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!

September 4, 2016  
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  • What is the EMV Chip Debit Card?
  • Difference between running your debit card as "Credit" vs "Debit"
  • Why the EMV Chip Card will reduce fraud
  • My Experience in using my EMV Chip Card
  • Quote of the lesson from T. Harv Eker

The JW’s Financial Coaching Podcast_119

The other day I went to get my mail and saw that I had gotten a new debit card in the mail. After opening it up I noticed something different from my previous card. On the side of the card was a chip that I had never seen before. After doing some research I found out that the chip is the EMV chip and is now standard on most debit and credit cards.

Today we’re going to talk about the EMV chip debit card and lists its features. It is mostly the same but there is a slight difference between your old debit cards and the new EMV chips. It’s also confusing because retailers are in a state of flux of getting new machines that use the EMV technology so it’s hard to determine whether you need to swipe your card or insert it (or “dip it”) into the reader.

I share my experiences with it so far so when you get your card in the mail you’ll know exactly what to do when you get your card. As the EMV chip cards are more secure they will become more and more commonplace in the market, which to me is a good thing.

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

“If you don't have the money management skills yet, using a debit card will ensure you don't overspend and rack up debt on a credit card.” ~ T. Harv Eker

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.

May 30, 2016  
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The role that the credit score plays in the financial industryWhat role should it play in your finances?What a credit score can't do for your financesBuild up other financial disciplines in your life, credit score won't matterQuote of the lesson from Tony Robbins

The JW’s Financial Coaching Podcast_107

There are tons of resources online about the credit score: ways to improve your credit score, how the credit scoring system works, and products you can buy to boost your score. But most of those resources harp on the importance of a credit score.

But why do we need a credit score? If you don't plan on borrowing money, do you actually need to worry about it?

On today's podcast lesson we are going to discuss the credit score and why I think it might be the most overrated measure in the financial world today. Do you need a credit score? Well perhaps, it mostly depends on your view of debt and whether or not you are going to be borrowing in the future.

Whether or not you need a credit score, I think it is more important to focus on what a credit score can't do with your money. It can't help us:

  • Save money
  • Invest money
  • Pay off our debt
  • Help us follow our budget

The way I look at a credit score is this-what's more important than a great score or no score, is NOT to have a bad score. Bad credit will haunt you in many ways, so if you have fallen behind or gotten dinged due to a foreclose or repossession, working on paying those old debts back is paramount to getting on solid financial ground.

If you do have a great credit score, there's nothing wrong with that, but what is it costing you? I've worked with a lot of couples who are struggling to save money but have a great credit score.

I just want to fight against the whole idea that the credit score is the be all, end all. It isn't and it isn't even close. In my opinion instead of focusing on improving your credit score first, I'd rather focus on saving, investing, paying off debt, and developing a solid budget. Doing those things first will improve your credit score, but focusing on your credit score first won't improve those other things.

As mentioned on the show, I've done a lot of other podcasts and blog posts on the topic of your credit score.  You can check them out below:

Today's quote of the lesson is brought to you by the JW's Financial Coaching Newsletter

“You either master money, or, on some level, money masters you!” Tony Robbins

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.

February 17, 2014  
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Highlights of today's show:

  • Why taxes are so frustrating and confusing
  • Is it wise to get a big tax refund?
  • Explaining the tax system
  • The difference between a deduction and a credit
  • Tax software vs. Accountants. Who should you go with?

The only thing certain in life is death and taxes. We chuckle every time we hear this because it is true. Taxes aren't something that you or I like to discuss. Mostly because taxes are money going out instead of coming in. But with that being said, taxes are a major component of our finances and we often make decisions based on the tax implications.

With that being said there are a lot of myths that we believe when it comes to our taxes. Today we break down four of them.

Tax Myth #1-It's good to get a tax refund

This might be a little overstated. I'd rather you get $2,000 back in a refund than owe $2,000. But a tax refund is simply the IRS giving you back your money, it's not a reward in the tax code of anything like that. Instead of getting a refund adjust your W-4 and have less money taken out each paycheck. You won't get a nice refund each April, instead you'll get that money sooner each and every month.

Tax Myth #2-All your income is taxed at the same rate

We can get the whole tax bracket thing mixed up. The tax brackets are marginal tax rates, meaning that each dollar is taxed differently. For example for those of us who are married, the first $17,850 of taxable income you earned in 2013 is taxed at 10%, no matter if your total income is $20,000, $200,000, or $2 million. As you make more, your higher earnings are taxed higher, but just that income in the bracket, not all of it. If you make more money and get into a higher tax bracket don't worry about it. That tax rate just applies to that specific dollars. You can find out what tax bracket you are  in for 2013 by visiting Forbes.com.

