Financially Naked

On this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Kadri and Mike, sit down to talk about balance transfer cards. These can be a great tool for debt repayment or planning large purchases. Kadri and Mike go through how these cards work, the benefits of balance transfer cards, and things to keep in mind when considering if they're a good fit for you. Podcast Notes There are different forms of debt consolidation, including personal loans. Which one is the best choice for you depends on a few different variables. Mike has used balance transfer cards on his own personal financial journey and he and Kadri recommend them to their clients. They are a great tool and can be used for a few different things. What is a balance transfer card, and why consider applying for one? Balance transfer cards offer 0% APR for a one-time fee (or low low fixed rate) for a certain amount of time, usually between 12-18 months. They can be used to: Consolidate multiple smaller debts together for one monthly payment Transfer one high interest debt to a new card to allow more time and flexibility To strategically finance a large purchase. They can be used to lower monthly payments and provide flexibility in your budget. If you need more time by the end of the promo offer, you can apply for another balance transfer card. It's important to be strategic when opening any new credit card. There are a few factors to consider, such as your credit score, current income, monthly expenses, debt to income ratio, and already existing debt payments. What to consider before applying for a balance transfer card? The first step is to understand where you stand financially. Start by making a list of all of your debts: include the total owed, APR, and minimum monthly payment. It's important to understand the whole picture in order to make the best choices. Take some time to reflect on your debt. There's no need to feel shame or fixate during this process. It's about addressing the cause to be able to break through old patterns and cycles. Read and understand the terms, agreements, and options for each card. Does the fee make sense for your current scenario, or is this debt better suited for a personal loan? Be proactive and make a plan for paying off the debt. Use this time of 0% interest to make progress on those goals. Make saving a priority, even while paying down debt. Having an emergency fund is the number one step for breaking out of the debt cycle. Where do you find a balance transfer card? Check existing offers with cards you already have. For example, you may be able to transfer your American Express Balance to one of your Discover cards. You can't transfer balances between two cards from the same provider. One Discover card can't be transferred to another Discover card. If you have a credit score of 700+, you'll likely be approved for a balance transfer card pretty easily. Depending on your overall financial picture, you may qualify even with a lower credit score. To find a balance transfer card that is a great fit for you, check out the BFF Approved Products Page. If you want a Certified Financial Trainer to walk you through the process, schedule a free warm-up call to learn more! Listen to Kadri and Mike talk about consolidation loans on Financially Naked: Kadri & Mike Gymsplain Consolidation Loans Read about balance transfer cards on The Financial Gym Blog: What to Know About Credit Card Balance Transfers 4 Signs That a Balance Transfer Card Might be Right For You How to Pay Your Credit Card Balance Down Faster Meet The Trainers Meet Kadri Augustin, Level 3 Certified Financial Trainer Meet Mike Poulin, Level 2 Certified Financial Trainer

While a budget can seem intimidating, it is simply a tool to help you become financially successful. When it comes to budgeting, the key is finding a system that works and is enjoyable for you because sticking to any new habit is challenging if you dread the process! On this episode of Financially Naked: Stories from The Financial Gym, two of our Certified Financial Trainers, Gina Funaro and Mike Poulin are here to Gymsplain budgeting. They talk through their favorite budgeting methods/tools and tips for long-term success based on their personal experience and work with clients. Podcast Notes Gina was a client at The Gym before she was hired as an employee. Joy is her trainer, and has been since she first started at The Gym. Gina loves budgeting. The piece of advice she gives to her clients when it comes to budgeting is to find a routine that is exciting to you and fits your lifestyle. It can take some time and experimenting to figure it out; it's just part of the process. You can try out a system for a month or quarter to learn what works and what doesn't. Budgeting Basics: Start with multiple checking accounts. If everything is going in and out of one account, it can be hard to keep track of separate goals. Having different accounts makes saving for specific goals much more clear. It also allows separate accounts for fixed expenses (rent, utilities, insurance, etc) and variable expenses (daily spending) Budget Styles Zero-Based Budgeting This style of budgeting works well for folks with consistent income, and who have a good idea of their fixed expenses and spending habits. This is where every dollar has a job, and certain accounts are designed to reach $0. Each dollar has a very specific duty and requires pre-planning. It can take some time to get into the groove of a 'zero-based budget' because it doesn't leave much room for error. It takes some time to get used to your account going down to zero, especially if you come from a scarcity mindset. Anti-Budget/No Budget Budget Great for folks who don't like to track every transaction or deal with complex money management systems. If the apps or spreadsheets stress you out, this is a good system to try. Start with your paycheck and determine your fixed expenses and savings goals. Once you know those numbers, subtract the total fixed expenses and savings from each paycheck, and everything left over is what's left to spend on variable expenses/whatever you want! 50/30/20 style budgeting A mix of the 'anti-budget' and '0-based budget.' This balanced approach uses your take-home pay from each paycheck. 