cycle if you are not saving at the same time.
• Money is emotional, there is often shame attached to debt. Have compassion for yourself, the past is in the past. Feel empowered by your mistakes because they give you the opportunity to make a change.
• If you need more help with navigating your debt options, check out the new Trainer on Demand program!
• If you are looking to consolidate debt, check out the B.F.F. Approved Personal Loan Page.

Meet The Trainer

Meet Kadri, Level 3 Certified Financial Trainer

Meet Mike, Level 2 Certified Financial Trainer and Head of Trainer on Demand

On this episode of Financially Naked: Stories from The Financial Gym, our host is Kadri Augustin, a Level 3 Certified Financial Trainer based out of New York and he is joined by Tony Hoong, founder of The CPA Dude! Today, they're talking about how The CPA Dude got started and some general tips and things to think about as tax season approaches and as you plan for 2022 and beyond. Podcast Notes

• When Tony was young, he learned a lot about taxes from his mom who ran a restaurant. From payroll tax, to income tax and beyond, Tony's journey was launched there with her.
• His first day job allowed him to learn a lot about the tax codes in all fifty states and he eventually worked at Uber in their tax department. While he was working, he was always answering questions from his friends and family.
• The CPA Dude branding was his girlfriend's idea! She's behind the name, brand, and logo. In 2019, he made the move from helping friends to expanding to the public. In 2021, The CPA Dude became his full-time work.
• Kadri and Tony talk about changes and events from the last few years. From the 2018 Sweeping change to pandemic assistance. Things have been constantly moving.
• Kadri asks why there is so much pressure on the individual taxpayer to show their numbers and figure out how much is owed.
• If you don't file a tax return, the IRS is going to auto-assess and file one for you, running it with the worst possible results. If you're due a refund, you only have a few years to claim it, so it's important to file and take advantage of all of the credits and deductions available to you.

WORKING WITH THE CPA DUDE

• Quick communication is one of the core values at The CPA Dude. There's nothing more discouraging than reaching out to your CPA or accountant and not hearing back.
• The team at The CPA Dude is made of both staff members and licensed CPA's.
• The platform comes with an app and secure portal and app so you can communicate in a text style securely.
• A staff member will meet with you and prepare the return. Returns are then reviewed by the licensed CPAs before being filed.

GENERAL THOUGHTS

• Tax planning should be part of your regular financial planning. Make the assessment regularly, where am I now and where do I want to be?
• Between the tax reforms and new interest in crypto, there have been a lot of under withholdings the last few years, resulting in surprise tax bills.
• Contributing to your retirement accounts can be a way to reduce tax liability and you can contribute up until the filing deadline.
• If you are a freelancer, sole proprietor, or 1099 contractor, you can reduce your taxable income with business expenses.
• File your taxes early this year. The IRS is understaffed and underfunded. They're currently behind on processing 6 million returns from last year, so delays are to be expected.
• If you're waiting for a refund, check out the IRS tracker tool. You can also call, but it can be difficult to get through.
• If you get scary letters from the IRS, don't panic. Even if you've taken the correct steps, sometimes the delay means they haven't processed your response but their automated letters still go out.

If you want to work with The CPA Dude team, head to their website. Financial Gym members and Financially Naked Listeners get 10% off

Connect with Tony and his team at The CPA Dude https://thecpadude.com/ Meet The TrainerMeet Kadri, Level 3 Certified Financial Trainer

For the first time ever, The Financial Gym is offering a certification program for non- Financial Gym employees to become a Certified Financial Trainer. On this episode of Financially Naked: Stories from The Financial Gym, three of our Certified Financial Trainers, Catriona, Danielle and Sydney are here to talk about the brand new licensing program and what kind of person would make a great Certified Financial Trainer! Podcast Notes

• A Certified Financial trainer takes a ‘fitness style’ approach to clients’ finances. They work with people one-on-one to set goals and provide the financial plan to help them achieve those goals. They’re accountability partners, coaches, and someone to celebrate the wins with! 
• The new Certified Financial Trainer Program teaches everything you need to know about personal finance and working with clients of all financial shapes and sizes. It encapsulates a lot of information. 
• There are three different options, all of them require passing the Certification Test to prove your mastery of the material in order to become fully licensed as a Certified Financial Trainer. 
• The schedule is designed to accommodate busy lives and schedules.

