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!

June 27, 2016  
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  • Guest Monica Louie joins us to talk about how her family paid off $120K in debt in two years
  • What motivated them to pay off so much debt
  • Why they sold their house to reach their financial goal
  • The power of having a common goal in your marriage
  • Quote of the lesson from Dave Ramsey

The JW’s Financial Coaching Podcast_111

Today we continue with our series of guest interviews by welcoming Monica Louie from OurDebtFreeFamily.com to the show. Monica is a fellow financial coach and today she shares how her and her husband paid off $120,000 dollars in exactly two years.

IHZK0VtR.jpegThey always wanted to become debt free, but something really clicked when Monica heard a story of how another couple had become 100% debt free including their home. After Monica heard that story she felt like her family could do the same thing.

When hearing the Louie’s story, what stuck out to me was the extreme sacrifice they made to reach their goal. Not only did they downsize from the home they bought right when they got married, but they also sold a car, a motorcycle, and lived away from each other for a while to earn extra money.

Also listing out all of their debt and sticking to a budget each month went a long way towards keeping them motivated to pay off their debt.

Today the only debt they have is the one on their home and their goal is to pay that off by the time they are 40. Monica says that having a common goal and being on the same page with her husband has greatly impacted their marriage.

"If you want something bad enough, then you iwll do whatever it takes to make it happen" ~ Monica Louie

For more information on Monica please check out the following

This lesson’s quote is brought to you by Audible.com.

“You'll only truly sacrifice when you passionately believe in the outcome” Dave Ramsey

Enjoyed this lesson? If so, please consider taking a few 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 Stitcher SmartRadio or iTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

June 19, 2016  
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  • Guest Brad Baldridge joins us to talk about taming the high cost of college
  • We won't give unless we are first content with what we currently have
  • How to become a giver year round
  • Why giving works best when the money is set aside to do it
  • Quote of the lesson from Satchel Paige

The JW’s Financial Coaching Podcast_110

Today we are joined by guest Brad Baldridge of TamingTheHighCostOfCollege.com to talk about how to plan for college.

highres_7390d5533f.jpgBrad Baldridge, CFP®, is a College Funding Consultant specializing in late stage college funding planning and the chief podcaster of Taming The High Cost Of College.  He provides customized planning using the latest financial aid, tax, cash flow and academic strategies.

Brad is based out of Milwaukee, Wisconsin and about 10 years ago started to help people in late state college planning.

Brad and I discussed about what you need to do as a parent and as a student to get ready to pay for school. Both from an early planning point as well as a late staging perspective.

Brad also shares what are some of the common mistakes people make when planning for college and why it's important to start early when preparing to save for college.

We also discuss topics such as how your college choice is an important step of the college selecting process, should your child work in college, and whether or not you should you should help your child pay for college in the first place.

For more information on Brad please check out the following

For more information on college planning please check out the following podcast I've done in the past on the subject.

Today's quote of the lesson is brought to you by Podbean. To

“Don't go to college, unless to get information” Satchel Paige

Enjoyed this lesson? If so, please consider taking a few 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 Stitcher SmartRadio or iTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

June 12, 2016  
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  • If giving isn't a priority, it isn't going to happen
  • We won't give unless we are first content with what we currently have
  • How to become a giver year round
  • Why giving works best when the money is set aside to do it
  • Quote of the lesson from Anne Frank

The JW’s Financial Coaching Podcast_109

I think giving is something we'd all like to do a better job of, but usually don't. There are a lot of reasons for that but today's lesson is about encouraging us to become better givers.

Because let's face it, when was the last time you gave and didn't enjoy it? I think when we truly give money, not out of obligation or of guilt, it is one of the best things we can do with our money.

Then how come we don't give as much as we'd like to? Today we're going to discuss four ways to become a better giver. Now normally when we talk about giving, we're talking more than just money, but today we're talking about money.

The good news is that anyone can give! There isn't a certain income threshold that prevents us from giving. Of course the more you make, the more you can potentially give, but don't let a certain dollar amount prevent you from becoming a giver.

Being thankful for what you got

We won't give unless we are first content with what we currently have. Sometimes we forget that we have so much and instead compare ourselves to what we don't have.

But the mindset of being content means we free ourselves to give. Being discontent holds us back a lot of time with giving. I think that's because we fee like we're missing out on something if we give. But when we are in a state of thankfulness and contentment, we're able to give without worries.

Doing it the whole year

When we think of giving most of the time it is around the Christmas season. There's nothing wrong with giving at Christmas, but if that is the only time we give, I think we're missing out.

