Finance For The Culture: How Shay Myers Empowers Through Finance
The inspiring founder of Finance for the Culture, Shay Myers, talks about the game-changing platform she built that is defining what financial literacy is for everyday Canadians. On episode 15 of An Entrepreneur’s Vibes Podcast, Shay talks about how she went from being a 28-year-old with $200 and a 476 credit score to saving $40,000 in just nine months.
Shay is a powerful example of resilience and financial empowerment, and today, she produces workshops and personalized planning services to help thousands of people take charge of their finances. If you’re looking to build lasting wealth and achieve financial freedom, read ahead and be part of the movement of creating smarter money habits.
How Shay Myers Found Finance: From $200 to $40,000 in Nine Months
The world of finance was not a space Shay envisioned herself to be in; instead, finance found her. At 28 years old, she was feeling stuck and frustrated at the state of her finances. Despite working consistently, Shay was still living paycheck to paycheck. Like many young adults, Shay wasn’t taught how to manage money properly. Shay says, “I was always working, but I’d start a job with no money and leave with no money. My parents didn’t talk about money, and I never really had any responsibilities.”
She hit a financial rock bottom, which was her turning point, having only $200 left to her name. Not wanting to depend on her parents anymore, Shay took a leap of faith. She found a financial advisor on social media who she was hoping would provide her with guidance, education, and a feasible plan to follow. The financial advisor she found didn’t just talk numbers, instead, he met her where she was at that point in her life and explained finance in plain language.
It was after working with a financial advisor that Shay’s mindset shifted about financial literacy. It wasn’t supposed to be intimidating. Small, consistent, and realistic changes over time would lead to massive results on your finances. Going from broke to wealthy overnight isn’t possible. Shay understood that, and so she focused on slowly building her savings by trying to be 2% better than how she used to be. While seemingly small, that intentional mindset set the foundation for her financial future.
Building Finance For The Culture: How Shay Made Money Talk Real and Relatable
With all the learnings Shay took from her financial advisor, she learned how to save money in five months, saving $10,000 and $40,000 in nine months. It was a rapid progress for her, but she didn’t just stop after gaining personal financial wins, instead, she was encouraged to share those lessons with others in the community. Even her financial advisor saw Shay’s potential to help others, saying, “Why don’t you teach people how to do what you did?”.
Shay was hesitant. With a full-time job, she didn’t necessarily see herself as a financial expert. Though she did have a deep love for teaching, and to her core, she had a desire to make a difference. The latter was something she simply couldn’t ignore. She then got her license and began her mission to help others understand what financial literacy truly means. Her financial advisor told her, “There are a lot of people who started where you are, and for you to teach them how to bring themselves out of that situation – why not?”
Initially, Shay called the platform “Financially Attractive” since her personal goal was to become financially attractive. That meant having a credit score she could be proud of, real savings, and tangible investments. As the business grew, her vision for its goals became clearer, and that’s how Finance For The Culture came to be. “The culture is everybody”, shares Shay, “It’s anyone who’s been left behind by traditional banking – people who weren’t raised talking about money, who don’t see themselves in financial institutions, and who want someone who understands where they’re coming from.” Through her business, Shay shares financial education with people, breaking down complex financial ideas and empowering people to take ownership of their money habits.
What Is Financial Literacy?
According to Grand Canyon University, financial literacy is the ability to effectively use and understand financial skills, including how to manage money, how to save money, and how to invest. But more than saving money habits, financial literacy is the ability to understand financial principles like the time value of money, compound interest, and proper financial planning. Hence, a financially literate person is informed and makes effective decisions regarding money management.
Financial literacy isn’t exactly a lesson taught in schools, but its importance is not to be overstated. The lessons of financial literacy equip individuals with the tools necessary to navigate our world that runs on money. It teaches individuals how to make proper financial decisions that can dictate the quality of their lives. In order to achieve financial freedom and stability, one has to be financially literate, otherwise, they may struggle with debt, lack savings, and be inadequate for retirement. More than feeling financially stable, being financially literate will reduce general anxieties associated with financial matters. It allows individuals to move more confidently and plan for their futures.
Shay Myer’s Tips On How To Budget and Create Saving Money Habits
Social media’s influence can warp people’s perception of financial success. These days, it’s hard not to feel a little insecure when you see influencers flashing designer items, supercars, and vacations to luxury destinations. Shay reminds that, “sometimes, the math doesn’t math.” You never know what’s going on behind closed doors or whether the people projecting their wealth online may be silently struggling in real life. If you want to build true lasting wealth, it’s important not to get caught up chasing an unattainable lifestyle.
Here are some mindset shifts to apply to create saving money habits and build lasting wealth:
- Understand your “why”The first step to creating better money habits is staying true to your goals. Is your spending to impress, or is your spending in line with your long-term goals? If you want to achieve financial freedom, understand that some things have to give, and you can’t keep living the same way you used to and expect different results.
- Track your spending honestly
A great way to start budgeting is to list your income and monthly expenses. There are plenty of free tools available online, or you can just use a spreadsheet so you can visually see where your money goes each month. - Create a goal-based budget
Be clear with your goals and build your budgeting habits around them. Whether you’re trying to build an emergency fund, save for a trip, or save money to invest, set an achievable goal that will keep you accountable. - Give yourself graceBeing financially literate doesn’t come naturally to people, and it isn’t necessarily taught in school. Practice self-compassion as you peruse through the journey of becoming financially literate.
Overwhelmed to Empowered: How to Take Control of Your Finances
Debt can be overwhelmingly paralyzing. Shay says she sees it all the time. People who are dealing with debt avoid looking at their credit card statements, they constantly ignore their bills, and hardly understand how interest works. To this, Shay says, “Avoiding it is not going to eliminate the fear.” If anything, the knowing that you’re ignoring problems only adds to your anxieties and fears about money.
