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!

February 1, 2016  
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  • It's important to know what to do when purchasing a home
  • Even more important to know what to do before you start the process
  • The most important three things to do before we purchase a home
  • Revelation of the title to my book on buying and selling a new home
  • Quote of the lesson from Suze Orman

The JW’s Financial Coaching Podcast_94

The whole home buying process can be stressful. Because of that, I'm releasing a book this spring which details our experience in buying a home. Not only do we share our story but we also give tips and advice on what to expect as well as break down some of the hidden costs of buying a home.

On today's lesson we are going to discuss the three things to consider before purchasing a home. They are the following:

  1. Become debt free-Being debt free has a lot of benefits in other areas than purchasing a home but in purchasing a home, being debt free has a lot of benefits. It reduces risk, makes it easier to qualify for a mortgage, and frees up cash. These all help when becoming a home owner and allows your home to be a financial gain instead of a financial strain.
  2. Have an Emergency Fund-Having an emergency fund goes hand in hand with being debt free. Owning a home is a great thing, but anyone who has owned a home for more than 30 days can tell you that there are a lot of sudden expenses with buying a home. Some are small expenses but others such as a broken heater, leaky roof, or an air conditioner unit that isn't working are huge expenses. If we don't have an emergency fund then we usually turn back to debt to replace those large home expenses and that restarts the debt cycle. However with an emergency fund that buys us some time and space to make those repairs and it won't put us in as much risk.
  3. Knowing how much you can afford-We all have an idea of what we can afford when buying a home. But it is important to establish the boundary before you start to look at houses! Buying a house can be an emotional and impulse purchase so it's important to establish what your mortgage will be. Once we look at homes that are out of our price range we are probably going to end up purchasing a home that is out of our price range.

Now granted, doing all three of these things might slow down our ability to purchase a home. In fact it could slow down the process significantly. But you know what? I'm still doing it. If you do all of the above three things you will probably be better prepared than 99% of other home buyers and it will allow you not to rush into the home buying process.

Speaking of the home buying process, I've finally completed my book on our family's story of buying a home in 2013. It is scheduled to be released later this spring and on today's lesson I'm excited to announce that the name of the book is, "A Tale of Two Houses: Our journey of buying a home the right way after buying one the wrong way." Thanks to all of you who gave your thoughts on the book title. Also stayed tuned in the next few weeks as I get prepared to accept applications to become a member of my book launch team for those of you who are interested.

Also on today's lesson I give a quick review of Pat Flynn's new book Will it Fly. I've had a chance to read an advanced copy and love the book. If you are looking to or are even remotely thinking of starting a business of any size, please check this book out first. Pat's book will challenge you but also force you to look at some things before you put all the time, effort, and money in that you need to launch a successful business. You can order his book on Amazon.com

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

"It's easy to underestimate the real cost of home ownershipSuze Orman

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.

December 21, 2015  
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  • Final Lesson of 2015 sharing my random thoughts on the Christmas season
  • Christmas gifts are about the children
  • Having the spirit of giving throughout the year, not just in December
  • Saving for Christmas in January
  • 2015 was great, looking forward to even better things in 2016

The JW’s Financial Coaching Podcast_92In this final lesson of 2015 we are going to discuss Christmas. Specifically I'm sharing some thoughts I have had in my mind this year. It is a little bit different of a show but we are going to discuss primarily the following three topics:

  • Gift giving is about the children-Maybe I've changed a lot on this subject because I've had children or maybe it is because I'm older now but to me giving gifts is about the children. Remember when you were a young child and woke up on Christmas Day? It was such a magical time. But you don't have to give gifts to just our children to experience that. Giving gifts to children in need is such a special thing to do and is so much more enjoyable than adding another DVD or sweater to your collection.
  • Spirit of giving-While December is the unofficial "giving" month of the year, the best giving we can do is throughout the year, not just in December. Giving is a major component of a healthy financial plan and when done correctly it is such a great experience that we hardly miss the money from our bank account. So instead of waiting until December to start giving why not make giving a strategic part of our monthly spending plan today? If we're only in the spirit of giving in December, we are really missing out.
  • Saving for Christmas in January-As we move past the Christmas season and get settled back to our normal lives lets' talk about saving for next Christmas. For some of us that might seem a little too early, but if you want to have a great Christmas next year now is the time to start to think about it. By starting today and saving a little each month it gives us more time to save overall. Planning ahead that far in advance might seem a little bit strange, but that is because no one else does it. By starting to save now there is a real good chance that you could even have more money to spend at Christmas then you normally would be by saving ahead of time.

