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!

May 28, 2017  
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  • With college tuition prices skyrocketing, tuition reimbursement and student loan repayment programs are great ways to attract talent
  • What a tuition reimbursement can do for you
  • What a student loan repayment plan can do for you
  • Things to consider before doing either once
  • Quote of the lesson from Arthur Ashe

With the ongoing burden that student loan debt has become in our country employee tuition reimbursement and student loan repayment programs are a great way to either increase you education while paying nothing or a fraction of the cost, or reduce your current outstanding loan balance.

Today we continue our series we started last lesson looking at employee benefits that you are missing out on. While they might seem similar tuition reimbursement programs and student loan repayment programs are two different things.

Tuition Reimbursement

Tuition reimbursement programs work like this: you go to school to further your education and knowledge in a particular subject. After you prove that you passed the class, your employer will pay for some or all of the tuition.

This can be a great way to increase your value in the market place for a lot less than what it would cost you if you did it on your own. It also ties you closer to your employer as they are investing money in not only your future success but the company’s future success as well.

Before you consider going back to school because of tuition reimbursement consider the following things:

  • How much does the company cover?-Not all plans are 100% covered. Some are a lot less than that and others are tied to the grade that you get.
  • What will be the method you pay?-Your company will reimburse you once you can prove that you passed the course, but it is usually up to you to pay the institution upfront for the class. How will you come up with the money to pay? I would never recommend a student loan but what can you do to come up with the cash up front?
  • Is this something you want a degree in?-You can’t just get any old degree that you want. It has to be a degree that your company deems as beneficial to the role you are in. So if you aren’t really excited about what you are doing now, how is a degree or certification going to change that?
  • Is there are time period you have to work at the company after the reimbursement?-Your company is going to be investing a lot of money in your pursuit of this degree, and often there is a time period in which you need to stay with the company or you will have to pay back all or a portion of the tuition reimbursement. So do you like the company? Do you plan to be there regardless of whether you get a degree there or not?
  • If the tuition is not 100% covered, is this still a good deal for you?-Just because you are getting a tuition discount, it doesn’t necessarily mean it might still be a good deal for you. Again if you don’t want to stay with the company or are thinking about a career change to another field, spending the money and time to get the degree might not yield a proper payoff.

Student Loan Repayment

But what if you already went to school, and got your degree or not, and ended up with any kind of student loans? There are a small but growing number of firms that are offering that are trying to attract employees by offering to repay part of their student loans directly to the student loan servicer.

Now before you get too excited, realize that as of now the amount they are offering to pay is very small, often between $1,000 to $2,000 a year with a lifetime limit. So if you are drowning in student loan debt, working for one of these companies will not take you totally 100% off the hook.

But here are some other things to consider as well:

  • This is basically another form of compensation-This just takes the place of some other kind of benefit including momentary compensation, 401(K) contributions, health insurance premiums, etc. In fact any money that they put towards your student loans is actually considered taxable income for you. So if you get an offer of $40,000 with a student loan repayment of up to $2,000 a year, it is the exact equivalent of getting $42,000 from another offer. Except you are guarantee to use the $2,000 towards student loan repayment.
  • You still have to pay your minimum payment-The money they pay towards your student loan won’t get you out of making your monthly minimum payment. This is actually a good thing in that it will help to pay your loans off sooner, but it won’t free up any more money in your monthly budget, at least in the short term.
  • Lifetime limits-A lot, but not all companies that I researched who offer this benefit, have lifetime maximums on how much you can payoff through this program. Most were around a $10,000 maximum cap. But some companies had no cap, but only paid off about $1,000 max a year. Which means you really can’t count of this program to pay off a significant amount of student loan debt. Only you can do that.

I think that these are a great benefit for employers to offer to their employee’s, however I don’t feel that it is a long term plan to pay off your student loans as mentioned earlier. But I think it can be helpful and we’ll see this becoming more and more popular as many college graduates continue to graduate with large amounts of student loans.

Other resources mentioned in today’s lesson:

To send in your questions email me at Jon@JWFinancialCoaching.com

Today's quote of the lesson is brought to you by Jeff Goins book "Real Artists don't Starve

“When bright young Americans can't afford college, America pays the price” ~ Arthur Ashe

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.

