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!

August 26, 2012  
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Highlights of today's show:

  • The Debt Snowball IS the best way to pay off your debt
  • Spending less is important but it has its limits
  • Making more money will only help you if you know how to manage it
  • Both are important to managing your money better
  • Webinar coming up on August 30th at 9PM EST. Details can be found on the blog.

There is a lot of debate among financial experts over which method is the best way to pay off your debt. Some prefer to pay off the debts with the biggest payments first, others prefer to pay off the debt with the highest interest rate first, which makes the most sense mathematically. But I recommend the Debt Snowball method to pay off your debt. Well, a couple of researchers from Northwestern University have discovered that the snowball method is the best way to pay off your debt! We start today's show by discussing why that is true.

In addition, I try to tackle the topic of what's more important when it comes to personal finance: spending less or making more money. It's an important topic to discuss because so often in the personal finance world you are on one side of the fence or the other and there are not a lot of people in the middle. Personally, I think they are both important and that you need to do both well to win with money.

Being able to cut back and avoid the lifestyle inflation trap that most people get stuck in is great. But the problem with cutting back is that you can only cut back so much. We all have a minimum number that we have to live on. But by being able to cut back and live on less, you are developing good habits that you can take with you when you start to make more money.

Likewise, making more money is great, but just because you make a lot of money doesn't mean you will have financial success. If you have no idea how to handle that income you will lose control of your spending and you will have no idea where it went.

What about you? Do you think it is more important to make more money or spend less when it comes to getting out of debt? Let us know on our Facebook page.

Finally, I am doing a webinar on Thursday August 30th, titled "You Are Debt Free . . . Now What?" I would love for all of the listeners to join us if you'd like. If you can't make it to the live presentation, please sign up anyway to receive information on catching the replay.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, 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. There are two ways to get in touch with me:

1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

August 22, 2012  
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Country Girl from Centsofacountrygirl.wordpress.com joins us on today’s show to share how she paid off over $35,000 in student and car loans. She got motivated to pay off her student loans when she was sent an amortization schedule by the government for her federal student loans. It broke down the payments and showed how much was going to principal and how much was going to interest. That motivated her to pay off the loans a full 110 months ahead of schedule!

The key for her to stay motivated was to look at paying off her debt as a challenge instead of a chore. In the beginning it was difficult because it felt like she had so much debt, but as she went along it got easier and easier. Paying off her debt enabled her to have a big down payment on her home and travel more.

Country Girl has been blogging for 2.5 years now which was a big motivator to stay on course and pay off her debt. She likes to blog about living in the country and the challenges that arise from that. Her advice to someone who wanted to blog about personal finances is to go for it, just write about you and don't worry about trying to build a blog with thousands of followers.

"If you don't have a budget it's hard to get out of debt." ~ Country Girl

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.

Click to listen to previous episodes of the Debt Free Living Podcast.

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.

August 20, 2012  
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Highlights of today's show:

  • How good is the enemy of great in our finances
  • How to settle an old debt
  • If you don't get it in writing . . . NO DEAL!
  • Never intentionally not pay debts to settle later
  • Webinar coming up on August 30th at 9PM EST.  Details can be found on the blog.

Settling with a creditor can be a lot of things. It can be overwhelming and difficult as you continue to negotiate a deal. It can be relieving to know that you finally paid off a debt that has been hounding you for 5 years. Or it can be nice not to have to deal with calls and letters asking you to pay back the debt.

But none of that matters if you don’t do a debt settlement the right way. I don’t recommend you use a company to settle your old debts, but rather that you do them on your own. But there are still five things you need to remember to do when settling a debt:

  1. Have the cash to settle
  2. Be patient in negotiating
  3. Don’t fall into playing games with the creditors.
  4. Get the settlement in writing before you pay them the cash!
  5. NEVER give them access to your bank account

In today’s episode we go over each one more in depth and explain why each of these is needed before you settle an old debt. Also, we discuss the ramifications of settling your debt from a credit report and an IRS perspective. To help out with settling your debt I have created a spreadsheet that helps you determine the amount to settle.

