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Making Changes with the Happy Hour Ladies

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Making Changes with the Happy Hour Ladies

Today is the last Friday of the month and my regular listeners know that on the last Friday of the month, I host a happy hour, where I gather great friends with me to drink cheap drinks and talk about money topics. This January, I’ve focused on change on the podcast and today I’m talking to my happy hour friends about making changes, how comfortable we are with making them and what prevents us from making changes, especially when we know we need to. As usual, we had a lot of fun.

What are we drinking?

Melanie from Dear Debt — Water

Tonya from Budget and the Beach — Vodka

Liz, Mrs. Frugalwoods, from Frugalwoods.com — Hot Cocoa

Shannon — Vodka

Podcast Notes

  • Liz will not be able to attend next month’s happy hour, and Shannon said they should auction off her spot to raise money for a give back fund. This fund would be used to help clients who are struggling.
  • Shannon has a client who had more than $30,000 in debt when they started working together and by the third quarter review saved $10,000 and paid off $7,000. Her client had an abortion a year ago, because of her finances, and that was the trigger to make a change.
  • Shannon asked do you need extreme things to happen to make a change in your life? How do you handle change?
  • Liz says she has evolved in her change-making process. Ten years ago she spent a long time deliberating, where now she makes a decision to change more quickly. That happened because they were unfulfilled and unhappy, prior to making the decision of moving to the homestead.
  • Melanie said she tends to hit rock bottom before making a big change. When she was in debt, it helped her to write out what she was going through on her blog. Last year, she hit a low point and she is now making changes with her physical and mental health. We are built to crave comfort and routine, and making a change is like rewiring our brain.
  • Tonya said one of her favorite quotes is “The devil you know is better than the devil you don’t” – Hama Tuma. If she is struggling with a situation, she debates whether it needs to change or whether she is being ungrateful. It is the risk of not knowing what is on the other side of that change. “If you always do what you’ve always done, you will always get what you’ve always got” – Tony Robbins. How long are you willing to put up with the situation that isn’t making you happy, before you make that change? Sometimes you need that big event to help you make a change.
  • Shannon said she has never been scared of changes. She has fears, but not about change. She has always trusted her gut and makes a decision.
  • Shannon asked what are you afraid of?
  • Tonya said not having enough money.
  • Liz said each decision compounds and lets you know that it is okay to make these changes. The worst that can happen is not that bad. “All the immediate unknowns are better than knowing this tired and lonely fate” – Rilo Kiley. You don’t know what the other side is like. Being in a good financial position makes big decisions easier to make.
  • Tonya asked what about a person who is not in a great financial situation? Should they wait to make a change until they are in a better place financially?
  • Shannon said there is a reason why you feel the need to make a change. “I’m in the gap between the two trapeze” – Coldplay. To move forward you have to let go. The middle is a scary place to be, but what’s the safety net? Shannon’s safety net is her faith. God is her net.
  • You only get one shot in life. It is important to live without regrets. Shannon’s search results on change quotes:
    • “Life is not a dress rehearsal”
    • ”Be the change you wish to see in the world”
    • ”Everyone thinks of changing the world, but no one thinks of changing himself”
    • ”Things change and friends leave; life doesn’t stop for anybody”
  • Financial health gives you so much freedom for change. It gives you a safety net to make change less scary. Change is like a muscle. It gets easier to make changes the more you flex that muscle.
  • It is more challenging to make changes as you get older. You have more at stake. There are other attachments to consider. On the flip side, as you make changes, you realize how resilient you are.
  • Liz and her husband have a philosophy where you cannot complain about stuff unless you make actionable change. Do something or don’t talk about it. Or decide it isn’t a big deal and take your focus off it.
  • “They always say time changes things, but you actually have to change them yourself” – Andy Warhol. Sometimes maybe the way you are viewing your situation is the problem. Are you being ungrateful? Is it just in your head? “I’ve lived through some terrible things in my life, some of which are true” – Mark Twain.
  • “This is a new year. A new beginning. And things will change” – Taylor Swift
  • Don’t let yourself get to a place where you need to make a regretful decision because of your finances. Start living your best life today.
  • Accept that change is scary and hard, but sometimes it is really worth it. You can pick yourself back up if it doesn’t work out.

