Financially Naked with Alexandra
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 Alexandra. Alexandra has been a longtime podcast listener who felt like she hadn’t heard her story represented in a Financially Naked episode, so she volunteered to do one herself. And now here’s Alexandra.
What are we drinking?
Alexandra - Trader Joe’s Moroccan Mint Tea, Ice Water, LaCroix
Shannon - Black Cherry Schweppes
Podcast Notes
Alexandra has been a Martinis and Your Money listener for a while but felt like her story was different from others on the show, and she wanted to get some advice from Shannon! She feels like she’s in a good place, but doesn’t know where to go now.
Her parents moved to America when she was two years old. They didn’t teach her much about personal finance as they were mostly in survival mode and navigating being in a new country.
Personal finance is so personal, it can be hard to find the answers online. There are emotions involved, it can be hard to know exactly how to.
Alexandra and her partner both make a great salary, they’ve been living together for a year and slowly been working towards joint goals.
Planning a wedding and buying a home are big goals, but exciting ones to work towards!
THE NUMBERS:
AGE: 26
JOB: Work at an investment company
INCOME: $110,000 - getting a raise and bonus next month!
AVERAGE INCOME: $2,774 bi-weekly
ASSETS:
Checking 1: $5,100
Checking 2: $3,800
Savings 1: $7,200
HYSA: $54,000
ESPP: $9,500
E-Trade: $22,000
401K: $37,000
Pension Plan: $13,000
HSA: $3,800
LIABILITIES:
None!
8 Credit Cards: Paid in Full Each Month
CREDIT SCORE: 800
EXPENSES:
Rent: $1750 / month
Insurance: $6 per month
Average Monthly Expenses: $4,000 average spend
RISK MANAGEMENT:
Health Insurance: Through work
Will: No Will
Goals:
1-3 year goals
Get Engaged / Plan a wedding
Buy a house
Longer Term Goals
Start having kids.
Support her parents financially as they age.
Owning investment properties with her family.
Non-Negotiables:
The Gym - Personal Trainer & Classes
Takeaway: My biggest takeaway is that no matter how great you feel like you’re doing financially, I always think it makes sense to check with others, especially my team at The Financial Gym, even to just get a one-time plan created because in my experience, there’s always room for optimization and perspective.
Random Three Questions
What is something you and your boyfriend do together that is frugal?
What are you binging?
What is one of the destinations on your bucket list for travel?
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.