October 22, 2016  
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  • Most couples assume they need to sacrifice for child's college fund
  • Benefits of doing each one
  • Do we need to pick one or the other?
  • The need to prioritize yourself over your children
  • Quote of the lesson from Chris Hogan

the-jws-financial-coaching-podcast_125

The topic of saving for our own retirement vs. saving for our child’s education has been on my mind a lot recently. That is because I’ve worked with a lot of couples who have children in college or are approaching college age and feel like they have to choose between funding their own retirement and funding their child’s education.

Today we dive into why doing each one of these things is important and share why if I had to choose between the two that funding my own retirement over my child’s education is the way to go.

I have seen so many couples get twisted up in their thinking and feel like their child’s education fund is the most important thing. Make no mistake, education is very important but so is funding your own retirement.

Other resources mentioned in today’s show

Six months after the digital release of A Tale of Two Houses on Amazon I’m excited to announce A Tale of Two Houses is now available as an audiobook.

In addition to narrating the entire unabridged version of A Tale of Two Houses I included 10 enhancement bonus chapters that are exclusive to the audiobook version. Each chapter expands on a concept covered in the book, including some old podcasts that I did with my wife, Lisa during our most recent home buying experience. The bonus enhancement chapters include:

  • 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. Like the digital version, I think the audio book will help you during your next home buying purchase or sale in ways that most books on real estate don’t cover.

Currently A Tale of Two Houses audio book can be purchased via the following ways.

  1. iTunes-Current price of $9.95
  2. Amazon-Current price of $9.95
  3. Audible-Current price of $14.95
  4. Podbean-Current price of $6.99-This is purchase directly through my podcast site. Once you purchase it you can download the file to your computer, phone, tablet, etc and listen at your leisure. It is the cheaper of the four because this is through my site which means I get to keep a bigger percentage of the price, which I pass that savings on to you.
  5. Audible membership-Free with a 30 day free trial. When you become a member you

In addition to the audiobook release I’m also excited to announce that the digital version of A Tale of Two Houses is now available through Barnes and Noble for those who own a Nook device.

Today's quote of the lesson is brought to you by A Tale of Two Houses and is from Chris' book Retire Inspired:

“Failing to plan is the same as planning to fail. You’ll never get where you want to go if you don’t plan your route; that’s true for road trips and retirement!”  ~ Chris Hogan

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.

June 19, 2016  
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  • Guest Brad Baldridge joins us to talk about taming the high cost of college
  • We won't give unless we are first content with what we currently have
  • How to become a giver year round
  • Why giving works best when the money is set aside to do it
  • Quote of the lesson from Satchel Paige

The JW’s Financial Coaching Podcast_110

Today we are joined by guest Brad Baldridge of TamingTheHighCostOfCollege.com to talk about how to plan for college.

highres_7390d5533f.jpgBrad Baldridge, CFP®, is a College Funding Consultant specializing in late stage college funding planning and the chief podcaster of Taming The High Cost Of College.  He provides customized planning using the latest financial aid, tax, cash flow and academic strategies.

Brad is based out of Milwaukee, Wisconsin and about 10 years ago started to help people in late state college planning.

Brad and I discussed about what you need to do as a parent and as a student to get ready to pay for school. Both from an early planning point as well as a late staging perspective.

Brad also shares what are some of the common mistakes people make when planning for college and why it's important to start early when preparing to save for college.

We also discuss topics such as how your college choice is an important step of the college selecting process, should your child work in college, and whether or not you should you should help your child pay for college in the first place.

For more information on Brad please check out the following

For more information on college planning please check out the following podcast I've done in the past on the subject.

Today's quote of the lesson is brought to you by Podbean. To

“Don't go to college, unless to get information” Satchel Paige

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.

June 5, 2016  
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  • What recent college graduates can do to put themselves in position to succeed financially
  • How to know where you stand financially
  • Why developing a spending plan is a process, not an event
  • Why having a map when you are trying to get out of debt is extremely important
  • Quote of the lesson from Karl Pearson

The JW’s Financial Coaching Podcast_108

This time of the year is graduation season. I love coaching with people in the life stage because it is an important time in their life and they are full of energy and questions and are also very teachable.

Today's lesson we are going to be discussing the three things that recent college graduates can do to take control of their finances. The good news is that even if you aren't a recent college graduates, these three things still apply to your situation.

For college graduates however, it is a little different in that transitioning from college to the "real world" is a tough process. Not are you dealing with money, most likely, for the first time in your life, you are also transitioning to word life. This includes working Monday through Friday, shifting your body clock and time schedule, as well as working with the same people everyday instead of getting a fresh start every semester.