The three tiers of the certification course are: 

THE FUN RUN: 

• Two weeks of personal finance training,. 
• Self-directed materials and videos to keep for your reference
• A Slack Community and office hours with a veteran CFT to ask questions during the course. 

 

HALF MARATHON: Everything included in the Fun Run tier, plus:

• An additional week of business and coaching training (3 weeks total)
• Access to The Financial Gym online courses
• Ongoing access to the Slack Community and office hours with a Team Lead 
• Once certified, you will be included on the CFT directory website to help new clients find you

 

FULL MARATHON: everything included in the Half Marathon tier plus: 

• A Level 3 Financial Plan for your business and personal finances from a veteran CFT
• Continuing one-on-one coaching with a veteran CFT
• Additional marketing toolkit and productivity licenses and training for 1 year
• Client leads to start growing your business from day 1.

 

Who would be a good fit for the Certified Financial Trainer program? 

• Someone looking for a career change. If you’re interested in personal finance or have been on your own journey and want to break into the space professionally. 
• If you’ve been thinking about adding a financial certification for a while but couldn’t find the right program for the right price. 
• If you are already a coach, this can be an additional offering and area of expertise. It can help you find a niche and serve your community. 
• If you have a client-facing business, financial coaching can be a great service to add to your offering ( Enrolled Agents, CPA’s, or other financial professionals wanting to expand their current scope.) 
• What are some personality traits of a great Financial Trainer? 
• Empathy and magic are really important. Being able to have open-minded conversations. 
• There is a lot of emotion surrounding money and the space needs to be a judgment-free zone. Being an active listener, allowing the clients to release their shame, and meeting them where they are. 
• Someone who is understanding makes a great Financial Trainer. If you’ve been on your own personal finance journey, you have the understanding and empathy to help others on theirs. 
• This is a great program for so many different kinds of people. Personal finance is so personal and everyone can bring their own unique backgrounds and touch to the job.
• The number one goal at the Financial Gym is to bring financial knowledge to as many people as possible. This program is one way we’re doing so in 2022! 
• If you want to learn more about becoming a Certified Financial Trainer, head to the Financial Trainer Certification page to learn more today!

Meet The Trainers Meet Catriona Williams, Level 2 Certified Financial Trainer & Podcast Producer! Meet Danielle Thomas, Level 2 Certified Financial TrainerMeet Sydney Kobell, Level 2 Certified Financial Trainer

Listen to Sydney’s previous episode: Finances of Freezing Your Eggs

Today's episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Myriam and Kadri, sit down to talk about 8 strategies for paying down debt. Whether it's consumer debt, student loans, medical debt, personal loans, or some combination of these, it can be overwhelming to know where to start. Myriam and Kadri talk about concrete action steps you can take to tackle debt and break the cycle.