If you’re currently overwhelmed with debt and want to control your finances, here are some steps you can take to get started:
- Understand how debt works
The first step to getting out of debt is understanding the most basic principles. That means understanding the difference between principal, interest, and minimum payments. - Ask for help
Asking for help doesn’t mean you’re weak, it can be incredibly beneficial to get someone, whether it be a financial advisor or a more financially savvy friend, to help you make a plan to get out of debt. Guidance can be incredibly powerful. - Make a feasible plan
According to Shay, you have to examine what in your life is costing too much and adjust your current approach to getting out of debt. Sometimes, this can mean using some of your savings to pay down high-interest debt. - Take consistent action
Shay says, “Implementation is important.” Just learning the lessons won’t be enough. You can read all the finance books and watch all the “how-to” videos, but without application, you’ll never reach your goal. - Define your financial priorities
Take everything one step at a time. Should you be saving money first or paying debts? The answer will vary per person, so analyze your situation based on your income, expenses, and goals.
Listen To An Entrepreneur’s Vibes Podcast with Shay Myers
Find out more about the work Shay Myers does with Finance For The Culture by listening to the full episode of An Entrepreneur’s Vibes Podcast episode 15. You’ll learn how to budget, how to save money, and how to manage money properly.
Want to know the best way to get rid of anxieties surrounding a lack of money? Making money! And how else can you do that than by becoming an entrepreneur yourself? Perhaps you have a business idea you want to flesh out. Consider investing in The Write Direction’s custom business plan writing service. We have business experts and consultants ready to help you take your business idea to the next level.
Listen to more of our featured entrepreneurs at An Entrepreneur’s Vibes Podcast to learn more about how they build successful businesses.
Shay Myers [00:00:00] Just like your average person, I came to a point where I was tired of being broke all the time and tired of being dependent on my parents. I really just wanted to know what can I do to get from even just from A to B, not even from A to Z.
Patricia [00:00:29] Welcome back to An Entrepreneur’s Vibes, the podcast that gives insight into the minds of visionary entrepreneurs and business leaders, brought to you by The Write Direction, a leading professional and technical writing company based in North America. Each episode, we explore the stories and experiences of those who dare to dream, took the leap and built their own empires. Join us in uncovering the secrets to success and lessons learned along the way. So, if you’re just starting out your entrepreneurial journey or you’re already a seasoned business pro. you’ll find inspiration, knowledge, and good vibes right here. Today, we’re thrilled to welcome a powerhouse in the financial literary space. Our guest is the founder of Finance for the Culture, a revolutionary platform that brings the gap between financial literacy and everyday Canadians. Her journey from having just $200 to her name, a 476 credit score and no savings, to saving up $40,000 in just nine months and becoming a licensed financial services professional. is nothing short of inspiring. Through her platform, she’s helped thousands of Canadians improve their financial habits, offering services like financial literacy workshops, customized financial plans, debt management, income protection, and investment strategies. We’re here to dive into her entrepreneurial journey, her passion for education, and how she’s empowering people to take control of their financial future. Welcome to the show, Shay Myers. How are you doing today?
Shay Myers [00:01:50] Thank you! That was very nice. I’m great. How are you?
Patricia [00:01:55] I’m really great. I’m so excited to be here today and have this conversation. There’s so many things I feel like we can share with our audience, especially when it comes to financial literacy. So I’m really excited that you can be here today.
Shay Myers [00:02:06] Yes. Thank you.
Patricia [00:02:07] So, can you share with us your journey, how you came to the financial space and how you found yourself in the world of finance?
Shay Myers [00:02:15] Yes, so I always say that finance found me. I never in a million years thought that I would be in the space. Just like your average person, I came to a point where I was tired of being broke all the time and tired of being dependent on my parents and I really just wanted to know what can I do to get from even just from A to B, not even from A to Z. Like literally, what can I do to get 2% better, you know? And so, I actually found my financial advisor on social media. At that part of my journey, I was really looking for someone who could help me out and educate me, and the rest is history. But a bit about what my life looked like prior to this space, I was just always dependent on my parents. I never really had any responsibilities. My parents didn’t talk about money. And so, even though I was always working, I would start a job with no money and leave the job with no money, because I would just spend the money that I made. And it just became really annoying to have to ask my parents for money for things. You know, at 28, as you mentioned, I ended up with $200 to my name. And I was like, I wanna travel. I wanna do things in life, and I need someone to help me get there.
Patricia [00:03:37] [00:03:37]And could you talk to us about what finance for the culture is, how it evolved since its inception? What inspired you to create it? [7.3s]
Shay Myers [00:03:45] [00:03:45]Yeah, so because I became a client first, I really saw firsthand what it was like to have someone who wasn’t a traditional financial advisor, who actually got to know me, made the process enjoyable, really broke down financial concepts, and met me where I was and helped me get to the goals that I wanted to achieve. And so, because I love teaching and I love impacting community, at first I was I was like, I don’t want to do this, because I had a nine to five at the time, but my financial advisor was like, “Hey, we came up with the plan and you implemented that so quickly and saw great results. Why don’t you teach other people to do what you did? Like, you’re relatable. There’s a lot of people who started where you are and for you to teach them how to bring them out of that situation, why not?” And so, I decided to get my license. And at first, my business was called Financially Attractive, because all I wanted to do was become financially attractive to myself. I wanted to be able to look at myself and say, Hey, you have a great credit score, you have savings, you have investments. But one day, Finance for the Culture just came to me. I felt like it. You know, had a nice ring to it. And really what it means is making finance accessible and digestible to your everyday person and also changing people’s perspective of what it means to be financially literate. And the culture is everybody, like, yes, I do like to focus on people who are marginalized and often left out of the conversation, but the culture is really just anybody who is left behind by the traditional banking system, which is 95 % of us, right? Yeah. [101.6s]
Patricia [00:05:28] I think it’s really important, and you’re right about that. Not everyone is financially literate. Like, for you to, you know, be alive today, you’re going to have to make money. You have to know how to keep money and be responsible for that, but that’s not something that we’re necessarily taught in school. And for you, how long was that journey? Because you said you were 28 and still dependent on your parents, I feel like a lot of people out there would really resonate with that, because it’s really not as easy as it said. So, would you share with us how long it took you from having no savings to having, you know, savings and being on the right financial path?
