Financially Naked with Sally
At the Financial Gym, we call your first meeting 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 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.
Years ago, on this podcast, I shared my Financially Naked Session, which led to a request for more, and now this is a regular series on this podcast. Getting in the hotseat today is Sally. Sally is a long-time podcast listener who recently declared financial independence, and she joins us to discuss her journey and how she made the most of the last six years preparing for FI.
What are we drinking?
Sally - Surfside Vodka Iced Tea
Shannon - Gin and tonic
Podcast Notes
Sally has been a listener for a long time, especially enjoying the financially naked episodes. She recently declared financial independence (FI) and wanted to share her story.
The most commonly shared FI stories come from young people who seemingly got there by doing everything right, and that was not Sally's experience.
She is an American but has been living in Australia for 20 years. She's been 'okay' with money her whole life but decided to pursue financial health more seriously after her dad passed away.
When she returned to Australia, she worked on putting the numbers together and reading books about financial independence. She worked to pay off her apartment, found a tax advisor for expats, and started investing in ETFs.
After putting the numbers together, she realized she needed to work on the income half of the equation and focused on leveling up her career. Starting in 2016, she was able to start saving and investing a large portion of her paychecks.
Her original goal was to reach $1.7 million AUS. At the end of 2021, she was offered a payout to leave her job. At that time, she was 80% of the way to her FI goal, but decided she had saved enough and declared financial independence.
Financial independence is about choices, working because you want to, and getting creative. This journey started for Sally at 38 years old when she decided to make different choices.
Things begin to fall into place once you're on the right path. Sally realized she could experience FI sooner rather than later, even with the missteps. She had to learn to be okay with not being perfect and focus on moving forward.
Let’s get to the digits:
Age: 44
Job: Financially Independent with a side hustle
Assets
Total Assets: ~$1.68 Million
Retirement Accounts: ~$500,000
Cash: ~$160,000
Brokerage Accounts: ~$940,000
Liabilities
Total Liabilities: $ 0
Expenses:
Total Expenses: $5,800 per month
Rent: $1,200
Average monthly expenses: $1,000 ‘required’
$3,600 other expenses
1-3 Goals:
Move to the city with her partner
Become conversational in Spanish
Invest more in hobbies, like tennis lessons
3-5 Year Goals:
Build a community in their new city
Maybe purchase a house in the new city
Travel for three or four months a year
What is important:
Relationships: family, friends, and her romantic relationship
Anti-aging treatments
Takeaway:
My biggest takeaway is to not be concerned about the exact digits you need for Financial Independence rather you should just make FI your financial goal. Once you start focusing on it and putting the pieces together, you’ll be amazed that no matter how old you are, you can quickly reach this important milestone. It’s the goal we have for all Financial Gym clients and it’s a goal I believe everyone should have.
Random Three Questions
What is your next big trip?
What is a resource you’d recommend for people interested in Financial Independence?
If this was your last meal on earth, what would it be?
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 Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement.
To celebrate the final season of Martinis and Your Money, listeners can get 20% off of one-on-one training services. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.