Financially Naked The Journey to Financial Confidence with Mike & Liz
On this episode of Financially Naked: Stories from The Financial Gym, our host is Mike Poulin, a DC-based, Level 2 Certified Financial Trainer. Today's guest, Liz, is a West Coast-based client in her early 30's, who works in Blockchain. She first learned about The Gym through an Instagram ad, and has been a member for three years! She's come such a long way from when she first started and is here to share her experience as a member and celebrate the wins that have happened along the way!
Podcast NotesWhen Liz first started with The Financial Gym:
- Total net worth: $ - 28,938
- Credit Score: 670
- 1-3 year goals: Pay down debt, save for a house, & travel through Europe.
- 3-5 year goals: Get married,
Liz's numbers now, three years later:
- Total net worth: $179,752 (a positive change of almost $200,000)
- Credit Score: in the 700's
Mike asks Liz how it feels to hear the numbers from three years ago.
- Hearing those numbers reminds Liz of all of the guilt and shame she was feeling years ago before she started her financial journey.
- Now she feels empowered and understands how to set meaningful goals and manage her money. She learned financial health is about figuring out what is important to you and setting financial boundaries with yourself and the outside world.
- Other than traveling through Europe (circumstances outside of all of our control), Liz has accomplished all of the goals she set. She paid down the debt, purchased a home, and is getting married in a few weeks.
- She feels proud of all of the work she's done and talks about how this has been a life-changing experience.
If your financial journey is a road trip, A Financial Trainer is the GPS. Ultimately, you are in the driver's seat, and your Trainer is there to guide you along the way. The Financial Gym gives you the tools needed to drive the car and help get you where you want to go.
- A huge part of a financial journey is working on mindset.
- Have compassion for yourself. Everyone is coming from a different background, and we can learn and make positive changes.
- If you've been in debt for a long time, working through a scarcity mindset to focus on abundance can be a challenge.
- There are small changes and shifts that make a huge difference. For example, reframing 'bad habits' as 'old habits' is a small, but compassionate language shift.
Those first few milestones feel the most exciting when you're starting out.
- She remembers saving the first $1,000 into her emergency fund, and how that was the first time there was a comma in her bank account for longer than a few hours. It felt empowering to save money for the first time.
- Liz recently had a significant financial win/windfall/circumstance
- She works at a startup, which is doing really well financially. The company was recently purchased, and Liz received a significant payout from Stocks she owned in the company.
- Even if you never expect or plan for a financial windfall, they do happen, and it opens up a lot of possibilities. Being clear on your values and your goals beforehand will help you be prepared if something like this happens. What are YOUR goals, not the ones society tells you are important?
Mike asks what Liz wants everyone to know about working with The Financial Gym
- It is a judgment-free zone. Before her first session, Liz hadn't sat down to face the numbers. When it came time to meet for the first session, she was nervous and almost canceled the meeting.
- When she went through the numbers, Lindsay, her Trainer at the time, did not flinch or make a face as she revealed her debt.
- Your financial plan will not be all about cutting everything you enjoy. Your Trainer will help you figure out what is most important, and tell you how to reach all of your goals.
- Ultimately, you are in the driver's seat. There is no one-size-fits-all for goals and financial planning. Success looks different for everyone, and it's about focusing on what is important to you.
- If you are feeling shame about your current financial circumstance, you are not alone. Many Americans are living paycheck to paycheck or in debt. There are people out there to help you.
- There is a light at the end of the tunnel. A financial journey takes time, and it can feel like you'll never get ahead. You can make a change!
- If you're ready for a change or want to learn more about working with a Certified Financial Trainer, schedule a free warm-up call to learn more!