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!

April 21, 2013  
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Highlights of today's show:

  • Confessions of a Financial Coach
  • Even though I teach this stuff, I still have struggled with money
  • Being honest to help motivate you
  • It's OK if you make mistakes, just learn from them.
  • Another reason to have an emergency fund

I have a confession to make; even though I'm a financial coach I haven't always handled my money the "right way." That is why today I am doing a special "confessions of a financial coach" show. I'm doing this to show you that handling your money well is not some skill that others are born with. Rather it is something you can learn no matter how old you are or how much you make.

Ten confessions of a financial coach:

#10-I have bought things or invested in funds because a co-worker or friend said it was a "good idea." #9-I have believed that there was such a thing as good debt. #8-I have signed up for service, didn't look at the fine print and had to pay a "Gotcha" fee. #7-I have overdrawn my checking account using my debit card. #6-I have bought things I did not want or need to impress people. #5-I don't like sticking to a budget. #4-I have gotten a store credit card just for the initial 10% savings. #3-I have gotten house fever and bought the first property I liked with no money down. #2-I have experienced buyer's remorse while pulling out of the store parking lot. #1 I have bought something on sale and convinced myself that I was saving money.

It wasn't easy exposing my past financial mistakes with you but I hope this gives you hope. Even though I teach this stuff for a living, I am still tempted to fall. You are going to make mistakes with your money, but when you make mistakes learn from them.

I did a podcast on this same topic on my second ever podcast. In full disclosure it is awful in both audio quality and presentation, which just goes to show you that if you keep working hard you can improve in different areas of your life.

Also I highlight a post I wrote last week on emergency funds. I've done shows and written post about emergency funds before, but like I mentioned in the post, instead of trying to predict or stop an emergency from happening, just realize that life is going to happen so be prepared with an emergency fund. My challenge to those of you who don't think you need an emergency fund is to go ahead and have one for one year. After that one year I think you'll realize how much peace it can bring to your life.

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:

  • Is strategic foreclosure ethical?
  • Can technology help out your finances?
  • Combining finances in marriage or keeping them seperate
  • The best investment you can make is in yourself
  • Now taking requests to have guest posters on the blog

We wrap up Financial Literacy Month today by answering a few common questions that I receive when I am among family, friends, and co-workers. The first question is about strategic foreclose. Foreclosure is not a fun topic to discuss, although it does happen, but strategic foreclosure is a whole different topic. Losing the home or having to sell the house because you are behind on bills is one thing, but just walking away from your home because it is inconvenient is another thing. Strategic foreclose has become quite popular in some financial circles, but I highly recommend people not go that route. It might seem easier in the short term, but in the long run you are only hurting yourself.

The second question I get is what financial software should I use to help my finances? There are a lot of good ones out there, but I caution people in using them and thinking that your finances will take care of themselves. They won’t because software cannot force you to follow your budget, only you can! Nothing against software as it can be a good aide in helping you track certain items, but personal finance is PERSONAL. It is about you making decisions to improve your life, not some computer program.

Finally, we wrap up Financial Literacy Month by talking about combining finances in marriage. There might not be any greater controversy in the personal finance world than this question. To me it is pretty simple; I have never coached any couple that is succeeding with money with separate finances. How can you if you aren’t on the same page financially? When you get married “His” and “Hers” becomes “Ours” and that includes your finances. By combining your finances you are working together and having constant discussions with your money which will get you on the same page. Remember, when you agree on your spending, you are agreeing on your life.

If you would like to contribute a guest post to the site you can fill out this form. The only rules for writing a guest post on the site is that it has to be original content and that it has to do with personal finance.

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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On today's show, we wrap up the month of April and finish off Financial Literacy Month by going over why financial literacy is important.  While watching the videos and interacting with you on Twitter and Facebook was fun, we hope the daily question led to some thinking on your part and possibly some changes in the way you manage your money.  In addition, the following question was discussed:

April 26th video by Jake Stichler from Debtsucksblog.com

As mentioned in the podcast, an article was written a few months back on the website detailing why 401(K) loans can be very dangerous.

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

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In today’s show we discuss some more questions having to deal with Financial Literacy month! Some personal finance bloggers and financial coaches, including myself, are producing short, daily, one minute videos asking a question dealing with personal finance. Below are some of the questions covered into today’s show:

April 12 video by Julia Gray-Lion of www.PromisesFC.com

April 13th Video by Steve Stewart of Moneyplan SOS

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

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Today we answer a reader's questions on college funding. Jon gives the how, when, what, and why on college funding. In addition we continue with financial literacy month by discussing some of the videos posted so far.

April 8 video by Brad Chaffee of Enemy of Debt

April 11th Video by Josh Levitt of Levitt Financial Coaching

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

In today's show we answer a common question that keeps coming up in our free financial coaching in April sessions. The question is what to do with old 401(K)’s after you leave an employer. What are your options? What happens to the money if you do nothing? Can you cash it out? Those questions and more are addressed.

In addition, Jon discusses an article he read last month asking the question “Is Generation Y too frugal?”. We have discussed 20 somethings and money before on the show but Jon has a problem with the article insinuating that Gen Y’ers being cautious of debt is a bad thing and gives his opinion on it.

In addition JW’s Financial Coaching now has a Fan Page on Facebook! If you are a fan of the show or want to get involved in discussions dealing with personal finance, please “like” our 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

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Today's show kicks off Financial Literacy Month by sharing and answering a few of the questions that have been asked so far this month. Remember we will be posting one personal finance question a day for the month of April. You can respond to each question either through JW's Financial Coaching Facebook fan page or through Twitter #FLmonth.

April 1st question from Steve Stewart of MoneyPlanSOS

 

April 2nd question from Steve Stewart of MoneyPlanSOS

 

April 3rd question from Jackie Walters of "Personal Finance with Jackie Walters"

April 4th question from Don Current of Current Financial Concepts  

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