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!

March 16, 2014  
00:0000:00
  • How the "Disease of More" applies to our finances
  • Why we think we'll be content with "just a little bit more"
  • Is it wrong to want more?
  • The fine line between being content and achievement
  • Why an emergency fund is more about comfort and not about the math

"Success is often the first step toward disaster."

Hall of Fame NBA coach Pat Riley wrote that in his book Showtime. He coined it the “Disease of More.” It came from what he observed from his teams after they won the NBA championship. The year after winning the title it was a natural tendency for the players to stop focusing on what it took to win the championship. Instead they focused on individual fame, scoring more points individually, and making more money.

The concept of the "Disease of More" applies to our finances as well. It can happen whenever we make a purchase, no matter how big or small. We are content with it for a while, but eventually we want something newer, nicer, or bigger and we tell ourselves that once we get whatever it is we desire we'll be happy. But it doesn't work like that because someone will always have a nicer home, car, kitchen, newest gadget, etc., than the one we have.

When we fall victim to the "Disease of More" we become obsessed with whatever we desire and it is all we can think about. That object then becomes our idol, an idol that we can never satisfy.

Does this make it wrong to want more? Not necessarily. Working hard and saving up to buy something isn't necessarily bad in and of itself. Having a want can be a good thing. But your self-worth should not be wrapped up in whether or not you get it. If it is then ultimately you will never be fulfilled because you will always want more and more.

The "Disease of More" is similar to the lifestyle inflation trap in some ways, but in other ways it is completely different. The "Disease of More" is an all out, endless effort to accumulate and achieve more and more. It is very dangerous for not only your finances but your spiritual state as well. Ultimately you will never find peace and contentment until you are first appreciative of what you have.

Enjoyed this lesson? If so please consider taking five minutes to leave a review of the show either in Stitcher SmartRadio, or iTunes. For a step by step video of how that works, please watch this video on how to leave a review in iTunes.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadioiTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

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 9, 2014  
00:0000:00
  • Bankruptcy should be considered as a last resort; not as a first
  • If you do decide to file make it a sound decision instead of an emotional one
  • The ramifications of filing bankruptcy are more than just getting your debt cleared
  • What bankruptcy won't do for your finances
  • What happens when you write a bad check to the Girl Scouts

Talking about Bankruptcy is not something I enjoy doing. It is also something I hope you are not going through. However I field calls and emails all the time from people who feel like they are stuck and their only way out is to file. To me Bankruptcy is like divorce, there are good people who go through divorce but is isn't something I suggest people go through.

But with that being said, I'm not angry or disappointed in you do end us filing for Bankruptcy protection. However I recommend filing only as a last result, after you have tried everything else first. On today's lesson we cover three things to do before filing for bankruptcy.

  1. Assess your finances-When you are getting hounded by creditors and you don't know how you are going to come up with this months rent payment it can be hard to sit down and spend some time with your finances. You might feel like what's the point and the stress will want to make you not check your mailbox for fear of getting more bills. It is an emotional situation and you can feel like you just want to give up. But put the emotional energy into know your financial situation better. It will help determine if you are truly bankrupt. I have found a lot of times that bad financial situations are a result of just being disorganized. But finding out what your income and expenses are each month might allow you to see that there are other alternatives to bankruptcy.
  2. Don't pay your creditors-Hear me out on this one. I'm not saying stiff your creditors when you have the money to pay them. But what I am saying is to sit down and make sure that you take care of your four walls. After that if you have money left over you can then pay your other bills. But if you don't have anymore left over then you can't and don't pay anyone else. If you have a difficult time not paying your bills on purpose well what do you think will happen when you file bankruptcy? But by focusing on your needs first, you gain back some control of your financial life. Once you regain control then you can go back and save some money and settle later with your creditors. That way you can hold you head high that you tried your best, your creditors got some money, and you are able to have your life back.
  3. Ponder the ramifications of filing-Filing for Bankruptcy might seem like the easy thing to do in the short run. But there are long term financial consequences to declaring bankruptcy. Other thing you need to think about include what will I do for a car if I am giving up the car in bankruptcy? What happens to my house? What assets will they seize. If you can't pay your bills due to no income, bankruptcy does not create an income. How are you going to pay for your basic necessities? Also student loans, which are a major cause of financial strain, are not allowed to be bankrupt. How will you pay them? Don't file for bankruptcy out of emotion. Consider all your options and be at peace with your decision.

 

Enjoyed this lesson? If so please consider taking five minutes to leave a review of the show either in Stitcher SmartRadio, or iTunes. For a step by step video of how that works, please watch this video on how to leave a review in iTunes.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadioiTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

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 2, 2014  
00:0000:00

Highlights of today's show:

  • What to do after your consumer debt is gone; save for retirement or pay extra on the mortgage
  • Pros and Cons of investing for retirement
  • Pros and Cons of paying extra on the mortgage
  • Why my wife and I currently do both
  • What I have been reading lately

What would your rather do with your extra money each month; invest for retirement or pay extra on the mortgage. Now no matter what you do, investing for retirement and paying extra on the mortgage are both good things to do.  But is one preferable to the other? Today we break down the pros and cons of doing each and I share what my wife and I are currently doing with our extra money.

Credit: Preppers Bug Out Bag

To get more information on investing for retirement and paying extra on the mortgage check out the following podcast lessons and blog posts:

Investing for retirement

Paying extra on the mortgage

In addition I also share what I have been reading lately. Reading is still one of the best ways to learn. Even though I love reading about personal finance that's not the only thing I encourage you to read. Right now I am reading Meg Meeker's Boys Should Be Boys: 7 Secrets to Raising Healthy Sons. This book has really helped and encourage me to be a better dad for my boys. To listen to this and other books please checkout audible.com and  and visit jwfinancialcoaching.com/audible to receive a free download of an audio book of your choice.

Enjoyed this lesson? If so please consider taking five minutes to leave a review of the show either in Stitcher SmartRadio, or iTunes. For a step by step video of how that works, please watch this video on how to leave a review in iTunes.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadioiTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

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.