But in order below are the three things recent college graduates should do to get a good control of their money:

  1. Know where you stand financially
  2. Develop a Spending Plan
  3. Debt Snowball

Know where you stand financially

A lot of times we can't get anywhere because we don't know where we are. So knowing where we stand financially gives us a snapshot of our current financial situation.

As a recent college graduate this might not look pretty and in fact it can be also really eye opening. Which is a good thing. But knowing where we stand will help guide and motivate us through the things we are going to talk about next.

For more information on knowing where you stand financially please check out:

Develop a Spending Plan

After knowing where you stand, it is time to develop a spending plan. The good news is that a spending plan is something you get to control, so if you think it is too restrictive then guess what? You can always change it!

If you don't make much money it's still important to do one. You might think you'll do it later when you make more money, but I've found that it is important to develop the budgeting muscle a soon as you start making money. That way you do start to earn more you are less likely to get sucked up in the lifestyle inflation trap.

Now with a spending plan you might not have enough money to do everything you want to. But if you develop and stick to one it will ensure that you get to spend money on the things that are most important to you.

For more information on developing a spending plan please check out:

Debt snowball

If you are trying to get somewhere new for the first time and you don't have a map, you're just guessing on how to get there.

That is often how we are with our debt, we want to get out but we have no idea what direction we need to take.

The debt snowball is simply listing all your debts smallest to largest. But in addition to listing them out, you are also labeling how much the monthly minimum payment is, the interest rate, and the lender. This gives you a list of all your debts and from there you can decide on which debt to attack first.

I personally recommend paying off the smallest debt first, but whatever way you decide to pay off your debt I do recommend to focus on just one debt at a time. That intensity and focus on one debt at a time will take you really far.

For more information on setting up your debt snowball please check out:

If you are a recent graduate and would like someone to walk with you and teach, encourage, and show you how to do all of these things and more, please fill out the financial overview form. We can then work out a time to get together and see if we'd be a good fit working together.

Today's quote of the lesson is brought to you by my book on buying a house titled "A Tale of Two Houses"

“You either master money, or, on some level, money masters you!” Karl Pearson

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.

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  • Different format to the show today
  • Sharing my thoughts from doing 100 lessons of the show
  • Doing the podcast has taught me a lot about money
  • How you can help show your support for the show
  • How you can buy a copy of "A Tale of Two Houses"

The JW’s Financial Coaching Podcast_100

For the 100th lesson of the JW's Financial Coaching Podcast, we're going to do something different. I'm sharing 100 different money thoughts I've learned since I started the show.

If you have been a listener to the show for a long period of time you know that there have been more than 100 lessons of the show. I originally started the show back in 2010 and only started to number the lessons in 2012.

Either way for today I started out by coming up 100 short thoughts I have come to believe while doing the show. These 100 then were grouped in 14 different categories.  They are:

  1. Money is . . .
  2. Debt
  3. Owning a home
  4. Giving
  5. Budgeting
  6. Spending
  7. Joint Finances
  8. Investing
  9. Saving
  10. Credit Scores
  11. Education
  12. Taxes
  13. Emergency Fund
  14. Podcasting

Hopefully you enjoy the show, I'd love to hear feedback on whether or not you enjoyed it. Ultimately thought I couldn't do it without you. I know I always say that, but I say it because it is true. Thank you for being a listener to the show, I am excited to share with you some big things I have for the show later on this year.

Also "A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way" is now available for pre-sale. The book releases April 12th but order now to get the lowest price you'll find it and receive two exclusive bonuses for pre-ordering the book.

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.

August 25, 2013  
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Highlights of today's show:


        
  • Life and Money series

  •     

  • How do your finances change when you go from having no kids to having children?

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  • Children do cost money but they don't have to break the bank

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  • Where children can help you save money

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  • The life event that quietly puts you behind financially


Today we continue our "Life and Money" series by discussing how your finances change when you go from being a dual income no kids (DINKS) family to having children. No doubt your finances will change when you have children but don't believe the myth out there that all of a sudden you will have to go to the poor house once you have children.