Podcast Notes

• STOP USING YOUR CARDS - The most important step of getting out of credit card debt is to stop adding more debt. Kadri often talks to his clients about credit card psychology. Using debit cards while on a debt payoff journey will help you reduce spending. When you spend on a credit card, that balance increases. When numbers go up, we get a good feeling. We only have to pay the bill one time at the end of the month, instead of feeling the money leave with each transaction. It can be a challenge, but here are some tips to make the transition easier:
• • Take them out of your wallet if you can.
  • Forget chasing credit card points - it isn't worth the interest and the larger minimum payment
  • Unlink cards to convenience apps like Uber and DoorDash
  • • Chase Sapphire Preferred gives you DashPass, the membership program to DoorDash. While this may help you reduce fees, remember that if you are ultimately going to pay interest then any deal can't offset that!
  • There are cases where you have to use your credit card. Maybe you don't have an emergency fund and putting something on your cards will be the difference between caring for a sick family member or not.
  • If you truly want to break the cycle, you need to also work towards an emergency fund
• FOCUS ON BUILDING AN EMERGENCY FUND BEFORE AGGRESSIVELY PAYING DOWN DEBT
• • This is the best way to break the debt cycle
  • If you've heard the phrase "pay yourself first," this is an example of that.
  • If you are constantly using your spare cash exclusively towards debt and something major comes up, you'll have to rely on your credit cards
  • This can take time. Saving money is a grind, and that's totally okay!
  • Though you won't earn a ton of interest, it's worth it to build this insurance policy to prevent you from using cards.
  • However, there are still ways to be mindful of the interest you're paying - one is through the debt avalanche approach.
• THE DEBT AVALANCHE APPROACH
• • Tackle the highest interest debt first. If you have an extra $500 to put somewhere (and your emergency fund is fully funded), use that total amount and put it towards one debt, rather than spreading it across a few. This is mathematically the best way to pay down debt if you're going to make additional payments.
  • You may not like math, but you can use it to your advantage by paying down your highest interest rate debt first by putting extra money towards it.
  • You can reduce your debt payments even further with a few tools - one I would consider a little tricky, which is debt settlement, and one I would consider more straightforward, which is balance transfer cards and personal loans.
  • • The Snowball Method is another option for paying down debt. Instead of working on the highest interest debt, extra payments are made to the smallest balance debt. This method works well for a lot of people. It comes down to knowing yourself and using whichever method works for you!
• DEBT SETTLEMENT VS. DEBT MANAGEMENT

Debt Settlement

• The pros: you can potentially reduce the amount of money you need to pay for your debts, and you can use the money you were spending on debt minimums to save for your emergency fund or make ends meet.
• The cons: your creditors may not agree with debt settlement, your credit score will likely tank, and you could be charged more debt and fees.
• This is also tricky because you can get in hot water if you choose to not pay your debt obligations to have more bargaining power in the settlement.
• There are other somewhat shady companies that handle the debt settlement process for you. What they provide is nothing that you can't do yourself. Always be careful and ask a lot of questions when looking into these companies.
• They'll typically ask you to still make monthly payments that they save on your behalf so they can pay the reduced amount for you later.

Debt Management

• In contrast with debt settlement companies and strategies, there are debt management nonprofits that work with your creditors on your behalf to help lower interest rates, lower fees, and sometimes monthly payments.
• They help you keep your credit from suffering if you're struggling with your monthly payments and can work with you to create better cash management habits
• It's important to do your research and ask questions. 'Nonprofit' does not mean they have your best interest in mind. At the end of the day, it is a corporate filing.
• They look at your full debt picture. If you have cards open, they require you to shut down your cards, keeping just one open. They have relationships with lenders and will go to them and negotiate the interest on your behalf. Instead of paying the lenders directly, the minimum payment goes to the nonprofit. Programs like this have advantages, but you can also do this on your own, though it takes some time and you might have to make a few rounds of phone calls.
• If you miss a payment, all bets are off. You cannot miss a payment. There is risk there, but that's pretty much how it goes.
• There are other ways to lower your interest and / or your monthly payments. They are balance transfer cards and personal loans

