Financially Naked

On this episode of Financially Naked: Stories from The Financial Gym, our host is Myriam, a Brooklyn-based Financial Trainer, and she is joined by Mark Zauss, LMHC, and they are going to talk about how alcohol can affect your finances.

Monument is an online platform for those looking to change their relationship with alcohol. Mark Zauss, who is a therapist at Monument, and has over 12 years of experience as a licensed mental health counselor. To explore how drinking less can improve your finances, physical and mental health, relationships, and more, visit joinmonument.com.

Connect with Mark & Monument

Website: https://www.markzausscounselor.com/

Monument: joinmonument.com

Instagram: @joinmonument

Facebook: @joinmonument

Meet The Trainer

Myriam Robinson

On this episode of Financially Naked: Stories from The Financial Gym, our hosts are Kadri Augustin, a New York-based Financial Trainer, and Kylie Lipinski, a DC-based Financial Trainer and they are going to talk about the basics of investing.

Meet The Trainers

Kadri Augustin

Kylie Lipinski

On this episode of Financially Naked: Stories from The Financial Gym, our host is Chandra Savage, a New York-based Financial Trainer, and she is joined by Gym client Erin McClarty, and they are going to talk about starting and growing your own business.

Erin is a licensed attorney who left her high-paying position to start her own business as a Social Impact Architect working with clients to understand what their story is, how to embed it into their projects and bring it to reality, blending purpose with profit. Through her design strategy and legal practice, she works with people to connect the dots between their social impact goals and creating, forming, and designing their organization. Having been through it herself Erin has learned about obstacles in starting a business and discusses what she learned and how she supports others on their journey with her Financial Trainer Chandra on this episode.

Connect with Erin

Get more information on working with Erin on her website: Erin McClarty, PLLC

Check out Erin's blog: http://www.notationsonnonprofits.com/

Erin's Spotify playlist: Making Waves

Instagram: @mcclarty03

LinkedIn: Erin McClarty PLLC

Meet The Trainer

Chandra Savage

On this episode of Financially Naked: Stories from The Financial Gym, our host is Hector Lopez, L.A.-based Financial Trainer, and he is joined by his coworker, Garrett Faulconer, to discuss Bitcoin.

