JW’s Financial Coaching Podcast JW’s Financial Coaching Podcast-A show devoted to answering your personal financial questions and covering current events in personal finance. Giving people a new perspective on their money!

May 27, 2012  
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Highlights of today's show:

  • Guest Steve Stewart joins us to discuss the S&P 500 History
  • The stock market has an excellent track record of long term success
  • How do you develop that long term mindset?
  • The Facebook IPO has not yet set the world on fire
  • Chris Guillebeau's $100 Startup book tour recap

Steve Stewart from Moneyplansos.com joins me on the show to discuss investing over the long run. Before you listen to the episode, please download the spreadsheet Steve created showing the 1, 3, 5, 10, and 20 year average returns of the S&P 500. While this is not a predictor of what the stock market will do in the future, Steve and I discuss why we are able to invest and not panic whenever the stock market drops 5% in one week and why we have a long term mindset when investing.

We also discuss a little bit about the Facebook IPO and the potential dangers of owning single stocks. Facebook stock will probably end up being a good investment in the long haul, but those trying to cash in after one week were sorely disappointed.

Finally, I recap Chris Guillebeau's $100 Startup* book tour stop he made recently in Columbus, Ohio. I have not yet had the chance to start the book, but I am really excited to read it after listening to him share why he wrote it. Chris wrote the book after interviewing hundreds of successful entrepreneurs. It got me thinking about who I am learning about success from. Am I learning about success from people who are successful in areas I am trying to be successful in? Or am I learning about success from people who are not really successful and just have an opinion?

* Affiliate Link

You can now find the podcast on Stitcher SmartRadio! Stitcher allows you to listen to your favorite shows directly from your iPhone, Android Phone, Kindle Fire and beyond. So if you have a smart phone and want to stream the podcast from your phone, please download the app from their website.

You can subscribe to future Podcasts either through Feedburner or iTunes. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page. In addition, if you have enjoyed the show for a while now, please leave a review of the podcast on iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Email me atJWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

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Jackie Beck from moneycrush.com and thedebtmyth.com joins us on today’s show to share how her family paid off $52,000 in consumer debt with an additional $75,000 paid off on the mortgage! She paid off her debt in various stages. She and her husband both brought credit card debt into their marriage, but they got serious and paid it off.

Jackie had started to get out of debt a few times, but was never able to fully pay all of it off. The difference this time, she says, was deciding to be serious about it and saying no to debt. The biggest sacrifice she had to make was going without air conditioning . . . in July . . . in Arizona! The getting out of debt process was hard in the beginning, but got easier as it went along. The biggest keys to getting out of debt for Jackie were having determination and an emergency fund. Getting out of debt felt awesome and hit Jackie right away. To her it is, "nice to know that the money is ours and not going to a creditor."

Jackie started to blog about personal finance to improve her writing skills as well as her personal finance knowledge. One of the main things she has learned about personal finance from blogging is more about investing. The personal finance community has been a big help to her in encouraging her to get debt free. Jackie started thedebtmyth.com to dispel the myth that you have to have debt to prosper and to spread the word that living without debt makes things easier. In addition, you can also download the Pay Off Debt app at her website. Jackie created the app to help people stay motivated and track their progress in paying off their debt.

"As long as you don't give up, you can get out of debt." ~ Jackie Beck

You can subscribe to the Debt Free Living Podcast either through Feedburner, iTunes, or Stitcher SmartRadio! The podcast can be found in iTunes under the JW's Financial Coaching Podcast. If you subscribe you will receive both the JW's Financial Coaching Podcast on Mondays and the Debt Free Living Podcast on Thursdays.

If you enjoyed this episode, please leave a review in iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you would like to take the steps necessary to start living debt free, I would love to be a part of your journey. Here's how I can help.

May 20, 2012  
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Highlights of today's show:

  • A lot of different topics covered on today's show
  • The "I graduated from college . . . now what?" teleseminar turned out great
  • How exercise is a great metaphor for our finances
  • Columbus Dispatch series on errors in credit reports
  • Joint and Separate money management

First the “I just graduated from college . . . now what?” teleseminar was a big success. Thanks to all of you who helped out. If you missed it you can check out the replay here. I plan on doing more of these in the future.

I have talked about this before, but isn’t exercising a great metaphor for our finances? It does not matter if you are getting on a budget, paying off debt, saving for retirement, or starting a business, whenever you start to make change in your life there will always be some growing pains, just like exercising. I found this out the hard way this past week when I went for a run and soon realized that I had nothing in my legs.

Next, my hometown paper The Columbus Dispatch recently ran a series titled Credit Scars which was about errors in credit reports and how they impact the victims. It was a fascinating series that I recommend you check out. I am not a big fan of the credit score but everybody needs to check their credit report at least once a year for validity. You can do so for free at annualcreditreport.com In addition my friend Steve Stewart at moneyplansos.com just did a podcast on what you can do to prevent identify theft which goes hand in hand with the series.

Finally, we covered an interesting blog series that Emily is doing over at evolingpf.com titled Joint and Separate Money series. In the series she goes over some studies that she has found on couples and how they manage money. It is pretty interesting. You know I am a big proponent of having joint accounts and so far the research has backed up my opinion.

You can now find the podcast on Stitcher SmartRadio! Stitcher allows you to listen to your favorite shows directly from your iPhone, Android Phone, Kindle Fire and beyond. So if you have a smart phone and want to stream the podcast from your phone, please download the app from their website.

