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!

July 28, 2013  
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Highlights of today's show:


        
  • My wife, Lisa, joins me on today's show
  • We're getting ready to move!
  • The process of purchasing our new home
  • The one thing you don't want to forget when buying a home
  • The importance of buying a home you can afford

My wife and I have been busy packing for our upcoming move but we were able to take a few minutes and share what has been going on in our lives the past few weeks. On Lesson #48 Lisa and I shared how we are in contract with our condo and we were looking for a new home. Well, a few weeks have passed and a lot of things have happened. We didn't get the house we really wanted, but we did find a house that will fit our family needs.

In today's lesson we discuss the process of negotiating on buying a home, why you want to have a home inspection, the importance of buying a home you can afford, what we have learned so far in moving, and overall lessons we have learned in the whole selling and buying a home.

Right now we are busy packing boxes and getting ready to move which can be quite stressful. But overall we have been really excited with how the process is going and it is quite comforting to know that we haven't broken the budget to buy our new home.

I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.

You can subscribe to future podcasts through Feedburner, Stitcher 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.

July 21, 2013  
00:0000:00

Highlights of today's show:


        
  • The Daily Habits of Wealthy People
  • Discuss research found in CFP Tom Corley's book Rich Habits
  • Being wealthy is about making daily habits
  • Those habits aren't anything special or secret
  • What habits do you need to develop?


Ever since I read the book The Millionaire Next Door by Dr. Thomas Stanley I have been fascinated with the habits of the wealthy. So I was pretty excited to come across an article on Yahoo the other day profiling Certified Financial Planner Tom Corley and the research he did on the habits of the wealthy. You can read all of Corley's research in his book Rich Habits: The Daily Success Habits of Wealthy Individuals but today we focus on four main habits that the wealthy have.

1. Rise Early-You might not be a morning person, but don't get hung up on that. Instead focus on what the wealthy do during this time. They focus on self improvement, educate themselves by reading, and work out. You can do that any time, but notice that no matter where they are financially, they are still investing in themselves.

2. Keep a to-do list-I am huge on goal setting and the wealthy seem to spend time doing  a goal list in both the short term and the long term. Setting goals allows you to prepare for the future by taking a big task and breaking it down into smaller action areas to help reach your goal.

3. Live Healthy-To me there are a lot of correlations between living healthy and managing your money well. Also I have found that when you are struggling with your health, you don't have as much energy to work on your finances and you medicate your pain by impulse shopping. But Corley found that for wealthy people being healthy meant making more money.

4. Limit non-productive time-Corley found that wealthy people spend their down time networking and volunteering while those who are struggling financially spent more time on the Internet and on Facebook.

To sum it up, what I took away from the research was that wealthy people invest in themselves, set goals, live a healthy lifestyle, and are productive. That doesn't sound like anything that you or I can't do. In fact it seems pretty doable. Granted, doing those four things won't automatically make you a millionaire. But it makes you realize that building wealth is more about daily decisions than anything else.

“I realized, it’s not so much what’s going on in business, it’s the daily habits, the activities, that are the reason for your wealth or your poverty,” ~ Tom Corley

I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.

You can subscribe to future podcasts through Feedburner, Stitcher 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.

July 14, 2013  
00:0000:00

Highlights of today's show:


        
  • What is the difference between a credit report and a credit score

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  • Why you need to monitor your credit report

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  • How to get your credit report for free

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  • How to fix errors on your credit report

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  • Monitor your report even if you aren't planning on borrowing money


Why are we talking about the credit report today? Because according to reports, about 25% of credit reports contain errors, although only about 2% of them could impact you getting a mortgage or not. But even if you aren't getting a mortgage soon, checking your credit report at least once a year is highly recommended.

Sometimes, though, we can get mixed up and think that a credit report is the same as a credit score. The credit report is your scorecard. It lists your name, address, current debts, and old accounts that have been paid off and closed, as well as old outstanding debt. Your score is derived from your report and was designed to help creditors determine one's credit worthiness. Some people have instead used their credit score as a way to measure how well they are doing financially.

You might be asking then, if I am not going to borrow money anytime soon why do I need to care about my credit report? There are several reasons including to determine if you have had your identity stolen and in case you change jobs, more and more employers are looking at the report.

To get a free copy of your credit report visit annualcreditreport.com. That is the only place to get a free copy. There are other places that offer a "free" credit report, but only if you subscribe to their monthly credit monitoring service. Remember there is no need to pay for a credit report and you are entitled to get one free credit report from each of the three credit bureaus once every 12 months.

Thankfully this has never happened to me, but fixing errors on your credit report can be quite difficult and time consuming. To correct an error you will need to send a letter to each bureau that you would like to correct the error. In the letter you will need to send it certified mail so you get a receipt of when they receive the letter and include your name and address, identify what you are disputing, explain why you are disputing what is in your report, and include copies of documentation that will help your case. Also send the same letter to the creditor in question so they have a copy as well. If the error is sustained it will be removed from your credit report.

To me, checking your credit report at least annually is another way of improving your economy and taking control of your finances. You don't want to ignore your report and have something come back to haunt you later on. Fixing errors on your report is not a fun process, but it's what you have to do to get them to go away. They won't disappear on their own if you ignore them.

To read and listen to more on what I and others have written about the credit report check out the following links:


I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.

You can subscribe to future podcasts through Feedburner, Stitcher 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.

July 7, 2013  
00:0000:00

Highlights of today's show:


        
  • My wife, Lisa White, joins us to give an update on our house selling adventure

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  • Finally got an offer on our home!

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  • How to win in negotiations

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  • We're in contract

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  • What's next for us in the upcoming months


My wife, Lisa, has joined the show a few times in the past few months to share how we went about selecting a realtor and how to keep your home ready in case you have a showing. But today Lisa joins me on the show to discuss what's been going on the past few months in terms of selling our home.

We have had a lot of showings the past few months, but not any takers. We did get some valuable feedback, however. A lot of the people thought it was too small or liked another home better. That's fine; you can't really do anything about that, but it is always nice to get feedback to see if there is anything you can improve in showing the home. The important thing to remember when showing your home is that it only takes one person to like your house for it to sell.

This past week we did get that one person, they made an offer and we are officially in contract! But after receiving an offer we still had to negotiate. This is where having a good realtor and having gone through this process before paid off. Our realtor was able to pull up comps and determined that our condo was priced correctly. It also helped to be patient and have leverage in the negotiation process. In the initial offer we knew that the buyer was already set to close on their home in a few weeks and that they had to find a place. That helped get the final sale price closer to the original asking price.

Now we are on to buying a new house for our growing family. We have found a house we like and have put in an offer. It is a foreclosure and is in our price range. We should find out soon if we get the home or not, but in the meantime it is good to know that we are not panicking and buying a place just to have a place to live. Rather we are being patient and wise which in turn will make our home purchase a blessing down the road.

I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.

You can subscribe to future podcasts through Feedburner, Stitcher 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.