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121: Living Paycheck to Purpose with Shane Robson-Smith, founder of Workplace Money Coach, Inc.

Shane Head shot 1 small photo

With 45% of households not being able to cover a $400 emergency and 30% of households having no savings, it’s no surprise that financial wellness continues to be a hot topic as we move into 2019. Since this is still relatively new territory for wellness professionals, I brought on today’s guest, Shane Robson-Smith, to help us navigate this area of wellbeing.

Shane and his wife had big ideas about the abundant life they wanted to lead but found themselves buried under a new mortgage payment, $20,000 in consumer debt and over $100,000 in student loans leaving them broke and living paycheck-to-paycheck. Together, they used the vision they had for their married life to start living below their means, stuck to a budget, paid off their debt, and started saving and investing for future goals.

Today, Shane enjoys an active lifestyle, building his dream business, traveling internationally with his wife and three kids and is on course to retire more than 10 years earlier than most working folks these days.

In this interview, Shane tells his story of getting out of debt, financial stressors he often sees, the personal and professional impact of financial stress, and some common mistakes employers make when addressing financial wellness. Shane jam packs some helpful stats in this interview and leaves us with some really good tangible tips.

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Interview Highlights:
  • [6:10] When Shane realized the way him and his wife were living wouldn’t support their dreams.
  • [12:50] How long it took Shane and his wife to get out of debt.
  • [15:15] What made Shane leave his corporate job and start his company in financial wellness.
  • [16:30] The common financial stressors Shane sees in the workplace.
  • [23:20] A surprised contributor to financial stress – supporting capable individuals.
  • [25:56] The impact of financial stress on people’s personal and work lives.
  • [31:30] Shane’s recommendations for employers to invest in their employees’ financial future. Plus a great tips for wellness pros that are simple and low cost.
  • [35:54] Mistakes employers make when promoting financial wellness.
  • [40:00] The different spin Shane puts on his financial wellness offerings.
Stats mentioned in this episode:

For those with salaries over $100,000 a year, 42% are carrying credit card balances and 37% of them struggle to make the minimum payments.

45% of households couldn’t cover a $400 emergency. 30% of households report having no savings.

The average 401K balance for 55 to 64 years old is $178,000.

28% have an outstanding 401K loan.

70% of workplace accidents are stress related.

Effects of financial wellbeing on work performance:

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/employees-financial-issues-affect-their-job-performance.aspx

https://www.pwc.com/us/en/industries/private-company-services/library/financial-well-being-retirement-survey.html

https://files.consumerfinance.gov/f/201408_cfpb_report_financial-wellness-at-work.pdf

Data on current state of Americans’ personal financial situation:

https://www.debt.com/edu/personal-finance-statistics/

Interesting new initiative to study Financial Wellbeing in the workplace:

https://sites.wustl.edu/wfsi/projects/efwps/

Books mentioned:

The Millionaire Next Door

The Wealthy Barber

Rich Dad, Poor Dad

Your Money or Your Life

Shane’s contact info: 

www.workplacemoneycoach.com

Linked In

Full Bio:

Shane Robson-Smith is a certified financial counselor, NACCC certified Student Loan specialist and the founder of Workplace Money Coach, Inc. Shane considers himself a regular ol’ Joe that discovered the importance of good money management at an early age.

He and his wife had big ideas about the abundant life they wanted to lead but found themselves buried under a new mortgage payment, $20,000 in consumer debt and over $100,000 in student loans leaving them broke and living paycheck-to-paycheck. Together, they used the vision they had for their married life to start living below their means, stuck to a budget, paid off their debt, and started saving and investing for future goals. Today, Shane enjoys an active lifestyle, building his dream business, traveling internationally with his wife and three kids and is on course to retire more than 10 years earlier than most working folks these days.

Shane started sharing his story at businesses throughout the Tampa Bay area of Florida to help empower employees to maximize their paychecks so that they could take control of their financial lives. He continues to build Workplace Money Coach and has financial coaches across the country that facilitate his “Living Paycheck to Purpose” financial empowerment program at workplaces big and small.

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