Financially Naked

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: eileen@eileenjoy.com Meet The Trainer Randi DeGraw, Level 2 Certified Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, employees Bridget and Kylie sit down to talk about preparing for the Holidays. They chat about how to plan, what to do if you haven't planned as well as you wanted, and other tips for navigating the festive season. Podcast Notes To get us started, Bridget and Kylie chat about when it is appropriate to start listening to Christmas music. When it comes to the holidays, ideally it is best to be planning all year round. Though, if you haven't, (don't worry, this is lots of us), here are some tips for creating a holiday budget: First: make a list of everyone you plan to buy a gift for. Second: check it twiceThird: assign a dollar amount to each gift and build in a little buffer. Do this in a spreadsheet, app, or piece of paper. Whatever works for you! Redirect any automatic savings from your other goals into a holiday fund for a month or so to cash flow your list. If you have a travel fund or other sinking funds, it's cool to pull cash from there. Your emergency fund is also an option, though the other ones above are preferred. GET CREATIVE If you're from a big family where everyone buys gifts for everyone, try a Secret Santa. This is a great way for everyone to get a gift and ease the shopping burden. You and your siblings can go in together to buy one thing for your parents. Instead of exchanging gifts with your siblings, pool your money and go out for a nice dinner. The kids can have a fun night with Grandma & Grandpa while you all hang out. For people who buy themselves everything they need, donating to a cause they care about in their name is an option. Remember when giving gifts, it's not always about the dollar amount spent, rather the time and thought behind it. If you're in a group that hasn't set a budget, suggest it! Other folks are trying to figure out their holiday spending plan as well and might appreciate the idea! If gift-giving is your love language, remember, something meaningful is more important than a high dollar amount. It is important to take care of yourself financially in order to give gifts throughout the year and holiday season. The people you are giving gifts to are those most important in your life. They wouldn't want you to go into hardship for a gift. Always add some wiggle room! Life happens, things pop up, you want to enjoy the season! OTHER EXPENSES TO LOOK OUT FOR TRAVEL! If you are someone who knows you will be traveling for the holiday, set a calendar reminder for yourself in October to book the tickets. Holiday decorations are another thing people forget to include in their budget The Christmas Tree! Going to holiday parties and grabbing drinks after or just meeting up with friends for meals more frequently. Everyone is cheery and you'll probably want another drink. If you're having people over or planning a holiday meal, the extra grocery costs. FINAL THOUGHTS It is tempting to buy things for ourselves while shopping for others. Remember, people will be giving you gifts and there will be sales after Christmas. Try to avoid buying for yourself until after the New Year. Spend the time between Christmas and January 1 cleaning out the closet, cabinets, etc, and making a list of things you actually need. This way you can assess how the holiday spending was and purchase what you need intentionally from there. Set a budget, like anything else in life. The whole point of the season is to be with people you care about and enjoy it. Don't let the money stress you out. If you're a client at the gym, your trainer will help you with that! If you aren't a client yet, sign up before the new year to start 2022 off with a trainer, who will make sure you're planning for all the things you love and care about. Random Three Questions - Holiday Edition What is the most memorable gift you received as a kid? What Holiday song can you not get enough of? What is your favorite Christmas cookie? Meet The Trainers Meet Bridget, Head of Trainer Development (the very first employee at the gym) Meet Kylie, Certified Level Two Financial Trainer

