“Where are all the affordable financial planning options?” That’s what Logan Tracey thought as she did a deep dive search for financial services companies. She couldn’t find anything without a faceless algorithm or high buy-in and retainer fees. Cue the difference: Financial Gym.
As a woman who handles her finances independently, Logan wants to have a holistic view of her money while developing a plan for the future. She needs to know what options would be best for her bracket but also get informed on tactics that could make her money work better for her.
Through working with Financial Gym trainer Alicia Lazarto, Logan said she finally had a gut check partner whenever she wanted to make financial decisions, big and small. Financial Gym spoke with Logan to discuss how she finally took ownership over her finances.
FINANCIAL GYM: What do you do and how long have you been with Financial Gym?
LOGAN TRACEY: I work in marketing and business development for a law firm. I’m based in Astoria and have been a Financial Gym member since November 2017.
FG: What made you want to be a member?
LT: I liked that Financial Gym was made by women, I didn’t know I would enjoy that as much as I did. It’s nice to know that smart women are helping me manage my money. Also, it’s a monthly fee so I can reevaluate my plan as needed, I really appreciate that flexibility.
FG: Can you share one of your financial goals?
LT: My main goal was to understand what I had and the best way to use it. I’m a single woman living in New York and I need to be really smart about my finances.
FG: How has Alicia helped you get back on track?
LT: Alicia is helping me understand what money I have and how to reallocate it. For example, I have an emergency savings account now and I’m saving for what I want – more vacations and purchasing an apartment. Once I’ve done all that, I can work on making sure my investments are working for me in the right way, whether that means additional investing in the stock market or buying into other funds.
FG: What smaller steps have you taken to achieve the larger goal?
LT: Rolling all my 401Ks from different employers into one account. I had other investments that were made for me while I was growing up and I didn’t understand what the funds were and what the rules were for. Now I have a better understanding of that.
FG: What does “financial freedom” mean to you?
LT: Not living paycheck to paycheck. Saving for retirement and being able to support myself as I get older and being able to do the things I want to do in the short-term like traveling and taking fitness classes. Financial freedom is a mix between planning for the future and short-term goals. Hopefully what’s next for me is visiting Japan, Australia and the Greek islands.
FG: Why is money generally an awkward conversation?
LT: I had a fairly comfortable relationship with money and talking about it. I’m an only child and as my parents age it’s a conversation we’ve had way more often. But I will say that while I have a good handle on it, I thought I knew more than I did. Working with Alicia has been really educational.
FG: Can you tell me what your first quarterly review was like? Usually it helps to have wine on hand…
LT: Alicia helped me renegotiate my cell phone bill and take a look at what my fixed expenses are. She gave me the confidence to negotiate them and I wasn’t always aware of how I could do that. So much of learning about your finances and maximizing them is empowerment. It’s giving permission to make your own choices about your financial environment.