50% goes towards 'needs' - fixed expenses, transportation, groceries. 30% goes towards 'wants' - travel, home purchases, variable spending 20% goes towards 'building wealth' - long term savings / other investments All cash/cash envelope system Great for folks who like a hands-on approach or like to see the physical cash to visualize their budget. Each time you're paid, withdraw the cash budgeted for that period and use it for your variable spend. Once the money is gone in each category, it's gone, or you can roll the leftover cash into various sinking funds. Different tools for budgeting: Pen & Paper is always a classic choice Mint Personal Capital You Need a Budget (YNAB) Check the app store for FREE apps Final thoughts and tips When it comes time to plan your budget, pour a glass of wine or whatever makes the process enjoyable for you. Make it a fun money date. Find what works for you and stick with it. Once you find a system that works and start to see the savings grow, following a budget becomes easier. There is no right or wrong answer, personal finance is personal, and it's a learning experience. You can use a mix of styles, or create a system that works for your goals. Read more about budgeting on The Financial Gym Blog: Budgeting for Success 6 Tips for Budgeting as a Freelancer Introduction to Budgeting If you want a Certified Financial Trainer to help you figure out the best budgeting system that works for you, book a complimentary consult call to learn more! Meet The Trainers Meet Gina Funaro, Level 2 Certified Financial Trainer Meet Mike Poulin, Level 2 Certified Financial Trainer

Credit cards can be an amazing tool in your financial planning tool belt. When you use a credit card to make purchases, there are rewards, perks, or points that come along with using that card. 'Travel hacking' is a method where you use credit cards with travel-related perks to earn points that can be spent on flights, hotels, or excursions. Garrett, one of the Certified Financial Trainers at The Gym, has been traveling quite a bit recently and using credit card rewards to keep the costs low. Today, he is joined by his colleague Bevin to talk all about travel hacking. They discuss choosing the right card, how to earn points, and how to use those points to travel and explore. Podcast Notes Credit card points can be used for travel, exploring, hotels, and excursions. Garrett has been taking advantage of travel perks lately, and has 9 credit cards! He and his partner love Disney and like to enjoy Disney parks all over the world. Most recently, he was able to visit Disneyland in Paris using credit card points, and it was more affordable than a trip to Orlando. Each provider has its own rewards system with different names, but 'points' is a good general blanket term. They're all similar but have their own benefits and disadvantages. There are some with no annual fees, whereas others range between $95-$650 depending on the card. Think about the annual fee the same way you would a subscription. An annual fee is not a bad thing, as long as you're planning for it, and find value in the rewards offered. You can ask for the annual fee to be lowered or waived when it comes time to pay again. It never hurts to ask, and if they say no, downgrading to a card with no fee is usually an option. How to earn points: Sign-up bonuses are a great opportunity. A company will offer points if you spend a certain amount of money in a scheduled timeframe. If this amount is within your planned variable spending limits or money you've already planned for, this is a great way to earn points! Once you've signed up for cards, check for points multipliers. These are categories (gas, restaurants, groceries) that when you spend within them, more points are earned. Choosing multipliers in categories you regularly spend in is a great way to earn extra points. You will earn points by just using your credit cards for regular spending. If you plan to make a bigger purchase, save that money into a sinking fund, make the purchase on your credit card to get the points, and then pay off the balance. Favorites at The Financial Gym Garrett recommends Chase and American Express for their rewards cards. The Chase Sapphire Preferred Card is a favorite among Trainers at The Gym. Even with the $95 annual fee, it's one of the most popular cards. Check out the BFF Approved Credit Card here In addition to using points for travel, other tips for traveling on a budget: Start early and do lots of research. There are deals out there, and the earlier you start planning, the more deals you can find. Subscribe to newsletters to stay on top of deals. Get creative about what traveling looks like. It doesn't always have to be a flight to a faraway destination. Consider road trips, camping, or getting an AirBnB in a new place to unplug and recharge. House sitting/pet sitting is a great way you can explore while getting paid! Things to keep in mind In terms of actual value, where you redeem those points matters! You may get a better return to use your points on things like travel, rather than opting for the cashback. If you plan to use a credit card for a big purchase in order to score some points, make