According to the American Psychological Association, 63% of adults report that money is a significant source of stress. Even worse, paying for essentials such as utilities, food, and housing is the top money concern. Over his decade in the finance industry, Alex Marukos slowly started realizing that people needed guidance with the basics of personal finance but had nowhere to turn. In 2021, he decided to do something about it by starting Moneyskope, a Conshohocken-based financial coaching business that aims to give people financial peace of mind. With his personalized coaching, clients have learned crucial skills that enabled them to spend responsibly and pay off debt efficiently, helping them save over $20,000. We interviewed him to learn more about his background and Moneyskope.
Before we dive into Moneyskope, tell me a little bit about your background.
Sure thing. Well, I went to school right around the corner here at St. Joe’s where I studied finance. After graduating, I landed a job at a large, well-respected financial company where I wore many hats including providing investment advice to non-profits and college endowments. I also became a Certified Financial Planner and Chartered Financial Analyst to round out my financial expertise.
Where did you grow up? How long have you lived in Conshohocken?
I grew up in North Wales where I lived until I was able to save enough to buy a house. Then in 2017 I bought my house here in Conshohocken. I’ve really enjoyed living here ever since.
So you lived at home after college? That must have taken some dedication. Houses weren’t cheap, even back then.
[Laughs] Let’s just say that my social life took a bit of a hit. But look, I was willing to make the sacrifices to make my homebuying goal happen. And achieving any goal requires sacrifice on some level, right?
Why did you decide to launch Moneyskope?
I just noticed that many people weren’t getting the guidance they deserved. I mean, we’re living in a time when 60% of people live paycheck-to-paycheck, the average graduate has over $37,000 worth of student debt, and buying a home is nearly impossible. Clearly the education system hasn’t prepared people financially. And look, many financial advisors are primarily in the business of investing money, not helping people with basic money management skills.
As a result, I launched Moneyskope to provide personalized financial coaching to those who need help with the basics of personal finance including paying down debt, setting up a budget, saving for emergencies, and more. People shouldn’t have to worry about money, and so I’ve made it my mission to give people financial peace of mind.
Okay. You’re a financial coach. Is that different than a financial advisor?
Yes, there’s a difference. Financial coaching tends to focus on building a lifelong financial foundation by helping people build good financial habits. It’s also much more hands on than the typical advisor. For example, I will build budgets for my clients, do credit card research on their behalf, and draw up a debt paydown strategy. On the other hand, financial advisors mostly focus on investing their clients’ money.
Money is a pretty sensitive topic for people. How do you get your clients comfortable with opening up?
Well first off, it’s about developing a relationship beyond the money. I structure the meetings in a way that allows me to get to know my clients. After that, it’s a matter of creating a warm and optimistic environment by rewarding successes, constructively working through challenges, and actively listening – all without judgement.
Great to hear. Where can people go to learn more about Moneyskope?
People can schedule a free 15-minute consultation and learn more at moneyskope.com. Also, for those trying to build a strong financial foundation for the year ahead, I’m offering 20% off the first month of financial coaching when they book by January 21st with the code “HAPPYNEWYEAR”.
Perfect. Thanks for joining us.
You’re very welcome. Thanks for having me!