Financially Naked with The Smiths
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 3 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 not one, but two people, Liz and Aron. Liz was a long time Financial Gym client who ultimately brought her boyfriend, fiancé and now husband into the Financial Gym experience. They join me today to not only share their digits but also share what it was like to get financially naked for the first time and how breaking down money topics made their relationship stronger.
What are we drinking?
Liz & Aron - Spiced Chai
Shannon - Black Cherry Schweppes
Podcast Notes
Liz has been a Financial Gym client working with Joy for over five years, and the first plan is dated August 31, 2017. She worked at her first real full-time job but wasn’t financially well. Liz was in New Jersey for training and went to The New York Gym for an event. She’d heard Shannon on another podcast and started listening to Martinis and Your Money. The Gym felt welcoming and approachable, so she decided to sign up. At the time, Liz was single.
When Aron and Liz were dating, she bought a house, and he knew she was financially minded. Right before they got engaged, they started having more serious money conversations. That’s when he started joining in on Liz’s sessions with Joy. They wanted to get everything figured out before merging the finances.
Money wasn’t taboo in Aron’s family, so when Liz was ready, he was too. He felt a little nervous during the first meeting because it was a scary new experience.
When Liz started with The Financial Gym, she had $16,000 in assets and $12,000 in debt.
Let’s get to the digits:
Birthday: They’re both 32
Salary: Liz: $106,000 per year with a 10% bonus
Aron - $56,000
Take-home pay: Liz: $2,200 bi-weekly
Aron: $1646 bi-weekly
Assets - Everything is Joint
Weekly Allowance $129
Travel Savings Fund: $0
Bills: $4,422
E-Fund: $12,643
Travel: $200
TDA: $18
Cash: $600
Liz Investments:
Brokerage: $5360
401k: $75,820
Roth IRA: $2,883
HSA: $11,993
ESPP: $832
Aron Investments:
RSU: $1,035
Etrade: $540
Roth: $1,339
Home:
Purchased for $144,000
$121,625 left on the mortgage
Monthly payment: $850
Liabilities
Credit Cards - 13 total active accounts, paid in full every month.
Credit Card 1: $255
Credit Card 2: $427
Credit Card 3: $42
Credit Card 4: $70
Credit Card 5: $1,746
Credit Card 6: $99
Credit Card 7: $1,500
Credit Card 8: $6,882
5 Cards at 0: $0
TOTAL: $11,021
Credit Scores:
Liz - 783
Aron - 789
Expenses:
Rent: $850 per month
Average monthly expenses: $5,899
Life Insurance: Liz has a policy through work
Aron has a separate policy
Will: no will
Goals:
1-3 years
Travel is their biggest priority.
3-5 years:
Possibly moving out to the East Coast
What is Most Important (non-negotiables):
Their 5 cats, travel, dining out when they’re traveling, and dining out in general.
Takeaway:
My biggest takeaway is the importance of getting financially naked with your partner. It seems like a scary conversation to have, but if you’re in the right relationship, with the right partner, then this should be as easy as any date night with them.
Random Three Questions
Travel is a big goal of yours, what is the big BIG trip you’re working towards?
What is something you like to binge together?
Best dining out experience to date?
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.
The beginning of the year is a perfect time to set goals and make plans for where you want to go in the next year. You may not actually accomplish all of your goals, but I’ve witnessed amazing results happen over the last 10 years when people set out to make financial health a goal of theirs. A financial health journey can be long and feel lonely at times, but if you or someone you know would like to have a supportive best financial friend along for the ride, 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 without any pressure to join. We know that Financial Gym is an investment and we want to make sure that you’re confident in the choice you’re making before you commit.