• BALANCE TRANSFER AND PERSONAL LOANS
• • Balance transfer cards usually offer a 0% or lower APR, and you move the balance from one card onto this new one, giving you more time to pay down the debt.
  • While helpful to reduce interest payments, this can enable you to spend more because you now have more available credit.
  • Before consolidating, make sure to give yourself some time to get used to a new spending plan that is sustainable for your income. Knowing yourself and your habits is important.
  • To find a list of BFF Approved Balance Transfer cards, check out this page!
  • Nerdwallet is also a great resource when looking for cards.
  • If you already have credit cards, there may be balance transfer options available, so make sure to check those out when you do your research.
• INCREASE YOUR INCOME
• • This can come from getting a promotion, switching jobs, getting a second job, or starting a side hustle (with low to no startup costs).
  • Earning more money is something Kadri encourages all of his clients to do. It's easier said than done, but Trainers see it all the time with their clients. They'll get a new job with a 40k salary increase or really advocate for themselves and get a raise in their current roles.
  • Think about all of your talents, expertise, and get creative when thinking about how you can make more money.
  • Once you start making more money, be mindful of lifestyle creep. It's important to know yourself and have a plan in place.
  • Take a look at your expenses and ensure they're helping you reach your debt repayment goals. When it comes to building wealth, look at both sides: increasing income and reducing expenses is the key.
• REDUCE EXPENSES
• • The first step, add up all of your fixed expenses, including debt minimums. How much is left over for your variable expenses, savings, and extra debt repayment?
  • There is a minimum you want to have for your variable expenses, especially in high cost of living areas.
  • When Myriam makes financial plans, she aims to have at least $860 per month or $200 per week for variable expenses. The bare minimum for lower cost of living areas is about $530 per month or $125 per week.
  • It can feel like a lot of sacrifice. You want to check in with yourself and ensure your physical and mental wellness is being taken care of.
  • It's easier said than done. There is only so much that can be cut.
  • Closing the gap between your income and spending is the only way to truly break out of the debt cycle. It is a process and takes time. Be patient and find what works for you.
• DON'T BE AFRAID TO CONSIDER BANKRUPTCY
• • Bankruptcy gets a bad reputation, but it can be an amazing tool, especially if your debt to income ratio is 50% or above.
  • A quick rundown on bankruptcy: it gives you a lot of protection. Your creditors cannot contact you, sue you, put liens on your property or garnish your wages. You can also sometimes be protected from any income tax penalties for the forgiven debt.
  • It is a tremendous tool to give yourself a clean slate. Once you have gone through the process, the debt is gone.
  • It is a long process and can take months. While bankruptcy does not need to be scary, it should be taken seriously. You can only declare bankruptcy every ten years, so having a plan of action for once the debt is clear is incredibly important!

Martinis and Your Money Episodes about bankruptcy

• Declaring Bankruptcy with Colleen
• Life After Bankruptcy with Natalie Jean Baptiste

From The Financially Free Blog:

• How to File For Bankruptcy

THE BIG TAKEAWAY:

• Stop using your credit cards (if you can, and there are some situations where you temporarily have to)
• Build your Emergency fund
• Debt avalanche approach
• Debt management vs settlement
• Debt consolidation using tools like balance transfer cards and personal loans
• Increasing your income
• Reducing your expenses
• Don't be afraid to consider bankruptcy

One of the newest programs at The Financial Gym is our Trainer on Demand, where you can schedule a call every month to chat with a Certified Financial Trainer. If you're looking for someone to help you make a debt management plan and click this link to learn more!

MEET THE TRAINERS

• Level 3 Certified Financial Trainer, Kadri Augustin
• Level 2 Certified Financial Trainer, Myriam Robinson

On this episode of Financially Naked: Stories from The Financial Gym, two of our trainers sit down to Gymsplain student loans. Mike, Level 2 Certified Financial Trainer, is joined by Joy, Head of Trainer Academy and Certified Financial Trainer.The general consensus around The Financial Gym: student loans are really no big deal. Common feelings surrounding student loan debt are often fear, anxiety, and shame. Joy and Mike hope to demystify these loans and provide some tips for your debt payoff journey. You don't have to scale the mountain of student loan debt before enjoying your life.

**Please note this episode was recorded before the government's decision to extend student loan payment pause through May 1, 2022. For more information on this check Federal Student Aid website. The advice still applies!

Podcast Notes

• There are two main types of student loans: Federal Loans - provided by the government based on your FAFSA resultsPrivate Loans - provided by a private lender like a bank or company

FEDERAL LOANS:

• there are a few different types of federal student loan options.
• • Subsidized: government pays the interest while you are in school
  • Unsubsidized: You're responsible for the interest accrued while in school
  • Parent Plus: Loans your parents take on your behalf
  • Grad Plus: For graduate students based on a federal aid package
• All of these federal loans have various repayment options. Standard, income-based, and gradual repayment plans are some examples.
• Income-based repayment plans all come with loan forgiveness later down the road (20-25 years).
• Public Service Forgiveness is available if you are employed by a U.S federal, state, local, or tribal government, or not-for-profit organization. This is a 120-month or 10-year program.
• The Federal Government put an administrative pause on federal loans the last two years as part of COVID relief efforts, which is a huge benefit of federal loans.
• You can apply for your own deferment or forbearance if you are personally experiencing a hardship.
• Federal loans can be consolidated into one big federal loan. This opens up other repayment options and can simplify your payments.
• You can refinance your federal loans into private loans, if you wish. Though it is rarely recommended because you lose the flexibility and benefits that come with federal loans.
• Unlike other collections, student loans don't go away. You do have the option for loan rehabilitation. It's important to be prepared and organized for this process because you only have one chance with this program. A trainer can help get your ducks in a row.

