Money is a major source of stress for nearly two-thirds of American adults, with 63% reporting significant financial anxiety, according to the American Psychological Association. The most pressing financial concern is paying for basic necessities like utilities, food, and housing. Alex Marukos, a finance industry veteran with over ten years of experience, observed that many people lacked access to basic personal finance guidance. Driven by a desire to address this issue, Marukos founded Moneyskope in 2021, a local financial coaching business dedicated to providing individuals with financial peace of mind. Through his personalized coaching approach, Marukos has empowered his clients with essential skills to spend wisely and effectively manage debt, resulting in collective savings of nearly $45,000. In an interview, we delved deeper into Marukos’ background and the mission behind Moneyskope.

Before we dive into Moneyskope, tell me a little bit about your background.

Sure thing. I went to school just around the corner at St. Joe’s, where I studied finance. After graduating, I got a job at a large, mission-driven financial company. I held a few interesting roles, like giving investment advice to non-profits and college endowments. I also became a Certified Financial Planner and Chartered Financial Analyst to boost my financial expertise.

Where did you grow up? How long have you lived in the area?

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 in Conshohocken. I’ve really enjoyed living there 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 start Moneyskope?

I started noticing that many people just weren’t getting the help they needed. I mean, we’re in a time where 60% of Americans are living paycheck-to-paycheck, the average graduate has over $30,000 in student debt, and buying a home is pretty much a pipe dream – unless you can somehow make an all-cash offer. It’s pretty clear that our schools haven’t really prepared people when it comes to money. And many financial advisors tend to build their businesses around investing money than teaching people the basics of managing it.

That’s why I started Moneyskope – to give personalized financial coaching to people who need help with some of the most challenging problems, like paying off debt, creating a budget, and breaking the paycheck-to-paycheck cycle. I don’t think people should have to stress about money, so I’ve made it my mission to help people find that financial peace of mind as quickly as possible.

When clients come to you, what’s typically their biggest financial misconception that’s holding them back from saving money?

The one thing that most clients don’t realize is that they’re in control of much more than they think. Once they understand that they’re in the driver’s seat, it’s a matter of working with them to put in place the optimal frameworks and habits that allow for financial flourishing. Another thing holding them back is the belief that they need a super-high income to achieve financial success. Sure, a high income helps, but income is not the same as wealth.

Okay. Can you explain the difference between a financial coach and a financial advisor?

Sure thing. A financial coach works hand-in-hand with their clients solve their biggest financial challenges, which tends to be paying down debt, breaking the paycheck-to-paycheck cycle, or building up savings for emergencies or a house. What many people don’t appreciate is that coaching isn’t about directing clients but helping them build their financial future on their terms. On the other hand, financial advisors mostly focus on investing their clients’ money.

I imagine that many people who need financial coaching are already struggling with money. What would you say to someone who thinks they can’t afford a financial coach?

Good question. The longer people wait to fix their finances, the more it costs them – both in money and life opportunities like buying a home or starting a family. Most clients quickly recover their coaching investment through spending reductions and interest savings. Plus, they’ll get actionable tips in our free consultation, whether they decide to work with me or not. Above all else, there’s no cost on having financial peace of mind.

Great, okay. What do sessions cost and where can people go to learn more about Moneyskope?

People can schedule a free 15-minute consultation and learn more at moneyskope.com. One-on-one coaching sessions start at $135. I also offer group coaching via the Moneyskope Masterclass, a 4-week financial crash course for only $95. The next group starts on January 30th! 

Perfect. Thanks for joining us.

You’re very welcome. Thanks for having me!