Podcast Notes

• Around 2017, when Bitcoin was starting to get hot and was around $10,000, Garrett opened a Coinbase account and invested in it. After that, the value of Bitcoin fell dramatically. He still has that investment to remind himself to research things more thoroughly.
• Hector bought into Ethereum first, which is a type of cryptocurrency. There is a lot of talk about cryptocurrency and it is easy to get swept up in it without fully understanding. Hector currently has .0003% of a Bitcoin.
• Recently, Bitcoin went past $61,000 per coin and it has already come down from that threshold. In a day it can drop thousands. Know what you are getting into and think long-term about it, if you are in a place to get invested in it.
• Tesla bought a significant amount crypto, and PayPay started experimenting with accepting Bitcoin as a payment. The Dallas Mavericks are allowing people to buy merchandise and tickets with Dogecoin. More and more financial companies and retailers are allowing cryptocurrency as payment.
• If you can't sum up the core of cryptocurrency in a few sentences, you shouldn't buy it. When you are looking to invest, know what you are investing in. Don't get caught up in FOMO.
• Bitcoin: A digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Crypto currencies work using block chain technology, which is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal is that it is secure.
• There are more than 6,700 different types of cryptocurrencies available.
• There are only 21 million Bitcoins available. If you are purchasing Bitcoin, you are purchasing part of a collection. The intrinsic value is based on everyone else's perception and valuation of that item. The more exclusive something is the more valuable it is.
• If you put $100 into Bitcoin, you get a percentage of it. If more people want it, the price will rise. It is getting a lot of traction, because big finance players are talking about it and buying it. Bitcoin is qualified as property for tax purposes, which carries a 28% tax.
• If nobody is interested in buying Bitcoin, the value is going to drop.
• If you are interested in buying Bitcoin, or other cryptocurrency, talk to your trainer and do some research.
• In order to track Bitcoin transactions, there is a digital ledger that is held by everyone. Everything is transparent and trust is a big part of it. This is how block chain works.
• Other popular cryptocurrency is Ethereum, which uses smart contracts. In the future, you may be able to buy a house with Bitcoin, but you write the mortgage contract with Ethereum. Dogecoin started off as a joke and is very approachable.
• An NFT means non fungible token. The main application is being a unique copy of digital art. It's related to crypto currencies but it is different, but it uses block chain technology.
• Where can I buy crypto currency? Coinbase is the popular, mainstream exchange. Gemini is another platform that is getting more traction right now. When you are purchasing, understand what you are buying. When you purchase from Robinhood, you are purchasing a promise, because they are a third party seller.
• What are the tax implications? Crypto currencies are taxed as a property. If you buy Bitcoin for $10,000 and sell it for $13,000, your capital gains will be $3,000 and you will be taxed on those gains. If you sell it for $7,000, you will owe nothing and you are able to use the $3,000 loss to offset other gains. There is also a difference if you hold it for longer than a year versus less than a year.
• Is Bitcoin being used? Tesla, Square, and Visa bought into it. Adoption of it is becoming more and more apparent. Treat it as a serious thing.
• Cons of crypto currency? Price volatility. Recently it was at $61,000 and two days later, it was at $55,000. One person's tweet can massively swing where this can go. If people are making money on it, it will be in the news, so beware.
• Are there hacking concerns? Something is safe, until it is not. Always be skeptical and have a backup, emergency plan. Have a healthy level of skepticism. There are online wallets that are more encrypted where you can store your crypto. It isn't secured by SIPC, which insures brokerage accounts up to $500,000.
• When it comes to crypto currency and single stocks, only allocate a small amount of your investments to it, like 5%.

Meet The Trainers

Hector Lopez

Garrett Faulconer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Hailey Lott, a Financial Gym client, and she is going to talk about being financially smart.

• Hailey is a Peak Performance meditation specialist, functional ability yoga instructor, and a sound and breath work facilitator. She supports people in recognizing the beliefs, thought patterns, and habits that are no longer working for them.
• Hailey is an entrepreneur and she started her business five years ago, and she has gone through all of them ups and downs of entrepreneurship life. The biggest lesson she learned last year was she hit her goal of making over six figures for the first time in her business, but she hadn't saved and she didn't have anything to show for it.
• Hailey knew she had to get serious about her finances so she could save up for travel, buying a home, and an emergency fund (which she didn't know she needed). She was very resistant, because she was terrified. She told herself that she wouldn't be able to figure it out and that belief held her back.
• If we want to change our minds and our lives, we need to do something different. Hailey didn't know what she was doing, she didn't have the support, and she didn't know where to start.
• Hailey was introduced to The Financial Gym from a few people talking about it and she saw an ad online. She wanted to have something to show for what she was doing in her business.
• If you want to start, take the action and know it is okay to have the worries or doubt. The most important thing to do is to take action until it becomes the new normal and a subconscious habit that you don't have to think about.
• Hailey's financial trainer is Victoria and there was so much she didn't know. When she started uncovering these areas, the limiting beliefs got louder. Hailey decided to try The Gym for three months.
• After the first meeting, once she sent Victoria the information she needed, they scheduled the planning meeting. Hailey felt very safe, supported, and able to ask questions.
• The planning meeting felt exciting and overwhelming. The plan was over 20 pages long and everything was explained, like saving for emergencies, taxes, future travel, and other things that are important and fun for her. Victoria gave Hailey goals and ways to make those goals a reality.
• Hailey emails Victoria every week with different financial questions, and there is now a feeling of ease around her finances. She is two months in and she already feels more confident. This has brought the awareness she needed to start budgeting. It now feels like a fun game, because she has savings.
• Hailey has more savings than ever, because she made a decision to get support from The Gym. This works as long as you make the effort and follow through.
• If you want more when it comes to your finances, join The Financial Gym.

