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!

January 27, 2013  
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Highlights of today's show:

  • The "4-1-1 on" series continues with guest Kent Irwin
  • Kent has over 30 years of Financial Planning Experience
  • Kent was urged to create eFinPlan by his wife
  • eFinPlan is a web-based application that allows you to input your financial data and get a comprehensive financial plan
  • Learn how to earn 15% off when using eFinPlan

The 4-1-1 series continues today with a review of eFinPlan and financial planning with guest Kent Irwin. eFinPlan is a web-based application that allows you to input your financial data and get a comprehensive financial plan report. Kent first got the idea to create eFinPlan from his wife who asked Kent one day what is out there for people who can not afford to hire a financial planner. When Kent said there was really nothing, that's when the idea started to form. It went live July 2007 and has been helping people ever since.

I have written a blog post on how eFinPlan works but it is quite simple. First you input all your basic financial information such as your income, assets, debt, and insurance policies. Then you answer questions related to your spending habits, retirement plans, and investing beliefs. This is good because it forces you to think about these items as you enter them into the system.

After inputting all your financial information and determining your views of money, eFinPlan then produces a 65 page report. The report has different sections including a net worth projection, insurance explanation, college planning, retirement simulation and more. It doesn't just provide information and projections, it also educates you on why it is important to reduce debt, save more, and budget your income. Kent likes to remind people that filling out the information and looking at the report is investing in your future and gets you prepared to reach your financial goals. The good thing about eFinPlan is that you can change your information at any time whenever something changes in your life.

From Kent's experience, there are four ways that people are lacking when doing a financial plan: 1.) They are not budgeting properly 2.) Not having adequate life insurance 3.) Not investing as much as they need to 4.) Having too much debt.

eFinPlan has a 30 day free tryout period. In addition, to receive 15% off the purchase price please use the coupon code JonW1 when checking out. In addition to running eFinPlan, Kent blogs about personal finance at the following sites:

"Personal finance is not related to numbers, it's related to habits" ~ Kent Irwin

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.

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.

January 20, 2013  
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Highlights of today's show:

  • The "4-1-1 on" series kicks off today with investing
  • Devin Czech joins us to share the cardinal principles for retirement investing
  • Why investing is such a confusing topic to discuss
  • What are some of the mistakes people make when investing?
  • Who are you taking your advice from?

The 4-1-1 series kicks off today with investing with guest Devin Czech. Devin writes a blog at payczech.blogspot.com in addition to having a YouTube channel.  He got an interest in studying and educating himself about investments while in college. One of the biggest reasons why people struggle with investing, Devin believes, is due to lack of financial education on this topic. Today we discuss in depth an article he wrote on this blog titled The Cardinal Principals for Retirement Investing.

Systematically investing is the practice of making constant contributions into long term savings. Essentially it's setting consistent contributions every paycheck into either a 401(K) or IRA instead of just talking about doing it. By systematically investing, you are spreading risk by dollar cost averaging. In addition, you allow the power of compound interest to work in your favor.

Diversification is simply following the principal of "not putting all your eggs in one basket." But it is more than having the correct selection of stocks, bonds, and cash. It's investing in a lot of different funds that include large, small, and international companies. With that being said, diversification will look different for everybody depending on factors such as your age and risk tolerance.

Finally, it's also important to remember not to jump off the roller coaster when investing. When we are talking about investing,we are looking at the long term and not the day to day movement of the market. According to Devin, when it comes to investing, "You want to look at years, not hours." The biggest mistake people make when investing is jumping in and out of the market depending on whether it is going up or down.

To learn more about investing, Devin recommends to read about investing from a variety of sources. Don't just read one book and think you are an expert; rather learn from a lot of different resources and decide what style works best for you.

In addition, I was recently honored to be a guest on my buddy Steve Stewart's MoneyplanSOS podcast episode #92 Know where your advice is coming from. Steve and I talked for about 20 minutes and discussed why this is such an important topic. There is so much bad financial advice out there,but what Steve and I try to do on our respective podcasts is to share quality financial advice that is practical and allows you to win with money

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.

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.

January 14, 2013  
00:0000:00

Highlights of today's show:

  • Teenagers are not adequately prepared to handle money after graduating from high school
  • How financial decisions today impact our finances tomorrow
  • Importance of college and how to save and pay for it
  • How to make it in the new job market
  • How to develop an overall financial plan that works

According to a recent Charles Schwaub survey 81% of teenagers agree that saving money is important to them. However only 22% of teens say they know how to invest money and make it grow, and 1 in 4 teens say that since they are young, saving money is not important.

