“Physical fitness and financial fitness are both simple. To get physically fit, we need to eat less and work out more, and to get financially fit, we need to spend less and make more. It sounds really simple, but if it were that simple, we’d have a bunch of skinny millionaires running around! There are a lot of emotions around both.” —Shannon McLay
If you want to run a marathon, you hire a running coach or personal trainer. If you want to get your finances whipped into shape, you hire Shannon McLay, founder and CEO of The Financial Gym and host of the Martinis and Your Money podcast. Shannon is a former Merrill Lynch financial advisor who created The Financial Gym to help people “kick their assets into shape and their bad money habits to the curb.” Her goal is to help men and women, primarily of the millennial generation, to get financially healthy. Shannon and her team at The Financial Gym have coached more than 1,400 clients and helped them turn their bank accounts, credit scores, and investments around — and on this episode, she talks about how to get started, plus how to avoid the financial comparison trap.
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What you’ll get on this episode:
- General money Q&A, including advice on credit cards, bank accounts, the financial comparison trap, and more (5:00)
- Budgeting 101 (22:15)
- Advice for paying off student loans (28:05)
- All about investing and saving (37:45)
- Baby and family questions (53:00)
What we mention on this episode:
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