Finally as this is the last lesson of 2015 I want to wish everyone a Merry Christmas and a Happy New Year. My hope is that 2015 was a great year for your finances and that 2016 will be even better. Hard to believe that this is now my fifth year doing the JW’s Financial Coaching podcast but I’m planning on doing some incredible things for 2016 that I’ll be sharing with you in the upcoming months. I wouldn’t be able to do any of these things without you guys and I appreciate you listening to the show as we continue to gain new subscribers each month.

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.

December 1, 2015  
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  • Want to set a solid financial foundation but don't know where to start?
  • Five exercises to take control of your finances
  • Why it is important to have your goals set before the new year
  • How to enter for a chance to a win a copy of "The School of Greatness" by Lewis Howes
  • Quote of the lesson

The JW’s Financial Coaching Podcast_90

Hard to believe it but 2015 is almost over. That means it's time to focus on what we want to do in 2016. You might be thinking, "Wow, can't I enjoy Christmas first before I focus on 2016?" While that is true, the thing I've noticed with setting and achieving goals is that the sooner you know what they are, the easier it is to work your goals and ultimately achieve your goals.

Because of that fact today we're starting a two part series on the podcast on short little daily exercises we can start to take control of your finances. We'll do five today and then five on the next lesson. My recommendation is that over the course of a week you one of these exercises a day and after doing each one you will have a better idea of where you stand financially and know what the next steps are in your financial journey.

Below are the five exercises we talk about on today's lesson:

Day 1-Figuring out your Net Worth

Day 2-Listing out your Debt

Day 3-Creating a simple Budget

Day 4-Emergency Savings

Day 5-Sell some of your stuff

This podcast is inspired by a 10 part video series I did at the beginning of the year titled, Countdown to take control of 2015.

Also on the podcast I announce the kickoff to a promotion I'm doing in the month December. I'll be giving away a copy of the New York Times and Amazon Best Seller “The School of Greatness” by Lewis Howes.

As someone who has read “The School of Greatness” (Currently reading it for the second time) and have worked through the exercises in the book, I can tell you the words are inspiring and the material works. It’s not a magic book though, you just can't read it and everything change in your life. You have to be motivated and dedicated to achieve your dreams and goals. But hearing Lewis and other people’s stories of overcoming adversity to achieve great things in their field is rather motivating and inspiring.

There are two ways to get your name entered into the drawing

  1. Take a five question survey about your financial goals

As a better way to serve you, I’m conducting a five question survey regarding your financial goals and how we at JWFinancialCoaching.com can help you achieve those goals. The survey shouldn’t take more than five minutes. But the results are really important in helping identify what your financial goals and needs are and helps us to create material that will give you a new perspective on your money which will help improve your economy.

The survey is anonymous,  but to get entered into the drawing you will need to input your email at the end of the survey. You can view the survey at JWFinancialCoaching.com/Survey

  1. Subscribe to the JW’s Financial Coaching Newsletter

If you haven’t subscribed to the Newsletter yet, simply enter your name and email and you will be signed up. By doing so you’ll get an email in your inbox once a month or so encouraging you to focus on improving your economy.

As an added bonus, you’ll also receive a link to listen to JW’s Manifesto on Money audio book. This is a 20 minute audio book sharing my views on money and how it impacts every part of our lives.

To signup please visit JWFinancialCoaching.com/Newsletter or you can signup at the end of the survey

The deadline to enter is Monday December 20th at 11:59 PM EST

If you are interested in purchasing “The School of Greatness” on your own please visit Greatnessbook.com.

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

"Winning is a habit, unfortunately so is losing ”Vince Lombardi

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.

March 23, 2015  
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  • A lot of times financial stress is caused by using financial products not in a way that they were originally intended for
  • Why retirement, insurance, emergency savings, and your house shouldn't be used for other things
  • How using those products what they were intended for will make your financial life easier
  • What to do with your tax refund
  • Quote of the week

JW Financial Coaching Podcast 85For a lot of us, money can be a difficult and confusing thing to grasp. There are a lot of reasons for this including lack of financial awareness, family history, no desire to learn how to handle money. But the more and more I hear people talk about their money struggles the more I realize that some of the confusion results from us using financial product for other uses other than their original intent.

