August Recap with The Happy Hour Crew
Today is the last Friday of the month, and my regular listeners know that 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, I’ve talked about a number of topics with my Financial Gym teammates, and we’re talking about them during happy hour. You’ll hear our thoughts on buying vs. renting, the financial challenges we’ve had as pet owners, and our biggest learning lessons from investing our own money. As usual, this is a great conversation and there will only be two more Happy Hours after this one.
What are we drinking?
Melanie – Plain Water
Colin – Boozey Coffee (French Vanilla Creamer, Chocolate Bailey’s, & Vanilla Vodka)
Shannon – Nighthawk Red by Bota Box
Podcast Notes
Renting vs. Owning
Owning vs. Renting: The Happy Hour Crew discusses where they personally stand on the debate. Right now, everyone on the panel is currently renting and appreciates the flexibility it offers. It’s expensive to get into and out of home ownership, and it is not a decision to be taken lightly.
Colin’s Perspective: Growing up in Ohio, Colin felt societal pressure to own a home, but renting in LA makes the most sense for his lifestyle. He enjoys the flexibility but is wary of the instability of renting. He may own a home in the future but isn’t planning on doing so right now.
Melanie’s Experience: Having lived in many expensive markets, Melanie values the freedom of renting. Though she may consider home ownership in the future, she’s currently happy renting, especially in New York. Her partner has helped soften her opinion on home ownership.
Shannon’s Story: Shannon shares her experiences of owning and selling homes, ultimately finding more happiness as a renter due to fewer headaches and responsibilities. She reminds us that home ownership is both an asset and a liability. Maintaining a home also takes a lot of time, energy, and money.
Pet Parenthood
Fur Baby Expenses: The panel, all fur parents, discusses the financial surprises of pet ownership. Pets are part of the family, and being a pet parent is an expense that is well worth every penny.
Melanie’s Unexpected Costs: Melanie shares a story about a routine cleaning for her two cats that turned into one of them getting dental surgery, which cost $3,000. One of her cats also broke several expensive electronics that needed to be replaced.
Pet Care Coordination: Colin shares that while his cat hasn’t been too expensive, it has affected his ability to travel freely and requires coordination with roommates and close friends. His best friend now lives in the same building, so that has been a huge help when Colin needs a cat sitter.
Quality of Life Decisions: The group reflects on the challenges of making tough financial decisions for aging pets. The most important thing is to ensure the quality of life of your pet while being financially responsible. It’s a tough, delicate balance.
Investing Wins and Mistakes
Melanie’s Wins and Mistakes: Melanie has caught up on investing after paying off debt and going through a breakup. Initially, her money was sitting in cash, which was a mistake, but now she’s actively investing.
Colin’s Experience: Colin’s win is having an IRA, but his mistake is not actively contributing to it. He admits to working with a scarcity mindset and not treating his investments as seriously as he should.
Common Client Issues: Shannon shares that, in her experience, many clients are too conservatively invested or have their money sitting in cash, especially after rollovers. It is so important to pay attention to investments and seek out professional support if you need it.
Shannon’s Journey: Shannon’s biggest investment win was starting The Financial Gym, which provided a positive return in many areas, even if not financially. Her biggest mistake was only investing in her 401k when she was young rather than different accounts for different goals. When she started The Gym, she had to pull from that 401k.
Takeaway: My biggest takeaway is that every financial decision you make is fixable, so never be afraid to change course or pick a new direction. As much as money should be a factor in making decisions, it shouldn’t be your only reason for making decisions.
Connect with The Happy Hour Crew
Melanie Lockert: melanielockert.com
Colin Becker: @iwillbecolinyou & colinbecker.com
Shannon McLay: Founder & CEO at The Financial Gym
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.
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way.
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. As a reminder, we work with individuals, couples, or business owners.
The exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services, available for people looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company. We literally have a solution for you, no matter where you’re starting from. So what are you waiting for? Head over to or send friends to financialgym.com to get started today. Our warm-up calls are free of cost and judgment, so you have nothing to lose.