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 26, 2013  
00:0000:00

Highlights of today's show:

  • It's the time of the year to take vacations
  • How vacations can be a good thing or a bad thing depending on how you fund them
  • Tips to save money while on vacation
  • Tips to save money while planning vacations
  • The best vacations are the ones that don't follow you home

This weekend is Memorial Day weekend in the United States. It's the day we celebrate those who lost their lives in serving our country in the armed forces. It's also the unofficial start of summer, which can mean only one thing . . . vacation season!

According to a recent survey, 77% of US households are planning on taking a summer vacation this year. I'm all for that as one of the reasons why I teach this stuff is to put yourselves in position to enjoy your money. But with that being said, the best vacations are the ones you can relax and enjoy and not have to worry about it following you home. On today's show we give tips on how to save money during vacations as well as how to save money planning vacations.

Tips on saving money while on vacation:

  1. Bring your own food and drinks-One of the best ways to bust your budget is by purchasing food and snacks while on vacation. It might not seem like it, but those $5 snacks each time you get gas and those $20 lunches add up quickly. If you are driving while on your vacation, a great way to curtail that is to pack a lunch or two and bring your own snacks so you don't bust your budget.
  2. Have a staycation-The staycation has become popular in the past five years or so and for good reason. It's a great way to take a vacation while not breaking the bank. While you may not travel for your vacation, you still get a chance to get out of your routine and do something in your home area that you have always wanted to do but never had the time.
  3. Find local establishments-A great way to save money is to check the local paper or website of the city you are traveling to and find some good non-mainstream things to do that don't cost a lot. There are a lot of great local attractions out there; you just have to find them. In addition to finding local entertainment, I have found Tripadvisor to be a great resource to find good local restaurants
  4. Travel with friends and family-Traveling with friends or family allows you to both spend time with those you care about and save money at the same time. It can help you save on transportation and shelter.

Ways to save money while planning a vacation

  1. Go in the off-season-Obviously there aren't a lot of things that are off-season in the summer. But if you decide to go early or late in the summer you might get a good bargain.
  2. Plan your flights-A good way to save money on flying is to purchase your ticket as soon as you know you are going. Another way is to fly on Tuesdays. Tuesday is the slowest day for flights so you can easily save $100 or so if you adjust your schedule.
  3. Start to save in advance-You want to have a big vacation? Then start saving now. For example if you want to take a $2,500 vacation save a little over $200 a month for a year and you'll have it, but if you only have four months to save you might be only able to save between $1,000-$1,500 at best.

For more information on vacations please visit the following resources:

In addition, I finally have created a newsletter for JW's Financial Coaching. This newsletter will be published once a month and will have exclusive content, allow you to learn of new products and features from JW's Financial Coaching first, and let you know about other good personal finance information around the net. You can register for the newsletter here, and in addition to receiving the newsletter, those who sign up will receive a free download of the "JW's Manifesto on Money." This is a 20 minute audio recording sharing my views on money including the topics of spending, debt, saving, marriage and money, where money fits in your life, and how you can win with money. I'm excited to share the manifesto with my newsletter subscribers.

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.

May 19, 2013  
00:0000:00

Highlights of today's show:

  • Getting out of debt is a goal for most everyone
  • But some of us don't know where to start
  • Discussing the three steps to getting ready to get out of debt
  • My wife Lisa joins the show to share an update on how selling our house is going
  • Receive access to the "JW's Manifesto on Money" by signing up for the JW's Financial Coaching newsletter

Almost everyone I talk with about money has a goal to become debt free or is already there. It's very rare that I talk to someone who doesn't wish or express a desire to not owe anything to anyone. The problem is not a lack of desire to get out of debt, it's not knowing where to start. The only way to truly pay off your debt is to PAY IT OFF! That's pretty obvious but today we will talk about the three steps you need to do before you start to pay off your debt.

https://twitter.com/JWFinCoaching/status/334658421615915009

It's really hard to pay off your debt if you don't first know how much you owe. I recommend writing down all your debts on a piece of paper or on a spreadsheet and beside each debt, list how much you owe. I also recommend going to annualcreditreport.com to get your free credit report which will help you remember any old outstanding debt you may have. For additional help on prioritizing old debts and learning how to deal with old creditors, please check out lesson #2 and #3 of the podcast.

https://twitter.com/JWFinCoaching/status/334692254906200065

You can't get out of debt if you continue to borrow. Sometimes we try to talk ourselves into borrowing more money because we think that will help us get out of debt sooner. The thing is your debt is still going to be around until you pay it off. It's like we try to fill a hole by digging a new hole and taking that dirt and putting it into the old hole. At the end of the day all you did was make a new hole.

https://twitter.com/JWFinCoaching/status/334722806640164866

Once you have your debts listed and you have committed to no more borrowing, now is the time to develop a plan of attack. If you have multiple debts it can be difficult to determine which debt to focus on. I recommend you focus on one debt at a time and put all your effort and money towards knocking out that one debt. I have found this to be the best method. But once you have a plan you are ready to knock out your debt and to ultimately become debt free!

We also have my wife Lisa join the show to give an update on how selling our home is going. Although we have had a few showings, we have not received any offers yet. That can be a little disappointing but we aren't discouraged yet. We also share what we have learned by having showings and discuss which is harder: getting your house ready to put on the market or keeping your house show ready when on the market.