Shay Myers [00:06:05] Yeah. So, I always say that I had spent about, it would have been 10 years working and things like that, and my habits really hadn’t changed, right? But then when I got the right education and guidance, it really only took me really, truly, so it was November of 2019 to May of 2020, that’s when I had saved $10,000 from January to May, I saved $10,000. So, the mindset shift, which is important, which people don’t talk about, that happened very quickly. Sometimes, all you need to do is hear something and be like, “Oh no, I can’t keep living this way.” So, the mindset shift, I would say it took a few months. As I was learning, I was like, “Yeah, I can’t keep living this way. I would have made so much money in the 10 years that I’m working, and I have nothing to show for it.” And then to save, I was working a nine to five, they were paying me well, and I was making commission. So, I like to be transparent about that. It took me five months to save the 10,000 and by month nine of that year, I had saved $40,000.
Patricia [00:07:17] That’s really amazing, and I definitely feel you on that. When I was in my early 20s as well, I had nothing to show for all the years I’ve been working at that point. So, you know, I feel like it’s really amazing. [00:07:30]And would you share any, like, saving money tips for anyone out there who is like struggling and currently at zero. [5.9s]
Shay Myers [00:07:38] [00:07:38]Again, I really like to be realistic, like the economy is wild. And it’s definitely harder if you have responsibilities like rent and children, for example. So, that’s one of the things that I didn’t have to worry about, which made me able to save about 80% of my income. I don’t think that’s an average situation. So, I want to be honest about that. What changed between what I used to do, which is get paid and spend all of my money on food and clothes and be broke two, maybe three days after getting paid, I decided to go cold turkey. So, between January and June of 2020, I said, “I’m gonna go cold turkey. I’m not gonna shop. I’m not going to use Uber. I’m not gonna use Uber Eats or food delivery. I’m really just gonna try to save as much as I can.” Now, would I recommend cold turkey to everybody? Maybe not. I think there’s a certain type of person that can successfully do that, an all or nothing type of person, but most people need more of leeway and balance. And so, that’s where it becomes an individual strategy of what works for that person. But for me, I really had to just cut out the crap. Like, I don’t need more clothes. I don’t need to eat out every day. I need to build an emergency fund because I literally have nothing. So, that would be the first thing, cutting out those expenses. And then, with those six months, I tracked every single purchase, had a little spreadsheet and I wrote down every single purchase. That was an eye-opener, because it was like, “Wow, you really go to the dollar store and spend $30 on just random things. Like, you need to stop.” So, that was important. And then, probably the most important thing, though, was having guidance and having someone that I could actually let them know, like, this is my goal, this is what I’m doing, and have them check in on me. The accountability piece was really, really important. So, I would say those things. And then of course, there’s tracking apps out there that can help you categorize your spending and things like that, but it really has to start with the mindset. Like, your actions will never do anything that your mind isn’t ready for. [130.4s]
Patricia [00:09:49] I can see that. I think those are really great advice, like tracking your money. They always say that if you don’t know where you’re spending your money, you’re always going to lose it, because you just don’t know what you’re doing with it. So, I think that’s, like, really eye-opening and having, of course, the accountability from yourself and from others. I think that’s a lot of what people go to for help, to like get those, like, resources. So, I’m so excited for everything else that I’ll learn from you today. [00:10:15]And I wanted to talk more about Finance for the Culture, could you elaborate on the mission and your personal vision for this company? [6.4s]
Shay Myers [00:10:23] [00:10:23]So, the traditional banking system isn’t really built to cater to your everyday person, your average person. In order to sit down with an advisor at the bank, typically, you have to have a certain amount of money. I have countless of experiences myself and other people where they go into the bank, and they try to ask questions, and either the bank teller isn’t able to answer them or they’ll direct them in the wrong direction or they’ll say, yeah, you can speak to an advisor, but here are the guidelines. And if you go on the TD website, I’m name -dropping, no shade, we need the banks, but we need to know how to use them, right? It will say you need to have $100,000 of savings or investments to be able to have a relationship with an advisor. And so for me, it’s about making the information accessible. Like, it doesn’t matter how much money you have, it doesn’t matter what walk of life you’re on. If you want to improve your finances, the information should be accessible to you, and it should also be enjoyable to be on that journey. It shouldn’t feel condescending or you shouldn’t feel like you don’t belong. It should really feel like someone’s meeting you where you are and helping you shift those habits to get to your goals. So for me, that’s what it’s about, turning a sometimes overwhelming uncomfortable experience into something that people feel empowered about. So, that’s really the mission, to change how people feel about money and feel about getting help from an advisor and empowering them to know that if they make these small changes, they can really see a big difference. [100.8s]
Patricia [00:12:04] I think for a lot of people, they have this fear about money, and I think that also hinders them from making money, because, you know, obviously, it is very dangerous to just be walking with wads of cash, right?
Shay Myers [00:12:17] Yeah.