TAKEAWAY: Remember that change is like a muscle we have to flex and continuously work on. Change can be scary, but change can also lead you to a better place as I’ve certainly seen in my life. I hope you take the opportunity to make 2018 your year of change and don’t be afraid to flex those important change muscles you have in you.

We sort of joked about it in the show, but we will need a replacement next month for Mrs. Frugalwoods during the happy hour segment. If you’re available at 9pm EST on Monday, February 19, drop me a note in the Facebook group and let me know why you’d make a great addition to the happy hour and what you may want to drink with us.

If you have any topics you would like for us to talk about during happy hour, please feel free to email me at shannon@finblonde.com or tweet to me at blonde_finance or join the private martinis and your money facebook group and let us know. Until next time, take care!!

The Year of Less with Cait Flanders

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The Year of Less with Cait Flanders

You may remember my guest today from my episode entitled Minimalism for Everyone. I’ve been blogging friends with Cait Flanders for almost four years now and I’ve loved following her blog writing and I’m excited to share with you that she’s written a book: The Year of Less: How I stopped shopping, gave away my belongings and discovered life is worth more than anything you can buy in a store. This January, I’ve focused my podcast around changes, and Cait’s book chronicles the changes she made to lead her to the minimalist lifestyle and she’s sharing more of that on my show as well.

What are we drinking?

Cait — Coffee

Shannon — Coffee

Podcast Notes

  • Cait started as a personal finance blogger in 2010, but she deleted her blog, because she wasn’t done spending. She had about $24,000 in debt at that time.
  • She came back to blogging at Blonde on a Budget a few months later, and she was maxed out at $30,000 in debt.
  • For a few years, Cait wrote about getting out of debt. Cait has been experimenting with different things and, since then, she did a shopping ban initially for one year, and it turned into two. She then got rid of a bunch of her belongings and is now experimenting with slow living.
  • Cait initially stopped blogging, because she knew she wanted to pay off her debt, but she wasn’t ready to change her lifestyle.
  • Every change you make pays compound interest. When you accomplish one thing, it gives you confidence to change something else. Getting one area of your life in order, like your finances, makes it easier to do that with another area of your life, like your health.
  • Cait is always willing to experiment with challenges, to get to a more aligned version of herself.
  • If you are carrying credit card balances and not paying them off in full every month, it is a sign that you are spending more than you make.
  • Cait realized she had several self-limiting beliefs about her earning potential, after her friend made a comment. Sometimes it takes someone close to you to point it out.
  • One of the books that helped Shannon when she was growing her business is Think and Grow Rich, by Napoleon Hill. Shannon would one day like to sell the Financial Gym and use the proceeds to create the Golden Girls Fund to invest in women start-up businesses in the early stages.
  • You are a Badass at Making Money, by Jen Sincero, was a book that was helpful to Cait.
  • Cait’s new book, The Year of Less, is found on Amazon, under dieting and mental health. It’s not just about personal finance, it is a lot of things in one book.
  • Cait was featured in Forbes for her shopping ban. Within two weeks, she received emails from six different literary agents about turning her experience into a book.
  • When looking for a literary agent, representation is very important. Talk to everyone and interview them. Find someone you would be happy entering a long-term relationship with, since the hope would be writing more than one book.
  • It took about 18 months for Cait’s book to be written and published.
  • The timeline in the book is the year of her shopping ban, but there is a lot backstory and other information that Cait has not published in the past. There was a lot of self reflection and practical information in this book.
  • Shannon called Cait’s book “The financial Eat, Pray, Love”.
  • Cait and Shannon talk about negative self-talk and being kinder to yourself. If you make a decision to eat something unhealthy or spend on something that wasn’t planned, be kind to yourself. You might need to work a little harder now, but get over it. Don’t quit!
  • Shannon said sometimes it takes a solid year for everything to click with clients, but they keep showing up. It takes a lot of courage to keep pushing through.
  • Cait started her blog seven years ago and says she is still a work in progress.
  • Cait’s book will be released January 16, 2018, on Kindle, Audible, and in hardcover.
  • Cait’s book can be found on caitflanders.com, or Instagram

Random Three Questions 

  1. What is a book that changed your life?
  2. What is a show you like to binge watch?
  3. Where is somewhere you would like to go or you would like to go back to?