Today's high school students are not adequately prepared for life after high school. They are not taught how to handle money, shown how debt works, or how to invest for their future. This is a problem because some of the biggest financial decisions they will make will be within 5 years of graduating from high school. Today's show is a cliff notes version of a presentation I gave on January 14th at Groveport Madison Middle School to high school students and their parents about money.

The first topic we discussed was how financial decisions today impact our finances tomorrow. The best example of how today's decisions impact tomorrow's finances is through debt. We've been taught that the way to prosper in our country is through debt. However after the recent recession we have learned that debt equals risk and the only one who benefits from debt is the bank. Three of the biggest ways young adults get into trouble with debt after high school are through 1.) Credit Cards 2. ) Car Payments and 3.) Student Loans. Young adults are hounded by the credit card companies the minute they turn 18 and it just gets worse once they start college. Teaching your child to instead get a debit card and manage their money well is a better way to go. Car payments hold us back because we are investing in things that go down in value instead of things that go up. Student loans can seem like a good idea at the time. But ask any post-college 20 something or 30 something how paying those loans back is working out for them. The thing you have to remember is what happens with your finances in your 20's doesn't stay in your 20's. If you make mistakes financially they will follow you until you correct them. However if you handle money well when you are young, you will carry those habits and decisions throughout your life.

Next we talk about the importance of college and how to save/pay for it. College is a great investment in yourself. However the way we normally do college is pick the school we like the best and if we don't have the money we go ahead and take out massive amounts of student loans which will be paid back with our nice job and we will be set for life. Unfortunately life doesn't work like that; instead our country is experiencing a student loan crisis. Instead of doing that, first find a school that you can afford and save up the money to go to that school via a combination of scholarships and working while in school. When it comes to college, the application of the knowledge you learn in school will take you further than the pedigree of your school. The best way to save for college is through 529 plans or educational savings accounts. Even if you don't have time to save for college, you can still work your way through college. That's what I did and it will teach your child good time management skills as well as look good on a resume.

Then we share ways to make it in the new job market and how that impacts YOUR Economy. There is a changing job market out there today. The old way of getting a job, working there for 30 years and then retiring is over. But the good news is that you now get paid for what you know, not your time. That is why education is so important. In addition, jobs these days are created, not advertised. If you are spending all your time online submitting resumes, chances are you are competing against 100 other faceless people for the same job. But you can improve your value by answering the following question about yourself, "Why would someone want to hire me?"

Finally we wrapped up by sharing how to develop an overall financial plan that works. The key to winning with money is to become intentional with money. So often, instead of being intentional with money, our money controls us and we feel like we will never get ahead. But the first step to becoming intentional with our money is having a spending plan. A spending plan allows you to tell your money where to go before the month beings. The first thing you want to do when you do a spending plan is to take care of your 4 walls first. This allows you to take care of your basic needs first. After that you can then take care of paying down debt and saving. There are three things we save for 1.) Emergencies 2.) Purchases 3.) Investing. We save for emergencies because emergencies will happen, so be prepared for them. Instead of using debt, save up and pay with cash for purchases. After those are taken care of, you can now invest. Investing at a young age is important because you can take advantage of the power of compound interest. A great illustration of this is the story of Ben and Arthur.

In addition to this podcast the following resources will help prepare your teenager for life after high school:

If you would like to work one on one with me and let me show you how to reach financial freedom, check out the two hour financial checkup.

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 awhile 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.

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

Highlights of today's show:

  • 13 ways to take control of your finances in 2013
  • Good reminders for whatever situation you are in
  • First you have to decide what you want to do with your money this year
  • Review your cash savings, retirement, mortgage rate, and insurance coverage
  • Look at your financial situations in the long run as well as the short run

Today we kick off the podcast in style by discussing 13 ways to improve your finances in 2013.  Whether you are doing all 13 things currently or doing none of them, this is a great list to go through and review; you might find a thing or two you can change to improve your finances in 2013. Below are the 13 things:

  1. Sit down and decide what you want to do with money in 2013
  2. Know where your money is going each month
  3. Look at how the recent tax change impacts your take home pay
  4. Look at your cash savings
  5. Eliminate debt
  6. Don't take out new debt
  7. Focus on your career
  8. Take a look at your long-term investments
  9. Review your insurance coverage
  10. Eliminate the clutter from your life
  11. Look at your mortgage rate
  12. Educate yourself
  13. View your financial decisions as long term

Is there something that I forgot? Please leave a comment below. In addition I also mentioned my recommended reading list as a good way to educate yourself in 2013.

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 awhile 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.

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.