On this episode of Financially Naked: Stories from The Financial Gym, our host is Joy, a North Carolina-based Financial Trainer, and she is joined by her client Colleen Gray. Colleen works in career services, is one of the warm-up callers at The Gym, and is also a career coach. Today, they are going to talk all about switching jobs, resumes, interview tips, and all things in between. More now than ever, folks are leaving their jobs in what is being called, 'The Great Resignation'. If you are thinking about looking for a new job in your field or jumping into a new career entirely, you certainly aren't alone. Colleen works as a career coach and brings us lots of great tips for navigating the search all the way to the interview. WHERE TO START If you want to make a switch, take some time to sit down and reflect. Try to figure out what your passion is and what you want to do professionally. Is there an area you have talent in that you haven't explored yet? If you are happy in your field, but looking for a new position, start reaching out and making connections. Utilize LinkedIn and other platforms and start talking to people. Sometimes opportunities are really about who you know. WHERE TO SEARCH Job search engines like Indeed and LinkedIn are a great place to start. Google is also an amazing resource for searching for jobs. Search to see if your field has a niche job opportunity site, many of them do! Career and job fairs are also a great place to search. Lots right now are virtual and could help get your foot in the door or make new connections. Always check the job description to see what skills / experiences are 'preferred' and which are 'required' Even if you don't think you're qualified, apply anyway! It's all about getting your foot in the door. You can sell yourself in the interview. RESUME TIPS Ensure you're using a professional resume format. This could be chronological, functional, or a mix of both. Use the keywords from the job description in your resume. While this can be time-consuming, having a unique resume for each job is the best practice. Some companies use Applicant Tracking Software to scan resumes, and ones without keywords are passed. This isn't always the case, but it is something to be mindful of. When including keywords, make sure they are skills you have. Assume an employer will want to talk in-depth about the information on your resume, be honest. If there are gaps on your resume, explore your experience to fill in that gap. Many skills are transferable, even if the work wasn't from a 'traditional job.' You can hire someone to help you write your resume, Colleen offers this as part of her coaching work. Always take the time to make sure whoever you hire is a good fit for you! Some folks are more hands-on, while others are more transactional. INTERVIEW TIPS Do your research! Get to know the company you are interviewing with. Look at their mission statement and core values. The more information you have going in, the better! Prepare before the interview day. Sit down with a blank paper or word document and recall some previous professional experiences. A time you went above and beyond, a mistake you made and how you recovered, or a time you experienced conflict are some examples. It's pretty common to freeze in the moment when asked to recall a previous experience, so preparing beforehand helps you be ready. Have a list of soft skills and hard skills, 6 with a mix of both is sufficient. Soft skills include time management, attention to detail, and organizational skills. Hard skills are more technical or related to your field. Avoid talking negatively about past employers during the interview Come prepared with great questions to ask the interviewer. This is an opportunity for you to see if they are a good fit for your life and goals! Joy interviews candidates for The Gym and confirms having really great questions as a candidate is impressive during the interview. Do practice/mock interviews. As with anything, the more practice, the easier the process becomes. You can do this with a coach like Colleen, a friend, or record a self-tape. GENERAL CAREER SEARCH TIPS Be confident in yourself Know your worth and don't be afraid to ask for it. Employers expect you to negotiate, do salary research before you interview. Looking for a job can feel like a full time job. If you're able to hire someone to help you, that's a great option. If not, set aside some time. Even if it is just an hour at night. The process can take time and it's important to dedicate the energy. Working with a professional career coach is a great option. Colleen helps clients do it all, from the job search to interview coaching. When working with a coach, use the initial consultation to ensure they're a good fit for you! Connect with Colleen Email: colleengraycareers@gmail.com Instagram: @colleengreycareers Meet The Trainer Joy Lui

