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 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.

January 12, 2014  
00:0000:00

Highlights of today's show:

  • Good to be back on the show
  • My views and beliefs on money
  • What I believe about money is different than traditional financial advice
  • This was reinforced this past week
  • What you can do to jump start your finances this January

It's good to be back. I've been off doing the weekly show for three months after the birth of our second son. Things have finally calmed down and I'm excited to be doing the shows once again.

Since this is the relaunch of the show so to speak, I would like to talk today about what the JW's Finanical Coaching Podcast is all about. Today I discuss my five core beliefs on money and how they apply to your life.

In addition I share an article I found that totally goes against my core beliefs. I wrote my full response on the blog but I share on the show why these different beliefs on money are harmful, dishonest, and potentially dangerous to your life.

If you would like to hear more about my views on money, please sign up for our monthly newsletter. Once your subscription is confirmed you will receive a download to my audio recording of the "JW's Manifesto on Money" that goes in depth on my views about money.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to 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. 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.

November 29, 2013  
00:0000:00

Highlights of today's show:

  • Special Thanksgiving edition of the podcast
  • The importance of being thankful
  • What I am financially thankful for in 2013
  • Until you appreciate what you have you will never be content with what you get
  • How you can help with the 2013 Year End Podcast

Welcome to a special edition of the JW's Financial Coaching Podcast.  As many of you know the show has been on hiatus while my wife and I were having our second child. Well I am happy to report that mom and baby son are doing well and we are adjusting to home life with two young boys.

Today's show is based on a blog post I wrote last week titled "What I am thankful for". It has been a very busy 2013 for my family and it is hard to believe that 2014 is right around the corner. With that being said I'm very thankful this year and I go into detail about the three areas I am most thankful for this year.

You can also participate in the next special podcast. Like last year, I am planning on doing a year end podcast starring YOU. That's right, you, the listener. All I am asking for people to do is take five minutes to fill out the following survey and answer the following two questions:

  1. What one thing have you done to improve your finances in 2013?
  2. What one thing are you looking forward to doing in 2014 with your finances?

Thanks in advance for your cooperation and willingness to share. I had a blast doing this last year and I know a lot of people were encouraged by everyone sharing their accomplishments and goals. I look forward to an even bigger and better show in 2013.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to 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. 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 16, 2013  
00:0000:00

Highlights of today's show:

  • We can all sometimes get lethargic when it comes to our finances
  • Whether you are rich, poor, struggling, doing well, 20 years old or 70 years old
  • To get out of netural, try establishing a new goal
  • Do something new in your budget, whether spending or giving
  • Look at what your lack of attention and focus is costing you

No matter how much money you make, how old you are, how well you are doing financially, or how long you have been working on your finances, there will be times when you hit the wall.  You don't want to budget, you overspend, and you put your finances on cruise control. Today we talk about three situations where you might shift into neutral with your finances.

  1. You are doing OK financially. Having OK finances is dangerous because the average financial stats are pretty depressing. Often we get stuck in neutral in this situation because that's all we know to do and we don't believe we can change. This might be the hardest situation to get unstuck from because it takes a lot of effort and desire to change.
  2. You just get out of debt. You've had this intense period of your life where all your focus and extra money was going toward your debt. Now that you are debt free, you kind of exhale and ask yourself, "now what?" Well, becoming debt free is not the end; it's only the beginning because often we can struggle with getting the momentum going again to tackle our next task.
  3. You have been working your financial plan for at least five years. You are doing great financially; you have no debt, do have an emergency fund, and are saving for your future. But you have gotten bored with your finances. In fact you are on cruise control so much that you don't budget, you are overspending a little here and there and aren't really thinking when it comes to your overall long term goals. This isn't going to kill you financially, but you could be missing out on something better.

