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!

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Highlights of today's show:

  • Do you have the power to control your finances or is it out of your control?
  • There's a growing vocal minority that says that it's not in your control
  • Why I believe in personal responsibility when it comes to finances
  • There are things that are out of your control but you can control how you react to them
  • The importance of interviewing multiple realtors

We continue where we left off last week in our discussion about behavior and personal finance by trying to answer the question: Do you have the power to control your finances? If you have listened to the podcast for very long, you know that I am a big believer in taking personal responsibility for your finances and controlling "YOUR" economy. However there is a growing belief on the personal finance blogs and in the media that is saying that there are growing structural problems with our economy including unemployment, inflation, sharp stock market changes, and growing income gap between the wealthy and the poor.

True, those things you can't control, but you can control how you react to them. The thing is financial emergencies happen to EVERYBODY. Now we don't know the when, where, and how much, but we do know they will happen.  Everyone's situation is a little different. There are those of us who have had long bouts of unemployment or have had health issues that have held us back financially; that's why personal finance is personal. But the moment we say that our finances are out of our control is the moment we allow other entities to control our finances for us.

The reason why I'm speaking out against this is because whether or not you win with money is not about luck. It's about getting a new perspective on your money and doing things with money that allow you to do the things that you value.

In addition I also give an update on how my wife and I are interviewing different realtors in preparation for putting our condo on the market. We learned a good lesson this week on why it is important to interview more than one realtor no matter how good you think yours is already.

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.

March 17, 2013  
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Highlights of today's show:

  • Is money management more about behavior or about the math?
  • I have found that people who change their behavior win with money
  • This is a paradigm shift for most of us, including me
  • Life is like a pie, when you get your finances under control, it will overflow to other areas of your life
  • We're getting ready to put our condo on the market

Today's show is off the cuff as I do an impromptu show on how money management is about behavior, not about the math. So often we are taught or believe that personal finance is all mathematical. My degree in accounting taught me to think like that, however after studying personal finance for many years and working with individuals and couples on their finances over the past three years, I have realized that knowing the math isn't good enough. You have to modify you behavior to win with money.

We see this all the time with saving and paying off debt. We try to use math to rationalize why saving a small amount each month won't mean anything or why paying off low-interest rate debt isn't right. But when we see money as a behavior issue, we save and pay off debt so we can build that discipline which will allow us to reach our financial goals.

Other blog posts/podcasts related to behavior 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.

March 10, 2013  
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Highlights of today's show:

  • Answering questions from the listeners
  • Should Ben take out a 401(K) loan to pay off Sallie Mae?
  • Pros and Cons of 401(K) loans
  • What financial documents do I need to put with my will?
  • Changes upcoming to the blog

Answering questions from the listeners is always something that I enjoy doing and today we answer a couple of them on the show. There are two ways for you to send in your questions- 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.

The first question is whether or not it would be wise for a listener to take out a loan on their 401(K) to pay off their student loan from Sallie Mae. On the surface, a 401(K) loan sounds better than a student loan. Instead of paying the bank back the interest, instead you pay yourself back the interest. But with any kind of debt there is always a catch. Remember borrowing money to get out of debt does not work. We break down the pros and cons of each and share why from an interest perspective a 401(K) loan might be better, but from a risk perspective a 401(K) loan could be a disaster.

In addition we also take a question from a listener about what financial information you need to store with your will. Yes, dying is never a fun subject to talk about but one of the last loving things you can do on earth is to have all your financial data in order and in one place to make it easier for your heirs. One of the last things your spouse, children, and grandchildren need to worry about is where all of your money, retirement investments, insurance money, and other assets are located. But by having them in one place it will make things a lot easier.

Finally, after thinking about it for a while I have decided to cut back on the amount of times I blog each week. I will still do the podcast show notes each Monday and the Friday Financial Tidbit. That means I will be cutting out the Wednesday blog posts. This will free me up to do more webinars, speaking engagements, and guest posts on other blogs. Don't worry; this does not impact the podcast at all and I hope to do more of the Debt Free Living podcasts as well. What this also means is that I am taking more guest posts. Please get in contact with me if you are interested in featuring a guest post on my blog. The topic can be anything to do with personal finance and must be an original post.

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.

March 3, 2013  
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Highlights of today's show:

  • Renting vs. Buying
  • What are the reasons why you would rent?
  • When is the right time to buy a house?
  • How to put yourself in a position to make your home purchase a joy
  • Why March is a special month for budgeting

No matter where you live, what your income, or what the size of your family, one of the   financial questions you'll have to answer is whether to rent or buy a home. On today's show we talk about the pros and cons of each and share why the choice to rent or buy depends on what season of life you are in.

We also break down the reasons why it might be good to rent and why it might be good to buy. The good reasons to rent:

  1. You just moved to a new place
  2. You've had past financial problems
  3. You just got married
  4. You move around a lot from city to city

The good reasons to buy:

  1. You are established in the area
  2. You have your finances in order
  3. You can afford it
  4. You are ready to do the work

In addition we also discuss why your house really isn't an investment, how buying a house will probably save you more in the long run, and why an $800 mortgage payment is not the same as an $800 rent payment.

For more information on renting vs. buying please check out the following blog posts/podcasts:

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.