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 25, 2013  
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Highlights of today's show:


        
  • Life and Money series

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  • How do your finances change when you go from having no kids to having children?

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  • Children do cost money but they don't have to break the bank

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  • Where children can help you save money

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  • The life event that quietly puts you behind financially


Today we continue our "Life and Money" series by discussing how your finances change when you go from being a dual income no kids (DINKS) family to having children. No doubt your finances will change when you have children but don't believe the myth out there that all of a sudden you will have to go to the poor house once you have children.

The topics we discuss include deciding either to have a parent stay at home or have both parents continue to work, how to save money on diapers, toys, and baby clothes, the places where children actually help you save money and finally what you can do to prepare yourself before the child comes. There are going to be plenty of changes and surprises in your life once the baby comes, so don't let money be one of them. Having a game plan ahead of time as to what your budget will look like once the baby comes will go a long way towards making the transition from being DINKs to having children.

For more podcasts/posts I have done on this topic please check out:


We also talk about how this is the time of the year when college students are going back to school which also means they are probably going to be taking out student loans. Rather than do a whole lesson on the dangers of student loans, I recommend college students and their parents check out Zac Bissonette's book Debt Free U. I believe Debt Free U is the best book out there on sharing the dangers of student loans and showing you how you can go to school without borrowing money. A few years ago my pal Steve Stewart and I did a review of Zac's book on the podcast.

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.

August 18, 2013  
00:0000:00

Highlights of today's show:


        
  • Continuing our series on finances and life events

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  • How do your finances change when you are retired?

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  • Practice living on your retirement income while you are still working

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  • There is nothing wrong with still earning an income in retirement

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  • How to avoid having to cut back on lifestyle in retirement


There is an illusion in our country right now when it comes to the subject of retirement. Most of us expect our quality of life to increase in retirement, however in reality that is far from the truth. According to recent research done by the Employee Benefits Research Institute, only 13% said that they're very confident they will be able to afford a comfortable retirement.

Today we continue our series we started last week titled "Finances and Life" by discussing your finances when you retire. Because most retirees' income will go down in retirement, it is important to do the following three things before you retire:


        
  1. Track your spending-A common fear for most potential retirees is that for the first time in a while, or ever, they will have to be careful how they are spending their money. That is because they are often empty-nesters who are making more money than they ever have right before they retire. Therefore they don't budget or if they do it is a loose budget. To help get back into doing a budget, I recommend looking back at your spending over at least the past three months and determine where and how much you will have to cut back.

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  3. Practice living your retirement lifestyle-Now that you have a spending plan in place, it's time to test it! It's one thing to say that you are going to spend your money a certain way, it's another thing to actually do it. But testing your retirement budget before you actually retire gives you time to make adjustments to your lifestyle before you are forced to. It might also make you decide that you aren't ready to retire quite yet!

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  5. Develop ways to stay active and earn an income-This might sound crazy but just because you are retired doesn't mean you can't still earn an income. Now you might not work as hard or as much or earn as much, but it is still good for your brain and soul to remain active in retirement. So think of something that you enjoy or have had an interest in doing and develop ways to earn a side income. That way you will be able to work for the joy, and not just for the money.


We finish up by discussing ways that you can prepare to increase your lifestyle at retirement. They aren't anything new or special that I haven't discussed before. Rather it is developing a spending plan with your money, avoiding having to pay others money each month in the form of debt, and consistently saving for the long term. For more information on retirement, please check out the following:


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.

August 11, 2013  
00:0000:00

Highlights of today's show:


        
  • New series starting today focusing on finances and life events

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  • When to start talking about money when you are dating

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  • What to do financially when you are engaged

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  • Why you don't want to just ignore disagreements over money

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  • Why getting on the same page financially is so important


Today on the podcast we start a series I've wanted to do for a long time. We're going to be focusing on specific life events and how our finances are impacted. The series kicks off by discussing finances for couples who are seriously dating or engaged.

Engaged and newly married couples are one of my favorite groups to work with. That's because it is really exciting to see two people come together and combine their lives, including their finances.

With that being said, the whole topic of money can be kind of awkward to talk about when you are dating. Questions arise such as when to bring up the topic and how much to share. On today's show we attempt to answer all those questions in addition to answering questions on what to do when you are engaged and what happens when you disagree on money.

For more discussion on this topic please check out the following:


I also share an interesting article I found online citing a survey that found most people worry more about the financial consequences of a critical illness than dying. Now we could do a whole show on why this is or spend some time talking about the importance of getting long term care insurance. But to me it is another example of why we talk about improving your economy. There are plenty of things to worry about financially; your debt, how you will pay for your child's college, and how to save for retirement, just to name a few. But when you focus on your economy and start to gain control of your money those fears will start to lessen and you can put your emotional energy into other, more productive things.

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.