“Passion alone doesn't pay the bills.”

I wish I could remember who first told me this a few years ago. It might have been in an article, podcast, presentation or in passion, but regardless of how it was delivered, the message was well received.

In this article my aim is to provide a mindset on personal finance and some practical tips for those just getting started in the field or even for those deep in the field. This might not be as exciting as reading Supertraining, or your favorite exercise science class, but I can assure you it’s needed. In reality, some of these tips may help those outside the field.

Side note...

Before going any further, I wanted to make this clear. You will never hear me say…

“That person is successful because they make __________ amount of money a year/they have a fancy house, etc...”

I’m not going to tell you what to do but since you’re reading my article (lol), I advise you to adopt the same mindset. Ultimately, this article and the practical steps to follow are not the “5 step guide to become a millionaire in the fitness field”. This article is NOT to say that making more money means you are better or more successful than others.

With that said, we do need to make a certain amount to be able to function in society and have some level of financial/personal freedom. However, These mindsets and “tips” are only to help you make the amount of money you need to make to be successful on your terms, not society’s.

This article(s) is only meant to 1) help people in our field adopt more of a financial mindset to help people the amount they need to live the life they value, and 2, offer some practical tips to get there. That’s it!

Ok back to the article…

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Overall, the fitness field is overly saturated with people who got in the field because they...well simply put, love to lift, exercise and train themselves. This is not a bad thing and in my opinion, and needed to some degree. However, those in the know, can testify that your love, obsession or overall passion for fitness, (whatever sector you’re in) is probably not enough to have a long, sustainable, and wildly successful career.

Let's look at some trends in the field. It is important to list these trends because it is vital to know that regardless of the life you want to live, you do need to make a minimal amount of money to cover bills and basic expenses.

High turnover rate- The turnover rate is something along the lines of 60-80%. Meaning, people are leaving this field at an alarming rate. Often, it comes down to finding jobs/careers that pay enough to stay long term.
No specific salary or pay scale in the private sector. If you google “Average salary for a personal trainer” you will get ranges from $30,000-$89,000”. Now we are not the only field that this happens in, but the discrepancies between gyms and what they pay their employers, even just 10 minutes away in the same market can be vastly different. A private trainer who also manages a small local facility can rake in the big bucks while a trainer at a large corporate gym can be fighting with co-workers to even find clients and pay.
Low barrier of entry- To become a trainer, you don’t need schooling. Yes, some positions require it, but a lot of people in our field never got a degree in the field. Some of the highest paid trainers (social media influencers) might not know their stuff. This can be a blessing and a curse.

With all that in mind, let's cover a few practical tips to successful personal finance in the fitness field that they didn’t cover in college.

The first part of this article will cover more “financial mindset” tips. A later article will offer more practical tips for those inside the field. I advise you to grab a sheet of paper/your laptop, head to your office or favorite coffee shop and answer these questions!

Define what career success means to you- What does success look like to you? Making 6 figures? Making what you need to cover bills and enjoy the simple things? More personal freedom? More Financial Freedom? More family/friends time? Lots of coaching hours? Luxury items? Want Less? Minimalist lift? Vacations? Winning titles? Winning awards? Client Success? I/you could go on for days. Ultimately, your answers may change given your age, experience and changing values.
What kind of work setting and life do you want to live?- Do you want to be in the gym all day training? Do you want to own a business or be an employee? What sector do you want to be in? Team setting? Small group setting? 1v1 setting? Online setting? Do you want to own a house or rent? How many people are in your life/immediate family? Where do you want to live in the country/world? Who do I want to serve?
What’s your ceiling?-Whether you’re in HS, college or in your career, when it comes to personal finance, or your income, you need to ask yourself, “Does this job/career choice have a financial ceiling and if so what is it?”. Now this is not to come down on a specific sector. Heck, I personally work in the HS, college and private all at once. However, you do need to realize that some sectors do have a ceiling as to how much you will make in a year. It is important to know this since your actions must be in line with your goal from the above questions. For example, if you are 23-25, fresh out of college, living in NYS, and you want to make.. Let's say $50,000 as a high school strength coach but don’t want to work anywhere else but the HS well…You simply won’t reach those financial goals. Be aware of the ceilings of each sector before you get into them.
Lastly, and most importantly in my opinion, after answering the above questions, next ask, at this stage in my life, how much money do I need to make to be able to live the life I value? Once you know the answer to this question, I personally believe you can start the process of truly living the life you want. Adopting a work with the end goal in mind mindset we will cover in part 2, you can start to budget your life to make this a reality.

Stay tuned for part 2 as I will go over more practical tips!

As always, like, comment, tag, share and save this post. Lastly, don't be afraid to reach out for help!