The topics we discuss include deciding either to have a parent stay at home or have both parents continue to work, how to save money on diapers, toys, and baby clothes, the places where children actually help you save money and finally what you can do to prepare yourself before the child comes. There are going to be plenty of changes and surprises in your life once the baby comes, so don't let money be one of them. Having a game plan ahead of time as to what your budget will look like once the baby comes will go a long way towards making the transition from being DINKs to having children.

For more podcasts/posts I have done on this topic please check out:


We also talk about how this is the time of the year when college students are going back to school which also means they are probably going to be taking out student loans. Rather than do a whole lesson on the dangers of student loans, I recommend college students and their parents check out Zac Bissonette's book Debt Free U. I believe Debt Free U is the best book out there on sharing the dangers of student loans and showing you how you can go to school without borrowing money. A few years ago my pal Steve Stewart and I did a review of Zac's book on the podcast.

I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.

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.

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  
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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.

April 1, 2012  
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Highlights of today's show:

  • My take on the student loan forgiveness act of 2012
  • Busting the myth that if you get a college degree you will be successful
  • Education is important, but you can get education outside of college
  • Can we end the "student loans are good debt" myth?
  • The lottery provides false hope

Student loans have been a topic on the show more than just once and I have seen firsthand as a coach the detrimental impact student loans can have on people. In fact with outstanding student loans approaching $1.0 trillion, I have called student loan debt the next ‘bubble’ to burst. With that being said, I came upon an article from my friend Deacon Bradley about the Student Loan Forgiveness act of 2012.

Steve Stewart of Moneyplansos.com had me, along with others, as a guest on his show to discuss the proposed bill and share our thoughts on it. Today I am not going to rehash my thoughts on the whole bill but there are some things I do want to talk about that have come up from this proposed bill.

The first is the myth that if you go to college you will be successful. There was this belief when I was growing up that it was important to get a college education and you would be set for life. Well, this has been harmful to many people as we are finding out that just because you went to college does not mean you will be successful.

The second myth that we can put to rest is the myth that college debt is “good” debt. I’ve talked before about the whole “Good” debt vs. “Bad” debt debate. But if we are considering forgiving student loans can we now just admit that student loans aren’t all they are cracked up to be?

You can now find the podcast on Stitcher SmartRadio! Stitcher allows you to listen to your favorite shows directly from your iPhone, Android Phone, Kindle Fire and beyond. So if you have a smart phone and want to stream the podcast from your phone, please download the app from their website.

You can subscribe to future Podcasts either through Feedburner 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. Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

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Today’s episode marks the one year anniversary of the JW’s Financial Coaching Podcast being released. The show started last November and we have been able to do over 80 episodes in just one year. Thanks to everyone who has been a part of the show and looking forward to an even better year two. You can listen to all the past episodes in iTunes, on Facebook, and on the archive page.

The personal finance A-Z series continues with passive income, qualified retirement plan, ROTH accounts, and student loans. Discover why all of these terms are important to know and learn how you can implement them into your daily financial life. For a longer discussion on student loans please listen to the podcast I did with Steve Stewart where we reviewed the book "Debt Free U" by Zac Bissonnette.

In addition we are pleased to be announcing our first giveaway on the podcast. At the end of the month of November we will be giving away the Total Money Makeover by Dave Ramsey. There are three ways to enter: 1) “Like" us on Facebook, 2) Subscribe to receive blog posts via email, 3) Leave a review on iTunes. For more details please visit the November Giveway 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. 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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On today’s show we are joined by Steve Stewart of Moneyplansos.com. Steve has been a guest before on the show discussing how to dump credit cards. But today he joins us to discuss the book Debt Free U by Zac Bissonnette. In Zac’s book he shows why student loans can be very dangerous, what parents can do to negatively impact their child’s economic future as well as their own, and he shows how you can actually graduate from college without any student loans by simply working hard and going to a school you can afford.

Steve and I have a great discussion and talk about some of our favorite chapters in the book including the dangers of student loans, the public vs. private school debts, and even the ridiculousness of the FAFSA form. Steve has had Zac on his podcast as a guest and he is a very smart and knowledgable guy.

This is a must read for not only students and parents of college students, but also for fellow financial coaches to use as a good resource when you are working with clients.

In addition, Steve also discusses how he thought of the idea for the Great Recovery on I-70 series and what he hopes will come out of this. Remember if you are in the Central Ohio area please join us on Sept 13th at 7pm at the Hilliard Branch of the Columbus Library. We would love to have you there and hope you bring a friend. For more information or to RSVP please visit our Meetup 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. 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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