Connect with Cait

Caitflanders.com

If you want to make a big change this year in your finances and want someone to help you along the way, I hope you’ll reach out to my team at the Financial Gym. We have clients hitting financial goals every day they they never could have hit on their own. You can schedule a free call here to find out more. So head over to or send friends to financialgym.com/friends to sign up today!

 

Unexpected Unemployment with Bridget Todd

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Unexpected Unemployment with Bridget Todd

We are at the beginning of a New Year and many of you are planning on making changes in your lives. Unfortunately, so are companies. For many people, they are going to start the year off unemployed and this is the case for one of my listeners, Danielle, who was unexpectedly let go last week and asked if I could do a show about what to do if this happens to you. I fortunately/unfortunately thought this was a great show idea and immediately recruited my girl and lead trainer at the Financial Gym, Bridget Todd, who has counseled a number of clients through this unfortunate surprise. She joins me to share some of her best practices and how you can take the experience of getting laid off and turn it into the best change of your life.

What are we drinking?

Bridget — Hot Toddy (Tea & Whiskey)

Shannon — Vodka and Tonic

Podcast Notes

  • One of the listeners asked for a discussion on becoming suddenly unemployed due to layoff or being fired.
  • Bridget has had at least five clients in the last six to eight months who have been in this same situation and she has helped them come up with a plan to stay out of debt.
  • Companies plan on layoffs for several months and often choose the beginning of the year to stay away from the holidays. Another reason to do layoffs in January, is that it gets them out of paying bonuses in February or March.
  • There are a lot of people looking for work in January and there tend to be more openings due to those leaving their jobs in December.
  • Shannon discusses her experience at Bank of America in 2007 and 2008, when there were big layoffs.
  • Everyone who made it through the 2007 layoffs thought they were safe and were caught off-guard when more layoffs happened in 2008.
  • All of the people who were laid off ended up someplace new.
  • A common theme that Bridget sees with clients who lose their job is that they were surprised by the layoff, but they told her in previous meetings that they didn’t like their job and they wanted to do something new.
  • This gives them the time and focus to build a new skill set and move in the direction they want to go.
  • The first goal for clients of the Gym is the emergency savings goal. Having three to six months of monthly expenses saved in an emergency fund is critical. It could be health, new tires, getting laid off, etc. You have to be prepared! This is top priority.
  • When a client loses their job and doesn’t have an emergency fund, Bridget first looks at the debt situation and the client’s credit score. The best thing to do if there is no emergency fund is to have a zero percent interest credit card – if you need to pay something, you will need to put it somewhere. How are you going to pay your bills?
  • Figure out some way to make money in the interim between finding the next best job. You may need to take a job you don’t like in the meantime.
  • Using a zero percent interest rate credit card is better than borrowing from your 401(k). When you take money from your 401(k), you lose half of what you take out between penalties and taxes.
  • People get laid off all the time – it doesn’t mean that you are a shitty employee or that you will never get another job, it just means the company needed to cut costs. Hiring managers know this.
  • As a hiring manager, Shannon wants to see how the person responds to the situation, especially if they were willing to take a job that was not ideal in the interim.
  • The longer the gap between jobs lasts, with no employment, employers start to question why the person hasn’t worked.
  • Figure out what you want to do and where. Go on LinkedIn and look at the jobs available in the field. Email everyone in your network and do the work. Your new job is to find a new job – work every connection you have that is relevant to something you want.
  • Don’t worry about taking a job knowing it is not the one and that you are not going to stay there. Keep looking. It is easier to find a job when you have a job.
  • It is not typical to stay in a job for 20 or 30 years anymore. Hiring managers know that the trend is for people to job hop until they find the right position. Shorter stints in a job does not look bad anymore.
  • How do you manage your finances when you are unemployed? How can you get your expenses to the lowest possible point to give you more flexibility?
    • Can you move home with your parents and sublet your apartment? Can you rent a room in your home? How are you going to resolve paying for your biggest expense?
    • Cut out everything! Netflix, Spotify, etc. Little expenses add up!
    • What are you obligated to pay? If you have credit card debt, start paying the minimum. If you have federal student loans, can you put them into forbearance or are you eligible to defer them?
    • Make a list of necessities, like food, and come up with a grocery budget. Can you cut your cable and internet? Can you switch your phone to a lower cost provider?
    • Give yourself a little money to do something you want or so you can go out with friends once a month.
    • Contact your lender to see if you can get a month or two reprieve. Negotiate everything you can.
    • Come up with your bare-bones number and learn to live within that budget, until you find your next job.
  • It will never be comfortable, you just need to manage through it.
  • The lowest lows will lead you to the highest highs.
  • The trainers at the Financial Gym stress the importance of the emergency fund, because they have seen clients in that position.
  • If you get laid off at the beginning of the month, use your health care. If you end up with a medical bill, remember, you can negotiate those and work out a payment plan with the provider.
  • If your company gives you a severance, read through it carefully, consult with someone, and try to negotiate for more weeks of pay and insurance.
  • Apply for unemployment right away online. It will be at least a few months of some money that will help keep you afloat. Check with your HR person to see if you will be eligible. If you are being fired due to your performance, you may not be eligible.
  • If you are getting unemployment or a severance, still go to your bare-bones budget. You may not have another job once the pay ends. Try to bank the severance by getting another job quicker.
  • Flex Spending Account (FSA): tied to the employer; use it up within the deadline.
  • Health Savings Account (HSA): you can take this with you.
  • 401(k)/Roth 401(k): roll these out of the company into individual IRAs.
  • How do you manage through the process of competing for your job, against your co-workers, when your company is doing layoffs? Your co-workers are feeling the same way. Keep a list of your work achievements and times when you’ve gone above and beyond. It is every man for himself. Never speak badly about your co-workers. If you are in a competition environment, you should be looking for another job.
  • Shit happens, but it doesn’t stay shitty. It is just a period of time. The best way to shorten that period of time is to be proactive. When you lose your job, it is the universe forcing you to make a change. The quicker you accept that, the quicker the universe gives you what you want.
  • It is all about how you react when you get pushed down. You need to put yourself out there and start working.

