Getting Naked with Paul
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 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 and it led to a request for more. Getting in the hot seat today is another dude who’s a long time podcast listener and also a long-time financial gym client. I’m excited to have Paul join me today to share his digits and his journey to a financially healthier lifestyle.
What Are We Drinking?
Paul — Sandro Veste Wine
Shannon — Vodka with Black Berry Schweppes
- Paul was a podcast listener for about six months or a year before he joined the Financial Gym. He has now been a client for over a year.
- He joined the Gym, because he needed some direction with his money. He was looking for a second opinion on what he should be doing.
- Paul discovered the Martinis and Your Money podcast when he heard Shannon on Listen Money Matters. He went back and listened to all of the episodes. When he is looking to make a change, Paul likes to immerse himself in relevant podcasts. Sometimes it takes time for the information to sink in.
- Paul lived in New Jersey when he joined the Gym, but now he lives in Rhode Island. He was able to keep the same job, but now he works for a different market.
- Paul works for Nielsen TV Ratings. The data that is used is collected from people who have a box on their TV and a people meter that participants interact with. Nielsen randomly selects people in different areas and asks if they want to participate.
- There are about 1,300 homes that represent all of New York. Providence, Rhode Island has about 400 homes representing their state, because the market is smaller. He has worked there for about five and a half years. The company has been around for almost 100 years doing consumer research.
- Paul and another client, Natalie, are heading up the New England Money Tribe. They had their first meetup in Boston. You don’t have to be a Financial Gym client to be part of a Money Tribe. There are now ten Tribes around the country, and the plan is to add more in other cities. If you are interested in joining a money tribe, go to financialgym.com/national-money-tribes
- The Gym is looking at expanding and opening physical buildings in more locations. The top two locations are D.C. and L.A., but Dallas may be next, because Lindsey, a Gym trainer, recently moved there. There is another trainer who is interested in moving to Boston, which means there may be a physical Gym location there in the future.
- The Gym works with clients in 47 different states and D.C.
- Questions from the financially naked discovery questionnaire:
- Birthday: 11/9/1992
- Salary: $52,000 base salary
- Quarterly Bonuses: $2,000 – $5,000
- Pay Cycle: Bi-Weekly
- Net Pay: $1,350 per paycheck
- Schwab Checking account: $4,800
- Emergency Fund: $6,500
- Vacation Fund: $330
- Joint Checking (Rent): $0 after rent is withdrawn
- Taxable Investment Account: $2,100 (long-term savings)
- 401(k): $35,000
- Roth IRA: $22,000
- HSA: $5,800 (to be used for LASIK)
- Moving Expenses: Planned $5,000; Actual $7000-$8000
- Student Loan: $29,000 (was $92,000)
- Sapphire Reserve Credit Card: $1,375 (paid off each month)
- Freedom Unlimited Credit Card: $587 (paid off each month)
- Chase Ink Preferred Credit Card: $80 (paid off each month)
- Other Credit Card: $13 (paid off each month)
- Personal Loan: No
- Car Loan: N/A – Company car
- Credit Score: 812
- Auto Insurance: N/A – Company car
- Renters Insurance: $10/month
- Long-Term Disability: Yes, through work
- Rent: $825 (total is $1,625)
- Will/Trust: No
- Children: No
- Average Monthly Expenses: $2,200
- Goals 1-3 years: Take and pass the CFP exam (Certified Financial Planner) and go on a cruise to the Bahamas this summer
- Goals 3-5 years: Purchase a fixer-upper house and work in financial planning
- Goals long-term: Financial independence, marriage, and kids
- What’s important to you (sacred cows): Food and family
Takeaway: My biggest takeaway is the importance of planning, even if you don’t know where life is going to take you. Paul joined the Gym with general life goals but as his personal situation has changed, so have his financial needs. I always tell clients that you may not know where life is
going to take you, but whenever that next exciting chapter presents itself, you don’t want money to hinder you from going after it.
Random Three Questions
- What is your most used emoji?
- If you were a wrestler, what would be your entrance theme?
- 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.
The great news is that Martinis and Your Money listeners get 15% off Financial Gym services. So if you’re ready to manifest your dreams, like Paul in 2019, head over to or send friends to, financialgym.com to get signed up today.