Today we are going to talk through four different financial products/assets that we are using for a different use than their original intent. Some of these we use differently because we are marketed to that way via the banks or some salesman. Others non-original uses result from just not being prepared or paying attention to our finances. Below are the four that we will talk about today

Financial Product/Asset Intended Use Un-Intended Use
401(K)/IRA (Retirement) To save for use after retirement Pay off debt/Emergency Fund
Insurance Protect family financially in case of negative life event (death, disability, accident) Way to save for retirement or children's college fund
Emergency Savings Keep family from falling off financial cliff in case of a financial emergency Use to fund inconvenices that weren't planned for
House Place to eat, sleep, and live your life Emergency Fund/Retirement Funding

 

Now we aren’t picking on anyone if you have or are doing any of these. But after going through the list it’s no wonder why money can be so confusing. But when we use these products for their original use our lives are less cluttered and our finances become clearer.

Below are other blogs or lessons of the show where I talk about these products more in depth.

In addition I also comment about an article I found on bankrate.com titled “How Americans will spend their tax refund”. 30% of Americans will use their refund to pay down their debt. While that is very admirable I can’t help but wonder how many of them have debt because they got a refund? The reason for the refund is because you have too much withheld from your paycheck. Instead of scrapping by, wouldn’t it be better to get your money each month and use that to avoid debt in the first place?

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

“Someone else is happy with less than what you have” ~ 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, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

March 8, 2015  
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  • Remembering Dr. Thomas J. Stanley
  • Why do we treat the source of money differently?
  • Anthem and Identity Theft
  • Guest media appearances
  • Quote of the week

The JW’s Financial Coaching Podcast_84Today’s show is in memory of Dr. Thomas Stanley, who was tragically killed in an automobile accident last weekend. Dr. Stanley authored many books but his most famous was the classic Millionaire Next Door. That book is on my short list whenever someone asks me about must read personal finance books. It also was one of the big influences that got me interested in learning about personal finance and ultimately into coaching and blogging.

Rather than focus today’s lesson on one major topic I am doing something different today and going to be talking briefly about on a few different topics. I would love to hear whether or not you enjoy this format better.

The first topic we discuss is how we view and treat money differently depending on the source it came from. What I mean by this is it just or me or do we view money differently when it is from our regular income compared to a bonus check? Or do we treat money from a garage sale differently than an inheritance or tax refund? I know I do and most of my peers do as well. I noticed this recently on Facebook when a lot of people were sharing what they had bought with their tax refund. But why is this? The way I look at it your normal income is what you pay your bills with, investing in your 401(K), and give. Tax refund is money to be spent, while bonus money is money to save for a larger purchase like a vacation or car. However I never think about investing or giving any of that money.

Ultimately though if we have a certain goal such as getting out of debt, building an emergency fund, or saving for a down payment on a home, shouldn't all of our money, no matter what the source, go towards that goal? I believe so but am intrigued as to why we don’t do that.

Identity theft and data breach seems to be more and more common. Recently Anthem announced that over 80 million people had had their personal data compromised including their name, address, date of birth, income, and social security number. While that is scary, it is also a good reminder that you really can’t protect your identity. So how do we guard against it? Well really the best thing we can do is to monitor our credit report.

I’ve done whole shows on the credit report before, but this is just a reminder to check your credit reports at least once a year. You can do so for free at annualcreditreport.com. If you go through that site you can get a free annual credit report from all three of the credit reporting agencies. Checking your credit report can’t stop identity theft, but it can stop it from growing quickly.

Finally I am proud to share with you a couple of guest post appearances I’ve made recently. The first was a guest interview on Mint.com. They asked me several questions pertaining to how I started getting into financial coaching, what financial coaching looks like, and how money is more than just the numbers.

The second guest appearance was on the website Scratch Wireless and had thoughts from me and 24 other personal finance experts on how to save money each month. I discuss my answer and why I think that it is true as well as discuss other people’s advice. We also dive into the thinking that the best way to save money is to spend.