If you are stuck in neutral in these situations, I recommend trying the following to get unstuck:

  1. If you are doing OK financially, I recommend taking a deep look at your situation and realizing that it isn't working. Often we can think that if we keep doing what we've been doing we'll get different results this month. Then we're surprised when things don't change. For ways to get motivated and to get out of the rut you are in, I recommend listening to the following lessons of the podcast:
      1. Money management is about behavior, not about math
      2. Do you have the power to control your finances?
      3. How to get Big Mo on your side
  2. If you just got out of debt and don't know what to do next, I recommend setting a new goal. By focusing on one big goal you were able to pay off your debt. Now it's time to make similar goals to keep improving your finances. Some goals may include saving an emergency fund, saving up for a big purchase like a trip or car, saving money for your child's education, giving a certain percentage of your income, or paying off your mortgage.
  3. If you have been winning with money for a while now and you just can't seem to find the energy to keep it up, I suggest changing the way you budget. Yes, sometimes we can take saving money too far and if all you are doing now is saving money you need to loosen up your spending and enjoy your money. You can do this by changing your budget, perhaps for the first time in years, to include more giving and spending.

So the next time you get stuck in neutral, try the above to get unstuck and back into high gear. But what about you? When have you found yourself in a rut with your money? I'd love to hear your experience in getting unstuck by leaving a comment below.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to 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. 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.

May 19, 2013  
00:0000:00

Highlights of today's show:

  • Getting out of debt is a goal for most everyone
  • But some of us don't know where to start
  • Discussing the three steps to getting ready to get out of debt
  • My wife Lisa joins the show to share an update on how selling our house is going
  • Receive access to the "JW's Manifesto on Money" by signing up for the JW's Financial Coaching newsletter

Almost everyone I talk with about money has a goal to become debt free or is already there. It's very rare that I talk to someone who doesn't wish or express a desire to not owe anything to anyone. The problem is not a lack of desire to get out of debt, it's not knowing where to start. The only way to truly pay off your debt is to PAY IT OFF! That's pretty obvious but today we will talk about the three steps you need to do before you start to pay off your debt.

https://twitter.com/JWFinCoaching/status/334658421615915009

It's really hard to pay off your debt if you don't first know how much you owe. I recommend writing down all your debts on a piece of paper or on a spreadsheet and beside each debt, list how much you owe. I also recommend going to annualcreditreport.com to get your free credit report which will help you remember any old outstanding debt you may have. For additional help on prioritizing old debts and learning how to deal with old creditors, please check out lesson #2 and #3 of the podcast.

https://twitter.com/JWFinCoaching/status/334692254906200065

You can't get out of debt if you continue to borrow. Sometimes we try to talk ourselves into borrowing more money because we think that will help us get out of debt sooner. The thing is your debt is still going to be around until you pay it off. It's like we try to fill a hole by digging a new hole and taking that dirt and putting it into the old hole. At the end of the day all you did was make a new hole.

https://twitter.com/JWFinCoaching/status/334722806640164866

Once you have your debts listed and you have committed to no more borrowing, now is the time to develop a plan of attack. If you have multiple debts it can be difficult to determine which debt to focus on. I recommend you focus on one debt at a time and put all your effort and money towards knocking out that one debt. I have found this to be the best method. But once you have a plan you are ready to knock out your debt and to ultimately become debt free!

We also have my wife Lisa join the show to give an update on how selling our home is going. Although we have had a few showings, we have not received any offers yet. That can be a little disappointing but we aren't discouraged yet. We also share what we have learned by having showings and discuss which is harder: getting your house ready to put on the market or keeping your house show ready when on the market.

Also I'm doing an upcoming podcast on how to save money on vacations. If you have any tips on how to save money on travel, where to get good deals on the Internet, or some nice vacation spots that people don't know about, please contact me and I'll share your tips with the listening audience.

In addition, I finally have created a newsletter for JW's Financial Coaching. This newsletter will be published once a month and will have exclusive content, allow you to learn of new products and features from JW's Financial Coaching first, and let you know about other good personal finance information around the net. You can register for the newsletter here, and in addition to receiving the newsletter, those who sign up will receive a free download of the "JW's Manifesto on Money." This is a 20 minute audio recording sharing my views on money including the topics of spending, debt, saving, marriage and money, where money fits in your life, and how you can win with money. I'm excited to share the manifesto with my newsletter subscribers.

You can subscribe to future podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to 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. 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.