You can subscribe to future Podcasts either through Feedburner or iTunes. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page. In addition, if you have enjoyed the show for a while now, please leave a review of the podcast on iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Email me atJWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

May 13, 2012  
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Highlights of today's show:

  • Three main barriers that hold us back financially
  • Family issues are the biggest and most common
  • Our past financial decisions can impact how we make decisions today
  • Where you work impacts your finances
  • Important to figure out your barriers and break through them

No matter who we are, we all face barriers when getting our finances in order. They can be large or small barriers but recognizing those barriers and getting past them is a critical part of getting your finances in order.

Family issues are probably the most common and biggest barrier to get around. Like it or not, we learn how to handle money from our parents. So if your parents always argued about money, you think that is normal. If they never talked about money then that is normal. In addition, if you decide to go against the grain you might hear some discouraging remarks from your family. It’s tough to hear that from your family, but I really feel that not caring what others think of your handling of money is the #1 financial attitude to have towards money.

Our past can hold us back as well. We have all done dumb things with our money in the past. But that does not mean that we will continue to do dumb things going forward. Remember, what happened in the past happened in the past! You can change, but you have to make that decision. By dwelling on our past mistakes we are sabotaging our own future.

Finally, our career is a big barrier to where we want to go financially. Where you work does impact your finances. But making more money won’t make your career better. What will make your career better is focusing on what your strengths are and working at a place that you enjoy going to each and every day. By working at a place that you are passionate about, you will then earn more income. But when you work at a J-O-B that you hate, your finances will be negatively impacted because you will overspend to make yourself feel better and ultimately not make the income that you could if you worked at a job you enjoyed. There is a huge correlation between wealth and working somewhere that you enjoy, so work on improving your skills and ask yourself the question, “Where do I want to be in five years?”

Finally, I would love to see you at our free teleseminar on May 17th titled “I just graduated from college . . . now what?” The fun starts at 7:30 pm and the number to call to join us live is 1-218-862-1300  and Conference Code: 251628. Please share with your friends via Facebook or Twitter.

You can now find the podcast on Stitcher SmartRadio! Stitcher allows you to listen to your favorite shows directly from your iPhone, Android Phone, Kindle Fire and beyond. So if you have a smart phone and want to stream the podcast from your phone, please download the app from their website.

You can subscribe to future Podcasts either through Feedburner or iTunes. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page. In addition, if you have enjoyed the show for a while now, please leave a review of the podcast on iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Email me atJWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

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Jose Figueroa from figueroafinancial.com joins us on today’s show to share how he and his family paid off $50,000 in debt in 29 months! Jose's motivation to get out of debt came from a spiritual conviction he had. He was handling all the finances in his home and it was wearing on him. In addition, he was managing million dollar projects at his job, yet he could not budget his own family's income.

The big turning point in Jose’s getting out of debt story was when they were first starting to pay down their debt. They had the transmission go out in their car and instead of turning to the credit card, they took the cash out from their emergency fund. It was a change from how they used to do it and signaled a new beginning.

By doing the budget together, a huge weight was lifted off of Jose’s shoulders. Today he and his wife talk about money monthly and work together. Getting out of debt has enabled them to cash flow their son’s college, move closer to family, give more and travel more. One of the things Jose learned from his journey was that he could swallow his pride and ask for help. In addition, getting out of debt has taught him to be patient and has shifted his priorities with money.

Jose has been coaching now for two years. He really enjoys working with people when they have the "I got it moment" and they realize that they can change how they handle their money. One of the common mistakes he sees people make is that they rationalize their decisions. To him there is always a reason to rationalize but you have to develop a reason to change.

You can subscribe to the Debt Free Living Podcast either through Feedburner, iTunes, or Stitcher SmartRadio! The podcast can be found in iTunes under the JW's Financial Coaching Podcast. If you subscribe you will receive both the JW's Financial Coaching Podcast on Mondays and the Debt Free Living Podcast on Thursdays.

If you enjoyed this episode, please leave a review in iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you would like to take the steps necessary to start living debt free, I would love to be a part of your journey. Here's how I can help.

May 6, 2012  
00:0000:00

Highlights of today's show:

  • Do you view money like a cake or like a candle?
  • How you view money determines how you handle money
  • Doing business can be a win-win situation
  • Things I have learned from the Debt Free Living Podcast
  • How you can help me reach out to recent college graduates

One of the best books that I have ever read on money is Thou Shall Prosper: Ten Commandments for Making Money* by Daniel Lapin. It's high on my list of recommended reading because it deals with the issue of how we view money. One of the main points brought up in the book and what the show is about today is do you view money like a cake or like a candle?

Viewing money like a cake means that you view money in a win-lose situation. If someone has more cake (money) then that means someone else has less. However if you view money like a candle, that means you believe that money can be a win-win situation. If you use your candle (money) to light other candles then you are creating even more light!

In the past I viewed money as cake, so I was very protective of money. I was also stingy and felt businesses were "out to get my money." But in the past few years I have changed my view of money and now look at it like a candle. If a business provides quality service to me I am more than happy to give them my money because they are allowing me to live a better quality of life and it allows me to help others.

How do you view money? Please vote on our Facebook poll.

In addition I am proud to announce that I will be doing a free live teleseminar on Thursday, May 17th at 7:30 PM for recent college graduates who are looking to get on solid financial footing. If you can not make it for the live teleseminar, the replay will be available on the website the following day. The seminar is a kickoff for the Finances for Recent College Graduates package that I will be offering soon. You can get more details by visiting the info page.

*=affiliate link

You can now find the podcast on Stitcher SmartRadio! Stitcher allows you to listen to your favorite shows directly from your iPhone, Android Phone, Kindle Fire and beyond. So if you have a smart phone and want to stream the podcast from your phone, please download the app from their website.

You can subscribe to future Podcasts either through Feedburner or iTunes. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page. In addition, if you have enjoyed the show for a while now, please leave a review of the podcast on iTunes. For a step by step video of how that works please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Email me atJWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.