sure the money is already saved. The most important thing to remember when using credit cards is to 'know thyself'. If you've struggled with credit cards in the past, or struggle to stick with a budget, these strategies might not be a great fit for you right now. Opening new cards will affect your credit, so be mindful of credit pulls if you're planning to apply for a loan soon. If you plan to start using credit cards, create a system that works for you and stay organized. You can get into this casually, or truly go all out and put in a lot of work. Resources Mentioned in the Episode: Awardhacker.com - A free product made to help people find the best award flights without being an expert in every airline mileage program. Hopper - An app for finding deals on travel BFF Approved Travel Credit Cards If you want to learn more about travel hacking, and if it would be a good fit for your goals, a Certified Financial Trainer can help make it part of the plan! Find out more about working with a Certified Financial Trainer here: Financial Accountability Coaching & Trainer on Demand Meet The Trainers Meet Bevin Morgan, Level 2 Certified Financial Trainer Meet Garrett Faulconer, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Jazmin, a Certified Level 2 Financial Trainer based in California. Today, she is joined by Carlos and Yuni Garcia. Carlos is a Licensed Real Estate Agent in California and works together with his wife, Yuni. When you're ready to buy or sell a home, choosing the right real estate agent can make all the difference, especially in a competitive market. Carlos and Yuni are here to share their insights about what the home buying experience should look like and red flags to keep in mind when interviewing prospective agents. Podcast Notes What does a real estate agent do, and when should someone work with one? It is a real estate agent's job to represent buyers and sellers with honesty and integrity. You can work with one when you're buying or selling a home. In these competitive times, a great agent can make all the difference. They are out there every day and know the ins and outs of the market. They can provide a Comparative Market Analysis (CMA) - a tool used to estimate the value of a specific property by evaluating similar ones that have recently sold in the area. Each buyer and level of purchase is different. Everyone has their own background, goals, needs, and limits when it comes to purchasing a home. A great agent will guide you through the process and make it fun because they are experts in the field. Qualities of a GREAT real estate agent: From the beginning of the process, they are timely and communicative. Great communication is important. They should make themselves available. They take the time to answer your questions and share valuable information. It's an educational process, and they should be willing to teach you along the way. Someone who checks your references and makes sure you will be a good fit for them. Someone who has credentials and experience in the field. Some questions to ask: 'How long have you been in the business?' 'How many sales have you made?' 'Are you a top producer?' 'Are your offers being swiftly accepted?' A great negotiator. Someone who will work to get you the best deal. A person who will be straightforward and with you through the process. Their goal should be to get you into a home that you can truly afford in an area you want to live in. What are some RED FLAGS to watch out for when interviewing real estate agents? As with every industry, there are predatory people in the real estate business. An unresponsive agent can stall the process when it's time to put in offers. Watch out for someone who is unresponsive, or lacks timely communication. A lack of professionalism, for example, arriving late or unprepared for meetings or showings. Never surrender your deposit to people who are promising to give you a deal. That will ALWAYS go through escrow. Why do some people look to sell their homes? The last two years, there has been a desire to upsize. People working from home or realizing they would like a little more space. Some folks want to downsize, or move to a different area. Folks looking to invest in their long term future, and want to do so through real estate. General best practices when preparing to buy a home: Make a plan. There are many steps to ensure you're ready before starting the home buying process! Your FICO score will determine the loans available to you. Aim to raise your score if it needs work. Focus on your debt to income ratio. Fund the emergency fund. Save for the down payment (anywhere between 5%-25%) Practice making the mortgage payments and deposit that money into a savings account. Get your pre-approval before getting in touch with real estate agents. Have your documents prepared: 2 years of tax returns, paystubs or a letter from your accountant, and bank statements are a great place to start. Do the research, use the internet and references from friends, Always get a second option. This goes for lenders and real estate agents. It is a huge disservice to yourself to only get one opinion. Work with a local, licensed agent, rather than one of the big platforms. Remember, buying a home should be fun! More on Home Buying & Home Ownership: Gymsplaining Mortgages and Refinancing Buying a House Connect with Carlos and Yuni Instagram: @0carlos0 Facebook: Facebook.com/carlosgarcia Meet The Trainer Meet Jazmin Higgins, Level 2 Certified Financial Trainer You can become a Certified Financial Trainer, and build your own Financial Coaching Business! To learn more about The CFT School, follow this link: Financial Trainer Certification

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