On this episode of Financially Naked: Stories from The Financial Gym, our host is Mike Poulin, a DC-based Financial Trainer, and he is joined by fellow trainer, Hector Lopez, who is based in LA. Today, they are going to talk about debt and credit management. Podcast Notes Prior to working with the Gym, Mike worked at a credit union for seven years. Part of this was in the 'debt solutions' department (basically in-house collections). For so many, debt is a normal part of life but there are many mysteries around it. Collections in general seem to be the biggest mystery and monster when it comes to debt. Hector uses the word 'monster' specifically because collections feel like a huge, daunting process. Knowledge is power when it comes to debt collectors. Knowing the logistics on the other side will help you be prepared when in this situation. Practical tips for handling collections: Some institutions handle collections in-house while others sell the debt to a third party. Each state has its own laws regarding consumer protection, which means the number of calls you receive can vary. It can be tempting to ignore calls, but it is better to have a conversation with someone on the other end. An unanswered call means they're more likely to keep calling as the laws allow this kind of activity. Try to work out an arrangement with the creditor. They're usually happy to get any sort of payment over nothing at all. If you have debt, before it goes to collections, paying even $1 keeps the account from going inactive and can help buy a little bit of time. CREDIT SCORES The credit score system in America is relatively new and has many flaws. There are three credit bureaus in the United States: Equifax, Experian, and TransUnion. While credit score is one aspect of financial health, it is not the most important. 35% of credit score is utilization - how much you use on a month to month basis 35% of credit score is payment history. The rest encompasses types of accounts, lengths of accounts, and the number of inquiries. Obsessing about your credit score isn't great for either your financial or mental health. Once you start focusing on other aspects of financial health, the credit score usually improves over time. There are times when credit score is incredibly important, like when you are looking for more credit to buy a home, car, or even renting an apartment. It is a way for banks and lenders to determine whether they think you're a good person to lend money to. Even as someone who has worked in the business, Mike feels like there is still some mystery. Scores 750+ earn you bragging rights. Anything over that is extra credit. Those 800+ scores come down to time and credit length. DEBT vs. SAVING It is important to build your savings while paying down debt. While it can be tempting to throw all of your money at debt for a number of reasons, building an emergency fund will help you truly break the debt cycle. You will no longer need to go deeper into debt when something pops up. Your debt payoff journey will not happen in a vacuum, there will be surprise expenses along the way. Having cash saved means you'll be prepared. BUDGETING One way we focus on saving and paying down debt is by looking at spending. The traditional idea of budgeting can feel restrictive or limiting, but that's not what we do at the gym. We focus on empathy, sustainability, and the WHY. Does the spending reflect your current goals? Most debt does not happen overnight, rather over purchases or other expenses over time. Our focus is to help clients spend intentionally on their goals and joys and cut in the areas that do not. The reason trainers ask about your goals is because that is what they want to focus and plan for. If owning a house isn't your goal, it won't be in the plan. If your morning coffee is important, let's put it in the budget! RESOURCES MENTIONED: The only place you should check your credit report is annualcreditreport.com. It is backed by the federal government and you can request one free report each year READ MORE ON OUR BLOG: Ask a Trainer: What Can I Do to Raise My Credit Score How to Rebuild Your Credit Over Time How to Use 0% Interest Credit Cards the Smart Way Meet The Trainers Meet Hector Lopez Meet Mike Poulin

On this episode of Financially Naked: Stories from The Financial Gym, Tina, an NYC based trainer is joined by colleague Jenny, who resides in the mountainous state of Colorado. Today's episode is the second in a series about Retirement Savings. The two trainers discuss different kinds of retirement accounts and which ones to consider investing in. Today's episode is less about account logistics and more about strategy. You can listen to Part One and read the show notes HERE. Podcast Notes If your employer offers a 401k and match, that should be your first priority when it comes to retirement savings. This is because an employer match is FREE MONEY and we at the gym can't emphasize enough how much we love that. After that, our next recommendation for most clients is a Roth IRA. The Roth IRA comes with many advantages, which is why we are big fans of them at the gym. ROTH ADVANTAGES: - It's an after tax account, which means it grows tax free and you aren't taxed when the money is withdrawn. This is because you've already paid taxes on the money contributed. - You can invest up to $6,000 per year, either at once or in increments - While we don't want to withdraw retirement savings, you are able to withdraw the money that you contributed tax and penalty free. Any