TAKEAWAY: Remember that even the most unexpected events in your life happen for a reason, and if you lose your job, keep up your positivity and remember that this is the kick in the butt from the universe that you need to lead to you the next big adventure of your life.

Random Three Questions 

  1. If you need to relax, are you going to a hot tub or a massage?
  2. If you could travel anywhere in the world, where would you go and why?
  3. If you were to win $1 million, what would you do?

 

If you’ve found yourself unexpectedly unemployed and need a game plan for how to get through it, please reach out to my team at the Financial Gym. We will get a game plan together for you for free. It’s hard to move on to the next great adventure of your life if you’re stressed and uncertain about how to get there, so don’t be – my team is here for you. You can schedule a free call here to find out more.

 

Big Changes at All Life Stages with Amy Ogden

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Big Changes at All Life Stages with Amy Ogden

I hope that you and your family had a wonderful holiday season and a joyous start to the New Year. I spent my holidays working on my plans for the Financial Gym for 2018, cleaning my home, and relaxing as much as possible. I’m excited and energized for the new year and I hope you are as well. Speaking of new years, new years always make me think about making new starts. So today I’m talking Amy Ogden, Senior Vice President of Brand at J Public Relations and lifestyle blogger at Sips of Sunshine about the new start she made in what felt like late in life for her. She shares the events that led up to her big decisions and how it changed her life for the better.

What are we drinking?