Connect with Hailey

Website: haileylott.com

Instagram: @haileylott_

On this episode of Financially Naked: Stories from The Financial Gym, our host is Mike Poulin, DC-based Financial Trainer, and he is joined by David and John, The Debt Free Guys, to talk about the queer community and finances.

• John and David have been together for 18 years. They didn't have any conversations about money until a year and a half after they were together when they had a financial "aha" moment.
• They were both working in financial services helping people save for retirement and save for their kids' college and they weren't doing this themselves.
• Looking at buying land to build a vacation home in Colorado led them to coming clean with each other about having $51,000 in credit card debt. They both thought the other one had their financial act together and it was a deflating realization.
• After this, they had a discussion to figure out how they each got to this point. They itemized expenses for the past 12 months and it gave them clarity, and they realized what they were spending on was not bringing them happiness.
• Now that we are able to socialize and places are opening up, many people are scared that they will go back to old habits and lose the progress they made financially over the last year.
• When you find what matters most to you, it will be motivation to continue on. Find a healthy balance between socializing and meeting your financial goals. Most people just want to spend time with friends and family, and it doesn't have to involve spending money.
• In 2019, John and David wrote an article for Forbes, called The LGBT Community Faces These 5 Financial Challenges. Since then, not much has changed, as the LGBTQ community has been more adversely affected by the pandemic than the general population.
• A significant positive change that has happened in the last 12 to 18 months is more LGBTQ people have been joining the financial discussion. Having a conversation is the first step in pursuing financial independence.
• The biggest challenge John and David see is credit card debt, student loan debt, and lack of retirement savings. No demographic is really doing great in those categories, but the LGBTQ population has been struggling more.
• 40% of homeless youth identify as LGBTQ and there are many others that graduate high school and live at home in unhealthy environments.
• The earlier you get started with saving, the confidence level you have to ask for what you are worth at a job will affect you the rest of your life. The legacy effect of what happens when you are excluded from your family, or unsupported, makes a major impact. For kids that figure out who they are at a young age, and don't have support, it is much harder.
• Mike has started UTMA accounts (Uniform Transfers to Minors Act) for his nieces and nephews, and he deposits money into those accounts instead of giving them gifts. Doing something like this sets the foundation for smart money conversations with kids.
• 65% of LGBTQ people surveyed said they had been adversely affected financially by the pandemic versus 50% of the general public. There are a lot of LGBTQ people who are struggling financially, and because of the mental state that puts them in, it may trap them in a spending spiral.
• If you are in this spiral and are struggling financially, get crystal clear on what it is you most want and start to spend and live your life accordingly, by looking for tools and resources to help you. Look for a support group. There are a lot of groups online that are free.
• A lot of people have an aversion to spending money to get help financially. Those who have joined the credit card payoff course The Debt Free Guys offer have benefited far more than what they paid. Trainers at The Gym have Financial Trainers.
• John and David both came from times and places when it wasn't okay to be gay. When they were each first independent, they tried to make up for the past by spending on looking fabulous. They felt they would be ostracized if they didn't live up to the stereotype and they spent beyond their means to live that way.
• Your lifestyle doesn't need to look like a baller. The way we disguise our need for acceptance can look really good. Sometimes it looks like generosity. What is the motivation for doing what you truly do and are you spending in a way that is an emotional drag.

Connect with The Debt Free Guys

Social Media: @debtfreeguys

Podcast: Queer Money Podcast

Website: debtfreeguys.com

Meet The Trainer

Mike Poulin

On this episode of Financially Naked: Stories from The Financial Gym, our host is Victoria Sechrist, a Boston-based Financial Trainer, and she is joined by Gym client Samantha Peller, and they are going to talk about saving to be a voice over artist.

