REPLAY: First Generation Wealth Building with Aja Evans
Every August, I take a sabbatical from podcast recording to enjoy vacation time with family and friends and allow you to enjoy for the first or second time four previous podcast episodes that I found tremendously helpful and entertaining.
Other than travel and family time, I’ll also be doing A LOT of prep work for some exciting changes happening to Financial Gym this Fall. You will not want to miss my September 1st podcast episode. I will have a lot to update you on as far as the podcast but also as far as the Gym. So I hope you enjoy this month of replays and stay tuned for very exciting updates in September.
REPLAY: Aja Evans is a Financial Therapist who works with clients on a number of challenges, one of which is being a first-time generational wealth builder. Building wealth takes a community. It’s about surrounding yourself with like-minded individuals and being supported through the challenging decisions you face as you sacrifice the spending of today to build for the wealth of tomorrow. Aja joins me to share her thoughts on best practices and tools for people looking to achieve this important goal.
What are we drinking?
Aja - Water
Shannon - Black Cherry Schweppes
Podcast Notes
After spending most of her 20s living in New York City, having the best time, but being frivolous with her money, Aja had a conversation with a relative that kicked off her personal finance journey. They encouraged her to get serious and start learning about money.
From there, she wanted to learn everything and started reading books and listening to personal finance podcasts.
In her sessions with clients, they would bring up money and she started giving them space to explore it. This led her to seek out training and certifications to formally incorporate personal finance into her therapy practice.
No matter your income, money, and emotions are closely tied together. It is one of the most taboo topics to talk about with friends, family, and strangers.
First-generation wealth builders are often responsible for providing financial support for members of the family. Essentially, they’re responsible for taking care of all three generations: the previous, current, and future generations. It can be a lot of pressure trying to navigate all of it financially.
There can be the expectation to give or take care of family members, even if you’re not able to afford it. This is not sustainable, and it’s important to set expectations with your family. You have to put on your oxygen mask first, before taking care of others.
These conversations can be challenging, and the key is to approach it gently.
Being unable to provide for the others in your life does not make you a bad person. You are valuable, successful, and worthy, no matter how much money you make.
If taking care of your family is important to you, create a financial plan that supports that. It’s about managing your life while taking care of your family in a way that supports you and your goals.
When you become serious about a financial journey, friends and family may not understand. Everyone needs a role model and community and it might not be your family. It’s important to connect with people who can support and uplift you.
For Shannon, it was the financial blogging space. She found people who thought being frugal was cool and made connections there. Without community, it’s easier to slip into old patterns.
It all starts with financial literacy. Maintaining and continuing to grow wealth from generation to generation is a huge aspect of the process. While the goal is for the legacy to continue, it is common for the wealth to be lost after it’s passed down.
Money is a taboo topic for families across all income levels, but financial literacy has to start in the home. This will help what is built continue to grow.
Money is one of the ultimate taboos, and the best way to break through it is to bravely talk about it without fear or shame.
Takeaway: My biggest takeaway is that building generational wealth is not an overnight process and there are many difficult decisions to make along the way. Surrounding yourself with a community of people with the same goal, though, will not only get you there faster but will give you the support and guidance you need along the way.
Random Three Questions
If you were not a financial therapist, what would you be doing?
What is something you’ve been binging lately?
If this was your last meal on earth, what would it be?
Connect with Guest
Instagram: @ajaetherapy
Website: Aja Evans Counseling
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 Face, and let me know what you want to hear.
A recent Financial Health Network study revealed that only 31% of Americans were financially healthy. Only 23% of women and only 15% of black people were. Financial health is a crisis in the US but it doesn’t need to stay that way. At the Financial Gym, we’ve spent the last 10 years working one-on-one with our members to help them achieve their financial health goals.
With a 90% success rate and with memberships starting as low as $35 a month, Financial Gym is not only the inflation-proof source for financial wellness for anyone but also a trusted and capable partner for your financial wellness journey. Head over to, 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. The call is free, so you have nothing to lose.