Tax Myth #3 As tax deduction is the same as a tax credit

Often a deduction and a credit gets used interchangeably but they are vastly different. A tax credit is a reduction in your taxes due. So for example if your taxes due at the end of the year is $2,000 but you have a $500 credit of some kind, the credit takes your total taxes owed down to $1,5000

A tax deduction is a reduction in taxable income. If you have a $500 tax deduction and your total income was $50,000 for the year, your total taxable income is $49,500 ($50,000 less the $500 tax deduction.) If you are in a 15% tax bracket then, your deduction saves you $75 in taxes ($500 times 15%).

Therefore a credit is not the same as a deduction. In almost every case a credit is worth more than a deduction. Truthfully I want both on my taxes, but if I can have only one I'd rather have a credit.

Tax myth #4 I don't need to hire someone to do my taxes for me, I'll instead use software

This isn't really a myth as much as a service announcement. I don't care what you use to file your income taxes. But tax software can only get you every deduction and credit only if it knows that you earned it. If you don't tell the software you earned the credit or deduction it won't give it to you. However a trained professional will know the tax code and will know to ask whether you qualify or not. I personally use the software but I also know a lot about the tax code. If your taxes are pretty basic tax than you are probably using the software. But if yours are complicated and you are claiming a lot of deduction or you own a business, hiring someone might be the right way to go.

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 12, 2014  
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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.

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Highlights of today's show:


        
  • How to stay focused on your long term goal

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  • We are so often distracted by the little things in life

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  • Break your long term goal into smaller, traceable pieces

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  • Not getting burnt out on your long term goal

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  • Announcement on the future of the show


We all have different reasons for wanting to manage our money well. Some of us want to have the freedom to do the things we want to, like giving or traveling. Others want to manage money well so they don't have to cringe at paying another bill. Still others want to manage their money well so they can change their family dynamic. Whatever your reason, there are so many things in our lives that take away our focus and prevent us from getting where we want to be.

Before you can keep your eyes on the prize and stay focused for a long period of time you first have to identify the things that can derail you. There are so many things that keep us sidetracked these days but on today's show we focus on the following four things:


        
  1. Not having a big prize

  2.     

  3. Being unprepared for emergencies

  4.     

  5. Spontaneous decisions

  6.     

  7. Chasing after smaller financial goals


Once you know what can derail you, you can focus on the big prize. So often we get discouraged because our big prize doesn't come as quickly or as easily as we'd like it to.  But that is why they call it a big prize! It is a long term goal that could takes years or even decades to achieve.

To stay motivated, I recommend breaking your big goal down into smaller goals so you can track your progress. For example if you are trying to pay off your house, mark when you get to 25%, 50%, or 75% towards your goal. If your goal is to have a million dollars in retirement, then figure out how much you need to contribute each year to get there. If your goal is to make a certain amount of income in five years, figure out what you need to do and work backwards to get there.

Also talk about the prize every once in a while. Remind yourself why you are chasing that prize. This will make you reevaluate if you truly do want the prize or not. Also having your big prize at the front of your mind will guide you through your financial decisions.

Finally realize that plans will change. It might not always work out the way we think it will. But that's OK; don't burn yourself out if everything doesn't go 100% the way you planned it.

Also on the show I have a big announcement on the future of the JW's Financial Coaching Podcast. I have done this show for three years now and have had a blast doing each and every episode. However right now is a season in my life where I don't have the time and resources to continue on with the show. Therefore I will be taking a few months' hiatus.

From day one of the show I've made it a commitment to give you quality information to apply to your financial life. But due to moving, having another child, and working hard at my day job I feel like the quality has dropped off the past few weeks. I plan to be back by January 2014 at the latest and hope to be back in time to do a 2013 Year End Podcast like last year.

I promise I will be back and I am still committed to giving you a new perspective on your money. In the meantime I will still be blogging each and every week and publishing my monthly newsletter but taking time off from the podcast will help me devote time to my growing family and writing my book on our home purchase experience.

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.

September 8, 2013  
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Highlights of today's show:


        
  • Giving is one of the three things we do with money

  •     

  • What giving allows you to do

  •     

  • When did we start having to get to give?

  •     

  • What sacrificial giving is

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  • When is the last time you gave sacrificially?


Today's show is one I came up with off the top of my mind. I have been thinking about the topic of giving lately and I have noticed how we always have to "get" something now when we give. My question is: when did this happen? I also discuss why I feel this can potentially be dangerous.

Now that I have shared my thoughts what are yours? Please leave your thoughts in the comment section below.



If you missed it last week, you can catch a replay of the Google Plus Hangout I did with my friend Steve Stewart. Steve and I talked for an hour on various topics related to debt and living a debt free lifestyle in addition to answering your questions. We hope to do more of these in the future so stay tuned for an announcement for upcoming hangouts.

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.

June 30, 2013  
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Highlights of today's show:

  • What does financial independence actually mean?
  • Should one strive for financial independence?
  • How financial independence is all relative
  • Becoming independent from debt
  • Becoming independent from work

The term "Financial Independence" gets thrown around a lot and it can mean different things to different people. With this being the first week in July, since the United States is getting ready to celebrate the nation's birthday and independence on July 4th, I thought it would be great to talk about achieving financial independence.

