On this episode of Financially Naked: Stories from The Financial Gym, our host is Joy Liu, Level 2 Certified Financial Trainer and Head of Marketing. She is joined by her client Chatoya. Joy and Chatoya weren't paired together initially, but through some happy coincidences, they became BFFs (Best Financial Friends). Chatoya is here to share about a big financial win and celebrate with Joy and the community.

Podcast Notes

When she first heard about The Financial Gym, she needed to get her finances in order. She had tried on her own, but it just wasn't working. She can't remember exactly why she started, but The Financially Naked session is vivid in her memory. It was a rainy day in New York.
Joy lives in North Carolina but was at HQ on the day of Chatoya's appointment. Through a series of events, Joy did the first session. Chatoya came in flustered with many questions, but Joy was kind and encouraging throughout the process. She presented the plan in October 2018 over Google Meet.
Chatoya felt low when she first started, wondering how she had let it get to this point. She felt as if she was never going to get out of debt.
Joy told her that her first goal would be an emergency fund of between $9,000 - $18,000. Before working with The Gym, Chatoya came from the school of thought that $1,000 was the emergency fund goal before focusing on debt. All she saw was her debt, and she wanted to tackle it. They compromised at $5,000. They utilized balance transfer cards to reduce interest while focusing on the emergency fund.
One important thing to Chatoya was the ability to tithe to the church. It was a tough conversation at first, but they were able to find a system that worked and made Chatoya excited.
Another part of the plan was increasing Chatoya's income. She was being underpaid at her job. Before getting a raise, she got a second job. The income went to her emergency fund, but she still needed a raise from her primary job. She got the raise, and it was for more than she needed to meet the plan. This was a real turning point, and she was able to put some gasoline on the process.
When Chatoya started at The Financial Gym, she had $700 in savings and $80k in debt. The debt was a mix of student loans, credit cards, and personal loans.
Today, Chatoya is DEBT FREE! Through the PSLF program, her student loans were forgiven. Now, she has $14,000 in cash and is working towards the $20,000 emergency fund goal.
A lot of the work was changing her mindset; the weight has been lifted. When she started, she felt shame about the debt but never shared that with anyone. It was always ‘spend now and figure it out later’. Now, it's completely different. She's gotten better at saying, 'I can't afford that right now' and helps her friends with their budget.
If you're not a member of The Financial Gym and are looking for a sign to join, this is it. The Financial Gym is for you! Don't second-guess yourself. It's time to make that first step, and everything else will happen. If you're a current member feeling discouraged, stick with it. These things take time, but change will happen. Be patient and have grace with yourself.