Financially Naked with Kat Petrik
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 Kat. A Financial Gym client who heard me on a podcast in college shares how that chance listening changed the trajectory of her financial life for the better.
What are we drinking?
Kat - Mead from Charm City Meadworks in Baltimore
Shannon - Gin and Tonic
Podcast Notes
Kat is one of the first Gen Z guests to get financially naked on the show! She’s a member of The Financial Gym and works with Bevin.
When she was in college, she heard Shannon’s guest appearance on Chinae Alexander’s advice podcast, Press Send. At the time, she felt like she couldn’t afford the membership and was just getting by.
In 2020, Kat graduated, but it was not a typical graduation. With a double major in French and Biology, there was a period of time when Kat considered medical school but decided that is not the route she wanted to go.
After graduation, Kat got a job following her passion and started working at a horse barn. She quickly realized that when your passion becomes your job, a lot of the enjoyment is lost. From there, she began the search for other jobs and was hired as a lab technician. When Kat got the new job, she immediately signed up to work with a Trainer at The Financial Gym.
Shannon talks about how great it is to see young clients at The Gym and especially loves when their parents join too. There is no wrong age to get financially fit and there are always changes that can be made. Younger clients who have a fresh slate have an amazing opportunity for growth and progress that a lot of people wish they had once they get started later in life. Let’s get to the digits:
Birthday: February 01 - An Aquarius
Job: Lab Technician
Salary: $ 52k yearly
Take-home pay: $ 2,900 monthly
Assets:
Checking 1: $ 2,600
Savings 1: $ 2,200
High Yield Savings Account (buckets):
Apartment: $ 3,425
Maine: $ 2,958
Outerbanks: $ 450
Acorns Investment: $ 392
Employer 401k: $ 3,976
Liabilities:
4 Credit Cards: paid in full monthly
Student Loans: $ 28,999
Auto Loan: $ 1,300 - $294 per month
Credit Score: 753
Expenses:
Average Living:
$ 1,000 per month Average Variable:
$ 800 per month
1-3 Year Goals:
Move out of her parent’s house
Adopt a dog
A new job with a higher salary
3-5 Year Goals:
Esthetician School
Buy a horse
What is important:
Horses are an important part of Kat’s life and she’ll always budget for them in some capacity.
Shannon tells Kat that her next steps are to prepare for student loan payments and that increasing her income is going to make a huge difference. She has the experience and skills to make more in the same industry. It will help her save for esthetician school and continue to reach her other goals at an amazing pace.
Takeaway: My biggest takeaway is that financial health is attainable for people of all ages and stages of life, but the sooner you put best practices into your financial foundation, the larger the long-term effects will be.
Random Three Questions
What's the next Ally travel bucket trip?
What are you binging?
If you won a million dollars, what would you do with it?
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 have a lot of exciting things happening at Financial Gym in 2022, but the most exciting has to be our Certified Financial Trainer Licensing program. If you are a personal finance nerd with a passion for helping others, this is the course for you. It’s based on my 10 years plus of helping people get financially healthy and led by my amazing team at The Financial Gym. We’re about to start raising the pricing, so if you’ve ever thought about doing something like this, don't waste any more time, head over to financialgym.com and under our services, you’ll find more on the Certification Program.