Lisa and I have personally found that we give more when we do it consistently through the year. It builds up that giving muscle of discipline and giving has now become something that would crush us if we had to give it up.

Budget for it

Giving works best when you set aside the money to do it. When I coach people the first thing I have them do with their budget, after taking care of the four walls, is to put an amount in the giving section.

Putting giving in the budget works a lot better until waiting towards the end of the month and giving what is left over. That is because when you budget giving you are making it a true priority.

If you don't have much to give, still budget for it. What if you are someone who likes to give more spontaneously based on need? No worries, you can still budget for that. Lisa and I did that last year and it has been a blast to give when needs arise.

Visit a place you want to help

Finally to help encourage your giving, I suggest visiting or volunteering to help causes that you are giving to or want to give to. For example if you want to give to your place or worship such as a church or synagogue, go ahead and plan a visit. Or if you are interested in a inner city or homeless program, make a trip down there.

By visiting and seeing what your money is actually doing and how it is helping your cause or impacting lives, that will be enough motivation to keep giving. Which will ultimately leave you to become a bigger giver and leave a bigger impact.

Today's quote of the lesson is brought to you by Podbean. To

“No one has ever become poor from giving” Anne Frank

Enjoyed this lesson? If so, please consider taking a few 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 Stitcher SmartRadio or iTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

June 5, 2016  
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  • What recent college graduates can do to put themselves in position to succeed financially
  • How to know where you stand financially
  • Why developing a spending plan is a process, not an event
  • Why having a map when you are trying to get out of debt is extremely important
  • Quote of the lesson from Karl Pearson

The JW’s Financial Coaching Podcast_108

This time of the year is graduation season. I love coaching with people in the life stage because it is an important time in their life and they are full of energy and questions and are also very teachable.

Today's lesson we are going to be discussing the three things that recent college graduates can do to take control of their finances. The good news is that even if you aren't a recent college graduates, these three things still apply to your situation.

For college graduates however, it is a little different in that transitioning from college to the "real world" is a tough process. Not are you dealing with money, most likely, for the first time in your life, you are also transitioning to word life. This includes working Monday through Friday, shifting your body clock and time schedule, as well as working with the same people everyday instead of getting a fresh start every semester.

But in order below are the three things recent college graduates should do to get a good control of their money:

  1. Know where you stand financially
  2. Develop a Spending Plan
  3. Debt Snowball

Know where you stand financially

A lot of times we can't get anywhere because we don't know where we are. So knowing where we stand financially gives us a snapshot of our current financial situation.

As a recent college graduate this might not look pretty and in fact it can be also really eye opening. Which is a good thing. But knowing where we stand will help guide and motivate us through the things we are going to talk about next.

For more information on knowing where you stand financially please check out:

Develop a Spending Plan

After knowing where you stand, it is time to develop a spending plan. The good news is that a spending plan is something you get to control, so if you think it is too restrictive then guess what? You can always change it!

If you don't make much money it's still important to do one. You might think you'll do it later when you make more money, but I've found that it is important to develop the budgeting muscle a soon as you start making money. That way you do start to earn more you are less likely to get sucked up in the lifestyle inflation trap.

Now with a spending plan you might not have enough money to do everything you want to. But if you develop and stick to one it will ensure that you get to spend money on the things that are most important to you.

For more information on developing a spending plan please check out:

Debt snowball

If you are trying to get somewhere new for the first time and you don't have a map, you're just guessing on how to get there.

That is often how we are with our debt, we want to get out but we have no idea what direction we need to take.

The debt snowball is simply listing all your debts smallest to largest. But in addition to listing them out, you are also labeling how much the monthly minimum payment is, the interest rate, and the lender. This gives you a list of all your debts and from there you can decide on which debt to attack first.

I personally recommend paying off the smallest debt first, but whatever way you decide to pay off your debt I do recommend to focus on just one debt at a time. That intensity and focus on one debt at a time will take you really far.

For more information on setting up your debt snowball please check out:

If you are a recent graduate and would like someone to walk with you and teach, encourage, and show you how to do all of these things and more, please fill out the financial overview form. We can then work out a time to get together and see if we'd be a good fit working together.

Today's quote of the lesson is brought to you by my book on buying a house titled "A Tale of Two Houses"

“You either master money, or, on some level, money masters you!” Karl Pearson

Enjoyed this lesson? If so, please consider taking a few 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 Stitcher SmartRadio or iTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.