Getting Naked with Caitlin Lyttle
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. 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. Well Dylan, ask and you shall receive. I thought this was such a great idea that I’m making it a regular part of this show. Once a month, I’m going to have a guest on who’s going to get financially naked with you and the first one up is my Marketing Manager, Caitlin Lyttle. Caitlin joins me to share her career background, why she wanted to work at the Financial gym, and exactly what her financial picture looks like. I hope you enjoy!
What are we drinking?
Caitlin — Kane Head High
Shannon — Vodka with Black Cherry Schweppes
Podcast Notes
How to make a Rusty Nail cocktail: 3/4 oz Drambuie, 1 1/2 oz Scotch Whisky; Pour all ingredients directly into an old-fashioned glass filled with ice. Stir gently. Garnish with a lemon twist. Serve.
When you meet with a trainer at the Financial Gym, the first meeting is called the financially naked session. After Shannon aired her financially naked session on the podcast in July, a listener requested that she do more of these with Gym clients and trainers.
Shannon’s hope is that people will feel more comfortable talking about money and realize everything financial is fixable. She wants to get to a place where sharing your finances is not being brave.
Caitlin has always been open about her finances.
Caitlin is a marketing manager at the Financial Gym, but she started there as a client. She originally found the Gym through a marketing event. Crystal is Caitlin’s trainer. Before the Gym, Caitlin worked in merchandise planning through Ann, Inc. and realized she needed a change.
Caitlin was very passionate about the Gym and what they were doing, and she referred a lot of her friends. One of her friends encouraged her to talk to Shannon about a job. At the time, the Gym needed a new marketing manager based in New York.
When Caitlin was at Ann, Inc., she was making $70,000 a year and received 10 percent bonus payouts twice yearly. Everyone who joins the Gym has to take a pay cut, so they understand what clients are going through. For the first three months, Caitlin was paid a $55,000 salary. After three months, her salary went back up to $70,000. Starting trainer salary is $60,000.
Questions from the financially naked discovery questions:
Birthday: February 16, 1992
Employer: The Financial Gym
Current Salary: $70,000
Checking Account: $1,000
Savings Account: $2,300 (includes travel)
Emergency Fund: $10,128 ($128 from interest)
Betterment: $15,200 (major purchase/home fund)
IRA: $14,500 (previous 401(k)s)
Student Loan Debt: $6,800 ($75,000 was forgiven after her father’s death)
Co-Signed Loan: $52,000
Gap Credit Card: $130
Capital One Venture Card: $500
Credit Score: 771
Car Loan: No
Other Loan: No
Own or Rent: Rent
Current Monthly Rent: $1,200 (Jersey City, one-bedroom, her share)
Renter’s Insurance: None
Life Insurance: None
Disability Insurance: None
Will or Trust: No
Children: None
Average Monthly Expenses: $2,700
1-3 Year Goals: Wedding, September 2020 ($60,000 max, $30,000 each)
3-5 Year Goals: Have a baby
5-10 Year Goals: Buy a home
10+ Year Goals: Buy a beach house
What is important to you? Family (beach house)
Caitlin has been working with Crystal for the last year and her assets have increased more than $10,000. This includes the time when she took a pay cut. She feels much more financially literate than before.
No advice is given during the first session. Some trainers like all of the expense information, others like a ballpark figure.
TAKEAWAY: My biggest takeaway is to set goals for yourself and believe they are all possible. Of course you can get married and buy a home! Of course you can take a pay cut and still save money. Never sell yourself and your life plan short because of money.
Connect with Caitlin
Instagram: @caitlinlyttle
Instagram: @thefinancialgym
Facebook: Caitlin Lyttle
Facebook: The Financial Gym
Random Three Questions
Where is a place you would love to travel?
What is a show you like to binge watch?
If you won a million dollars, what would you do with it?
If you’d like to get financially naked with my team and drop any fear or shame you have around money, I hope you’ll reach out to us at the Financial Gym. My trainers have literally seen it all so nothing will surprise us. 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.