Building Financial Confidence
On this episode of Financially Naked: Stories from The Financial Gym, hosts Sam and Kelly dive into financial confidence—a challenge many clients face when starting their journey. They discuss the emotional hurdles of the first "financially naked" session, the importance of a healthy money mindset, and how everything, from budgeting to income management, is fixable with the right approach. Sam and Kelly discuss how building financial confidence is a process that evolves with ongoing education, realistic goal-setting, and the freedom to make choices that align with your values.
Podcast Notes
Initial Nerves: Many clients feel nervous about their finances, which is why we call the first session at The Gym 'the financially naked session'. The goal is to make people more comfortable because it can be an emotional experience.
Common Struggles: Clients often feel overwhelmed, don't know financial terms, or feel ashamed of past decisions, which damages their overall financial confidence.
Money Mindset: When managing your finances, it's important to address your mindset. How you think and feel about money will directly impact your financial health.
Everything is Fixable: As Shannon always says, everything we do financially is fixable. Hearing Shannon tell her story helped inspire Sam's financial confidence.
Overcoming Challenges
Realistic Budgeting: Clients often resist the word "budget," but setting realistic, flexible goals that adapt to your needs is the key to long-term success.
Plans, not Restriction: A budget that's too strict can lead to overspending. Finding a balance that accommodates your priorities without feeling overly restrictive is important.
Income vs. Expenses: Trainers at The Gym focus on helping clients understand expenses and income. While there's a limit to cutting expenses, there's no ceiling on how much you can earn.
Freedom of Choice: Your budget should work for you. It's about creating the space to make the choices you want. That space is what makes a financial plan work in the long term.
Long Term Financial Confidence
Goal Setting: Asking clients about their goals helps them establish priorities, sometimes for the first time. This clarity is important for confidence in financial decision-making.
Ongoing Education: Clients who stay with The Financial Gym for 6 months to a year often see a significant increase in financial confidence and a decrease in overall financial anxiety.
Sharing Knowledge: As clients learn more about finances, sharing that knowledge with others can boost their confidence and excitement about their financial journey. It's very common for clients' friends and family to join The Gym.
Information Overload: With so much financial information on social media, it can be hard to know what to trust. Trainers at The Gym help clients navigate this and focus on what's relevant to them.
If you want to work with a Certified Financial Trainer to help build your financial confidence, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.