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!

November 21, 2016  
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  • When to invest yourself and when to have the help of an advisor
  • Why invest yourself?
  • Why to enlist the help of an advisor
  • How an advisor can pay off
  • Quote of the lesson from George Horace Lorimer

Whenever I receive feedback from listeners of the show one of the main topics they would like to cover more is investing. I'm always a little hesitant to discuss investing because I am not a registered investment professional.

Yes I can speak to the differences between a ROTH and Traditional account, a 401(K) and an IRA, stocks vs. bonds vs. cash, and the importance of diversification. But not what specific investment is right for you.

I've attempted to learn more and self-educate, but the thing with investing is that if you search around people who are actually qualified, you'll see that it seems like everyone has a different approach to investing. This makes it hard to decipher which is the right way for you.

Of course there is no one right way, but how do you determine whether an investment is right for you or not? Today we are focusing on whether to invest yourself or hire a CFP or advisor to help you choose. Based on a recent study, it's about 50/50 on whether or not you invest or have an advisor help you.

When to Invest Yourself

For those of us who invest on our own, we mainly do it by default with our 401(K) at work. We have no clue what to invest, so we pick a few funds and let our co-worker tell us about what they invest in. But there are legitiment reasons to invest in yourself, some of the reasons include:

  • You have self taught yourself investing strategies
  • You have experience with investing
  • Have a level of comfort and understanding
  • Not going to be scared by down turns in the economy or market

When to Invest with an Advisor

  • Just starting out or you have no idea what you are actually doing
  • You find the topic investing very confusing
  • Very impulsive
  • Need help determine what your financial plans for the future are

Again to me, there isn't a one size fits all approach to investing. There are legit reasons to go at it alone and equally legit reasons to have some advice. Of course it will cost you something to invest with an advisor, but if you aren't investing or are investing in a product that is under performing, isn't it worth paying someone to help give you an even bigger return down the road?

Paying a fee isn't necessarily a bad thing, if it is helping you to invest more each year, increasing your rate or return, causing you to knock panic and withdrawl everything over a news event it it well worth it. The fee is bad however if the advisor is just filling out paper work and not really teaching you about investing.

Thing to Remember with Investing

Whenever we do invest in something, either on our own or with an advisor it's important to know

  1. Why you are investing in it
  2. What's the investment's goal and risks
  3. What is the investment's fee structure

If you know those things with investing you are well on your way. Again I don't think there is a right way or a wrong way. It all depends on your comfort level and knowledge of investing.

In the past Lisa and I have used an advisor to help us out with selecting funds, and we're not against doing it in the future.

Right now we investing primarily in low cost index funds on our own which keeps the costs down and makes whatever the market is doings. But that's just us.

My hope is this lesson provides you with knowledge to decide whether to invest on your own or hire an advisor.

Resources mentioned in the show

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

“It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." – 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.

July 27, 2014  
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  • How people can be in the same situation but experience a completely different result
  • Based on Jim Collins chapter in Great by Choice on Return on Luck
  • How to get to the best return on your luck and to avoid making bad luck a disaster
  • We all catch breaks; it's what you do with those breaks that matter the most
  • How are your 2014 goals coming along?

Have you ever noticed how you can have people in the identical situation, yet the results vary drastically? Why does this happen? Is there a particular reason why some prosper in certain situation while others struggle to stay afloat? Today we examine this situation further and try to come up with an explanation.

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Deacon Bradley joins us on today's show to share how he and his wife paid off $17,000 in debt. After paying off a lot of their debt before they got married, the Bradleys got serious once they were married and were debt free within the first year of marriage!

Deacon was not doing badly before he decided to pay off his debt, rather he was just doing OK financially. Once he changed his spending habits he was able to better maximize his income. This September they were able to allow Deacon's wife, Cameron, to come home and be a stay at home wife.

Deacon started blogging on Lifestoked.com this year to help create a life they're excited to live. The goal of the site is to challenge you to live to your potential and to get the most out of your life.

You can subscribe to the Debt Free Living Podcast either through Feedburner or iTunes. The podcast can be found in iTunes under the JW's Financial Coaching podcast. If you subscribe you will receive both the JW's Financial Coaching podcast on Mondays and the Debt Free Living Podcast on Thursdays.

If you enjoyed this episode please leave a review in iTunes.

If you would like to take the steps necessary to start living debt free I would love to be a part of your journey. Here's how I can help

November 27, 2011  
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Last week, I was proud to be a guest on the Living in Financial Excellence Podcast, hosted by Matt Wegner. Matt and I touched on a bunch of different topics including the Congress Super Committee, the Debt Free Living podcast, and most importantly Black Friday shopping and Christmas shopping in general. Please check it out for yourself if you have not done so already and let me know what you think.

Last week I had my 30th birthday. Yes, I survived the big 3-0 and I feel better than ever and am looking forward to the decade of my 30’s. But sometimes when it comes to finances we think once we reach certain milestones that there is no turning back and we are stuck where we are financially. That is such a lie! It is never too late to start winning with money. Obviously it is better to start sooner than later, but do not let age, life experience, or debt level stop you from achieving your dreams and goals. Remember, the two or three years that will take for you to sacrifice and pay off your debts is going to pass by anyway, so why don’t you have something to show for it at the end of those years, instead of ending up in the same predicament you are currently in?