PRIVATE LOANS:

• Typically supplemental funds families take out if they don't have enough federal aid to cover the cost of school.
• They can be used to cover living expenses and fees and other school-related costs.
• These are more similar to a traditional loan because they are held by a private lender, bank or company that handles only student loans
• They are under no obligation to honor and forgiveness or other programs the government is offering with federal loans
• One perk of private loans is it is a competitive industry, so there are options for refinancing as your income and credit score increase.

OVERALL THOUGHTS ABOUT STUDENT LOANS

• When it comes to student loans, the goal doesn't always have to be 'get the balance to 0'
• Student loan payments are money you can't get back once you pay it.
• Instead of paying student loans off early, there are other financial priorities to focus on, depending on your situation. It could be high-interest debt, saving into an emergency fund, or investing for retirement.
• Student loans don't need to be an emotional burden or cause you stress.
• Federal student loans came about during the cold war. They wanted to encourage a population full of people with higher education to keep them competitive in the space race and other global affairs.
• Because there are no regulations around the cost of school, the price has gone up astronomically. There are a lot of issues within the workings of higher education and we carry that burden on our backs through these loans.
• It is absolutely okay to just pay the minimum. The government prefers you pay the minimum and use your money to stimulate the economy. Doing things like saving for retirement, buying a home, shopping at local businesses.

Meet The Trainers

Meet Joy Liu, Head of Trainer Academy and Certified Level 2 Trainer

Meet Mike Poulin, Level 2 Certified Financial Trainer

• If you want one of our Certified Financial Trainers to work with you on a student loan strategy, book a complimentary consultation today!

On this episode of Financially Naked: Stories from The Financial Gym, two of our trainers, Chandra and Garrett, sit down to talk about their plans, goals, and hopes for 2022. They discuss their personal goals, financial goals, intentions, and what about the new year has them excited!

Podcast Notes

• Chandra's word for this year: intent. To be more intentional with friendships, relationships, and partnerships. This includes her relationship with money!
• When Garrett was thinking about the theme for the year, the word 'breathe' came to mind. It's so important to breathe. To pause, take a moment for yourself, and collect the thoughts.

HABITS / INTENTIONS TO BRING INTO THE NEW YEAR

• Financial health is just as important as physical and mental health.
• Focus on being intentional about one thing at a time. Trying to change everything at once can lead to burnout. Sustainable habits over time will set the foundation for success.
• Be intentional with saving and investing. While 'building wealth' is a fine goal, dig deep and find what gets you excited.
• Avoid playing the comparison game with other people. There is no set timeline for when certain financial goals should be reached. Compare you to yourself and measure growth that way.
• Without the mindset shift, nothing else changes. You have to believe you can be successful.
• Take some time to reflect on the wins. Even during times where you feel like you didn't do much, there are wins to be found. Even if you overspend during the holiday season, not adding debt can be a huge win. Even if you have to dip into your savings, they were there and that's a win.
• Clients who consistently show up for themselves intentionally become more financially savvy.
• Things are always evolving. Always strive to learn and educate yourself more and more.
• If there are children in your life, take time to bring them into the fold. The same way most of our first bank accounts are the same as our parents, this can be the same for investment and brokerage accounts. Almost everyone says they wish they would have started investing sooner, so teach the young people in your life!
• If you fail to make a plan, you plan to fail.
• You don't have to win the race, but you do have to start walking. Everything starts with the first step, which can be the hardest.
• Taking the time to learn is part of that first step.
• The more time and effort you put into anything, there will be change.
• There's no wrong time to start taking the right strides forward.
• Time keeps ticking forward. How are you spending your time? Are there areas you want to change?
• On a daily basis, set your intentions because we aren't promised tomorrow. Tomorrow will take care of itself. Be intentional about what you're going to do today
• This time and New Year are a blessing. You are here. Take the time to appreciate yourself. Think about your plan of action and move with intention in all aspects of your life, not just the finances.
• Put your action items out there. Whether that is on paper, to a friend, or with a Trainer at The Gym.