Finally, I am doing a webinar on Thursday August 30th, titled "You Are Debt Free . . . Now What?" I would love for all of the listeners to join us if you'd like. If you can't make it to the live presentation please sign up anyway to receive information on catching the replay.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, 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. There are two ways to get in touch with me:

1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

August 12, 2012  
00:0000:00

Highlights of today's show:

  • How training for the Olympics is like personal finance
  • Answering a listener's question on prioritizing old debts
  • Don't try to repay old debts until you have the cash
  • If you can't pay all your current debts try the pro-rata method
  • Webinar coming up on August 30th at 9PM EST. More details to come

The best way to pay off your debts is via the debt snowball method. But how do you determine what debts go into the debt snowball? What about old outstanding debts that you aren't being contacted about? What if you can't pay all of your debts, how do you prioritize them? Today we answer those question sent into us via a listener and discuss how to prioritize your debts.

When prioritizing old debts it is good to remember to put current debts into the debt snowball and take care of them first. Then, after you take care of all your current debts, go back and try to settle your old outstanding ones. To help determine what debts you owe, get a free copy of your credit report and then save up enough cash to settle with each one, one at a time.

If you are unable to pay all of your debts with your income, you need to prioritize which debts to pay on first. Remember, you always have to take care of your four walls first; food, shelter/utilities, transportation, and basic clothing. But after those needs are met in the short term we recommend using the pro-rata plan of paying on the rest of your debts.

As a reminder, if you too would like me to answer your question on the show, please email me at JWFinancialcoaching@gmail.com or fill out the form on the contact page. I would love to answer your questions on air and feel free to ask anything related to personal finance.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, 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. There are two ways to get in touch with me:

1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

August 5, 2012  
00:0000:00

Highlights of today's show:

  • Remember the "Why" behind your financial decisions
  • The five mentalities that allow us to win with money
  • People don't win with money on accident
  • Those who do win view money differently than how most people view it
  • Webinar coming up on August 30th at 9PM EST. More details to come

[caption id="" align="alignleft" width="380" caption="Credit: Keith Neale"][/caption]

Playing off of last week's episode, The five mentalities that hold us back, we are talking today about the five mentalities that allow us to win with money. Just as negative attitudes hold us back, positive beliefs allow us to do incredible things, not only in our finances but in our life overall. Having coached individuals and couples before, I have discovered 5 main mentalities that allow us to win financially. They are:

  1. Having the end in mind
  2. Everyone starts somewhere
  3. Your situation isn't permanent
  4. It's better to give than to receive
  5. Money doesn't define who I am

Today we explain what these mentalities really are and what they allow you to do with money when you implement them into your thinking.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, 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. There are two ways to get in touch with me:

1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page

00:0000:00

Ryan Brewer from IfStupidWasIllegal.com join us on today’s show to share how his family paid off between $60 - $65K  in debt in 4 years. You might remember Ryan from when he was part of the "Author Month" Podcast series. Today he shares his getting out of debt story.

The debt was on a little bit of everything. They had car loans, credit cards, student loans, and personal loans from finance companies. Ryan and his wife fell off the wagon, so to speak, a few times, but were able to get back on. What allowed them to get back on was seeing that they still had a pile of debt and that it wasn't going away until they paid it off.

One of the major changes they had to make was in lifestyle which included eating out. Beforehand they would eat out five times a week but cut that out. Looking back at it, what Ryan found interesting was that they really didn't miss it all that much.

Ryan has a unique story of how he received the last sum of money to become debt free. You'll have to listen to the show to get all the details, but it involves Ryan entering a contest, Dave Ramsey, and a big pile of money.

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.

Click to listen to previous episodes of the Debt Free Living Podcast.

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.