Real Stories Episode 24: Shannon McLay – Building Financial Strength with the Founder/CEO of the Financial Gym

Long before this podcast was born, our guest, Shannon McLay, was a pioneer. Her podcast, Martinis and Your Money has been going strong for 7 years… and 400 episodes. On her show, Shannon is not shy about talking about her own challenges.

Her experiences give us two opportunities to learn. As with all our guests, she has a unique financial journey that has a lot of ups and downs. And as someone who speaks to others working on their financial goals, she has lots of great advice based on those conversations.

She’ll discuss getting into debt, depleting her retirement and savings and selling a home she couldn’t afford. She navigates a divorce, makes financial sacrifices to meet her child’s needs and takes a major pay cut to start a business. As you listen to Shannon’s story, while your circumstances might be different, consider how you might have experienced similar feelings throughout your journey.

Key Moments

6:05 Shannon explains more about her business, the Financial Gym.

15:10 She offers suggestions on how bonuses and other windfalls can fit into your financial plan after some regrets earlier in her career.

17:50 She shares what she learned after borrowing to buy a new car after already owning one that was paid off.

22:58 Shannon gives advice when it comes to negotiating raises.

29:55 She ends up using retirement funds when buying a home and based on this experience, offers guidance for others buying a home.

33:24 Shannon explains why her finances often felt like a game of whack-a-mole.

35:21 She reflects on the emotional decision to sell her home but why looking back, she has no regrets.

45:35 Shannon considers if there is a magic solution for one’s finances if the numbers just don’t work out.

51:25 She gives advice to her younger self.

54:29 Shannon discusses what inspires her to be vulnerable and share her story with others.

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