Patricia [00:12:18] But I think it’s these types of lessons that make people kind of fearful about having money, making money, because they’re shunned from these types of resources that actually allow them to build wealth and be successful at it. [00:12:34]When you think of financial success, what does that mean to you, both personally and what do you think it means for your clients? [7.3s]
Shay Myers [00:12:45] [00:12:45]Yeah. So, I teach my clients to have certain pillars of finance. And when you have those four, then you’ve achieved financial success. So, there’s things like how to protect your income. There’s things you can put in place, different types of insurance that will protect your ability to earn income that can, you know, if you get sick, you’re not depleting your savings and investments. It’s having a good grasp on debt management and your credit. It’s having an emergency fund or some sort of savings that can help you in the event of income being compromised, and it’s also investing, whether it’s actively or having investments, that’s essentially the financial house, and having those components in place, of course done properly will ensure that you have some sort of financial success. That’s gonna be the way that you achieve your financial goals. But more than that, actually having the knowledge, understanding like, “Oh, I have a lot of debt, and the reason why I’m not able to chip away at it is because of the interest rate.” Like, knowing those things, knowing those terms, because even if you don’t have money or you fall on hard times, the knowledge is going to get you out of those hard times. Like, I always say, if I ever become super, super broke, I will know what to do and what not to do compared to when I was broke. I didn’t know what to do. So, I basically stayed stuck, right? So, knowing how to manage your money and actually implementing those strategies, that’s financial success to me. [95.6s]
Patricia [00:14:22] [00:14:22]Since we’re on the topic of that, what would you do differently if you one day or maybe tomorrow you woke up, and you were back to zero again, but knowing now all the knowledge that you have about how to make money again, and how to be successful, and be responsible with it, what would you do differently? [16.0s]
Shay Myers [00:14:39] [00:14:39]I believe that at 28 I had waited too long to ask for help, and time is the one thing that you don’t get back. And waiting is expensive, and that’s what I’ve realized with different situations. Waiting is expensive. And so, I would right away talk to a mentor or whoever, accountability partner, and be like, “Hey, like falling on hard times, what do we need to do?” But you know the thing about it is now? I built a pretty decent foundation, which has helped. So, when I had saved that $10,000, probably a few weeks after I was actually let go from my nine to five, they fired our entire sales team of five people, but I had that emergency fund, so there was a time between me getting licensed, and yeah, there was time between getting let go and me getting licensed where I wasn’t actually bringing in income, but I had that emergency fund. And so, being able to have the foundation means that now it would be less stressful. Like, I put my insurance in place. I’ve invested when I had the money, I diversified my investments to know that I wouldn’t be falling at zero. I would have, you know, I don’t know, like a backpack, for example. So, that’s really, really important, but I would say definitely asking for help way sooner, and then also being open to going back to work. Like, I’m self -employed, I work for myself. And I think sometimes when people are self-employed or they have their own business, they fall in hard times, and they wanna grind it out to prove to people that they started a business, and it was successful. If you have to go back to a nine to five, you have to go back to a nine to five. And I think that conversation needs to be normalized. At the end of the day, your friends usually don’t help you out when you fall on hard times, especially if you’re a business owner. The average person can’t ask friends and family to help them out. If that needs to happen to get you out of a situation, we need to be open to that. [123.0s]
Patricia [00:16:43] What I’m hearing is you really just need to, like, save a few dollars out of your, like, pay every single month just to have that emergency, you know, to fall back. Because you really can’t tell the future, you know, and you can’t always, like, depend on other people. You’ve got to have your own back, especially financially.
Shay Myers [00:17:03] Exactly. Yeah.
Patricia [00:17:04] [00:17:04]And what systemic changes do you hope to bring through financial education? [4.1s]
Shay Myers [00:17:09] [00:17:09]Yeah, so off the bat, when we understand how many works, we just move differently. We spend differently, you know, we want to become more producers than consumers, and everybody is both, but you want the ratio to be more of what can I do to, like, build up my home base versus spending on unnecessary things. So, that’s one thing and then also financial independence. Eventually, I’m sure everybody wants to get to a point where they don’t have to rely on others to be financially comfortable, but also to not have to work for the rest of their life. And when you understand how money works, you realize way more. You’re aware of way more opportunities. You understand the value of starting a business and, you know, creating a system that allows you to make money without you physically working. Put your money in different places, you make better decisions, you impact your community. So, there’s so many things and all of these things impact how we move in the world and what we have access to as well. So, even if we don’t physically have money, you understanding how it works can get you in certain rooms, which is important. [73.4s]
Patricia [00:18:23] I definitely see that, because, like, everyone says money can’t buy happiness. And I guess to a degree that is very true, but to enjoy anything in this life, in this world today, without any money is just not happening. So, I really think you have to be, you know, responsible, and I wanted to ask you about that, about investments, actually. [00:18:41]If you’re first starting out within your investment journey, what does it mean to diversify your assets? What does it mean to do all these things? And what would be like the best thing to invest in as a beginner? [12.9s]
Shay Myers [00:18:56] [00:18:56]So, diversifying means that you’re not putting all of your eggs in one basket, that you’ve invested in different things. So, different types of investments and also potentially different industries as well. And that just means that, you know, if one area isn’t doing so well, like, all of your money isn’t in that one area that’s not doing so well. So, it could mean a mix of stocks where you are purchasing a piece of a company. It could also be physical things like gold, for example, or maybe a property. And I would say if someone is starting out, the easiest thing to do would be to use the tax-free savings account. The tax -free savings account gives you a bonus on your money. It’s what we call fixed income or fixed interest. And every year you’re going to get a certain amount of money for having your money in that account, and anything that involves your money growing is considered an investment. So, even if it’s not a risky investment or it’s not in the stock market, it’s still considered investing. So, I would say that would be the easiest way to start investing, because you’ll be able to see like, “Oh, my money is going to work and it’s growing.” Right? And then trying to figure out what else to invest in. It really depends on you. Like, what are your financial goals? How much money do you have to work with? What’s the timeline? When do you want to access this money? Are there specific things that you want to invest in? All of those things come into the conversation. So, it’s really personal. And that’s actually something that I often say. People love investing, because it’s sexy. The idea that you can make a lot of money without working is a sexy thought, but it could also go the wrong way if you don’t know what you’re doing. And so, you really want to be mindful of doing things that make sense for your situation. Like, a lot of people during COVID lost crypto or lost money in crypto, because they saw Joe, and John, and Angela, and whoever investing, and they weren’t ready for that risk level. So, you got to really, like, watch your own pockets, focus on your own goals and invest in a way that makes sense for you. [132.8s]
Patricia [00:21:09] [00:21:09]And what does it mean to you to make finance accessible, digestible, and fun? [5.1s]
Shay Myers [00:21:15] [00:21:15]So, on my Instagram a few years ago, you know, when reels and doing those audio or those, like, acting audio scenes became popular, I was like, “You know what? This is a way for me to get out of my comfort zone and show people my personality, but also finance edition.” Right? So, I would teach people things, but in a way that was fun in bite size clips and things like that, and I enjoyed it, and other people enjoyed. And I think it really showed people that finance doesn’t have to be scary or overwhelming. It could actually be enjoyable to learn about different things. So, doing that through social media, where everybody’s on social media, that’s accessible. I started my business during COVID, so everything was virtual at one point. That’s also accessible. I can have meetings with people across the country or in different countries if that needs to happen. Virtual workshops can reach hundreds of people. Digestible just means that people can understand it. So, I don’t speak in corporate finance lingo. I speak like me, which is understandable to the average person, and people don’t feel like, “Okay, like I’m more confused than I was before I asked the question.” No, I like using analogies to make people really understand what I’m saying. And then fun, of course. I’m just a fun person. Like, I love creating environments where people enjoy themselves. And so, I crack jokes, and we will laugh. The meeting’s not gonna be stiff and serious. Like, yes, we’re gonna be talking about serious things, but you will enjoy the process of working on your finances. And so, that’s my mission. And I know I’m currently doing that, but my mission is just to, again, show people that this journey does not have to be as scary, boring, overwhelming as people might think it is. [114.1s]
Patricia [00:23:09] I really like that, and I feel like a lot of people will too, even if they’re younger or even older, because like we said earlier, it is very overwhelming learning all of these, like, financial lingoes, and talking about investments, and all future things. These are just, like, everything that can be overwhelming. So, if you’re, you know, a young adult trying to get into finance, it’s accessible, digestible, and fun. You know, you’re learning from someone like you who makes it, you know, a great experience. And even if you’re older and you feel like, you know, the moment has passed you by, for someone to, you know, sit with you and be like, “This would be a fun process.” I think it just makes the whole process better, and you learn better this way.