• A voice over actor only uses their voice and includes jobs such as commercials, animated characters, audiobooks, and online trainings.
• Samantha started her career as an actress doing musical theater, which was her major in college. She also has done some on camera work as well. Eventually she ended up being a creative arts therapist.
• Her career also led her to do trainings and she used her voice for the e-learnings her employer was producing. Someone at her work asked her if she had ever considered doing voice over acting.
• During COVID, with all of the theaters shut down, there was a huge move for actors to go into voice over acting, because you can do it in a home studio. Samantha was already interested in this before COVID.
• Voice over actors tend to get into it because someone says they have a good voice. When you go down the path, you quickly learn that voice acting has nothing to do with the quality of your voice and everything to do with the way you interpret the script in front of you.
• A lot of the training for voice over actors is learning to tap into the truth of the story you are telling. If you have a nice voice, that is icing on the cake.
• Everyone who gets into voice acting has a nice voice, but it is more of how they connect with the audience. Not everyone can reach somebody very deeply just using the power of their voice.
• Samantha had been working with a financial advisor for about two years and she learned a lot from him, but she wanted to move to more of a community environment and be at a more supportive place, and for these reasons she was drawn to The Gym.
• Samantha's first trainer was Stella and she set her up with a plan that laid out how to save for short-term goals. She opened high-yield savings accounts and named them to make them more meaningful.
• One of those accounts is her voice over dream fund. Some equipment that voice over artists need to buy include a microphone ($200 to $400 to start), headphones ($100 to $200), a way to treat your space (approximately $200), and your training ($50 to $2,000).
• A big expenses is your voice over demo. This is like your resume, which shows the work you can produce and different segments. This could include anything from a commercial demo to an animation demo, and the cost ranges from $1,000 to $3,000.
• There are a couple of different ways to get work. One way is direct marketing, which is to reach out to potential clients, like advertising agencies, producers, e-learning companies, audiobook companies, etc.
• The other way is a pay-to-play service, where you pay into a membership of a website and that website will allow you to get sent auditions that match up with your voice, depending on the algorithms.
• Voice actors do not need to memorize their lines and they are discouraged from doing so, because looking at the lines is another way to connect with them.
• Samantha would like to work her way up to hiring an editor to produce her work. Currently she is doing that work herself. Not only do you need to have your own studio, it is expected that artists be audio engineers as well. Samantha started out using Audacity, which is free, but she would like to use more advanced recording software.
• Samantha has a passion for children. Any project she can work on that is related to helping kids, like e-learning, animated projects, audio book, apps, etc., excites her.
• Starting out, it is recommended to try out all areas of voice over acting to see where you fit. The jobs you are booking regularly will further define the path to head down.
• Samantha is part of a community called Voice Actors NYC, which is mostly Facebook based. This community has shown her that being a voice actor in a Disney movie is attainable if you keep down the path.

Random Three Questions

1. If you got one million dollars tomorrow, what would you do?
2. What's your favorite flavor of ice cream?
3. What is your favorite season?

Connect with Samantha

LinkedIn: Samantha Peller

Instagram: @soundslikesunshinevoiceover

Meet The Trainer

Victoria Sechrist

On this episode of Financially Naked: Stories from The Financial Gym, our host is Myriam Robinson, Brooklyn-based Financial Trainer, and she is joined by Harper Spero, business coach, to talk about business coaching for small businesses.

