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!

January 24, 2017  
00:0000:00
  • In what ways debt free people think differently about money
  • The demographics of those who are debt free
  • Why giving plays a big role in those who are debt free
  • How you can help confirm my observations
  • Quote of the lesson from Wayne Dyer

 

When I first got into paying attention to my finances one of the first books I ready was the classic Millionaire Next Door by Dr. Tom Stanley. What I loved particularly about this book was the research Dr. Stanley did on real life millionaires. Not just athletes and entertainers. You really got insight into how millionaires think about earning, saving, and spending money.

Since then I’ve read other books by Tom Corley and Steve Siebold on how the wealthy think vs. the non-wealthy. Also there are books and research out there on how entrepreneurs think vs. traditional employees.

But today we are going to focus on how debt free people think. I focus on being debt free because that’s how Lisa and I live when it comes to our finances and after interviewing those who are debt free and coached with people on becoming debt free I’ve come to the realization that in general they seem to be doing better with money than most.

On today’s lesson I’m sharing some observations I have had about debt free people and how they view money. In addition I also share how I’m doing some research to help confirm these observations and how you can help.

The good news about looking at those who are debt free is that pretty much anyone can fall under that heading. You can be young or old, make a great income or make a little income, or be married or single. They can also have a lot of children but also have none. They can live in any part of the country, be of any race, ethnicity, or religion. But to me there are four main areas where debt free people think differently then those who are not.

  1. They have an idea of where there money is going
  2. They are prepared for emergencies
  3. They are continuous learners
  4. They are big givers

Debt Free people know where their money is going by having a budget they review and stick to each month. They also have financial goals and review them at least once a year to see how if they have accomplished those goals. They have a great sense of where their money is going each month which allows them to have a knowledge of how each financial decision they make impacts their finances.

They are also prepared for emergencies. Debt free people face fewer true financial emergencies because they are prepared for them to happen. If an unexpected expense does occur they simply have the money in their emergency fund to cover the cost. Know there is a chick or the egg debate on which comes first, having an emergency fund or becoming debt free, but those who are debt free very often have money in an emergency fund.

Continuous learning is also a big part of the thought process of those who are debt free. Whether it is books, podcasts, blogs or other medium, those who are debt free are always those who continue to learn in different areas of money. These areas might include thinks such as investing in stocks, investing in real estate, starting a small business, how to make more passive income, ways to cut your cable or grocery bill, better ways to budget, or how to cut expenses to pay off their mortgage sooner.

Finally giving plays a huge role in the lives of those who are debt free. They don’t become debt free just to be able to save and spend more on themselves. They do it so that they can then bless others in causes that they believe in.

There are a lot more ways that debt free people think differently about money but those are for another podcast. But those are my observations and would you be willing to help prove out these observations?

I’m currently conducting research for my next book project and want to know your thoughts on debt and money.

It’s a 9 question multiple choice survey and should take only a few minutes to complete. Please consider taking it no matter if you are debt free or not. Your opinions matter and will help validate the research either way.

The survey is 100% anonymous but depending on your answers you might be contacted for a followup survey as well which we’ll need your email for.

Please visit JWFinancialCoaching.com/Survey to participate and thank you in advance for your help. I’ll be using the research for at least a future upcoming webinar and hopefully can use the data for a new book release.

Other resources mentioned in the show:

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

“If you change the way you look at things, the things you look at change." ~ Wayne Dyer

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.

January 16, 2017  
00:0000:00
  • Why goals work
  • How to create SMART goals
  • The power of writing your goals down
  • Where to determine what your goals are in the first place
  • Quote of the lesson from Earl Nightingale

Goal setting is something we’ve discussed on the show before around this time of the year. It’s a good time to talk about financial goals because usually at the end of the year most of us are reflecting on what we’ve accomplished the previous year and look ahead to what lies ahead in the next one.

With that being said you might not be a big goal setter and you start to roll your eyes whenever you read or hear someone talk about goals. But I believe in setting goals because for me they have

  • Helped Lisa and I achieve what we’ve wanted to financially
  • Allowed us to dream together
  • Propel us to things we didn’t think were possible!