Amy — Hot peppermint tea

Shannon — Black Cherry Schweppes

Podcast Notes

  • Four years ago, Amy was living in San Diego and was Vice President for one of the world’s top luxury travel, PR, and social media agencies.
  • She was living a charmed life, was in her mid-thirties, but was bored and needed something else.
  • Amy always had a dream in the back of her mind to move to New York, but thought she missed her window.
  • On a visit in 2014, Amy was in NYC and had a peaceful knowledge that this was where she belonged. There was sadness in leaving her life in San Diego, but no fear.
  • When she told the company she wanted to move, they agreed to transfer her.
  • Her first hard lesson was that her stuff had no street value. She had to sell, donate, or give away all but seven to nine boxes of stuff.
  • She used Airbnb for the first two months in NYC, before committing to an apartment, and moved with only her clothing, makeup, and Vitamix blender.
  • Amy eventually decided to rent a very small apartment in the West Village. Moving to NYC was forced minimalism.
  • She never realized how much time and money she spent acquiring things before. Now, if she has free time, she writes a blog post, catches up with a friend, or goes to a Broadway play, instead of spending money and filling up her house with things she doesn’t need.
  • We’re robbing ourselves of great experiences, because we are fixated on stuff.
  • How you spend your money is how you spend your time.
  • Another lesson Amy learned is that she doesn’t remember or miss anything she got rid of. Now she has more time and space.
  • After moving to NYC, she realized she should have downsized even more.
  • When you spend money, think “What are you working for?” Don’t think “can I afford it”, but “where is its place in my life?” and “How can I get it home?”. She doesn’t have any extra space or a car.
  • She now buys the best brand she can afford, because she only has one. Quality over quantity has become a centerpoint in her life.
  • What can you do with your time instead of buying things?
  • When you free up your money from stuff, look at where in your life you could outsource that would make you happy. Reflect on where you can spend to save yourself time. Amy now can spend on a cleaning lady and a blowout membership.
  • Evaluate what you are spending on and decide if it is still worth it – don’t wait for a new year.
  • Amy calls herself a “bougie borrower”. Owning things isn’t exciting to her and she doesn’t have the space, but she still wants nice things in her life. She now subscribes to Rent the Runway unlimited. She also subscribes to Rocksbox for jewelry. There are so many ways to have nice things that you don’t need to own.
  • It is all about what you value and what’s important to you. There are so many extra costs with owning things.
  • Amy values having certain things that she can use and not own. There is freedom in renting and the time she reclaims.
  • Find out what you value and work backwards from there.
  • Don’t let story lines get in your way. You do not need to be young and broke to move to NYC. You do not need to own things to be happy.
  • Identify and work for your own story line, not someone else’s. It needs to work for you and your life, but it needs to be financially responsible.
  • Challenge yourself to look around your home and life and lighten up something – you will feel lighter. Create some space so you can breathe. Look at how you are spending your time. Pay attention to the role that stuff plays in your life.

TAKEAWAY: Let Amy’s story and the New Year remind all of us that we’re capable of making big changes in our lives at any stage of our life. Don’t let stories that you tell yourself
prevent you from making a big change that could lead you into an amazing next chapter of your life.

Random Three Questions 

  1. Do you relax with a massage or a hot tub?
  2. Where is somewhere you’ve been that should be a bucket list item for other people?
  3. If you were to win one million dollars, what would you do with it?

Connect with Amy:

www.sipsofsunshine.com

If you want to make a big change this year in your finances and want someone to help you along the way, I hope you’ll reach out to my team at the Financial Gym. We have clients hitting financial goals everyday that they never could have hit on their own. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

 

 

Year-End Review with the Happy Hour Ladies

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Year-End Review with the Happy Hour Ladies

Today is not only the last Friday of the month, but it’s the last Friday of the year so that makes this a very special edition of the Happy Hour Episode. Regular listeners know that on the last Friday of the month, I gather great friends with me to drink cheap drinks and talk about money topics. This episode is special, because it’s our third annual year-end review. We’re going to recap what goals we set for ourselves in 2017 and how well we did at accomplishing them. We’ll share our highs and lows for this year, and finally we’ll share with you our big goals for 2018. As always, I had a blast with my friends and now here they are for the last time in 2017.

What are we drinking?

