Inside: Learning to manage your money is hard. With The Financial Gym, you don’t have to go it alone—even if you’re still living paycheck-to-paycheck now.
Everyone wants to be as thin as a Victoria Secret model in a bikini or as ripped as Gerard Butler in a speedo from the movie 300.
Working out can be tough, though—that’s probably why two out of every three adult Americans is actually overweight or obese.
Your finances aren’t much different. We all want as much money as Bill Gates or Warren Buffet, yet most of us are still living paycheck-to-paycheck.
- 1 A Financial Gym For Your Money?
- 1.1 What kind of person can you help? Can you even help people who are living paycheck-to-paycheck?
- 1.2 Who would not be ready to sign up for The Financial Gym?
- 1.3 What does a typical one-on-one coaching training program look like?
- 1.4 What kind of follow-up do you have with your clients after the first meeting? Routine meetings, encouragement, etc…?
- 1.5 Do you offer classes online as well?
- 1.6 How much do your services cost?
- 1.7 Do you offer payment plans for new clients who can’t afford to pay for your services up-front?
- 1.8 What’s your least-favorite and most favorite parts of being a financial trainer?
A Financial Gym For Your Money?
Both of these challenges require a lot of work to overcome, but you can get there if you want it bad enough. A few rogue weirdos like me can learn to work out and manage money by ourselves and actually keep up with it, but not everyone works that way.
I’m fully learning this myself—after trying to teach myself the guitar for years, I’m only making progress now that I’m paying for lessons each week (bonus: I just learned to shred like Van Halen. My name’s VanSomeren. That’s right.).
So, what do you do if you need help? Most financial advisors won’t work with you unless you make a metric @$%^ ton of money every year (yes, that’s the scientific term), or they’ll charge you way more fees than you’re able to pay, especially if you are still living paycheck-to-paycheck.
That’s why I decided to sit down with Shannon McLay.
Shannon was a financial planner from a big firm that catered to high-falutin’ clients, but she wanted to help out people who really needed her help more. So, she left to create her own business—The Financial Gym—to help out the rest of us normal folks. She’s a woman with a mission to help you get better at managing your money, so of course I had to learn more.
Related book: Train Your Way To Financial Fitness by Shannon McLay (affiliate link)
What kind of person can you help? Can you even help people who are living paycheck-to-paycheck?
What I love about my company and why I started it is to provide financial planning to anyone. With plans starting at $85 a month, it’s as affordable as two nights out or a few lattes.
Many of our clients have started with us living paycheck-to-paycheck and the reason why was that they were not optimizing their life and getting the coaching they needed to break free from that. Our clients not only have healthy emergency funds and savings but they are not living paycheck-to-paycheck as the investment in their financial health is paying off.
Who would not be ready to sign up for The Financial Gym?
Honestly, we’ve had clients start with us with $200 in the bank and $200,000 in the bank, so anyone could sign up.
But, I would only suggest signing up if you are truly ready to commit your time and energy to getting financially fit. Just like getting physically fit, it’s going to take work, but the great thing for our clients is that you will not have to do it alone. You will have a financial trainer available to you every step of the way.
What does a typical one-on-one coaching training program look like?
Every coaching relationship starts with an initial in-depth meeting that we lovingly call the “financially naked session” and this is where our clients get financially naked with us and share all of their financial details including bank account balances, student loan debt, credit card debt, monthly expenses, etc.
We follow up that meeting with a financial plan meeting where you get a roadmap for where you want to go the next year and beyond. After that you can have as many informal check-ins as you need, but we meet formally every three months to discuss the financial results from the previous quarter, what worked, what didn’t and set the plan for the upcoming three months.
What kind of follow-up do you have with your clients after the first meeting? Routine meetings, encouragement, etc…?
90% of our clients achieve the financial results that they want and all of them would say that it’s due to the accountability and encouragement of their financial fitness trainer. Our trainers not only understand personal finance, but they understand their client’s unique goals and challenges and they approach their client relationships with a compassion and empathy that’s nowhere to be found in another financial services company.
Do you offer classes online as well?
We mostly offer classes in person in our New York gym, but we plan to roll out a more robust online class structure by early summer.
(Note: you don’t need to be local to NYC to sign up for an individual coaching plan. You can sign up for the coaching plan regardless of where you live. The classes are just extra.)
How much do your services cost?
We have monthly plans typically starting at $85 a month, although we have a student plan that starts at $30 a month. If you just want a basic plan or roadmap created, those start for a one-time fee of $250.
Do you offer payment plans for new clients who can’t afford to pay for your services up-front?
At $85 a month, most of our clients can afford it, especially since we accept credit cards. Most clients easily make more than this after one to two months of working with their financial trainer.
(Note: This can seem like a lot if you’re still living paycheck-to-paycheck, but remember: you won’t come out $85 in the hole because of this. The reason you’re paying for this is so you’ll have more than $85 available to you each month! If only my guitar lessons worked the same way…)
What’s your least-favorite and most favorite parts of being a financial trainer?
I honestly love everything about being a financial trainer. We truly have the greatest job ever, we have a front row seat to our client’s financial and personal journeys. Some days are hard when your clients have setbacks whether their personal or financial but even when they have setbacks, I’m just thankful that I’m there to help them pick up the pieces and get back on their feet and move forward.
There you have it, dudes! If you’re having a hard time setting your finances in order, definitely consider signing up with The Financial Gym. Even the accountability alone is worth it; I doubt your Uncle Bob would cheer you on and guide you like a dedicated financial trainer.
Now, go forth and be the metaphorical Warren Buffet in a speedo that you wish to be!