Shay Myers [00:23:59] Yes, exactly.
Patricia [00:23:59] I really like that.
Shay Myers [00:24:00] [00:24:00]I just want to add something too, if you don’t mind. I think sometimes, through the history of financial advising services, it’s been made to seem like this stuff is unattainable, and people can’t learn it. Four years ago, I didn’t know anything about money. I was being told debt is bad, never get a credit card. If I never got a credit card, I would have never increased my credit score. Learning the language of money is just, like, learning anything else. Like, if you take swimming lessons, you will become better at swimming. If you start running, you’ll become better at running. The same thing with this. It’s less about numbers actually and more about concepts. So, I just wanna encourage people. Anybody can learn to be better with their money. Anybody can learn to be familiar with the language, and I’m a living testimony, like I’m a walking testimony of that. I literally didn’t know anything about money four years ago, and I learned, and I’m still learning. There’s so many things to learn, but I’m way more confident than I was four years ago, and that’s for everybody. No matter what your age is, you can learn to understand money. [65.9s]
Patricia [00:25:07] And what was that transition like? [00:25:09]Cause you mentioned earlier, it was a mindset change from you struggling with your finances to becoming a licensed financial services professional. What was that transition like for you? [11.2s]
Shay Myers [00:25:20] [00:25:20]Yeah. So, when I first was learning these different things and implementing them to my own life, I was sharing them with other people, which was really helpful. Because, you know, people know anything about social media. Like, if you’re looking for it, you will find it. So, my feeds became more finance focused, because I was posting things, sharing things. I would always say like, “Hey, I’m not licensed. I’m not an expert, but this is what my advisor told me, and it helped me, and this is what I did.” And then when I decided to study to get my license, I was being trained on a daily basis. I was attending meetings, and webinars, and learning these concepts. And so, I was really in the environment to learn the language and get better at it. And that’s essentially what people have to do. Like, if you want to be better at your finances, you need to go to those workshops. You need to start consuming that kind of content. That’s the only way. You might have to change your friend circle. If all of your friends aren’t serious about you being a little bit more disciplined, and they’re negatively influencing you, you might have to say, “Hey, you’re my friends for this, but let me go find some people that are on the same wavelength, so that I can be immersed in that.” So, for me, it was just about being in the topic, around the topic, in those conversations, and just developed from there. [86.4s]
Patricia [00:26:47] [00:26:47]And what advice would you give to other aspiring entrepreneurs who want to turn their personal experiences into a business? [7.7s]
Shay Myers [00:26:56] [00:26:56]Yeah, that’s an interesting way to put it. They say people don’t buy products, they buy you, and they invest in you, and, you know, they need to be able to connect with you, you know? I would say share and be honest, because that’s what I did. By the time I was licensed, I already had shifted people’s mindset about what I did and who I was. It’s like I became the finance girl before I became the finance girl, and that’s just because I shared. I shared my before, my during, my after. And I had an event in July, and someone had mentioned that they were entrepreneur going through hard times. It’s hard to balance work, school, business. And I was like, why don’t you start sharing that? Like, maybe you create a series every Monday, you just talk about like, “Hey, this is my day. It’s really hard, I’m balancing this.” Like, you don’t know how many people can relate to that, and you build community by showing people that you are just like them. So, I would say not being afraid to share the journey and share great decisions you’ve made and not so great decisions you’ve made. Like, recently, I’ve made bad investment decisions. I’ve spent over $10,000 probably on just junk, and I share that, because I think sometimes people think that because I’m an advisor, like I’m just perfect. Like, I don’t take Uber every single day sometimes. And like, no, there are certain decisions I’ve made that aren’t great for my finances just like you. So, that part is really important, like not trying to portray yourself as this perfect person but as someone that is relatable, and then, showing people, like, I’m different because of these reasons, but it’s not because I’m that different from you, it’s because I learn certain things. Yeah.[104.8s]
Patricia [00:28:41] I think that’s great. Like, sharing your experiences really shows how real it can be. And just because you’re teaching a certain subject, doesn’t mean you’re already such a master at it that you can’t make decisions that are also wrong sometimes.
Shay Myers [00:28:55] Yes, exactly.
Patricia [00:28:56] [00:28:56]How important do you think resilience is in entrepreneurship, and how do you cultivate it? [5.2s]
Shay Myers [00:29:02] [00:29:02]It’s so important. You can’t predict life in general, but as an entrepreneur, you really can’t predict life at all. So, it’s really important to, going back to what I said, I said, watch your own pockets, but focus on yourself and what you want to achieve. I’m so grateful for social media, because it’s helped me build an amazing community, and most of my clients come from social media. However, sometimes it’s hard to look at it objectively. And a lot of people are comparing themselves to other people, and they think that they should be in certain spaces, or places, or levels because of what they’re seeing. You got to run your own race. Like you really, really got to run your own race. And you also have to have people around you who are going to remind you and encourage you like why you started it, the great things you’ve accomplished so far, and what else you set out to do. I don’t want to say this generation, but a lot of people have fallen into this entitled mode of like, I should be here by a certain time, or I deserve this. You are only going to get what you put out. You’re only going to get what you give. And so, we should all be mindful of that. And we should give ourselves grace as well, because it is an uphill battle. It is bumpy. It is different, like, you really got to learn so many skills to manage your business. And if you truly want to achieve your goals, you need to be realistic. [93.9s]
Patricia [00:30:38] I wanted to touch on that, what you said earlier about just like social media and watching your own pockets, because I feel like, you know, the way people view financial success today in the age of social media is very different. And I think a lot of people see what success looks like for other people and try to emulate that, and maybe make bad decisions because of that, because they’re trying to look a certain way on social media. So, I wanted to ask you, [00:31:03]what have you seen are some of the most common mistakes that people make when it comes to their finances, and how can they avoid that? [7.0s]
[00:31:10] [00:31:10]So, I always say that your relationship with yourself will directly impact your relationship with money. Not being able to look at something and be like, “Oh, that’s great for them, but this is not my life, and that’s not really what I want.” comes from self-confidence, and self-love, and knowing yourself, which is another topic that’s finance adjacent, but not usually a part of the conversation. Also too, I noticed that those same people who are flashing the products, and the designer, and things like that, those people also come to me for help. And sometimes, the math doesn’t math. Sometimes, what they’re portraying is not what is actually going on with their finances. So, we’ve got to be mindful of comparing to people that we don’t know, right? One of the things that I see a lot is trying to keep up with the Joneses or trying to, like, your friends always want to go out, and you know you have certain goals that, you know, you can’t really afford it, but you do it anyway, because you want to keep up appearances. It is so hard to tell people, “You know what? I don’t got it right now.” or “You know what? I have a real serious goal that I’m trying to hit. Please don’t invite me out for the next four months.” It’s hard to do that. But like I said, most of the times we can’t ask our friends to help us pay off a credit card. We can’t ask them for 200 bucks if we fall on hard times. So, we need to make sure that we understand our actions cost money. Either cost time or cost money. And also, what I’ll say is, cause I did see a video recently of, apparently it’s a whole business where influencers can rent out spaces that look like their home. They can rent cars that look like their cars. Maybe they’re getting gifted designer items, and they make it seem like they bought it. It’s very easy to put on a facade. And so, it’s so important that you stay rooted in what you truly want. If you want the car, the house, the designer, the yachts, the traveling, that’s amazing. But if you’re maybe more minimalistic, and you don’t really care for designer or the fancy cars, then that’s you, and you don’t have to change that just because you see it. [121.8s]
Patricia [00:33:12] [00:33:12]And how can individuals overcome the fear of finance and start taking control of their financial future? [6.3s]
Shay Myers [00:33:20] [00:33:20]The first step is admitting that you need help. That’s the first step, admitting it and then asking for help. Whenever people book a consultation with me, I always congratulate them, and thank them, and say, “Hey, this was a big step, and this is the step in the right direction.” It’s really hard to skip steps when it comes to your finances. You really have to do it step by step. So, that first one is really important. And yeah, when people make the decision that they don’t wanna keep living the way they’re living, and they wanna make change, that’s really, really big, but also avoiding it is not going to eliminate the fear. Like, if someone is tired of being fearful of their finances or talking about money, not doing it is not gonna build the muscle you need to address it. So, with anything else, with working out, you build the muscle, consistency. Dedication builds the muscle. The same thing happens with finance. If you never adjust it, the muscle will be weak. But if you address it, you can start building it. [58.9s]
Patricia [00:34:20] [00:34:20]And for those people who are tired of, you know, not looking at the problem and not acknowledging that there is a problem, what are some simple steps that they can take to improve their financial literacy as early as today? [11.9s]
Shay Myers [00:34:33] [00:34:33]Follow me on Instagram. I’m always encouraging people to take that step. You know what, it’s so interesting. It’s kind of hard to answer that question, because I always tell people like, “You have to get to a point where you’re fed up.” Like, whether you keep seeing videos or you keep seeing people, you know, living life, and you can’t do that or you keep seeing your account of the negative, like eventually you get to a point where you’re like, “I need to change.” Yes, people can encourage that, but that level of urgency really does have to come from you. Cause like I said, 10 years working, starting a job, ending a job, starting a job, quitting a job, no money, eventually, I was like, “I can’t keep living like this.” and that’s when I went to seek out help. So, if somebody really wants to make that change, they’re gonna have to change what they’re doing. So, new content that they’re consuming, new habits, maybe they have a family or a friend who’s doing really well financially, ask them like, “Hey, what did you do to get started?” But it really has to come from that person. [61.8s]
Patricia [00:35:36] I definitely resonate with that. When I was in my early 20s as well, I just got, you know, so tired of feeling like I couldn’t do the things I wanted to do or buy the things I wanted to. It’s just something that really has to click and be like, “I can’t live like this anymore.” It’s either I need to start saving more or I need to earn more. There’s something in between those two choices that you can do maybe altogether, cumulatively, to help you with your finances. And I wanted to ask, [00:36:05]what about advice for someone who feels overwhelmed by debt? [2.5s]
Shay Myers [00:36:09] [00:36:09]I also do just want to add something too. Implementation is important. You can hear, hear, hear, see, see, see all you want. When you learn something, you got to implement it. Because I have a lot of meetings with people who they take the first step, but then it’s like, this is not it. Like, this is not all. You took the first step, and now, we got to keep stepping. So, that’s something that’s really important. I’m somebody who’s overwhelmed by debt. The biggest thing that I find is that people actually don’t understand how debt works. And so, if you don’t understand how something works, you will not use it properly. So, the first thing would be to get someone to sit down and really explain how debt works, how credit works, how interest rates work, how they affect your money, and then look at your situation, and see what you’re doing. If it’s good, if it’s helping you, if it’s not, we gotta change it, and that is something that I also help with. At the very beginning, I was more focused on helping people with debt, but now it’s a broad scope. It’s the, you know, most people’s issue is with debt, but there’s so many other moving pieces to your finances. But definitely, you gotta understand how it works, because if you don’t, then you’re probably not taking care of your debt in a way that’s gonna help you clear as fast as possible. Yeah. But also grace, like, they don’t teach us how to use these things, so we have to be able to give ourselves grace of like, “Look, you made these decisions you didn’t know. How to fix this is to learn what I did wrong and how I can never do those things again.” [93.1s]
Patricia [00:37:42] [00:37:42]And more on financial planning and management advice. What should people focus on first? Saving, investing, or paying off debts? [8.4s]
Shay Myers [00:37:51] [00:37:51]It really depends on the person. And that’s something that I find people don’t like, that I’m, like, it depends on you. It depends on your situation. I have to take a look at your situation. There’s blanket advice that we can give, but if it doesn’t make sense for you, then it might not work. So, it really depends. If somebody is making great money, and they don’t have any savings, they don’t have any investments, they don’t have any debt, it’s like, okay, great, all the money that you’re making can go towards building this emergency fund, building these savings, consistently investing. If somebody is living paycheck to paycheck, they have a lot of debt, they have a little bit of savings, maybe it makes sense to take a little bit of those savings and clear off the debt, because usually the debt is, it’s costing you a lot to have that debt, right? And then, there’s other people who they have a little bit of everything, but they’re not doing it effectively, so now we’re looking at how can we better manage this money. So, it really, really, really depends on your income, your expenses, and what’s left over at the end of every month, that’s going to determine where you need to start. So, for example, for me, when I got my nine to five, I didn’t have an emergency fund, I didn’t have any sort of protection, I didn’t have investments. And so, those were the things that we focused on. I also didn’t have any debt, so any money that I was making was going towards savings, investing, and all of those things. So, it really depends on where you are, where you’re starting from. That’s gonna determine which direction to go. [88.3s]
Patricia [00:39:20] [00:39:20]And in today’s uncertain economic times, how do you think individuals can protect their income and their investments? [6.6s]
Shay Myers [00:39:28] [00:39:28]In terms of protecting their income, on the nine to five scale, like, there really isn’t job security, which is why it’s so important to put a little bit of money aside every month. Because when I got let go of my nine to five, I was shocked. Like, you know, when you get called into HR, you’re like, “What? What did I do? Like, I’m cool.” But it happened, and luckily, I was prepared, But you don’t usually expect a change in income that way. And so, you need to prepare in that way. And then, when it comes time to, or on the topic of protecting your ability to earn income, so the average person, if they happen to get, you know, a medical condition or illness like cancer or something like that, they would need to take time off of work. And when you take time off of work, most of the time you’re not going to get paid for that. So, a way to safeguard your savings and investments, you really want to look at something called critical illness, because that’s going to actually pay you out if you can’t work due to an illness or a condition. And what that does is that means that all of the time you took to save and invest, you don’t have to interrupt that. You actually let the insurance company pay that money out. So, that’s very, very important. And I know a lot of people will say, “Oh, yeah. I’m healthy. I’m good.” These Illnesses and conditions do not discriminate. The healthiest of people are getting cancer, are getting heart attacks due to stress, environmental causes, lifestyle habits. Nobody is exempt. And so, if there’s a way to prevent that financial burden, then we wanna consider that. And on the other side of that, we really need to strive to make multiple streams of income. So, whether that’s a side hustle or it’s actually starting an official business, we need to be able to control a portion of our income and know we could actually create our own salary. I think that’s really, really important. [116.5s]
Patricia [00:41:25] [00:41:25]And could you tell me what do you think the role or how important of a role does budgeting play in financial success, and how can people stick to a budget? [9.0s]
Shay Myers [00:41:35] [00:41:35]Yeah, so budgets get a bad name, and I think it’s because people feel like if they have a budget, then it’s so strict, and they can’t go outside of that. But really, it’s simply a financial plan. So, if somebody is making a certain amount of money, and their expenses are a certain amount of money, the leftover amount is essentially what your disposable income is. So, if you over that, and you’re in the negatives, well, you can’t spend that way. If there’s excess, then obviously that’s a great place to be. But now, it’s like, where do I want to put my money? So, it’s really just more about understanding where your money is going and less about you can’t buy things, you can’t shop here. Like, I will never portray that, because I think balance is important. However, if you can’t afford to pay your bills and indulge in luxury. you have to make a decision. If you can’t afford to do both, you have to make a decision. And your numbers are gonna determine what you can do with your money. Like, these numbers aren’t random. You get paid, you have expenses. If you’re in the negatives, then something has to change, right? [72.5s]
Patricia [00:42:48] I think a lot of people who might be watching us are out there looking, you know, to get financial planning and management help. So, I wanted to ask you, [00:42:55]could you walk us through some of the range of services Finance for the Culture offers? [3.5s]
Shay Myers [00:43:01] [00:43:01]Yes. So, I do complimentary consultations where I sit down with people. We get to know each other. I get to know where they are, their financial concerns, their relationship with money. And on my side, they get to know my story, and the services that I provide, and what it would look like to move forward. The second appointment is also complimentary, it’s a financial needs analysis where, just like I just briefly explained, figuring out what their income is, their expenses, their debt, their savings, all of those different components, and really figuring out how they’ve been moving in tandem with each other to see what they need to prioritize, what they need to implement, what they need to get rid of, and how they need to manage their money moving forward. And based on what those numbers provide us with, I will be able to say, “Hey, the next step is going to be this. The next step is going to be this.” Right? And so, it’s not a quick fix, it’s a journey. And I’m really focused on building the relationship, so that, you know, if I helped you with budgeting and debt, maybe in 10 years, I’m helping you with your kids, or your spouse, or something like that, you know? But those are essentially the appointments. And when it comes to the services, budgeting, debt management, insurance education and implementation, investments education and implementation, estate planning, I believe I said debt management already, children’s finance planning, so RESPs, wealth building, all of that, and also, showing people how to reduce their taxes as well. So, I’m not a tax professional, but I know how to help people reduce their taxes. And you’d be surprised at how many people don’t know what they can do with the Canadian accounts to actually reduce their taxable income. That’s also something that I help with as well. [108.8s]
Patricia [00:44:51] Can you share a success story where Finance for the Culture made a significant difference in someone’s life?
Shay Myers [00:44:57] Just one? Okay, yes. So, I had a client. I wanna say this is maybe two, three years ago. She had $80,000 of debt, and this was a mix of your fast money loan, cash money loans, student loans, owing money to family and friends, and she had just landed a really good paying job. And our mission was to clear her debt as soon as possible. And so, I believe we did that in about I think it was maybe like a year and a half. It was really just about figuring out what debt she had and what we’re gonna tackle first. Are we doing all of the little 200, 300, or we’re doing the big stuff? So, every single time she got paid, we had a meeting, and I was like, “Okay, so now you’re gonna pay this. Okay, you did it, cool. Now, you’re gonna do this.” So, really strategize a plan, so that she knew exactly what her goal was and what she needed to do to get there. So, that’s one of my biggest success stories, because I truly believe that, again, having the money is one thing, but knowing what to do with it is another. It could have very well been, she got this new job, I just didn’t know how to navigate paying off debt, and maybe even gotten into more debt, so I’m really happy that we were able to clear that.
Patricia [00:46:20] [00:46:20]And what has been the most rewarding aspect of your journey with Finance for the Culture? [4.2s]
Shay Myers [00:46:25] [00:46:25]Most rewarding I would say is when people tell me that they made the process enjoyable and that this experience was different than their typical experiences with advisors. I don’t know. The best way to say I’m very empathetic, and I never wanna make people feel bad about where they are. I remember when I was, I think it was like grade 10, grade 11 math class. I asked my teacher, like, “Hey, can you explain this again? I didn’t get it.” and he said, “You should already know this. We already went over this.” and I was just like, “Oh.” From that point, I was like, “No one’s ever gonna say that I was condescending to them, that I made them feel small, that I made them feel like I’m better, because I know more.” I’m like, “Nah, it’s never gonna happen.” And so, when people say like, “Wow, you really simplified this for me.” or “I actually understand this now.” or “You’re so understanding. You’re so empathetic. Like, you make me feel safe to share certain things.” That’s the most rewarding thing, because you learn more when you feel understood and when you enjoy the process. And I just know that that experience is different from the average experience, and I’m really glad that I can give that to people. [65.1s]
Patricia [00:47:31] I think that’s amazing. You meeting your clients where they’re at. I think a lot of the time, people are also afraid to seek out the help like you were talking about earlier, because there is a lot of shame about not knowing these things that everyone is supposed to find out. There’s shame around having so much debt that you don’t even know how to get out of it. So, it just hinders you from asking help. So, I think it’s really amazing the way you create this process with your clients. And before I let you go, I wanted to just ask, like, how do you stay motivated and inspired to continue your work in financial education? And what is next for the future for Finance for the Culture?
Shay Myers [00:48:08] Yeah, how do I stay motivated? There’s so many people that need our help. There’s so many people. I can’t remember the number. Is it 40 million people in Canada? There’s millions of people in Canada, and there’s just so many people who need this help. You know, they just introduced financial literacy as a mandatory course in the curriculum in Ontario, 2024, that’s crazy. There’s just so many people who don’t have the education. Their parents don’t have the education, so they can’t teach them. The information is not accessible, and it’s just a lot of generational poverty happening because of the lack of financial education. And so, that itself motivates me. And then, just when people share their experiences and thank me for what I do, that’s also very, very motivating. And just knowing that this is such an important topic, and just by learning one concept or one thing could completely change your life, that’s motivating. And what’s to come in the future? Lots of things, lots of things, but just more workshops, more partnerships. I also want to dive into brand partnerships to be able to combine finance with lifestyle, which is also going to impact, and encourage, and inspire a whole new audience as well. So, just on the mission to really amplify but also normalize the conversation of money.
Patricia [00:49:41] Is there anything else you’d like to leave our audience for today, Shay? Any advice, any inspiring message, anything at all?
Shay Myers [00:49:50] [00:49:50]Yes. Know yourself. It doesn’t matter what age you are. There’s a lot of things in this world that are distracting us from getting to know ourselves. And when you do that deep work to understand what you like, what you don’t like, what your triggers are, your goals, your strengths, all of those things, you will be able to do great things in different areas. Like, that confidence and self-love that you build is going to impact every single area of your life. So, you really, really need to focus on becoming the best version. That doesn’t mean being perfect, but knowing yourself like the back of your hand is going to help you in moments of conflict, or tough situations, or being able to celebrate yourself when you do great things. So, I would encourage everybody to take the time to actually get to know themselves, because that’s going to impact everything in your life. [52.5s]
Patricia [00:50:43] Thank you so much, Shay Myers, for joining us today on this episode.
Shay Myers [00:50:46] Thank you!
Patricia [00:50:47] We really appreciate it. I hope everyone had fun and learned something new in this episode. I will be sharing all of the links for Shay’s company down below, Finance for the Culture, so if you need anything like workshops and all the resources to start your financial success story, then those will be in our description below. Thank you so much again, Shay, for the time, for gracing our podcast and sharing your wisdom with our listeners. And thank you to everyone who listened in today. This has been your host, Patricia. And remember, for all your professional business and technical writing needs, there’s only one way to go, and that’s with The Write Direction. See you guys soon! Goodbye!