Melanie from Dear Debt — Cava

Tonya from Budget and the Beach — Petite Sirah

Mrs. Frugalwoods from Frugalwoods.com — Hot Cocoa

Shannon — Cava

Podcast Notes

  • Shannon reminded Mrs. Frugalwoods that her 2017 goal was to keep everyone alive, maintain the homestead, and focus on strategic charitable giving.
  • Mrs. Frugalwoods’ highs of 2017:
    • Babywoods is thriving
    • She has achieved strategic and efficient use of time, due to lack of time
    • She finished her book, Meet the Frugalwoods: Achieving Financial Independence through Simple Living
    • Homesteading went well – bigger garden, more organized, preserved more food, enjoyed their time there
    • Babywoods 2 is due February 2018
    • Uber-Frugal Month Challenge – over 20,000 people have taken it; positive feedback from participants
    • Strategic charitable giving – She opened a Donor Advised Fund (DAF) and mapped out her charitable giving
  • Mrs. Frugalwoods’ lows of 2017:
    • Understanding her limitations right now
    • Being okay with getting less done and letting go of perfection
    • She was asked to join a Board of an organization that she feels strongly about, but she had to turn it down
  • Shannon reminded Melanie that her goals were to take charge of her income and make more money from things other than writing (speaking/coaching/events).
  • Melanie’s highs of 2017:
    • Most professionally successful year
    • Contracted to plan several events throughout the year
    • Created and planned her first big event, Lola Retreat, with Emma Pattee
    • Income is on par or better than last year
    • Recognized by peers through the PLUTUS award – won best freelancer and the foundation service award for her suicide prevention blog tour
    • Travel to New Orleans, New York, Mexico
    • She adopted two kittens, Miles and Thelonious
  • Melanie’s lows of 2017:
    • Physical and mental health issues in Spring
    • Melanie and her partner of nine years broke up in August
  • Shannon reminded Tonya that her 2017 goal was to increase her net worth by more than $46,000 and to travel more. 2017 was to be a growth exploring year.
  • Tonya’s highs of 2017:
    • Net worth is over $60,000
    • Travel to Europe (Germany, Croatia, Slovenia, Austria), Colorado, Yosemite
    • Pepe, Tonya’s 17-year old cat, is still alive
    • Good overall health
  • Tonya’s lows of 2017:
    • Work was a struggle for the first six months; it did work itself out
    • Had a few things that she wanted to do that didn’t work out; learning to let go and not get bitter
    • Missed a friend’s wedding, because she got sick after her trip to Europe
    • She didn’t blog as much as she wanted to
  • Shannon’s 2017 goal was to open 10 Financial Gym locations.
  • Shannon’s highs of 2017:
    • The Financial Gym had $65,000 in the account two days after the account was at $0
    • The Gym now has over $1 million in the bank
    • She found a number of investors who support her and believe in what she is doing
    • She was able to come through on her promise to pay Bridget for at least a year
    • She employs six people; by January ten people
    • She and Bill are doing well and are co-parenting like rockstars
  • Shannon’s lows of 2017:
    • Started the year optimistic, but investors did not pan out
    • In March, she had $0 in her personal bank account and in the Financial Gym’s bank account
    • The process of raising money with venture capital investors is humbling, exhausting, and the worst type of dating – a lot of rejections
  • 2018 Goals
    • Shannon: the larger flagship Gym should open up in February, in Manhattan; open two more Gyms next year; raise at least $8 million in Series A
    • Melanie: continue to build the Lola Retreat brand and do more events (two to three); scale back on writing a little; have longer-term clients; focus on personal well-being and mental health; cultivate a sense of wonder; stay curious; focus on joy and pleasure; become a better listener; be more mindful and more present; find peace
    • Tonya: do things that scare her; some domestic travel; save more; goal-setting party in January
    • Mrs. Frugalwoods: keep everyone alive; promote her new book that is coming out in March 2018; balance having a new baby with the book release; be realistic about what can be accomplished; enjoy infanthood of the new baby

TAKEAWAY: Just because you may not have achieved your big goal for 2017 does not mean you failed. Our goals are like destinations on the road trip; it’s nice to get to the destination, but we can’t negate everything that happens during our journey to get there. Sometimes our journey is equally as important as the destination. I didn’t achieve my big goal in 2017, but I learned so much from the journey to get there and not achieving it makes me really excited for when I do finally get to that destination.

I want to take this moment to thank you for an amazing 2017. I’ve said this in the past and I mean it from the bottom of my heart, but I truly believe that I have the greatest listeners of any podcast. You are more than listeners to me. You’re my friends and family on this life journey and having you along for the ride is a joy beyond measure. Thank you for all of your support online and offline in 2017. I can’t wait to share more fun and educational stuff in 2018.

If you have any topics you would like for us to talk about during happy hour, please feel free to email me to shannon@finblonde.com or tweet to me at blonde_finance or join the private martinis and your money facebook group and let us know. Until next time, take care!!

The Millennial Money Problem with Douglas Boneparth

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The Millennial Money Problem with Douglas Boneparth

On this episode of Martinis and Your Money, I am talking to Douglas Boneparth, President of Bone Fide Wealth and Co-Author of the book, Millennial Money Fix. Doug joins me today to talk about what exactly the Millennial money problem is and how it can be fixed. As an added bonus we also get into some reasons why the current financial planning model stinks, especially for Millennials, and how you can find a good financial planner to work with.