Wikipedia defines Financial Independence as: a term generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. While that is the technical definition and what you will hear most financial planners use, I feel that there are different stages of becoming financially independent. They are:

Independence from Debt. A lot of the listening audience is already experiencing this feeling and the rest of us are trying to get there. But becoming debt free is an amazing feeling; as hard as I try, I can't fully describe the feeling it brings upon you. But when you are independent from debt you are actually able to control your cash flow instead of simply giving your money to the bank.

Independence from work. I'm not talking about retirement here, rather I'm talking about being able to do what you want to do with your career regardless of income. So often we feel like we are chained to jobs we don't like and we are just working for money to pay the bills. But when we are independent from debt, we are able to become better workers, take "risks" in our career that could have a bigger long-term payoff, and work a career that fits our lifestyles.

Independence from earning an income. This is the classic definition of becoming Financially Independent. This is where your assets are producing enough income to cover your expenses. If you have $500,000 in assets producing a 10% return or $50,000 a year and you have $40,000 worth of expenses you are able to cover your expenses without having to earn extra. This is a basic retirement calculation and I've shared my opinion on retirement before, but once you have reached this point you are now in position to stop earning an income.

But that still begs the question, is financial independence something to aim for? I share my opinions and thoughts on that as well. But as for you: Is financial independence a major goal for yourself? How close are you to reaching that milestone?

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.

 

October 31, 2012  
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Jane from LiveRichandFree.com joins us on today’s show to share how she paid off over $135,000 in student loans. She racked up most of the student loans while in graduate school. Jane got the desire to pay off her debt by having an uncomfortable feeling about having so much student loans. After graduating, she knew she had to get serious and knock out her loans as quickly as possible.

One of the ways Jane kept motivated throughout the process was to remind herself that every time she was spending money, she was essentially borrowing at 6.5% (her student loan's interest rate) to make the purchase. This kept her from overspending and allowed her to continue to make extra principal payments even when the balance was still big.

Now that Jane has no debt, the mental stress is gone and she is enjoying saving money and maxing out her IRA each year. One of her goals now is to start earning some residual income so she is not trading her time for money.

“One of the easiest ways to not have to pay back $100,000 is to not take it out in the first place.” ~ Jane

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

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

Click to listen to previous episodes of the Debt Free Living Podcast.

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

October 7, 2012  
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Highlights of today's show:

  • How did we stay under budget on our latest vacation?
  • My review of Jon Acuff's Quitter Conference
  • Parallels between the Quitter Conference and our personal finances
  • Why we need to continue to invest in ourselves
  • How I am going to apply what I learned to JW's Financial Coaching

My wife and I had a great couple weeks of vacation but it is good to be back in Ohio. We really enjoyed the vacation and were glad we took it, as it was something we both needed. In episode #6 of the podcast I shared how my wife and I came up with our budget for our trip. Well, the results are in and we are both very pleased. Thanks so much for holding us accountable and allowing us to share the details with you.

[caption id="" align="alignright" width="300" caption="Credit to @tammyhelfrich"][/caption]

Our vacation started out great in Nashville, Tennessee where I had the pleasure of attending Jon Acuff's Quitter Conference. On a prior podcast I reviewed the book Quitter,but today i am going to share my review of the conference. The Quitter Conference is more than just deciding to do something you love and quitting your J-O-B right on the spot. Instead it is developing a plan to work on your dream job while still being productive at your day job.

I found a lot of parallels at the conference that can be applied to your personal finances. I'm going to share those with you today as well as talk about the conference, what I enjoyed about it, what they could improve and what I am going to be doing in the future to apply what I've learned into the podcast, blog, and my coaching. In addition, I also share why it is important for each of us to attend seminars and conferences like this and why you always need to continue to invest in yourself.

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.

August 22, 2012  
00:0000:00

Country Girl from Centsofacountrygirl.wordpress.com joins us on today’s show to share how she paid off over $35,000 in student and car loans. She got motivated to pay off her student loans when she was sent an amortization schedule by the government for her federal student loans. It broke down the payments and showed how much was going to principal and how much was going to interest. That motivated her to pay off the loans a full 110 months ahead of schedule!

The key for her to stay motivated was to look at paying off her debt as a challenge instead of a chore. In the beginning it was difficult because it felt like she had so much debt, but as she went along it got easier and easier. Paying off her debt enabled her to have a big down payment on her home and travel more.

Country Girl has been blogging for 2.5 years now which was a big motivator to stay on course and pay off her debt. She likes to blog about living in the country and the challenges that arise from that. Her advice to someone who wanted to blog about personal finances is to go for it, just write about you and don't worry about trying to build a blog with thousands of followers.

"If you don't have a budget it's hard to get out of debt." ~ Country Girl

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

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

Click to listen to previous episodes of the Debt Free Living Podcast.

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

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