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 25, 2016  
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  • A Review of FeeX.com
  • Why Feex.com is a good way to learn about the fees you are paying on your investments
  • What Feex.com won't do for your investing
  • How fees aren't the only thing to look at when it comes to investing
  • Quote of the lesson from Geeta Iyencar

The JW’s Financial Coaching Podcast_115

On the heels of last week’s lesson of the podcast with guest Greg Whitaker discussing the risk of 401(K)’s and how fees impact your return, I decided to do a review of website I discovered about two years ago called FeeX.com

Feex.com bills itself as the “Robin Hood of Fees”. It helps you in finding out how much in fees you are paying within your IRA and 401(K), tries to find alternatives, inside your 401(K) or outside, that have lower fees, and shows you how much those fees are impacting your balance over the long run.
I originally got an email from FeeX asking that I check out their service. I get these emails a lot in my line of work and I usually pass on them because they are for something I don’t personally agree with or recommend like credit cards, pay day loans, or debt consolidation. But I gave FeeX a try and I’m really glad I did as I believe their service can really help people in their investing and determine how to get mutual funds with lower fees.

Using the site is pretty simple. You start by logging in with your email. You then select your providers of any current or old 401(K)’s or any IRA products from a list of hosting companies. In the 18 months I have been using the site they keep adding new providers all the time. In addition you can also submit your companies 401(K) listing of accounts if your company’s aren’t already included.

After you add all of your accounts with FeeX it will then breakout the fees you are paying by account and then determine if there are other fees similar to the ones that you already own that have lower fees. For 401(K)’s that is usually just a fund or two. For IRA’s there are more since IRA can use thousands upon thousands of funds.

Overall I think FeeX is a very useful tool when it comes to retirement planning. The one thing you need to remember is that FeeX is only designed to look at fees inside your investments. It can’t tell you if your portfolio is well diverse, if you are contributing enough into your account each month, or if you are on pace to have enough to retire. It’s a site to help reducing the fees you pays.

With that being said I’d recommend checking it out. FeeX isn’t the only site that provides the service, but as of now it is 100% free and really is easy to use. In addition currently they can also help out with moving an old employer 401(K) to a IRA if you so desire which is a nice plus.

If you have used FeeX before, please let me know. I’d love to hear your thoughts and experiences.

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

"Knowledge has a beginning, but no end.” ~ Geeta Iyencar

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.

July 17, 2016  
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  • Guest Greg Whitaker joins us to share his take on 401(K)'s
  • Why fees cut into our retirement saving and what you can do to avoid paying them
  • What to do to learn about investing
  • How the inability to delay gratification is impacting our retirement
  • Quote of the lesson

The JW’s Financial Coaching Podcast_114

Greg Whitaker from DebtSheperd.com joins us today to share why the 401(K)’s are not the safe investment that we have been led to believe.

2d3acc4.jpgGreg teaches financial freedom gained from 16 years in the mortgage business and 10 years of financial literacy training.

I love Greg’s passion for teaching and sharing financial wisdom. In short he believes the 401(K) isn’t a safe investment primarily due to the following primary reasons:

  • No way on insuring against loss
  • Fee structure
  • Individuals not knowing what they are investing in

One of the main ways we get in trouble with our 401(K) is that we have no idea what we are doing when it comes to investing. Rather we just pick a random fund or pick one at the advice of a co-worker who may or may not know what they are doing. Greg and I discuss what you can do to learn about investing, not just in a 401(K) if that is what you choose, but also investing in other areas such as a business, real estate, commodities, or anything else you feel comfortable putting your money.

The main point of this lesson is to basically pay attention to what you are investing in. Know the fees that you are paying for each fund. Know what you are investing in, know what the goal is of the investment, know why you are investing in it, and properly diverse.

For more financial information and opinions that you don’t hear in traditional financial media, please check out Greg’s podcast Debt Sheperd radio. In addition below are material Greg mentioned in the interview.

