Everything You Wanted to Know About Financial Plans with Crystal and Nick
Financial Plans with Crystal Martinez and Nick O’Neil
On this episode of Financially Naked: Stories from The Financial Gym, our host is Crystal Martinez, Financial Trainer based out of the L.A. office, and her coworker, Nick O’Neil. They are going to discuss Financial Plans.
Podcast Notes
Warm up callers get a lot of questions from new clients about the Financial Plan and all that it entails.
The Financial Plan is a PDF document that trainers create for their clients. New clients talk to warm-up callers and they are paired with a trainer.
First, new clients have their financially naked session where everything is reviewed. Trainers take their notes from that meeting and create a tailored Financial Plan that includes the client’s expenses/debts, income, goals, and non-negotiables. Similarities for all clients include the goal of an emergency fund.
It is the trainer’s job to figure out a pathway for clients to accomplish their goals. The Plan includes resources, like links to podcasts and book recommendations, specific to each client.
Plans may start at 15 pages but could go up to 25 pages, depending on client goals. As priorities and goals change over the months and years, trainers build off the original plan.
Nick is Crystal’s trainer. When Crystal started at The Gym in March, her situation completely changed shortly after she started, because of COVID.
Every client’s journey is like a cross-country road trip, and the Plan is the initial roadmap. The Gym serves clients in all different situations, like graduate students, retirees, and everything in between. Financial Plans are focused on where you are in life.
Financial Plans can range from simple plans for students, plans for W-2 employees, and plans for clients that own businesses. The plans are very diverse.
Trainers not only know what is in the client’s bank account, they know what matters to them. Plans are for everyone, not just people with a high net worth. Trainers are interested in finding out what makes people tick and what makes them happy.
If you don’t think you can afford to sign up with The Gym, you probably need it. There is a lot of hard work that goes into being financially fit. Just like a fitness gym, trainers help you reach your goals.
If you are working with a trainer and you are having difficulty achieving the goals that were set, work with your trainer to adjust those goals. Be open and communicate with your trainer, but know that you will need to do the hard work.
There are going to be some big things you can do to change your financial picture, but a lot of it takes time. If you get your Plan, don’t expect things to change overnight. It will take consistency and accountability. At your quarterly meeting, talk about how you are doing and what has been difficult.
The quarterly session is a time to give you a more wholistic view of how you are doing, what you need to continue to work on, and what needs to be perfected in the next quarter.