This lesson’s quote is brought to you by Audible.com and comes to us from a French Proverb:

"Money is a good servant, but a bad master”

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

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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

October 7, 2014  
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  • What is Automation
  • Why do we automate our finances
  • How to automate your finances
  • Pros and Cons of automation
  • Quote of the week

The JW’s Financial Coaching Podcast_78

To automate or not to automate? Automation is all the rage in personal finance. Today we discuss the what, why, and how of automating your finances as well as discuss the pros and cons of automation.

Automation can be a great tool to use in getting your financial order, but is it the be all and end all? In addition we also share feedback I've received on the topic from social media.

This lesson’s quote comes to us from Peter Lynch:

“"Know what you own, and know why you own it."

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

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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

August 18, 2014  
00:0000:00
  • Can a spender learn to save money if it is not their natural tendency?
  • Why being a spender is not a bad thing
  • What keeps us from saving money
  • Ways to help us save more money
  • Quote of the week

Can a spender learn to save their money? I hear all the time from people, "I'm a spender, so I can't possibly be expected to live on a budget or save money?"

But is that a valid reason to not save money? On today's lesson we discuss why being a spender is not a bad thing, but rather it is the over spending that gets us. We also discuss what three things that keeps us from saving money, how to change those three things into our favor, and give three practical ways to increase your saving each month.

This lesson's quote come from Dan Miller of 48days.com.  This quote comes from Dan's latest book, that he co-authored with his son Jared Angaza, titled Wisdom Meets Passion.

"Money is like fire: it can burn you and leave you disfigured, or it can keep you warm and safe." ~ Dan Miller-Wisdom Meets Passion

If you are interested in downloading the audio version Wisdom Meets Passion for free please visit the podcast sponsor Audible.com

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

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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

August 11, 2014  
00:0000:00
  • What is "fun" money" and why it is important to have it in our budget
  • How to do "fun" money the right way
  • Why "fun" money is not an allowance
  • What the difference is between "fun" money and stopping at the ATM when you are low on cash
  • Quote of the week

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

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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

June 8, 2014  
00:0000:00
  • Good to be back after three months off
  • What I learned about money while on hiatus
  • The importance of having strong financial influences in your life
  • How life events impact your finances
  • My interview with Deacon Bradley
Credit: Getty Images

It's good to be back back doing a lesson this week. I took a partial planned, partial unplanned three month break. But today I'm back and share what I've learned about money the past few months. Also I share how you can catch my appearance on episode one of my friend Deacon Bradley's new podcast. Deacon had me on to share how I've overcome fear in my life. We didn't really talk about money but I still had a blast sharing my story.

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

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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

January 26, 2014  
00:0000:00

Highlights of today's show:

  • The five toughest financial habits to break
  • My observations from working with clients over the years
  • How to break those bad habits
  • Your list of bad financial habits
  • How you can contribute to the completion of my new book

Websters defines a habit as a usual way of behaving or something that a person does often in a regular and repeated way. As a financial coach I've seen how good financial habits can help you reach your goals and I've also seen how bad financial habits can prevent you from reaching those same goals. Today I'm going to discuss the five bad financial habits that are the toughest to break.

These five habits are the toughest to break based on my experience in coaching with clients over the years. They are as follows:

5. Getting organized

4. Not having an Emergency Fund

3. Spend Now; Pay Later

2. Not working together with your spouse

  1. Pay Day Loans

We discuss each bad habit and cover a little bit how you can get away from each one. Unfortunately bad habits aren't easy to break, but you can break them over time.

Also I have created a survey to help with the creation of my new book on buying and selling a home. As many of you know my wife and I went through the process this past summer and it definitely is a life event. But the experience was a lot better then my first experience in real estate. Because I want your home buying experience to be a memorable one I'm writing a book detailing the real cost of buying a home by sharing our experience in addition to tips I've learned when coaching clients.

The survey is 9 questions long, totally anonymous, and is not a commitment on your part to buy the book when it is released. Even if you aren't planning on buying a home any time soon, please take the time to fill out the survey as your input is still valuable to us.

Enjoy this lesson? If so please consider taking five minutes and leaving 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 FeedburnerStitcher SmartRadio, iTunes, or download the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page. In addition, if you have enjoyed the show for a while now, please leave a review of the podcast on 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. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

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