Financially Naked with Kristen

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 they 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 on this podcast, I shared my Financially Naked Session and it led to a request for more. Now this is a regular series on this podcast. Getting in the hotseat today is Kristen. Kristen is a longtime client of the Financial Gym who’s been working toward having a career she loves while living in an expensive city. And now here’s Kristen.

What are we drinking?

Kristen - Coffee with Cream 

Shannon - Black Cherry Schweppes 

Podcast Notes

Kristen first heard about The Financial Gym in 2019 at a HelloWellness event in New York hosted by Chinae Alexander and Shannon, all about Financial Wellness. She loved the conversation so much and searched for Shannon’s podcast on her walk to the train. 

She listened for a few months, but felt like she couldn’t afford the monthly membership, until Shannon said on the podcast, “If you feel like you can’t afford the monthly fee, The Gym is for you”. She joined in December of 2019 and recently had her 8th quarterly review! She was working as a freelancer and struggled with financial anxiety. Before her first naked session, she had never looked at her net worth as a whole. 

Ever since joining The Financial Gym, her money mindset has completely shifted. In addition to her own coaching practice, she got hired at Brass Taxes, a company that serves artists, freelancers, and other creative professionals! She never imagined her life and career going this direction. 

She wanted to get in the hotseat today because every financial journey is different. It’s been two years of amazing progress, but there’s still a lot of work to do! The numbers are not permanent and do not define your worth. Kristen went from not being able to look at her net worth, to working in financial services and getting naked on the podcast today! In addition to the numbers, The Gym has had an incredible impact on her money mindset and overall mental health. 

A year ago, Kristen had over $8k in consumer debt and when she started with The Gym, had around $1,200 in cash total.  

THE NUMBERS: 

JOB: Brass Taxes 

INCOME: $42,000 per year 

Side Hustle: Freelancer for The Gym - writing the show notes (for this podcast and Financially Naked) and part of the warm-up call team:  Between $400-$600 a month  

AVERAGE INCOME: $2,900-ish a month

ASSETS: 

  • Checking 1: $484 

  • Checking 2: $118

  • CashApp: $38

  • Cred.Ai: $45    

  • Buffer Savings: $985 

  • Emergency Fund: $1091

  • Sinking Funds: $1089 

  • Roth IRA: $919.24 

  • Brokerage: $479.21 

LIABILITIES:

  • Student Loans: $25,438.93 

  • Credit Card 1: $1999

  • Credit Card 2: $1889

  • Credit Card 3: $30.00

Credit Score: 754 

EXPENSES: 

  • Rent: $1225 / month 

  • Insurance: $145 for renter’s insurance 

    • No Health Insurance: Looking into medicaid (action item)

Average Monthly Expenses: $2,492 average spend 

Goals: 

  • 1-3 year goals 

    • Reach $11,000 in emergency fund 

    • Plan for a wedding

    • Establish The Hungry Artist 

    • Be Consumer Debt Free 

  • Long Term (10+ years) Goals: 

    • Buy property in New York - hopefully this building! 

    • Build a cat condo to take care of outdoor neighborhood cats 

    • Become location optional

  • Non-Negotiables: 

    • Pepper and Mango - the two cats 

    • Living in New York 

    • Supporting the people in her life

Takeaway: My biggest takeaway is that a financial health journey is going to look different for everyone and sometimes the best part of the journey is seeing where it’s going to lead you. Like Kristen, it could be somewhere you never imagined, but it’s exactly where you’re supposed to be.

Random Three Questions

  • What have you been binging lately?

  • If you weren’t doing what you’re doing professionally, what would you be doing?

  • If you won a million dollars, what would you do with it?

Connect with Kristen

Instagram: @reallykristen_ 

Get Help With Taxes: kristen@brasstaxes.com 

If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group,  and let me know what you want to hear. 

We’re in a new year and the Financial Gym has so many ways that you can work with us. If you’re looking for a career shift, we’ve started a Financial Trainer Certification Program where you can have the greatest job in the world. We have online courses for you to learn on your own. If you’re looking for financial products like a new credit card or high yield savings account, we have all of our favorites on the BFF Approved Products Page. And finally, if you want one-on-one coaching with a compassionate and empathetic person, our Financial Trainers are here to help you and remember, Martinis and Your Money listeners get 15% off of one-on-one Financial Training at The Gym. We’re here to meet you wherever you are on your financial health journey and hope we’ll see you in 2022.  

Shannon McLayComment