About Financial Trainers

• All of the Certified Financial Trainers at The Gym come from different backgrounds and have been on their own financial journeys. They don't judge and are a safe space to set big goals or talk about things that make you anxious.
• If you want a hype person on your life team, schedule a complimentary consultation with one of our amazing warm up callers to learn more! As life ebbs and flows, a Certified Financial Trainer will be your accountability partner along the way.

Meet The Trainers

Meet Chandra - Level 2 Certified Financial Trainer

Meet Garrett - Level 3 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, two of our Level 2 Certified Financial Trainers, Mike Poulin and Sara Belhouari, sit down to talk all about goals! They discuss their favorite kinds of goals, how to achieve them, and how to keep yourself motivated along the way. The end of the year is a popular time for reflection and goal setting. This episode is full of tips about how to be thoughtful and intentional with your new goals! Even though it's an especially popular topic this time of year, you can set a new goal any time. The tips and exercises in this episode can be used any time of year.

Podcast Notes

• You don't have to wait for the New Year to make changes, but there is something magical about a fresh start in January. It's a great time to reflect and ground yourself again.
• Sara and Mike are both people who like to set goals. Mike's are more reflective and Sara focuses on very interpersonal goals with tangible metrics-based goals sprinkled in.

FIND WHAT IS IMPORTANT TO YOU

• Goals are your values put into reality. If you know what your values are, setting goals becomes easier.
• Plans at The Financial Gym are designed around your goals. Figuring out what those are is a huge step. The first quarter is explortarty for the clients and often, the goals change!
• Clients will ask their trainer, "what are other people's goals?" There are many outside forces: friends, family, social media, society, all influencing what we think we want.
• Your goals don't have to be, 'buy a house,' 'have a kid,' or 'buy a car.' We assume they have to be big, tangible milestones, but there are many types of goals!
• They can be around setting boundaries, feeling more confident, saving a certain amount of money. It's about figuring out what YOU want, not what somebody else wants.
• Sometimes you find new goals while living life. Mike shares an example about setting boundaries and how it was a goal he didn't know he needed.
• Society has a very set structure and if you want anything outside of that, it's seen as taboo or weird. It can be easy to adopt the goals of others and society.
• You are the only person who can hold you truly accountable, so set goals that YOU want to achieve.

SMART GOALS

• Smart is an acronym to help aid in goal setting. It helps you with setting goals beyond, 'I want to save money this year.' SMART stands for:
• • Smart
  • Measurable
  • Achievable
  • Realistic
  • Timeframe
• This framework is a great starting point, but you can modify and adjust it to fit your needs!
• Don't get caught up in the weeds if that isn't enjoyable for you. Setting goals doesn't need to be a stressful process.
• When it comes to the 'realistic' aspect of SMART goals, don't sell yourself short. Even if your goal might not seem realistic, put it out there! Speak it into existence. Once you say it out loud, there's a better chance that it is going to happen.
• It can be hard to admit or even know what you actually want, especially after the last few years. Sometimes you have to think out of the box and really go for it. You never know what might happen. The universe has a funny way of making things happen.
• At times, the goal is not clear. When that happens, it's time to get out and find the next best thing! Life is unpredictable.

TAKING ACTION

• Once you have figured out the goal, what's next? How do you start making it happen?
• Taking action on the goals is the most important thing. You have to make a plan and spend time working on it, or it is not going to happen. You can use an app, spreadsheet, or journal!
• There are tools out there to help you with the measurable aspects of the goals. Once you figure out what you want, reverse engineer it.
• If there is too much time clutter in your day, clear the space to take action on your goals.
• If you're a person who sets goals, but struggles with follow through, find an accountability partner. This can be a friend, coach, or a trainer at The Gym. Accountability works and there's no shame in having people on your team helping you achieve your goals!

If you are looking for a BFF (Best Financial Friend) or want a Certified Financial Trainer to help you figure out your goals and hold you accountable, head to TheFinancialGym.com to book a complimentary consultation today!