April 7, 2013  
00:0000:00

Highlights of today's show:

  • How to avoid the Lifestyle Inflation Trap
  • What is lifestyle inflation?
  • How lifestyle inflation can harm your finances
  • 4 keys to raising your lifestyle the right way
  • Being content with where you are financially

Investopedia defines inflation as, "the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling." We see this in our everyday lives when we compare the price of gas today to the price when we first got our license. Or when we go to the grocery store and look at the price of milk. But on today's show we discuss the topic of lifestyle inflation and how it can hurt our finances down the road.

[caption id="" align="alignright" width="400" caption="Credit: Lifehacker"][/caption]

For most of us, no matter what our income is, we will experience life style inflation throughout our lives. For example, about 10 years ago right after graduating from college, I lived on campus for a year with some of my former roommates who were still in school. I lived in about a 100 square foot "room" for a year. But now I don't have to live like that, or drive the same car I did 10 years ago. So lifestyle inflation in and of itself is not bad, in fact I WANT you to improve your style of living. But sometimes we can fall into a trap of only increasing our lifestyle while not increasing the rate of saving or giving in our budget. This is why, despite the fact that currently you probably are making the most money you have ever made, you don't feel like you are getting ahead.

To increase your lifestyle the right way I recommend doing these 4 things with your money to avoid the lifestyle inflation trap.

  1. Get out of debt-The easiest way to increase your lifestyle is to pay off debt and avoid taking out any new debt. That is because debt increases our risk by adding monthly obligations to our budget. When we eliminate these obligations we are able to spend more and not have to worry about meeting those monthly obligations
  2. Do a monthly budget-By seeing where your money is going either on paper or on a spreadsheet, you will avoid increasing only your lifestyle because you will see that you are out of balance with your spending. This will help you avoid taking out a $450 car payment when you get a $400 a month raise.
  3. When increasing your lifestyle also increase your saving/giving by a set amount-Again I want you to increase your lifestyle, but not at the cost of saving and giving. My wife and I decided long ago that if we ever got a raise we would increase both our saving and giving as well. This has helped us stay in balance while increasing our lifestyle at the same time.
  4. Remember your long term goals-By asking yourself, "How will this increase impact me five years from now?" you will be able to resist the urge to simply just keep up with the Joneses. Instead you will put things in perspective, look at the long run and see if this increase aligns with your goals and values.

If you apply these principals to your finances, you stay away from getting sucked into the trap of lifestyle inflation.

How has your family dealt with lifestyle inflation? Has it been a problem for you? If so how do you fight against it?

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to 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. 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.

February 24, 2013  
00:0000:00

Highlights of today's show:

  • The "4-1-1 on" series continues with guest Jake Funnell
  • Why student loans are such a problem for many young adults
  • The best ways to deal with Sallie Mae
  • How to stay focused while paying off your loans
  • What made Jake decide to write You vs Sallie

Jake Funnel from DoMoneyBetter.com joins us on today's show to give the 4-1-1 on paying off your student loan.  Jake graduated from school with around $40,000 in student loans and didn't have any plan to pay them off. But in the past three years, he has gotten dedicated and focused and has started to knock them out. Throughout the process he has learned some tricks when dealing with the bureaucracy of  Sallie Mae and shares them in his new book You vs. Sallie: Smash Your Student Loan Faster With a Simple New Attack Plan.

When it comes to paying off your student loans, Jake suggests figuring out where you stand and re-write your own payment plan. That is because Sallie Mae makes their money by having you make the minimum payments, thus staying in debt longer. Jake believes that the reason we get into so much trouble with student loans in the first place is that we are used to having them because that is what our culture tells us to do.

Jake was inspired to write You vs. Sallie after reading Pat Flynn's eBook The Smart Way. Jake initially thought that his $41,000 student loan debt was high, but after taking a poll of his readers, he realized that 60% of his readers had more than $35,000 in student loan debt. His goal is to pay off the remaining amount of his student loan by the end of 2013. To stay focused throughout the process of paying off your student loan, Jake suggests: 1.) Having good support either from your spouse, family, or others who are going though it at the same time. 2.) Building yourself little rewards when you reach certain goals or milestones.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to 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. 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.

