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!

December 18, 2016  
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  • How Lisa and I spent more than we made in 2016
  • Why I felt that we were throwing money away left in right this summer
  • Why Savings is our future goal
  • What are goals are for 2017
  • Quote of the lesson from John Maxwell

 

 

As a financial coach and mentor, one of the main things I teach and show clients is the importance of living on less then you make. Yes it is a simple concept in theory, but in practice very few of us actually do it.

But there it was on our net worth statement for the end of November.

A decrease of over $10,000 in cash from January 1 through the end of November!

Today we discuss how that happened, why it happened, and most importantly why Lisa and I are actually ok with us spending more than we made in 2016.

We also breakdown why we are making savings a bigger goal in 2017.

But the encouragement today is that if you are a saver, you have the money saved, and the time comes to spend the savings on whatever . . . . don’t hesitate in spending the money, DO IT! It’s why you ultimately saved in the first place.

If you want to learn how to determine and ultimately reach your goals in 2017 please signup to receive the Goal Setting Spreadsheet that I will be sending out later this month.

Other Resources mentioned in this lesson:

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

“A budget is telling your money where to go instead of wondering where it went" ~ John Maxwell

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, Google Play or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

December 11, 2016  
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  • Ways to spice up savings
  • The Pay Yourself First mentality of savings
  • How to realize that savings is actually future spending
  • Challenge yourself to save
  • Quote of the lesson

 

 

 

 

 

 

Savings vs. Spending. We can tackle this subject through a variety of lenses and as mentioned in the show we have. But today we are going to talk about it through a unique way that was helped inspired by a client I was working with a few months back.

The client wanted to save more money but wasn’t able to save as much as they wanted and instead was spending it on other areas. We tried to focus on ways to spend less in those areas, but for whatever reason it didn’t seem to work. So instead of focusing on where to spend less, we instead focused on where to “spend” more, and that happened to be “spending” more on savings.

To “spend” more on savings we had the client transfer money out of their main account into their savings account each day they got paid. That way the money wasn’t floating around in the main account looking to be spent.

It might seem like a psychological ploy but by having a “spending” goal of savings allowed the client to reach their savings goal and was able to feel more empowered with their finances.

In addition we also share some other good ways that you can employ to start to save more in 2017. Hard to believe that a new year is right around the corner, but this time of the year is always a good time to start to write down some your financial goals.

Other resources mentioned in the show

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

“Rich people stay rich by living like they're broke. Broke people stay broke by living like they are rich." – Unknown

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, Google Play or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

December 1, 2016  
00:0000:00
  • Does who we hang out with impact our finances?
  • Keeping up with the Jones's is pressure we put on ourselves
  • How negative influences impact our finances
  • How positive influences impact our finances
  • Quote of the lesson from Jim Rohn

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A few lesson’s back we shared how loaning money to family and friends can be a difficult situation to be in, both from a lender and borrower’s perspective. Well on today’s lesson we’re going to talk about friends and money but from a different angle.

It’s been said that you act like, earn about the same, and behave similarly to who you hang out with the most. With that being said then, do the friends we keep impact our finances?

I think we do, and they can be a powerful influence in how we make our money decisions.

The thing is though that when we talk about influences, they can be either a negative or positive influence. So this lesson is all about determining what a negative influence looks like and what a positive influence looks like.

The encouragement on today’s show it to look at your current relationships and see if they have either a positive or negative influence on your money. I don’t believe you should just cut off a relationship because it has a negative influence on your money.

However if there is a negative money influence on your life, instead of hanging out with that friend for a day at a time. You may need to hang out a hour at a time.

We also discuss how keeping up with the Jones’s is often a pressure we put on ourselves, instead of pressure put on us by friends.

Below are some Facebook groups that help propel me to good financial decisions and are a positive influence on my life

Resources mentioned in the show

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

You are the average of the five people you spend the most time with." – George Horace Lorimer

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, Google Play or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.