Meet The TrainersMeet Mike Poulin, Level 2 Certified Financial Trainer Meet Sara B, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Level 2 Certified Financial Trainer, Randi DeGraw, based in New Jersey. She is joined by one of her clients, Eileen, to sit down and talk about one of their favorite topics, teaching kids about good financial habits early on. Both Randi and Eileen have children. Eileen's son, Sebastian, is nine years old and Randi has two kids. Harper who is four years old and JJ, who is six. Today, they discuss how and when to get started, books to read with your kids, and different tools you can use to get them excited about financial literacy.

Podcast Notes

• Children learn the most about money by observing their parents, especially if other discussions aren't being had.
• Have intentional conversations and let them watch you.
• Eileen talks about her family dynamic growing up. One parent had a gambling addiction and the other had a spending addiction. She learned how to rack up credit card debt and ended up filing bankruptcy. After her divorce, she only had $347 to her name and had to figure out how to manage money quickly.
• This is a huge motivating factor in teaching her own son. She wants him to build a great relationship and habits with money, even before he starts working. The goal is to teach valuable lessons and set him up for success in adulthood.
• Money is a vital part of how we operate in the world. Teaching kids early isn't about them being obsessed with money, just how to have a healthy relationship with it.

WHERE TO GET STARTED

• Start the conversation with money in general. Kids start learning about money in kindergarten or first grade, and you can build on what they learned with real coins at home.
• Get them involved and excited. Eileen and Sebastian built a money bank from a DIY Home Depot kit. There was wood, nails, and paint. He was so excited to build it. He also has a wallet to keep his cash organized.
• Read books about money together, there are great ones for kids.
• Teach them the concepts and allow them to make age appropriate decisions. The supermarket and dollar store are great places to start with young children.
• Sebastian got excited about money around age 8, though the smaller conversations started earlier.
• Letting kids spend their own money is one of the best learning tools.
• Make money a fun and enjoyable topic

ALLOWANCE

• When Sebastian was young, the allowance started at $1 per week. We'd go to the dollar store and he was able to use the money he saved to buy what he wanted.
• A real allowance started at age 8 for Sebastian and it is a mix of cash and debit. Each Thursday is payday and they go over the spreadsheet together so he can see where the money goes.
• Eileen uses the app Greenlight and there are many great features!
• There are weekly chores for the base allowance, but opportunity to make extra cash doing extra chores such as vacuuming the car or helping rake leaves.

WHAT EILEEN & SEBASTIAN FOCUS ON

• They talk about savings goals: giving, sharing, and spending are all savings goals on the Greenlight card.
• When it comes time to take money out and spend it, Sebastian will look at the price and say, 'That's too expensive! I'm not buying that.' He gets it!
• Compounding interest! They talk about investing and she opened a Fidelity account for Sebastian. Right now, she deposits $25 a month and will contribute until he starts working. Starting early is the key.
• The importance of not always trying to keep up with the Joneses
• He is 9 right now and he is currently saving for a car. The goal of this is to show him how these little steps over time make a huge difference.
• He sits with her when she updates her portfolio and they dive into investing then.

FUN STORIES

• Eileen jokes that Sebastian tells stories about being in school and knowing all the answers to the money questions. The teachers are always surprised!
• They did an Instagram live together where he asked to be interviewed. He loved it and wants to be partners in teaching others personal finance with his mom.

FINAL THOUGHTS

• Starting this process is all about setting time aside to do it. It can be hard to get started, but the habit is built over time.
• The best way to teach is through real life. Put the money in their hands. Talking and books are great, but they learn the most by actually doing it.
• There are always ways to make it fun and enjoyable. Do what works for your family and your kid's interests.

If you want to work with a trainer to improve your financial health or talk through teaching your children about money, book a complimentary consultation today!

OTHER RESOURCES:Greenlight: An app designed to help parents teach kids about money Danny Dollar Millionaire Extraordinaire and the Lemonade Escapade - by Ty Allan Jackson Rich Dad's Escape from the Rat Race - Robert Kiyosaki

Connect With Eileen:

Email: [email protected]

Meet The Trainer

Randi DeGraw, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Joy Liu, Director of Trainer Academy.  She is joined by two of our new Certified Level 2 trainers based in  Los Angeles, Jazmin and Yenny. 

