Financial Horror Stories: The Happy Hour Ladies
On the last Friday of the month, I host the Happy Hour on the podcast where I gather great friends with me to drink cheap drinks and talk about money topics. This month with Halloween as my inspiration, I’m sharing with you the theme of Financial Horror Stories. I want to be clear that we’re utilizing this titling in a very tongue in cheek manner. First of all, I don’t think any financial story is of the horror variety, but I’ve worked with clients long enough to know that after a string of unfortunate financial occurrences, it’s quite easy to feel as though you’re starring in your very own Financial Horror Movie. This month I’m sharing with you some of those stories where our clients have felt as though they were in some scary situations and how they worked their way out of them. Spoiler alert, they all make it out alive. On today’s happy hour, we share some of our financial horror stories and how we found our way out of them.
What are we drinking?
Melanie from The Mental Health and Wealth Show: - Ginger Tea
Joy, Head of Trainer Academy at The Gym: - Athletic Brewing - Non Alcoholic Hazy IPA
Shannon - Community Spirit Vodka & Black Cherry Schweppes
Podcast Notes
Shannon’s Personal Finance Horror Story:
When Shannon and Bill were married, they lived together in an apartment on the campus of the school where he worked, for a great price. During this time, they were saving to buy a home, and Will was attending Bill’s school. Unfortunately, the school was not a good fit for Will and it put their family into crisis mode. Shannon started doing research for schools with accommodations for special needs kids. They found a neighborhood, but weren’t ready to buy yet. Their rent went from $500 to $4500 monthly.
Will ended up doing well in the school district, and they found a home to buy. Shannon and Bill didn’t have the cash on hand to buy the house, and had to pull a lot of strings to make it happen through IRA’s, various retirement accounts, and family help. When they filed taxes in April of the following year, they were hit with a surprise $60,000 tax bill, which they paid with credit cards.
The home became more and more of a burden until she ultimately sold it. The light in that story is that Will thrived in that school district, and Shannon still lives there today.
Melanie’s Financial Horror Story:
Paying off $81,000 in student loan debt felt like a long-term financial horror story. She moved from New York to Portland when the balance left was around $60k. The job she had only paid $10 an hour part-time, and it was tough. When she was in school, her plan was to get a Ph.D. and become a professor. Halfway through the program, she realized academia was far removed from the work that she wanted to be doing.
Right after Melanie finished paying off her debt, she moved back to LA. She had used part of her emergency fund to pay the debt, and some of it to help with the move. When she filed taxes, it turned out there was a pretty large tax bill, and she had no savings earmarked for this. It felt like just one thing after another, even once the debt was finally paid off.
Joy’s Healthy Financial Story
Joy was thinking about it, and feels very lucky that she doesn’t have many financial horror stories. She signed up for LearnVest pretty young and has had a fairly boring financial life. She’s still young, so there are opportunities for future financial challenges, but she’s always been able to make things work.
Joy is built to help people, and she loves helping people understand what they think is a horror story is actually not. Everything we do financially is fixable.
Reflecting on Financial Horror Stories
Being stuck in a financial situation can feel like a true horror story. People often feel hopeless and carry shame, which leads to inaction and ultimately a cycle of burnout.
The most significant message Shannon wanted to get across this month with the theme is that these horror stories are mostly in our minds. There is always a way out, even if it’s hard to see right now.
If you feel like you’re in a financial horror story, no matter how big or small, know that you are not alone. So many people are feeling the same, and you don’t have to go through it solo. Find someone to connect with, whether that is a friend, podcast, blog, or Financial Trainer!
The numbers are just numbers, they don’t define our worth as people. Don’t give up hope or let negative emotions around money keep you in a dark place or keep you from taking action.
Takeaway: My biggest takeaway is the one I’ve been sharing all month and that is the reminder that everything you do financially is fixable. I understand how financial situations can create a scary situation but if you’re someone in the middle of one, just remember that it’s not permanent and there’s always a way out, it’s just a matter of the amount of work you may have to do.=
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 are fast approaching the end of another year and we need to start preparing for a new year. If you or someone you know would like to have a supportive best financial friend along the ride with you for this journey, please check out financialgym.com. With memberships starting as low as $35 a month, we are the inflation-proof source for financial wellness for anyone. So head over or send friends to financialgym.com and schedule a warm up call today. As a reminder, our warm up call team is staffed with amazing and current Financial Gym clients that can answer any of your questions about our program.
Last Call Friends:
Shannon wanted to take some time to talk about some things that came up in her episode with Melanie where she shared her financial horror story.
Thank you to everyone who sent supportive notes and messages, sharing your story and listening to mine. I wanted to share my journey to help people feel less alone, and provide resources and tools for anyone who needs it.
If anyone is worried about Shannon, she is doing okay right now. Things are starting to click and the light is shining through. The last 18 months have been the hardest on her entrepreneurial journey, but she’s had the most incredible, supportive community with her the entire way.
Vinnie is a gift from God and came into her life when she was heading into a dark place. He has supported her in the darkest days in the most beautiful ways. Will, her son, has seen the depths, and the tears, heard the hard conversations and supported her through it all. Her mom, from the beginning, has always believed in her and to this day, still watches Will. The unconditional love that comes from her mother is truly one of the greatest gifts. Her ex-husband Bill, who supported her, especially in the early days, contributed part of his retirement to keep The Gym going. Her teammates, especially Alicia, her COO, and her friends in real life and online. Shannon also had her faith and knows that even if she goes into a dark place again, everything will be okay.