But goals aren’t magic, you still have to do the work to achieve them. A lot of times we don’t reach our goals because they are too vague. Goals like I want to do better with money, I want to save more, I want to spend less, contribute more to retirement, reduce debt, aren’t likely to get achieved.

So instead of doing that this year, today we discuss how to create goals that are S.M.A.R.T. I didn’t come up with the acronym but making S.M.A.R.T goals for our family has really helped out.

S-Specific. Goals needs to be precise and leave no doubt. Instead of saying “I want to lower my spending in 2016” change it to “I want to lower my spending on groceries, eating out, and utilities in 2016”

M-Measurable. Goals need to be quantifiable to succeed. Instead of saying “I want to save more in 2016” change that to “I want to save $100 a paycheck in 2016.”

A-Actionable. This is always a tricky one. You have to create a goal that is reachable but also a stretch. If you make it too easy, you’ll more than likely procrastinate on it and then barely achieve your low goal.

R-Realistic-You have to be willing to do the work. If your goal is to pay off all your debt his year, but to do that you’ll have to work 100 hours a week, live in the dark, and eat two meals a day you won’t accomplish that go. Because you won’t see it through. There is a level of sacrifice of either time, energy, or money when it comes to reaching your goals however.

T-Timeline. Expected results need to have a timeline. We don’t like to have deadlines but for most of us we work better when we do. Instead of saying “I want to pay off my student loans in 2017” change it to “I want to pay off my Salie Mae Loan #1 by the end of February.” That will force you to put your energy and money into Salie Mae #1 and you are more likely to pay it off in February.

In addition to having goals that are S.M.A.R.T it’s important to write them down as well. Don’t ask me why but when I write things down they are more likely to happen then not. I’ve also created an easy to use worksheet that has you write down your goals, determine the cost, and develop the action steps needed to accomplish them.

Also if you need help determining what your goals should be in the first place check out this short 10 video series I put together a few years back on taking control of your finances. The video are supposed to be consumed daily and feature small actionable steps to take to gain control of your money. They were designed for the year 2015 but apply to any year you do them in.

But what if you are listening to this after the beginning of the year. Can you still use these strategies? Of course you can, goal setting can happen at any time! It’s easier at the beginning of the year as January 1 is a good starting point for a fresh start. But it doesn’t have to be a certain date, you can start your goal journey at any time.

Below are some more resources on goal setting

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

“People with goals succeed because they know where they're going" ~ Earl Nightingale

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.

January 3, 2017  

Thank you for your interest in purchasing the audio version of A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way

I’m excited to release the audio version of A Tale of Two Houses and have included 10 bonus enhancement chapters, including:

  • Renting vs. Buying
  • Is a House an Investment or a Liability?
  • Three Things to Consider Before Buying a House
  • Where to NOT Get a Down Payment From
  • Seven Creative Ways to Come Up with a Down Payment
  • Getting Ready to Sell Our House with Guest Lisa White
  • We’re In Contract! With Guest Lisa White
  • Getting Ready to Move with Guest Lisa White
  • Wrapping Up the Whole Home Buying Experience with Guest Lisa White
  • The JW’s Manifesto on Money

The total time of the book is 4 hours and 50 minutes including the bonus enhancements.

(Get it FREE on Audible with a 30-day Free Trial)

To purchase through Podbean click on the “Buy single Episode Now” button at the top of this page. After purchasing the episode you can download the episode to your computer and use it as your leisure.

Currently the price to purchase A Tale of Two through Podbean is $6.99, which is the lowest price you’ll find it.

However, if you want to purchase it through iTunes, Amazon, or Audible to use through their interface you can do so as well.

You can also get the book free by becoming a member of Audible. Visit JWFinancialCoaching.com/Audible to sign up for your 30 day free trial.

(Get it FREE on Audible with a 30-day Free Trial)

In addition you can purchase the digital copy over at Amazon or Barnes and Noble.

Thanks for purchasing a copy of A Tale of Two Houses!