Financially Naked with Megan Martin
Hello Martinis and Your Money Listeners! At the Financial Gym, we call the first meeting you have with a trainer, the “financially naked session.” In this meeting, you share everything about yourself financially so that the trainer knows where you’re starting so that he or she can make the plan for how you can get where you want to go. Above all other meetings, this one scares clients the most because they are afraid or ashamed of their financial situation. Over 2 years ago now, on this podcast; I shared my financially naked session and it led to a request for more and now this is a regular series on this podcast. Getting in the hot seat today is Megan. She’s been a long-time podcast listener who felt like she hadn’t heard her particular financial situation, which is one filled with the challenges of two working parents who’ve struggled to make much in the way of income with two children and one surprise baby on the way.
What are we drinking?
Megan – Root Beer
Shannon – Black Cherry Schweppes
Podcast Notes
Megan is a mom with 2 young children and is pregnant with her third.
One of the reasons Megan wanted to get financially naked was that she felt her situation was more of an “average couple” or “run of the mill” story, being more relatable than some of the more fortunate sessions she has heard in the past.
She also feels her story could help share some insight into someone who has not had the benefit of being a Financial Gym client yet.
Although Megan and her husband share the financial decisions, she handles the day-to-day duties of their money management and bill paying.
Questions from the Financially Naked questionnaire:
Megan’s Age: 35
Megan’s Employer: Program Director for Non-Profit Preschool (6 weeks-5 year olds)
Megan’s Annual Income: $51,000
Megan’s Biweekly Paycheck: $1635
Husband’s Age: 30
Husband’s Employer: Irrigation Technician
Husband’s Annual Income: $51,000 (new position, estimated)
Husband’s Biweekly Paycheck: $1500
Joint Checking Account: $219
Joint Emergency Savings Account: $4207
Joint Betterment Account: $306
Joint/Children’s Savings Account: $70
Megan’s Betterment Retirement Account: $539
Megan’s Student Loan Balance: $9,459 ($121 monthly payment)
Husband’s Student Loan Balance: $2,800
Credit Card Debt: $5,805
Husband’s Debt Consolidation Loan: $14,000 ($350 monthly payment)
Husband’s Credit Score: 628
Megan’s Credit Score: 718
Megan’s Debt Consolidation Loan: $5,000
Auto Loan: $39,290 ($600 monthly payment)
Medical Debt: $36 monthly payment
Rent: $1200 monthly payment (utilities included)
Child Care: $720 monthly payment (increasing to $1500 when their 3rd child starts attending)
Health Insurance: Yes, both through employers (children are covered under state subsidized health insurance program)
Life Insurance: Yes, through work in addition to a private policy
Renter’s Insurance: No
Will: Not yet
Average Monthly Expenses: about $6,200
1 - 3 year goals: Survive, stay current on bills and work on reducing debt; while still trying to have some fun as a family.
3 - 5 year goals: Megan would like to go on a belated honeymoon.
Shannon’s recommendations: Debt is manageable. Bank all cash possible, deposit any money from the sale of the motorcycle and any other inbound money into your savings account. Having money in the bank will be more important than paying down debt so aggressively. Definitely prevent debt from growing. Possibly apply for a 0% balance transfer credit card to shift current higher interest debt to. Consider negotiating with the preschool to get a better price on your childcare costs. There is more income potential for the type of skill set Megan possesses if she would consider exploring her options that could help offset any additional costs in childcare. Visit the Financial Gym’s Approved Insurance Platform page and click on the Policy Genius link, they are a great resource for comparing life insurance companies and have tools to help you better understand your needs and calculate costs.
Takeaway: My biggest takeaway is that no matter how challenging your financial decisions may seem, there’s always options out there and having someone else look at your situation from a different vantage point could make all the difference in the world when putting the pieces of your financial puzzle together.
Random Three Questions
1. What do you do to relax?
2. What shows have you been binging?
3. If this were your last meal, what would it be?
If you have any topics you would like for me to cover on this podcast or you’d like to get in the financially naked hot seat, I encourage you to email me to Shannon@fingyms.com or join the private Martinis and Your Money Facebook group and let me know what you want to hear.
We are fast approaching the end of another year. Do you feel like you achieve your financial goals of 2021? If not, don’t let another day go by without working towards this goal. At The Financial Gym, despite the ongoing global pandemic challenges, we’ve helped thousands of people achieve their financial dreams in 2021. And we’d love to help you achieve yours. Plus, Martinis and Your Money listeners get 15% off of Financial Gym memberships. So if you’re ready to get started, head over to or send friends to financialgym.com to get signed up today.