money earned cannot be withdrawn penalty free until the retirement age, which is currently 59 ½ ROTH IRAs ARE NOT PERFECT - Once you reach a certain income level, you are not eligible to contribute to a ROTH IRA. - If you happen to over contribute, there is a 6% penalty every year that money is there. You can fix that right away penalty free by withdrawing the over contribution. TRADITIONAL IRAs ARE AN OPTION Contributing to a Traditional IRA allows you to claim a tax deduction. You can only contribute $6,000 between both Traditional and Roth IRA's, so be mindful. We usually recommend the Roth unless you are ineligible. ACTUALLY INVESTING THE MONEY After you decide which kind of account is right for you and begin saving, it's important to actually INVEST that money. Two main recommendations for clients: target date funds or choosing your own investments. With retirement savings, the best strategy is 'set it and forget it' Target date funds sometimes go by different names such as 'lifecycle funds' and are found in most workplaces. They are set up to allocate your investments based on your age and the year you choose to set for retirement. You select the year you plan to retire and the fund is managed for you as time goes on. The allocation is more aggressive when you are younger and becomes more conservative as you approach retirement age. The fund is managed for you and you just have to pop in from time to time to check in. If a Target Date Fund isn't available or you want to be more hands on with your investments, you can choose your own! You still want to treat it like your own target date fund, not putting all of your retirement eggs in one basket! Diversification is important. You'll want to have a nice blend and include bonds as well. Choosing your own investments means you have to be more hands on, rebalancing your allocation more often. Stocks and bonds have an inverse relationship and should be considered when building your portfolio. When you add money into the account, most Roboadvisors and Workplace accounts will automatically invest in more shares. Some brokerages make you do it manually each time you add cash, it's always better to double check. If automation is an option, we always recommend that! Whether you invest with a target date fund or choose your own investments, it is important to remember there will be more recessions before you retire, (especially if you're young!) We have a new partnership with a company called Capitalize - check out THIS EPISODE where Bevin sits down with the co-founder, Guarav. Capitalize helps you find forgotten assets in 401k accounts and roll them over into other investment accounts! It is completely FREE to the user. Check out their services HERE ! READ MORE ABOUT INVESTING FOR RETIREMENT ON OUR BLOGIt's (Almost) Always the Right Time to Start Investing for Retirement Retirement for Beginners Pt. 2: The Power of Compounding Interest Meet The TrainersMEET JENNY HARP MEET TINA HANG

On this episode of Financially Naked: Stories from The Financial Gym, we are sitting down to talk all about using your emergency fund! Today, the show is hosted by two of our financial trainers. Victoria Sechrist, a Boston-based trainer, is joined by Bevin Morgan, who lives in Lexington, Kentucky. Podcast Notes What is an emergency fund? It is an important savings goal for all of our clients! It is the strong foundation that acts as the base for the rest of your financial house. Depending on your employment and other circumstances, we recommend having anywhere between 3-12 months in expenses saved. For most people, this should be in a High-Yield Savings Account. It should not be in stocks, bonds, or other assets. Here's a link to B.F.F. Approved High-Yield Savings Accounts ONCE YOU'VE REACHED THE GOAL Reaching the goal number, especially for the first time, is very exciting for our clients. Sometimes when an emergency pops up and it's time to use the money, people are hesitant. Bevin's response to this is simple and consistent: "That's what it's there for." All of the hard work and saving was in preparation for this exact moment. Instead of having to lean on a credit card or loan, the money is there. This mindset shift takes time. Saving is hard work. It can feel frustrating to use that money. Some people feel like they won't be able to save that money again, which is understandable. But you CAN. You've already flexed that savings muscle and were ready at the moment for that emergency. You can and will be able to save again using those savings muscles you've built over time. Victoria and Bevin both express how being prepared with an emergency fund, even if you're not all the way to your goal, is a HUGE victory. You don't have to worry about how you are going to pay because you already know. GETTING STARTED Everyone's journey to the emergency fund is different. When it comes