Also I'm doing an upcoming podcast on how to save money on vacations. If you have any tips on how to save money on travel, where to get good deals on the Internet, or some nice vacation spots that people don't know about, please contact me and I'll share your tips with the listening audience.

In addition, I finally have created a newsletter for JW's Financial Coaching. This newsletter will be published once a month and will have exclusive content, allow you to learn of new products and features from JW's Financial Coaching first, and let you know about other good personal finance information around the net. You can register for the newsletter here, and in addition to receiving the newsletter, those who sign up will receive a free download of the "JW's Manifesto on Money." This is a 20 minute audio recording sharing my views on money including the topics of spending, debt, saving, marriage and money, where money fits in your life, and how you can win with money. I'm excited to share the manifesto with my newsletter subscribers.

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.

May 12, 2013  
00:0000:00

Highlights of today's show:

  • One of the best things you can do for your marriage is to get on the same page financially
  • Focus more on the "Why" instead of the "What"
  • Sometimes you have to compromise
  • Share what getting on the same page would mean to you
  • Receive access to the "JW's Manifesto on Money" by signing up for the JW's Financial Coaching newsletter

I don't know what it is, maybe it's that my wife and I are celebrating our wedding anniversary this week, or maybe that it's wedding season. But I felt like today I needed to talk on the podcast about how to get you and your spouse on the same page financially. It's one of the best things that can happen to your finances but a lot of times it's harder said than done and will keep a couple from winning with money.

Today we discuss the four ways to help get your marriage on the same page financially:

  1. Focus on the "What" and not the "Why"-So often one spouse will read a book, blog, or listen to a new podcast on money and they'll get so fired up that they'll come home and talk about "What" they need to do; cut up the credit cards, start to budget together, sell the other's car. But they don't share the "Why" and they wonder why their spouse looks at them funny and says "You're crazy!" But if you instead share the "Why," there is a greater chance of you coming together and coming to an agreement.
  2. Be patient-Along with #1, you need to be patient with your spouse. Just because you got some new information and are ready to become intense with your money doesn't mean that your spouse will be just as enthusiastic. But give it some time; the more you talk about and discuss it, the more they will get comfortable with the idea of making changes in your financial life.
  3. Be willing to compromise and work together-You might be ready to sell both your cars and cut up your credit cards and never use them again, but your spouse might not want to. What do you do? You compromise and maybe you decide to take the lead, sell your car, stop using credit cards and instead use cash. This will work because your spouse will see what this does to your bank account each month and before you know it they'll be willing to sell their car as well. You might not always get what you want, but the more you compromise with each other the closer you will come to sharing your finances together.
  4. Share how much it means to you-Your spouse might be hesitant to get on board with a financial plan because they might think this is just a fad you are going though. But if you have a sit-down conversation and share what being on the same page will mean to you, I think your spouse will realize you are serious about this and will be more willing to work together.

There's how I would go about getting on the same page financially with your spouse. But what about you? How have you gotten on the same page with your spouse and what did it do for your marriage? I'd love to hear your thoughts in the comment section below.

Also I'm doing an upcoming podcast on how to save money on vacations. If you have any tips on how to save money on travel, where to get good deals on the Internet, or some nice vacation spots that people don't know about, please contact me and I'll share your tips with the listening audience.

In addition, I finally have created a newsletter for JW's Financial Coaching. This newsletter will be published once a month and will have exclusive content, allow you to learn of new products and features from JW's Financial Coaching first, and let you know about other good personal finance information around the net. You can register for the newsletter here, and in addition to receiving the newsletter, those who sign up will receive a free download of the "JW's Manifesto on Money." This is a 20 minute audio recording sharing my views on money including the topics of spending, debt, saving, marriage and money, where money fits in your life, and how you can win with money. I'm excited to share the manifesto with my newsletter subscribers.

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.

May 5, 2013  
00:0000:00

Highlights of today's show:

  • How to talk about money amongst your peers
  • Why talking about money is so taboo
  • How talking about money can encourage you and your peers
  • Talking about money the right way and the wrong way
  • Discount through May on the "You graduated from college . . . now what?"

Supposedly there are three things you aren't supposed to bring up in conversation: 1.) Politics 2.) Sex 3.) Religion But I think a fourth thing needs to be added to the list: money. On today's show we share why we have a tough time as a culture discussing money. I feel that one of the reasons why we struggle with finances in our nation is due to our inability to talk about money properly. However when we do talk about money we make it awkward. Here are some things to do and not do when discussing money with your peers.

Do

  1. Talk about YOUR past and present
  2. Be proud of your accomplishments
  3. Realize that you won't agree with everyone on how to handle money

Don't

  1. Ask someone point blank how much they earn
  2. Ask how much someone has in debt
  3. Tell people what to do with their money

I asked on Twitter why money is such a taboo subject to discuss and I got the following response. Please let me know your thoughts by following me at JWFinCoaching

https://twitter.com/JWFinCoaching/status/330374862331850753

https://twitter.com/DonationCan/status/330386523981762561

Finally if you know of someone who recently graduated from college or if you did so yourself, you might want to check out the "You just graduated from college . . . now what?" coaching package. This package will help guide you on developing a system to handle your money, help you get the first big job, and show you how to eliminate Sallie Mae. It includes one-on-one coaching with me, an audio book outlining ways to set up your financial house, an eBook, and other audio lessons on young adults and money. This normally runs for $199 but can is on special through the end of the month for $159.

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.