• Harper was born and raised in New York and spent the first 10 years of her career in marketing, events, PR, and digital media. She kept changing jobs trying to find something bigger and better with higher pay.
• Almost every August Harper realized she was unhappy with her job and by October she was in a new job. She did this eight times.
• In 2012, Harper was on medical leave for several months, due to a health crisis, and she realized the job she was in was not right for her. From there, she went to work for a small event production company, where she produced events for non-profits and health and wellness brands.
• There were only four people at the company and Harper felt like they were making a big impact. She knew this would be her last job before she became an entrepreneur.
• After two years at that job, Harper enrolled in a nine-month coaching training program, because being a mentor and accountability buddy came naturally to her.
• In 2014, Harper was able to freelance for her company while she launched her own business. She started as a life coach and then pivoted toward career transition coaching.
• A life coach is interested in moving you forward versus digging into the past like a therapist. A career coach is going to help you identify where you are in your career, what's working, what isn't working, what are the roadblocks, if is there a ceiling and how do you break that ceiling, etc. They are there to support you along the way and figure out what needs to be done to get your career to the next level.
• Harper helps people develop their business idea, launch that business, and build that business. She has worked with clients in all phases of their businesses and is their accountability partner.
• In January 2020, Harper decided to offer coaching in a group setting. This allows business owners to not only work with her but also to have a network of other people to brainstorm with and ask questions because regardless of the type of business, all responsibilities of running a business are on the entrepreneur.
• Success does not happen overnight. It is important to think through a long-term strategy and understand that you may need to pivot over time. As you learn your demographic, you will better understand how to serve their needs. It is valuable to have a coach to guide you through this both for accountability and for the loneliness you may experience.
• Entrepreneurs need to have a lot of motivation and drive, and it is important to know what you are willing to do yourself and what you should outsource. Passion for your product or service is also necessary.
• Everyone's version of success is different, and it is important to evaluate this as you go so you stay on track.
• It is important to say yes to a lot of things when you get started. Later, it is important to figure out if what you are doing is something that drives your business forward.

Random Three Questions

1. What is your favorite app on your phone?
2. Beach or mountains?
3. Burger or hotdog?

Connect with Harper

Website: harperspero.com

Instagram/Twitter: harper_spero

LinkedIn: www.linkedin.com/in/harperspero

Meet The Trainer

Myriam Robinson

On this episode of Financially Naked: Stories from The Financial Gym, our host is Joy Liu, Level 2 Certified Financial Trainer, and she is joined by her client, Anne Rowell, to discuss cultivating an abundance mindset to improve your finances.

• Anne lives in a small, rural town in Arizona, about 45 miles west of Phoenix and she has lived there for about 16 years. Her story starts with a huge transition in her life, which was a marriage that was ending.
• It took her a year to figure out how she was going to manage on her own. During this time, she stumbled upon a retreat organization called NINE Retreat and decided on a whim that she was going to attend. The retreat is a community of women supporting women and she thought she would benefit.
• Anne spent three days soaking up wisdom and knowledge from other women going through similar and different life events. One of the speakers talked about how she joined The Financial Gym.
• Anne didn't have a lot of knowledge about money and she wanted to start supporting herself and have more security. It took her six months after the retreat to contact The Gym. She has a son at home and two daughters in their 20s who are on their own.
• Anne signed up at The Gym, because there was a money-back guarantee and she was connected with Joy. During the first session, it sounded to Joy like Anne was embarking on a personal development journey. She could tell that Anne was at the start of a new chapter.
• Prior to joining The Gym, Anne had a "winging it" mindset. Growing up, her family didn't talk about money, because it was just taken care of by her parents. This continued into her marriage, and her husband managed the money. They lived paycheck to paycheck and if something came up, they would take care of it with the next paycheck.
• Anne had a scarcity mindset when she started at The Gym. She knew the $500 she had in her savings account was all she had. Anne was realizing that everyone is responsible for themselves financially and she wanted to be able to make it on her own.
• When she started, she had $2,000 in cash, some retirement savings, and stock from her company. She had $1,000 in credit card debt, some student loan debt, and an average credit score. Anne had $400 taken out of each paycheck for retirement, but no emergency fund. This is a common position for Gym clients when they start.
• Knowing that her daughters were starting out and beginning relationships, as a parent, she wanted to give them more wisdom and be an example for them. She didn't want them to be in the same boat as her 20 years down the road.
• Anne's first goal was to be at a place where she didn't rely on the child support she received from her ex-husband, because it would end in four years. Having Joy lay out her finances and budget for her made it clear about the changes she needed to make.
• Anne started saving $500 a month in her emergency fund, which is about the amount she received in child support.
• Anne listens to the Chase Jarvis podcast and on one episode he interviewed a guest that was practicing changing their language. The guest felt like having an emergency fund invited emergencies into their lives, so they changed it to an abundance fund. This shifted the guest's mindset from scarcity to abundance. The money is there if it is needed.
• The first goal Gym trainers give clients is to save an emergency fund, because it changes your outlook on your finances.
• Anne has been able to pay her rent two months in advance, set up a travel account, and set up a house savings account. Now she always has $2,000 to $3,000 in her checking account.
• Anne increased her amount in savings by $20,000 in the last two years. She has since also bought a car and furniture, contributed to a school scholarship fund, and she was able to give her kids some things and pay for dinners out.
• Anne has been receiving small raises and bonuses at work. As her abundance account was growing and as she was growing more secure, she felt confident speaking up at work about raises and more responsibility.
• In a couple of years, Anne and her son are going to move and she may do something different with her career. When we feel enslaved to the paycheck and job, it can be counterproductive to how we work.
• Actionable tips: think about your wins, reframe your emergencies into positives, and pay it forward. Take your financial plan to heart and have good communication with your trainer.