As Director of Trainer Academy, Joy has the pleasure of onboarding all of the new trainers when they join the team and certifying them to become trainers. On the show today, Jazmin and Yenny will introduce themselves and discuss how they found The Gym, some personal stories, and what excites them most about being part of the team. Podcast Notes

HOW WERE YOU LED TO THE GYM

• Yenny’s personal finance journey started when she was young. She grew up in a low-income immigrant household, where there was always a feeling of scarcity around money. This kind of mindset was motivating, but led to fear based choices in her adult life. Once she started earning a higher salary, she didn’t know what to do with the money. She wanted to set goals for herself and make the money feel personal and intentional. A friend sent her the Financial Gym’s Instagram page and she followed for a year. Once she honed in on what she wanted to do as a career, she applied to The Gym. 
• Jazmin had the experience growing up on welfare fairly early in life. She decided to go her own route and got married after graduating high school. She found herself taking on debt before making the money to pay it off. Without many examples growing up, it was hard to make a plan. I went to school, took out student loans and started a family. Her income at the time was solely supporting the family and there wasn’t room for much else. She found herself in six figures of debt, and wanted to get serious about personal finance. She dove deep into reading and researching, learning as much as possible about personal finance. The Gym was one of many resources she found. Through the process, she began sharing her knowledge with friends, family, and members of her church. The lack of access to quality financial education is what attracted Jazmin to The Gym. 
• At The Gym, it is important for the clients to know their trainer has walked in their shoes. They’ve been on their own finance journeys and want to help usher others. 
• There can be an assumption that a financial professional has always done the right thing or led a perfect financial life, and that shouldn’t be the case. 

Before your personal finance journey.. What was your best decision and the biggest learning opportunity?

• For best decisions, Yenny talks about taking out less than the maximum amount of student loans and buying her first home. While she doesn’t live in that home anymore, she was able to sell it for a profit. The home was also the biggest learning opportunity because it needed a lot of work and she wasn’t financially or mentally prepared at the time for it. 
• Jazmin shares a story about her friend asking her about contributing to their workplace 401k. This friend explained the employer match and the importance of compound interest. This was a huge turning point for Jazmin’s journey. Years later, she can see the effects of those earlier contributions growing. The biggest opportunity, a timeshare, which Jazmin was introduced to at a Dodgers game. She was able to pay it off, but it was painful.

TELL US ABOUT YOUR FAMILY 

• Yenny lives with her husband and they don’t have any children or fur babies right now. As a child of immigrants, giving back and taking care of family, including financially, is incredibly important to her. She’s learned to set boundaries and set up systems that work well for her and her family. This looks like family plans for insurance and phone bills and sharing my resources and knowledge with my family so they can empower themselves. She has a strong financial connection to them, which is common in many cultures. 
• Jazmin and her husband have two teenagers and two dogs. Her teenagers are very athletic so she’s always at various games and meets. Back when we first started on this personal finance journey as a family, her husband was a huge part of that. They would listen to money talk shows on the radio and have conversations based on quotes from the show. The kids had an allowance, which gave them the opportunity to be part of the family journey and learn with their own money. Her husband now is all about finding ways to earn passive income. He’s incredibly strategic and thoughtful about their budget and it keeps the whole family motivated and excited. Jazmin’s family has started a number of physical locations and service-based businesses. She is an advocate for starting these without taking on debt. 

WHAT KIND OF CLIENTS ARE YOU HOPING TO ATTRACT 

• Yenny hopes to work with folks who are new to the security of money and what it can provide. 
• Jazmin hopes to work with folks who have messy, sticky, situations. She loves taking a financial puzzle and putting the pieces together. 
• If you resonate with Jazmin or Yenny’s stories and want to work with them, book a complimentary warm-up call today. Let your consultant know that you’re ready to work with one of them. They’re so excited to get YOU started on your own financial journey! 

 

Meet The Trainers

Meet Joy Liu, Head of Trainer Academy 

Meet Jazmin Higgins, Level 2 Certified Financial Trainer 

Meet Yenny Urquilla, Level 2 Certified Financial Trainer