According to recent studies, nearly 60% of Americans are living paycheck to paycheck, struggling to cover basic expenses like utilities, food, and housing.1 Recognizing the widespread financial strain, Alex Marukos launched Moneyskope in 2021, a Conshohocken-based financial coaching service dedicated to helping individuals regain control of their finances. Using an optimistic, inspiring, strengths-based approach, Alex offers one-on-one coaching that has helped clients control spending, build savings, and pay down debt. In addition to his coaching services, Alex has authored Wealthy Together, a guidebook that teaches couples how to get off to a strong financial start. We interviewed him to learn more about his background, Moneyskope, and his new book.
How did your personal experiences shape your decision to become a financial coach?
When I was young, I realized that knowing about money and having healthy financial habits would lead to more freedom. So, I went to Saint Joe’s to study finance, became a Certified Financial Planner, and worked at a large, well-respected financial company for over a decade. Over time, I realized that many people my age including friends and family were struggling financially – not because they didn’t make money, but because they didn’t know how to manage it. I wanted to use my expertise to reduce money-related stress and help others accomplish their goals.
So do financial coaches help people with investing?
Not typically. I help with foundational money skills like managing debt and building savings. Advisors usually focus on the investing side.
Why do you think younger generations are struggling so much financially?
Oh wow. There’s a lot there. I think college debt has a lot to do with it. I mean, the average federal student loan debt balance is around $38,000 and it’s even worse for private student loans. The cost of housing sticks out as a big problem. Home affordability is near all-time lows and rents are high. Additionally, the pressures of social media and the expectation to keep up with certain lifestyle standards are making it very difficult to control spending.
What services do you offer that you find most impactful for your clients?
My mission is to give every client financial peace of mind. While I can help in several ways, the two that have the most impact are debt management and financial reorganization. With debt management, I develop payment strategies and these have helped my clients save over $28,000 in interest payments. For financial reorganization, I work with clients to rethink their bank accounts and money movement to give them peace of mind.
What strategies do you use to help clients stay motivated and committed to their financial goals?
Early on, I challenge clients to think about why they want to be better with money, because the reason is always about more than money. Couples want to be less stressed. Parents want to send their kids to a good school. New graduates want to break free of debt to save for a house. When clients understand their “why”, they can use that as fuel to overcome challenges. And when they need a boost, I’ll be right there to support them.
You just wrote a new e-book, Wealthy Together. Congrats! What inspired the title, and what does it signify?
Thanks! I wrote Wealthy Together to be a guidebook for couples who want to learn the first few steps to build a strong financial foundation. The title reflects the fact that building wealth is a team effort; both people need to row in the same direction. If one person is rowing forward and another backwards, you end up going in circles.
Can you share a favorite excerpt or a key lesson from your book?
I’d say that the key lesson from the book is that financial success is available to every couple. Executing the foundational building blocks – communication, financial health, and goals – is a worthwhile endeavor that is extremely effective. However, while they seem simple, they’re not easy. My guidebook helps make things a bit easier with lessons and exercises.
Sounds great. Thanks so much for sharing. Where can readers learn more?
I really appreciate you having me. Readers can go to the Moneyskope website where they can schedule a free 15-minute consultation or purchase Wealthy Together.
Sources
1PYMNTS. The New Reality Check: The Paycheck-To-Paycheck Report. June 2022, www.pymnts.com/wp-content/uploads/2022/05/PYMNTS-New-Reality-Check-June-2022.pdf.