Random Three Questions

1. What have you been bingeing to get you through the pandemic?
2. If you won the mega millions, what would you do with your time and money?
3. If this was your last night on earth, what would you eat?

Connect with Anne

Instagram: @annerowell

Meet The Trainer

Joy Liu

• Gina started with The Gym two years ago as a client with her now ex-husband. They were managing their student loan debt, credit card debt from the wedding, and also making two salaries which they weren't used to.
• They wanted to find better ways to manage their money as newlyweds and they were paired with Joy. A year into her membership, March 2020, Gina went through a divorce. Joy helped her handle her finances before, during, and after her divorce.
• When you come in as a couple, you record all of your numbers together, including income, expenses, and debt. At the time, they each had their own credit card and a joint credit card, and they made sure they were allocating money to pay both joint and individual debts. They were never taught how to do this before, and the plan helped.
• They streamlined their checking and savings account. They opened a joint, high-yield savings account through Marcus for their emergency fund and they were trying to save up three to six months of expenses.
• Joy gave them a variable spend goal, which was the money they should be paying toward their bills, savings, and debt, and anything left over was their spending. They each had $200 a week to spend on what they needed like groceries and dog food. Gina felt empowered to have that weekly spend goal, because she didn't have that before.
• They stuck to the plan as best as they could. Your plan is a living, breathing document and things will change. As they were working through their plan, her husband decided to leave his full-time job, and Gina picked up a second job to supplement their income. Joy was there and she adjusted their spending goals. Every time there was a quarterly review, Joy gave them feedback on how they were doing.
• When they decided to get a divorce, they needed to figure out how to separate their money. Gina was working two jobs, one of which was as a college admissions counselor and the other as a sales specialist with Peloton part time.
• While going through the divorce, Gina quit her full-time job, because she was living near the school and she had to move out of her apartment and back in with her parents.
• Gina's expenses changed, her income changed, and her whole life situation changed. Her part-time job with Peloton was four days a week, hourly plus commission. Some months were good and others weren't. Joy was with her every step of the way, which was the most beneficial part of her Gym membership.
• Since she has been working with Joy, and working at The Gym since January, her finances have never been better. She and her ex struggled to save an emergency fund, and now she has a fully funded account. Gina was recently approved for an apartment in Long Beach, New York, after a year of living at home with her parents.
• If you are working with a trainer as a client, it will take time to get there, but if you keep your head down and work toward it, you will get there.

Instagram: @yourbffgina