The Redesigning Wellness Podcast

021: Financial Wellness with Dave Jacobson


Financial wellness is all the rage in these days but what does it really mean? It seems like it can be pretty squishy and unclear just how to help employees with their finances. That’s why I brought on Dave Jacobson, financial coach and national speaker.

We start off by defining financial wellness.

Dave describes financial wellness as having peace and security around your finances.

I ask him about his typical client and if he can convince someone that they are in debt and it’s a problem. It turns out financial coaching is almost like any type of health coaching in that they need to be ready and wanting to change.

Dave describes his typical client this way:

  • 80% make 6 figures or more
  • Married with children 37-53 years old
  • Don’t fight about money but don’t talk about it much.
  • $20-40K in credit card debt (plus student loan debt)
  • Not enough in retirement and no college savings for their children

I ask Dave if it’s common for people who get raises/promotions to keep upping their standard of living (i.e. spending more money) as they climb the corporate ladder.

Dave tells some great stories about past clients, including one manufacturing employee who came with his wife wanting to retire in 4 years and buy a hobby farm. He was making around $50,000 but he had 2.5 million in savings! Just because you don’t make a lot doesn’t mean you don’t have a big savings or retirement fund.

Here’s an interesting tidbit – it takes 2 months to burn through bonuses and/or tax returns.

I ask Dave: How do you help people stay on track and not let emotion play into blowing their budget? What you want is peace in your life, not a budget. Get people into the reason why they want to make changes. Get them passionate about where they want to go. Is it in line with what you want to do (or want out of life)?

Dave tells me about the generational differences and their approach to financial wellness. He offers strategies for an employer to address the financial wellness of their employees.

Ultimately, financial wellness is a process not an event. Financial wellness is for those who want to win financially.

Finally, Dave offers which questions an employer should ask a financial wellness vendor and he shares stories and stats from people he’s helped.

Dave’s bio:

Coach Dave Jacobson has been a full time financial coach and national speaker since 2009 and has helped thousands through his private-client business Financial Fitness, founded the financial coaching mastermind group, co-authored the Personal Finance Playbook workshop series, co-founded My Money Wellness, LLC, owns the Financial Wellness Show and is co-owner of a kids & money app to be released in 2017.  Dave lives in Maple Grove, MN with his wife of 18 years, son, and daughter.

His website: