A recent survey revealed that 49% of Americans can’t cover a $1,000 emergency, putting them at risk when unexpected expenses arise.1 When Alex Marukos realized that many people were facing financial challenges, he decided to do something about it. That’s why he started Moneyskope, a Conshohocken-based financial coaching service aimed at empowering individuals to take charge of their financial well-being. Beyond his coaching services, Alex recently wrote Wealthy Together, a guidebook designed to help couples establish a solid financial foundation. We spoke with him to delve into his background, the mission of Moneyskope, and the insights shared in his new book.
Tell us a little bit about yourself and your background.
Well, I’m a local guy from North Wales. Ever since I was a teenager, I realized that money meant freedom, so I made it a point to understand all I could about money and investments. I studied finance at Saint Joseph’s University and then went to work at a large, well-respected financial company. I had a number of roles, including helping non-profits and endowments invest their money, and I also became a Chartered Financial Analyst and Certified Financial Planner.
So what led you to become a financial coach?
I decided to become a financial coach and start Moneyskope after running into several people that were super stressed about money and needed help establishing a strong financial foundation but had nowhere to turn. The financial services industry is catered to people that have money to invest. But what about the people who don’t have enough money? For people who are trying to dig themselves out of debt, save for a house, or boost their credit score, I’m here to help them.
Okay so is what you’re doing different than what a financial advisor would do?
Great question. As a financial coach, I’m helping my clients tackle foundational money challenges such as paying down debt. Financial advisors tend to mainly focus on investments. Also, I’m much more hands-on as coach, often meeting with my clients as much as twice per month.
Tell us more about Moneyskope. What are you trying to accomplish? How do you help your clients?
Of course! Moneyskope is on a mission to give people financial peace of mind, and we accomplish our mission through 1-on-1 financial coaching that is fun, optimistic, and inspiring. We offer three tiers of coaching depending on what our clients want to focus on and how often they’d like to meet. As far as what we can help our clients achieve, we can help them pay down their debt more efficiently, save for goals like an emergency fund or a house, and reorganize their finances. To date, we’ve saved our clients over $28,000 in debt interest payments alone.
What are some common financial challenges your clients face?
Many clients struggle with paying down debt, overspending, and/or saving enough money to give them peace of mind. Additionally, most of my clients have the same basic challenge: creating a financial system that’s sustainable and allows them to achieve their goals.
With all of those challenges, can you share a success story that you’re particularly proud of?
One of my biggest success stories was with a couple that had about $50,000 in high-interest debt across 9 credit cards and were living paycheck-to-paycheck. Their goal was to pay off the debt more efficiently and give themselves breathing room with an emergency fund. Within just a few months, we shrank the number of debt sources from 9 down to 3, converted all of their debt into lower-interest debt, and freed up over $2,000 per month to be used towards emergencies. What was most inspiring was the way the couple worked as a team and stayed laser-focused on their goals despite the inevitable setbacks.
Congratulations on your new e-book, Wealthy Together! Can you give us a brief overview of what it teaches and who it’s for?
Thanks! Yes, Wealthy Together teaches couples how to lay the groundwork for a successful financial future. Research has shown that financial conflict causes stress in the relationship. By focusing on three key topics – healthy communication, financial health, and goals – any couple can succeed with money. The guidebook is perfect for every couple but especially those who are just beginning to have “the money talk” or those who need to hit the refresh button.
Some finance books can be really in-depth and complicated. How would you characterize your book?
[Laughs] There’s no doubt about that. I’m calling Wealthy Together more ofa guidebook because it’s short (only 20 pages), concise, and easy to understand. It’s written in more of a conversational tone so it doesn’t feel too overwhelming. Wealthy Together alsocontains examples and exercises that couples can do together. Overall, it’s a very inspiring guidebook that puts financial success within reach of any couple. And it’s great value considering it’s only $7.99.
That’s great. Thanks for your time today. Where can people learn more about Moneyskope and your new guidebook?
Thank you! People can learn more on the Moneyskope website where they can schedule a free 15-minute consultation and check out Wealthy Together.
Sources
1LendingTree. “Half of Americans Don’t Have an Emergency Savings Account and Nearly 40% Say They Can’t Build One.” LendingTree, 24 July 2023, www.lendingtree.com/debt-consolidation/emergency-savings-survey/.