to getting started, it can be challenging for some to make the leap into opening a high-yield savings account. Some clients struggle not having all of the money in one place and keep everything in one checking account. The added account can feel like an uncomfortable buffer or barrier Think about your finances as a house. All of your money is one house and each account is a different room. Having a high-yield savings account is simply having your money in a different room, but it is all in your house. Clients at the gym usually start working with us when they want to make a change and that means there is some sacrifice involved. This doesn't mean you have to swing into the extreme or live in scarcity. We don't want the process of getting financially fit to include giving up everything you love. Life is meant to be lived in every single moment. We want to make sure there are resources for the future-you, but also ensure the present-you is taken care of. When starting a savings journey, an important step is figuring out the non-negotiables. Our tagline at The Financial Gym is "What are you working for?" Get into the details of other fixed expenses and other recurring monthly charges and see where you can start shaving. Those small savings add up monthly. THE JOURNEY ISN'T ALWAYS LINEAR Sometimes on the way to building a $10,000 emergency fund, a $5,000 unexpected expense happens. This can be discouraging, but remember, it is still a HUGE victory. You had the money, did not have to take out debt, and were prepared. You've been building that savings muscle and will build that fund again. Once you see what you're truly capable of, there is no holding you back! USING YOUR E-FUND FOR NON-EMERGENCIES Interesting client question. What do you say to a client who might want to use a chunk of emergency savings to buy tickets to a once-in-a-lifetime BTS concert? Our mission is to help clients achieve their goals - so if this is really something they want and it's not an every week 'once-in-a-lifetime concert' pattern, there are intentional options! Our goal at the gym is to help clients live their best lives by budgeting and planning for these things! That being said, sometimes there are once-in-a-lifetime opportunities and there are always options to make it happen. Life is short. Money is a tool to help us live a wonderful life. Talking about money should be fun! Everyone's situation is so personal, which is what is so special about the relationships clients and trainers have. LEARN MORE ABOUT EMERGENCY FUNDS ON OUR BLOG: How to Save Your First $1,000 in Emergency Savings How to Build an Emergency Fund & Why You Need One Meet The Trainers Meet Bevin MorganMeet Victoria Sechrist

On this episode of Financially Naked: Stories from The Financial Gym, our host is Bevin Morgan, a Lexington-based Financial Trainer, and she is joined by the CEO and co-founder of Capitalize, Gaurav Sharma. They are going to talk about the importance of rolling over legacy retirement accounts and how Capitalize makes it easy. Gaurav Sharma is CEO and Co-Founder of Capitalize, a venture-backed fintech company focused on helping people save for retirement. Before founding Capitalize, he worked for some of the best-known financial institutions, including JP Morgan, UBS, Morgan Stanley, and as an investor at well-known hedge fund Greenlight Capital. An Australian by birth, Gaurav lives in New York City with his family. Podcast Notes Capitalize is a fintech company that uses technology to make saving for retirement in the United States easier and more accessible to everyone. With most retirement savings being linked to our employers, there are many flaws in the system. One of the biggest being the obvious, we often switch employers after a couple of years. The process of rolling over a 401k is antiquated. Some folks don't even know where the money is in their legacy accounts, making the process seem intimidating. This is where Capitalize comes in! They are helping people find lost assets and invest them well. They do this by digitizing the process of finding misplaced retirement savings and helping clients submit rollover requests. This makes the process very simple, even if you don't know where your money is currently. This service is FREE to the client. How does Capitalize work? They first help the consumer by finding old accounts. Even if you don't know the brokerage, Capitalize has built a database that maps employers to 401k brokers. Then they help them decide where to move the money and why. There is a lot of confusion about the best account to move legacy accounts. Some common questions are: 'what kind of account should I pick?' or 'What platform is best suited for my goals?' They help clients navigate the decision with an online comparison experience. Based on the info provided by the client, they will give a few great options AND