Getting Naked with Bridget Todd
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 the trainer knows where you’re starting and so that he or she 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.
A few months back on this podcast, I shared my financially naked session so this group could start dropping any fear or shame they had around their money. Well, podcast listener and Facebook Group member Dylan suggested I share more naked sessions on the podcast because mine really helped her open up about money with her friends. This is now officially part of the show. Last month, my teammate Caitlin got naked with me and today Bridget Todd, employee number one at the Financial Gym, is in the hot seat. I hope you enjoy!
What are we drinking?
Bridget — Malbec
Shannon — Irony Pinot Noir
- Bridget was employee number one at the Financial Gym, and she recently celebrated her two-year work anniversary.
- When Bridget started, Shannon had about 30 clients and now the Gym has 1,000.
- Prior to working at the Gym, Bridget was working for a hedge fund in a middle office type of position, which means she supported the traders and portfolio managers. She found her days to be very monotonous. She felt like she was helping rich people get richer.
- About three years ago, Bridget found out about the Financial Gym through her friend who was a client of Shannon’s. Bridget heard Shannon speak at an event and signed up as a client with Shannon.
- Shannon figured out a way for Bridget to save enough money to take a pay cut to come work for the Gym. Bridget was making $85,000 and Shannon offered her $50,000. Bridget countered with $70,000, and Shannon paid her the same as herself, which was $60,000. Bridget accepted the job knowing that Shannon could only guarantee one year.
- In the beginning, Shannon didn’t have a lot of time, and Bridget had to figure a lot of things out on her own. They would sit down together once in a while if there was something Bridget really needed. Once Shannon makes up her mind, it is not worth getting mad about the decision. Once a decision’s made, it’s made. Bridget feels like she is usually aligned with Shannon’s decisions and where she wants to take the company.
- Bridget is on the Executive Team at the Gym.
- Everyone has bad days and Shannon admits when it is not a good day to talk about something. She is very good at making quick decisions. Shannon has the least patience when people waste time on things that aren’t going to happen.
- They are both good at having disagreements and moving forward from that and don’t hold a grudge. Save the drama for your mama!
- Shannon wants to serve their clients and make sure everyone on the team is in the right position.
- Questions from the financially naked discovery questions:
- Employer: The Financial Gym
- Birthday: 5/4/89
- Current Salary: $100,000
- Monthly Take-Home Pay: $5,700
- Checking Account: $3,000
- Account for Work Expenses/Reimbursement: $160
- Savings Account: $1,500
- Moving Fund: $3,500
- Travel/Fun Account: $2,000
- Emergency Fund: $15,000
- Betterment IRA: $36,572
- Betterment Roth: $20,445
- Charles Schwab Account: $82,622
- LVest: $150
- Assets as of Now: $165,000
- Assets as of 1/27/16: $94,000
- Student Loan Debt: $0
- Mortgage: N/A
- Chase Sapphire Reserve Card: $1,734 (pays in full each month)
- AmEx: $2.99 per month (pays in full each month)
- Amazon: $323 (pays in full each month)
- Capital One Venture Card: $531 (some work expenses)
- Credit Score Now: 799
- Credit Score in 2016: 760
- Car Loan: N/A
- Personal Loan: N/A
- Other Loan: N/A
- Own or Rent: In between/Living with parents temporarily
- Current Monthly Rent: N/A
- Renter’s Insurance: N/A
- Life Insurance: No
- Disability Insurance: No
- Will or Trust: No
- Children: No
- Average Monthly Expenses: $1,500 – $1,800
- Current Monthly Saving: $2,200 for a rental or to purchase a studio, $1,500 into investment accounts, $460 into retirement accounts, $500 into travel
- 1-3 Year Goals: Move out to a rental or purchase a studio; make more money; travel to Europe
- 3-5 Year Goals: Marriage, kids, purchase a house on Long Island
- 5-10 Year Goals: Financial independence, travel
- 10+ Year Goals: Help kids pay for college, purchase a vacation home
- What is important to you (sacred cows)? Family and friends and being able to buy gifts for them; having money to socialize; traveling; working out at a gym; being comfortable with her own finances; her own place (either rental or owned)
TAKEAWAY: My biggest takeaway is the importance of taking a leap of faith. Sometimes it sounds really scary to give up money in the pursuit of your passions, but, from my experience, those leaps of faith usually pay off. As you can see from Bridget, she’s in an even better place than she was two years before she took the leap.
Connect with Bridget
Facebook: The Financial Gym
If you’d like to get financially naked with my team and drop any fear or shame you have around your money, I hope you’ll reach out to us at the Financial Gym. My trainers have literally seen it all so nothing will surprise them. We don’t care how you got here, we just care about getting you where you want to go. Head to financialgym.com to sign up for a free warm up call to find out more.