What are we drinking?

Douglas — Hibiki 12

Shannon — Dirty Gin Martini

Podcast Notes

  • Douglas grew up in the financial planning business, as he is the son of a certified financial planner.
  • In college, he was sponsored by his father for his licenses and learned the business by working with him.
    Douglas spent a lot of time working with older clients right out of college.
  • You don’t need to have a background or degree in finance to become a financial planner, there are training programs that you can take. You need to be able to interact with, and have a love for, people.
  • Douglas created a video on YouTube called Every Young Financial Advisor Needs to Hear This, that explains two ways for young people to get into the industry today and take advantage of a great opportunity.
  • The market is shifting away from the brokerage mentality to the advice and service mentality. The old school of financial planning is having an advisor manage your money and trade stocks and bonds for you. The new world of financial planning is the wholistic approach to helping people with their money.
  • If you are having a tough time getting your game plan in order, bring in a new quarterback. If the game changes in a positive way, keep that player on your team.
  • Sometimes investing in an advisor will pay for itself.
  • The lack of financial education and being financially illiterate is a societal problem, but it has caught up with Millennials more than anyone else. Student loan debt, the labor market, and the high cost of education is making it harder to achieve the great things in life.
  • Doug and his wife, Heather, wrote the Millennial Money Fix to help people be financially literate and learn the personal finance lessons that are not being taught.
  • Don’t be embarrassed if you don’t understand money. The majority of people do not understand it, because there is a lack of education around personal finance both in schools and in homes.
  • The cost of college education has gone up 500% from 1986 to present day. If you make the loans available, students will take them.
  • You cannot afford to be financially illiterate anymore.
    Most people are taught about time management and health, but not about money. Financial education is our individual responsibility.
  • Financial information is now readily available through blogs, videos, podcasts, and books. Find the resource that resonates with you.

TAKEAWAY: The millennial money problem is actually not a problem for just millennials. Financial literacy is a problem that plagues all generations but with all of the tools and resources available now, it hopefully will not remain a problem for future generations.

Random Three Questions 

  1. Where is a place you’ve visited that you would like to go back?
  2. What is a show you like to binge watch?
  3. If you won one million dollars, what would you do with it?

Connect with Douglas:

http://bonefidewealth.com
Twitter: @dougboneparth

If you’re going to set a New Year’s resolution to start fixing your financial literacy problems, I hope you’ll reach out to my team at the Financial Gym. We work with our clients continuously to help them not only become more financially literate but to also make smarter money choices along the way. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

 

 

The Millionaire Mindset

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martinis and your money

The Millionaire Mindset

Years ago when I was in college, one of our required reading list books was the Millionaire Next Door by Thomas Stanley. My 21 year-old self found it interesting, and I ultimately interpreted it as the book that showed you that cheap people get rich. Fast forward 18 years and I see the truth of

this book firsthand, except that it’s beyond the cheapness. There really is such a thing as a millionaire mindset or a way of thinking that leads to wealth building. I’m excited to talk about this on the podcast today with my good friend and host of the Stacking Benjamins podcast, Joe Saul Sehy. He joins me to talk about the millionaire mindset and how he’s helping people cultivate it better.

What are we drinking?