help compare. After the client has chosen the account, Capitalize then helps the user open it. They then help with the most challenging part. Each provider has their own rules and requirements for rollovers which makes the process very cumbersome and sometimes confusing. What Capitalize has done is digitize this last step. They know how to process these various rollovers and help the client submit the request to the legacy provider. If it requires human intervention, Capitalize has a fully licensed customer service team to handle these circumstances. It is an end to end experience. Capitalize will help from start to finish AND it is completely FREE for the client. Some Staggering Estimates about Legacy Retirement Funds There are $700 billion (with a B) worth of rollovers to potentially process each year, affecting 15 million people. There's an estimated 24 million forgotten 401k accounts in the US with $1.35 trillion (with a T) worth of assets in them. These figures come from research done with The Center for Retirement Research at Boston College. Check out this blog post for more info: The True Cost of Forgotten 401(k) Accounts – CapitalizeWHY CAPITALIZE IS REVOLUTIONARY Consolidating legacy accounts is an important first step in saving for retirement. Bevin recommended the service to one of her clients who found out they had $24,000 in these kinds of accounts, which Gaurav points out has the potential to grow exponentially if invested well. Capitalize is a platform to help people manage employer-sponsored retirement accounts. Even though the system is far from perfect, employer accounts aren't going away any time soon. There is a need for easy management as people tend to change employers every few years. This is the first platform to really do this work! People who are self-employed or have other kinds of investment accounts (such as 403b accounts) are welcome at CapitalizeA LITTLE MORE ABOUT GAURAV As you can tell from the great accent, Gaurav grew up in Australia. He studied abroad in the US while in college. After returning home, he realized there was so much about the United States he liked and wanted to move here to start his business after graduating. He worked on Wall Street in 2008, amidst the biggest financial meltdown in 80 years, with a focus on advising banks and financial institutions. From there, he transitioned into the investment world. There he learned that wealthy folks have the access to the best resources and tools. This should not be the reality and there is an opportunity to serve people at levels of finance. This was a motivator behind starting the company, Capitalize. He wanted to make finance less intimidating and more accessible, which is exactly what we at the gym are passionate about and love to hear! Questions from Bevin: Best financial advice you've ever gotten? Keep it simple. (When it comes to investing) You often feel like you should be doing more, but in reality, the simplest approach has stood the test of time. Hands off, participate in the market growing over time and get the basics right. You can grow and compound without having to stress about it daily. What do you want to do when you retire? Gaurav personally doesn't have the goal of retiring early, or even at all. He enjoys all of his work and pursuits but hopes to be able to travel more in the future while continuing to do this work and have more great conversations with amazing folks like Bevin. Check out Capitalize Instagram: @hicapitalizeWebsite: https://www.hicapitalize.com/ Meet The Trainer Bevin Morgan

On this episode of Financially Naked: Stories from The Financial Gym, our hosts Jenny Harp, a Denver-based Level 3 Financial Trainer, and Kadri Austin, and they are going to Gymsplain the different types of Employer Stock Compensation Plans. Here are some terms you may have seen which they will discuss: ESPP - Employee Stock Purchase Plan RSU - Restricted Stock Units Employee Stock Options ISO - Incentive Stock Options NQO - Non Qualified Stock Options Exercise Grant Price Market Price Capital Gains Taxes Vested vs Unvested Mentioned In This Episode: Blog Post: Investing Options with Your Employer Podcast: Cryptocurrency Decrypted Meet The Trainers Jenny Harp - NYC Kadri Augustin

On this episode of Financially Naked: Stories from The Financial Gym, our host is Sara Willi, a Washington, DC-based Financial Trainer, and she is joined by Gym client Courtney Jonsson. Courtney is a NASM certified personal trainer and the founder of Maiden Resistance, and they are going to talk about her journey to create a safe space for women to work out and how the excuses we make for our fitness routines are affecting (and are the same for) our finances. Connect with Courtney Website: www.maidenresistance.com. Facebook: @maiden.resistance Instagram: @maiden.resistance TikTok: @maiden.resistance Meet The Trainer Sara Willi