Today's quote of the lesson is brought to you by Audible.com

“I didn’t sign up for my 401(K) at work, because there is no way I can run that far”

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.

July 11, 2016  
00:0000:00
  • Guest John Pugliano joins us to share the result of 30 years of frugal living has had on his finances
  • Simple rule that allow the Pugliano's to become financially independent
  • The crucial element to building wealth
  • Why you need to focus on what is really important to build wealth
  • Quote of the lesson from Jon Acuff

The JW’s Financial Coaching Podcast_113

John Pugliano from wealthsteading.com joins us today to share the impact that 30 years of frugal living has had on his family's finances.

Pugliano-photo.jpg?resize=248%2C300I heard John give an interview on my friend Steve Stewart's old MoneyPlanSOS podcast over a year ago and I knew I wanted to have John on the show as his story is really inspiring.

Usually when I have guests on the show to share their story, it is a story of getting out of debt in the last two to three years. However today story is unique in that John is sharing his story of over 30 years of wise purchases. What I love about his story is that he stuck to a plan and it has paid off quite nicely for him.

John and his wife’s story is one from the Thomas Stanley classic, “The Millionaire Next Door”, in that their plan was nothing flashy. Instead is what just being consistent over and over. John and his wife had similar views on spending and saving which helped a lot. In addition they didn’t simply ever spend more than they made, outside of a mortgage only ever had one car payment, no student loan debt, and no credit card debt.

But it always wasn’t a smooth ride, there were ups and downs and bad decisions regarding career choices were made. In fact John didn’t really start to make progress on becoming financially independent until he was 35 years old. But it didn’t deter him and now John is a money manager and founder of Investable Wealth LLC.

To John there are three main wealth building principles to master:

  1. Learn to earn an income
  2. Develop the discipline to save
  3. Learn how to invest

For John there really isn’t one way to build wealth. You can do so via real estate, stock investing, commodities, or starting a small business. However being debt free was crucial to building wealth for John and his family.

I’m honored that John shared his story and I hope you find it encouraging in your journey towards improving YOUR economy.

To check out John’s podcast visit wealthsteding.com

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

“Never compare your beginning to someone else's middle”
Jon Acuff

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.

July 3, 2016  
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  • Guest Phil Danley joins us to how he and his wife paid off their debt, including the mortgage
  • What led Phil and his wife to dump debt and be done with it forever
  • The difference between knowing what to do and actually doing it
  • Life after debt and what Phil did that he could only do if we was debt free
  • Quote of the lesson from Helen Hayes

The JW’s Financial Coaching Podcast_112

Quite often when we hear debt free stories we assume that it is all fun and games and whenever you start to pay off your debt that it will automatically.

However that rarely happens.

A lot times it takes people a few tries before they are done with debt for good.

Today’s guest on the show had a similar path.

Phil Danley from consumerdebtcoach.com joins us to share how he and his wife paid off $28,000 in consumer debt then paid off their house just two years later.

But this wasn’t their first time in trying to get their finances under control. In the 90’s and 00’s they went through debt management and even a bankruptcy.

But what got them serious in 2010 to knock it out for good? Good old fashioned anger. They got tired of their debt, created a budget and compromised on their spending so they would have enough money each month to pay towards their debt.

It was a little slow at first but once they paid off their first debt, they gained momentum and were able to pay off their consumer debt in about 28 months. In working together and compromising with his spouse it helped their marriage as it felt more like they were partners in paying off their debt.

They then decided to stay focused and pay off their house just two years later.

Phil says that there is a big difference in knowing what to do and actually doing it. His keys to getting out of debt are

  1. Get an emergency fund
  2. Determine what monthly expenses you want to dump and which to keep
  3. Do a monthly budget
  4. Tithe your income

What have they been able to do know that they don’t owe anything to anyone? They’ve been able to max out their 401(K) contribution. But even more important Phil has been able to step back a bit at his work and has become a certified life coach.

To learn more about Phil please visit his blog at consumerdebtcoach.com

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

“The expert at anything was once a beginner.”
Helen Hayes

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.