Cheers to 10 Years

This is a very special episode of Financially Naked: Stories from the Financial Gym! Our hosts are Shannon McLay, the CEO and Founder of the Financial Gym, and our incredible COO, Alicia Lazarto. Today, they celebrate a decade of financial fitness and commemorate Alicia's remarkable six-year journey with The Gym. They take a trip down memory lane and share the inspiring tale of how the Financial Gym came to be. 

From its humble beginnings to the challenges we faced along the way, we'll dive into the highs and lows and the people that shaped The Financial Gym. This episode is about reflection, growth, and gratitude as we celebrate a decade of transforming lives, one financial step at a time. And that's not all – mark your calendars for September 1, when Shannon will share some exciting big news you won't want to miss on her podcast Martinis and Your Money.

Podcast Notes

  • Alicia is the COO at The Financial Gym, but Shannon calls her the second CEO, the Chief Everything Officer. They met at a much different stage of life when Shannon was working at Bank of America. It was love at first sight in that stuffy meeting room.    

  • For years, Shannon and Alicia worked in male-dominated professional finance spaces. When Shannon left Bank of America, she and Alicia stayed in contact. Alicia attended every single live event Shannon held and brought people with her. 

  • When Shannon was working as a traditional financial advisor, she learned so much. She wanted to use her knowledge to help people who didn't have access to the type of help they needed. 

  • She started coaching people on the side in addition to her work as a traditional financial advisor. She heard people say their money situations made them feel unlovable or stuck in an endless cycle. 

  • One client told Shannon that this work was saving her life, and Shanon will never forget that because it was her 'aha moment.' 

  • There are options for people looking to get physically healthy, but there needs to be spaces helping people get financially fit. She needed a place to send the clients she was coaching who needed continued support. She heard 'Financial Gym' in her head, which stuck with her. 

The First Clients at The Financial Gym 

  • When figuring out what The Financial Gym would become, she also started blogging and podcasting. She knew God would lead her and was trying hard to see what worked. 

  • Client number one came from her sister's book club, who shared her experience with the others in the club, which led to client number 2. It slowly expanded from there. The blog started growing, and she got more clients from the podcast.  

  • She had given herself two years until all her licenses expired to make this work. She had gone through her 401k trying, and when she was going to go back to her old job, Bill said they could use his IRA to keep it going. 

  • A few weeks later, she was having coffee with her long-term mentor Bob, who asked for her advice about his severance. She asked him to invest in The Gym, and he said yes. He gave Shannon the first $100,000 check in an envelope that said, ''Knock 'em dead!'' That's when they officially called it The Financial Gym, got the trademarks, and convinced Bridget to join her on this journey. 

Fundraising is a Constant 

  • Shannon and Alicia joke that The Financial Gym is always running out of money.

  • There are challenges in running a company that serves all clients, especially those with no money when starting. 

  • There have been five or six times where they were very, very close to running out of money, but despite all of the challenges, they have never missed a payroll. 

  • Alicia has been in finance her whole life, so a low bank account does not scare her. All companies have been there, even the big ones. She’s got a strong stomach for calling lenders. She’s never scared because she knows Shannon always comes through. 

  • It can be challenging in the dark times when the money isn’t coming in, but they are constantly pushing forward and seeing things through. 

  • The Gym is still standing and bringing in new clients every day. No one could have predicted what happened over the last few years. When Shannon reflects, she feels they have learned a lot, are smarter for it, and are equipped for the next chapter.  

Final Thoughts 

  • Ten years in, Shannon is so grateful for the clients, the team, her inner team, Alicia, Bill, Will, Vinnie, Nana, her Mom, God, and all of the struggles, as they provide growth. 

  • Shannon does everything for the clients. It goes back to the first woman who said, ‘You’re saving my life.’ The last ten years have been a roller coaster with lots of tears shed. Whenever Shannon feels like quitting, she’s reminded why she started in the first place, and it’s always the clients. 

  • Thank you to all the listeners and 13,000 clients who have been part of The Financial Gym over the last decade. From Jillian, client #1 from the book club, to everyone who has trusted us since then. 

  • The Financial Gym is in the process of raising money for the next chapter. There will be an announcement on Martinis and Your Money on the September 1st episode, so stay tuned. 

If you want to work with a Certified Financial Trainer to join the 13,000 others who have become financially fit,  schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.

Resources

Meet The Team

Meet Alicia Lazarto - Chief Financial Officer 
Meet Shannon McLayMeet Shannon McLay - Founder & CEO - Founder & CEO 

The Financial Gym Team Comment