Joe — Coffee

Shannon — Coffee

Podcast Notes

  • Joe is one of Shannon’s podcast mentors.
  • Shannon shared that she loves it when podcast members visit the Financial Gym, and invites any of her listeners to stop by the Gym for a visit if they are in NYC.
  • Joe shared a client story about a married couple who were able to retire earlier than they thought.
  • His wealthiest clients love when he goes through their budgets line item by line item and identify where they are wasting money and how to capture it.
  • One of the reasons Shannon started the Financial Gym is to get to people earlier in their “marathon training” and help them identify holes in their spending.
  • Joe shared that discipline is not the reason wealthy people are wealthy, and wealthy people do not have a magical thing they do.
  • When they stumble across something cool that they did accidentally, they automate it so they don’t have to think about it.
  • Automation can save the day – set it and forget it!
  • Joe shared a story about a car insurance salesman – put it on the calendar the day after your birthday to shop for car insurance, either through an agent or online.
  • Ask what discounts are available – some offer discounts for A students, but you need to ask.
  • Joe uses Clarity Money to quickly show how much cash is on hand, recent expenses, and credit card expenses and due date. Clarity finds subscription services and will cancel them for you with the push of a button.
  • Joe also uses Rize Money for his goal to pay cash for a trip to Germany. Use the accelerate feature to boost savings. It is simple automation.
  • Having a goal is half the battle of saving. Goals are the destination on your financial road trip.
  • Two problems with goal-setting:
    • People can’t think of the perfect goal and they freeze
    • People have goals they think they have to have
  • Once you start with a directional goal, the real goal identifies itself over time. Don’t try to be perfect, just start moving.
  • Deli counter approach: go through your goals and say “what else”.
  • Goal big – put it out there!
  • Get individualized with your goals and make them unique to you.
  • Automate the little stuff, so you can focus all of your energy on your goal. Make your budget predictable and eliminate as many surprises as possible.
  • Joe uses the app Tip Yourself.
  • Shannon shared a story about a client, and podcast listener, Sarah.
  • Financial fitness is fun. Financially fit clients are spending money where they want to spend money, not on stuff that doesn’t matter.
  • Joe and his business partner, Kathleen, put together the Millionaire’s Money Management System. It is a collection of all of the tips he learned, over 16 years, when he was a financial planner.
  • After every couple of tips they stop and tell you how to automate and capture the money before moving on.
  • The course, Finding Benjamins, is $249. Their average person has found over $500. Invest in the course not just to learn the tips but to implement them.
  • More information can be found at stackingbenjamins.com/findben

 

  • TAKEAWAY: At the end of the day, financial success is truly all about a mindset and most of us aren’t born with it, so don’t be afraid to invest in tools and resources that can help you become more successful and flex your millionaire attitude more.

Random Three Questions

  1. If you were on death row, what would you eat for your last meal?
  2. When you’re stressed, do you get a massage or go to the hot tub?
  3. What is a show that you like to binge watch?

Connect with Joe:

Website

If you need or want someone to help you reach your financial goals, I hope you’ll reach out to my team at the Financial Gym. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

Get to Know My Trainers

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martinis and your money

Get to Know My Trainers

A number of my Martinis and Your Money listeners have become Financial Gym clients and one of those clients suggested that I host a financial trainer happy hour so that listeners could get to know my team at the Financial Gym better. We had a blast recording this and talking about why our jobs at the Financial Gym are the greatest jobs ever.

Bridget – Virgin Mimosa aka “Straight up Champagne”

Joy – Mimosa with mostly champagne and high pulp orange juice

Crystal – Mimosa with minimal citrus and high pulp orange juice

Alicia – Mimosa with pink champagne and fresh squeezed orange juice

Shannon – Mimosa with splash San Pellegrino Grapefruit

Podcast Notes

Each of the trainers discusses why they became a financial trainer and how they found out about the financial gym.

Bridget – she was previously working for a hedge fund and not feeling fulfilled by the job. She also saw her friends struggling financially and was surprised by how poorly prepared they were financially. Bridget took a $20,000 a year pay cut to work for Shannon and The Financial Gym and Shannon promised her that she would keep her employed for at least one year.

Joy – believes she found the Financial Gym through providence. She is a military wife who was working in advertising in New York, but wanted to move to North Carolina to live with her husband. She met Allegra at a networking event while she was “fun-employed” and agreed to come into the gym to share what she liked about LearnVest. Joy mentioned working for the gym and eventually got hired as the gym’s only virtual trainer.

Crystal – her story started in California with a dream to live at some point in New York. She eventually moved to New York with another job and met Allegra at a networking event. She came to a few events at The Financial Gym and decided that she needed to become a member and then eventually became a financial trainer.

Alicia – met Shannon 7 years ago while Shannon was working at Bank of America and Alicia was working in corporate finance. Around the time Alicia was thinking about changing jobs, Shannon reached out to her to help build the Financial Gym on Long Island, which is where Alicia lives. She and Crystal were in the first official training class of the Financial Gym.

Shannon asked the trainers the following questions:

  • What is the best part about the job as a financial trainer and what’s the worst?
  • What are some client stories the good or the bad?
  • How would you describe your trainer style?

Random Three Questions

  • Vanilla or Chocolate?
  • Vodka or Something Brown?
  • What do you like the binge watch?