00:0000:00

Highlights of today's show:

  • 13 ways to take control of your finances in 2013
  • Good reminders for whatever situation you are in
  • First you have to decide what you want to do with your money this year
  • Review your cash savings, retirement, mortgage rate, and insurance coverage
  • Look at your financial situations in the long run as well as the short run

Today we kick off the podcast in style by discussing 13 ways to improve your finances in 2013.  Whether you are doing all 13 things currently or doing none of them, this is a great list to go through and review; you might find a thing or two you can change to improve your finances in 2013. Below are the 13 things:

  1. Sit down and decide what you want to do with money in 2013
  2. Know where your money is going each month
  3. Look at how the recent tax change impacts your take home pay
  4. Look at your cash savings
  5. Eliminate debt
  6. Don't take out new debt
  7. Focus on your career
  8. Take a look at your long-term investments
  9. Review your insurance coverage
  10. Eliminate the clutter from your life
  11. Look at your mortgage rate
  12. Educate yourself
  13. View your financial decisions as long term

Is there something that I forgot? Please leave a comment below. In addition I also mentioned my recommended reading list as a good way to educate yourself in 2013.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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 awhile now, please leave a review of the podcast on iTunes. For a step by step video of how that works, please watch this video on how to 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. 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.

November 11, 2012  
00:0000:00

Highlights of today's show:

  • The "Your Economy" Webinar was a blast to do
  • Technical difficulties prevented me from recording it
  • I recorded it for today's show to share with those who missed it
  • Do you have open enrollment coming up?
  • Open enrollment is a good time to review your coverage and determine if it still fits your family

The “YOUR Economy” webinar was held this past week. Thanks to all of those who attended. However, due to technical difficulties I was not able to record the original webinar. Because of that I decided to re-do the webinar and put it up today as a part of the podcast. Also available are the power point presentation slides if you would like to follow along. If you would like to take advantage of the special deal I offered for those who attended the webinar please fill out the contact form on the Two Hour Financial Checkup page. Finally, below are links to the books that I mentioned on the webinar:

In addition, we also discuss a little bit about open enrollment for benefits. This is an important time to look at your current benefits and see if they still fit your needs. Below are some podcasts and blog posts I have done on various insurance policies:

You can subscribe to future Podcasts through Feedburner, Stitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

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 21, 2012  
00:0000:00

Highlights of today's show:

  • Brent Pittman  joins us to discuss; if you are rich and frugal do you need to budget?
  • How do you know if you are really rich or wealthy?
  • Can you become wealthy without budgeting?
  • What you could be missing out on by not budgeting?
  • What budgeting has meant to us

Brent Pittman from OnTargetCoach.com joins us to discuss a question he asked himself on one of his blog posts. The question was "Do rich people really need to budget if they spend frugally?" Brent and I attempt that answer that question by sharing why we both budget, what are some things you miss out on by not budgeting (which are not all financial) how budgeting could benefit a frugal wealthy person, and finally we share what budgeting has meant to us.

Also we discuss what makes someone "rich" or "wealthy." Is it having no debt? Having a six figure income? A million dollars in the bank? Brent and I discuss what being wealthy means to us and share why there really should never be a point where you don't have to manage your finances.

In addition, if you didn't see it on the blog, my wife and I just paid cash for our recent car purchase! I say this not to brag, but to encourage you that yes, you can pay for a car with cash and it is possible to live without a car payment. The feeling of being able to write the check and not have to worry about putting an extra line item in our budget for the payment is great.

Finally, I'll be doing a webinar titled "YOUR Economy" on Tuesday, November 6th at 9:00 PM EST. Yes, that is election night, but this webinar is not political in nature. Instead we will be focusing on ways to improve YOUR economy not only with your finances, but with your career as well. The webinar itself will be 30 minutes in length and we will have a 15 minute Q&A afterwards. Please plan on attending.

You can subscribe to future Podcasts through FeedburnerStitcher SmartRadio, or iTunes. 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. For a step by step video of how that works, please watch this video on how to leave a review in iTunes. Big thanks to my friend Glen Steinson for helping me create the video.

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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