To the surprise of nobody, the Super Committee set up by the US Congress to figure out a way to reduce the national deficit could not come up with a consensus on what to do. What does that mean to you? It depends on how directly you are involved with the federal government. There are several takeaways from this, but the most important is do not count on Washington to change your finances! It is not that they do not care about your finances; it is just that they do not have the power to control how you spend your money. Remember to focus on improving YOUR economy because that is the only economy you can really control. By having your own economy under control you will be able breathe easier at night and not worry about all the drama going on elsewhere.

Finally if you have not yet registered for our November Giveaway, please do so today. We will be giving away a free copy of the book The Total Money Makeover by Dave Ramsey at the end of November. It is pretty simple to register and no purchase is necessary.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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Gambling, home equity lines of credit, and insurance are the main topics on the show today. Gambling is not a way to build wealth, in fact, it will cause you to go the other way and become broke. If playing the lottery is your retirement plan then you are in trouble. But playing the lotto is not the only way we gamble with our money. We gamble by taking out huge loans and investing that money into either the stock market or in real estate. The thing is that you do not have to gamble to build wealth; be the tortoise and not the hare.

Home equity lines of credit get pushed as a good way to pay off your debt by consolidating. The problem is that by doing that you very rarely making the necessary changes that got you into the debt in the first place. In addition, you are also putting your home at risk. If you do have one we discuss what is the best way to go about paying it off.

Insurance is available for almost every single item necessary. You do need some insurance but figuring out which insurance you need can be quite difficult. We break down what insurances we recommend that you buy and which ones you need to avoid.

If you enjoyed this episode please leave a review in iTunes.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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We’re kicking off a new series on the podcast titled “Personal Finance A-Z.” For the next few weeks we will be going through the alphabet letter by letter and defining different buzz words in personal finance. Today we cover letters A-C with Assets, Bonds, and Cash. What kind of assets do you want to have, what’s the difference between a bond and a stock, and why is cash the official payment method of the podcast? All those questions are answered and more on the show.

If you enjoyed this episode please leave a review in iTunes.

In addition for those of you in the Central Ohio area, on Tuesday October 11th at 7pm at the Columbus Library-Hilliard branch, we will be having the second course of the Great Recovery on I-70 series. October’s class is all about credit. The class will last approximately 90 minutes and is open to the public. Feel to free to invite your friends and we’d love to meet you in person.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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We have a special guest on today’s show, my best friend and wife Lisa stops by to discuss money and marriage. In our two plus years of marriage we have been DINKS, a one income family, and now a family with a stay at home mom. Lisa and I discuss how we managed our finances throughout those stages as well as how we discovered we were both savers and how nerds and free spirits can get along financially.

The following articles and podcasts are about money and marriage and are relevant to the show:

If you are debt free and want to share your story with me on a future podcast, please contact me today as I am getting ready to do a new podcast series starting in the fall and I would love to share your story on air!

If you enjoyed this episode please leave a review in iTunes.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

September 18, 2011  
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Getting out of debt is such an incredible experience that takes a lot of intensity and focus. Afterwards you reach your goal you can kind of feel a little bit let down and get back into bad habits. After paying off your debt we recommend building a full emergency fund, saving for purchases, starting to invest for your retirement, and paying down your mortgage. The thing you have to remember after you become debt free is to enjoy your money! There is a reason why you sacrificed to become debt free, so enjoy the financial freedom that being debt free allows.

Once you get to the point where you can think about saving for those purchases that you have put off to get out of debt, I recommend using the setting goals spreadsheet that we have developed. It can be quite overwhelming at first to prioritize your wants. But the spreadsheet helps break down those wants into short term and long term wants and helps prioritize them by forcing you to figure out how you will save up and pay for each one. You can find other helpful tools on our free financial resources page.

If you are debt free and want to share your story with me on a future podcast, please contact me today as I am getting ready to do a new podcast series starting in the fall and I would love to share your story on air!

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

September 11, 2011  
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It has happened to us all at least once. Maybe it was with co-workers, or while out with some friends, or even sitting around the dinner table with family during the holidays, but we have all gotten into financial disagreements. Some are innocent disagreements while others are knock-down, drag-out fights, but the question is how do you deal with people who disagree with you financially?

There is no right way but today we discuss some ways of getting your point across when you are in these situations. Sometimes you just have to agree to disagree but the key is to remember your motivation for why you are doing what you are doing and do not take advice from “He said, I heard, and everybody says”.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

September 4, 2011  
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On today’s show I review the New York Times Best Seller book Quitter by Jon Acuff. Quitter is about working your day job while developing your passion and finding your dream job. What does this have to do with personal finance you might ask? In my experience working a job or creating a business that you have a genuine passion for will create more income over the long run then working at J-O-B that you absolutely despise.

Working with clients I have run into many cases where people are working jobs they hate just so they can pay their monthly bills. Essentially they are slaves to money. But once we get their finances straightened out they are free to pursue work that they love and are excited for. It is our human nature to say "I will do work that I love when . . ." but the problem is we never actually do it later! What Quitter does a great job of doing is sharing how you can pursue your dream job while continuing to work your day job and make the transition over time.

Also, if you are in the Central Ohio area, please remember to plan on attending the Cash, Credit, College, and Career course part of the Great Recovery on I-70 series starting on September 13th. I am looking forward to meeting everyone there.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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