Financial Horror Stories: Shannon McLay
With Halloween as my inspiration this month, I’m sharing with you the theme of Financial Horror Stories. I want to be clear that we’re utilizing this titling in a very tongue-in-cheek manner. First of all, I don’t think any financial story is of the horror variety, but I’ve worked with clients long enough to know that after a string of unfortunate financial occurrences, it’s quite easy to feel as though you’re starring in your very own Financial Horror Movie. This month I’m sharing with you some of those stories where our clients have felt as though they were in some scary situations and how they worked their way out of them. Spoiler alert, they all make it out alive. Today’s episode is mine and it’s a recent event for me. My financial horror story is more of a mental health challenge than anything and given that I know many of us are struggling with our mental health, I thought it was timely to share. I need to warn everyone in advance that if you are someone who is triggered by depressive or suicidal thoughts or topics around these areas, then please do not listen to this episode. I’m sharing my story with you in the hopes of providing encouragement and resources for anyone who may be feeling like I was and hopefully take my horror story and make something good happen from it.
What are we drinking?
Melanie - Ginger Tea
Shannon - Gin and Tonic
Podcast Notes
Melanie has always been the friend Shannon can share her financial horror stories with, on and off the podcast. Sometimes we feel like we have to wait for the happy ending to share our story, but it’s important to talk about things while they’re happening. Shannon always wants to keep it real with her listeners, in a helpful way.
One of the biggest goals for Financial Gym in 2022 is to be acquired by another company. Shannon has no intention of leaving The Gym, but the last three years have been incredibly challenging.
Events were a huge part of The Gym and overall company growth. In addition to the spaces already open, in February 2020, they signed three leases. And then March 2020 happened, and everything changed. What was going to be a two-week pause ended up being a permanent closure of the physical locations.
Up until April 2020, The Gym saw consistent, positive growth. Since then, it’s been very challenging. They’ve been doing everything possible to keep The Gym going.
They made it through 2021, but the future was still unclear. Shannon was able to raise more money, and then they had a round of layoffs. After that was The Great Resignation.
Once she reached 2022, she told the team and the board it was time to find a safe home for The Financial Gym. Part of that was releasing the real estate obligations.
In August, there was a board meeting, and it was less than positive. There was toxicity coming from the board towards the bank, and the experience was incredibly deflating.
After that meeting, for the first time, Shannon had thoughts of ending her own life. Before this, she never understood this feeling, being a pretty optimistic person. It felt really dark.
Since then, this feeling has been present in other moments. Once you’re there, it feels easier to get back to that place. She felt really trapped.
Shannon feels an obligation to the clients, the employees, and the investors. While there are those outside obligations, there is a lot of pressure she puts on herself.
She feels like it’s important to share about this story while she’s still in it, rather than waiting until the light at the end. You never know what people are going through, but it’s safe to assume after the last two years, many folks are struggling.
We are all in dark places, and at this time need to care for each other even more.
Shannon and Melanie are recording this on World Mental Health Day. Melanie has a lot of personal experience with mental health struggles and hears other folks’ experiences through her blog and podcast.
Mental health issues can happen at any time. Melanie knows how scary these feelings can be, especially when you’re feeling them for the first time. From having a history with these feelings, she’s learned to live and manage them.
It’s important to get the right tools in place. Bring mindfulness to your day and focus on what you can control.
The Financial Gym has been Shannon’s financial horror story. She’s not stressed about her personal finances, though there is work there that needs to be done.
Tonya sent Shannon the book, The Happiest Man on Earth, and it gave Shannon a lot of perspective.
She knows there are better things out there. It’s just a matter of time. These in-between times are when we’re challenged and able to expand our toolbox. Shannon is doing the work and will get to the point where she can truly appreciate the darkness.
Like money, there is a stigma around mental health. The last few years have been especially challenging, and many who haven’t experienced mental health issues in the past are feeling them now.
If you’re struggling with mental health, there are many resources and options out there. Some are free, and others that you can invest in.
Professional Help: Talking with a therapist, or working with a financial trainer or coach.
Therapeutic Activities: Taking breaks from social media / your phone, physical activity, taking time outside, listening to podcasts, taking a bath, resting, and napping.
Don’t push your feelings away, do whatever you can to make yourself feel a little bit better.
The pain we feel is ultimately what makes the light so beautiful, but there’s no need to sit in the pain alone. You may not be able to change things, but you can work on your relationship with them.
If you are looking for help, check out the resources at the bottom of the page:
Takeaway: My biggest takeaway is to never lose hope. Our bodies are built to survive so many physical challenges that come our way but hope is what fuels our spirit and as long as our spirit is strong, we can handle anything. I am seeing the light at the end of my dark tunnel and it feels so freaking good after the darkness I had been sitting in. Please never lose hope.
Resources Mentioned:
Suicide Hotline: 988
Crisis Text Line: 741741
Check to see if therapy is covered by your insurance
Affordable Therapy: OpenPathCollective.org
Search by Area: Psychology Today
Book: The Happiest Man on Earth
Connect with Melanie Lockert
Website: MentalHealthandWealth.com
Instagram: @mentalhealthandwealth
Podcast: The Mental Health and Wealth Show
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
We are fast approaching the end of another year and we need to start preparing for a new year. If you or someone you know would like to have a supportive best financial friend along the ride with you for this journey, please check out financialgym.com. With memberships starting as low as $35 a month, we are the inflation-proof source for financial wellness for anyone. So head over or send friends to financialgym.com and schedule a warm up call today. As a reminder, our warm up call team is staffed with amazing and current Financial Gym clients that can answer any of your questions about our program.