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!

March 26, 2017  
00:0000:00
  • Coach Greg Pare is back on the show
  • Why he is doing a 5 Day Money Challenge
  • Who will benefit from the program
  • The common money issues Greg sees when he is speaking and coaching
  • Quote of the lesson

Today’s lesson I want to welcome Coach Greg Pare back to the show. I wanted to have Greg on the show to discuss an event he is rolling out soon titled the 5 Day Money Challenge.

When Greg mentioned to me the 5 Day Money Challenge I knew I had to have him on to discuss what the challenge is actually and why he developed it.

The challenge starts on Monday April 3rd and encompasses notifications from email, Facebook Live, and the Private Facebook group.

In addition we also talk about what the #1 takeaway someone will get from going through the challenge. Can anyone in any financial situation take the challenge? Finally what happens after the 5 days are over.

We also ask Greg what are some of the common financial mistakes he see’s people make when he is talking about finances to a group or in individual coaching. Get his take on why we struggle so much as a culture with our money and the difference it makes in our life when we get our money under control.

Other resources mentioned on today's lesson:

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

“He who buys what he does not need, steals from himself" ~George Horrace Latimer

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.

September 28, 2016  
00:0000:00
  • Guest Tracey Minutolo joins us to talk about Side Hustling
  • What side hustling is and isn't
  • How it has impacted Tracey's finances
  • Why should someone side hustle
  • Quote of the lesson from Jon Acuff

the-jws-financial-coaching-podcast_122

Whenever I communicate with listeners of the show and ask what topics they would like me to cover on the show, one of the more popular requests is how to make more money through a side business or second job.

Starting something on the side is a great way to earn some money on the side. To improve you financial situation you can either do one of two things 1.) Cut back or 2.) Earn more income.

Traceycropped.jpegOn lesson 4 of the show we discussed whether it was more important to spend less or make more when trying to get out of debt. The obvious answer of course is to do both!

Well to help out with learning how to side hustle I had the chance to interview Tracey Minutolo over at TraceyMinutolo.com. Tracey is a Side Hustle Coach & Financial Freedom Fighter.

Tracey shares what the term “Side Hustle” means to her. She also talks about how she got involved in side hustling and how she was able to start her virtual assistant side business.

We also talk a little bit about Tracey’s debt free journey. She started out with about $60,000 in debt a little over two years ago. But she’s paid off her car loan and is going at her student loans with aggression. Her goal is to have it paid off by the end of 2017.

But most importantly the thing the stuck out to me was Tracey’s story of how becoming disciplined changed her life completely. It was no coincidence that Tracey’s side hustle and debt free journey took off around the same time.

You see about two years ago Tracey started to listen to podcast’s which taught her new information and gave her hope to make changes in her life. She took that hope and became focused and the disciplined she gained in those life changes not only impacted her career and finances, but other areas of her life as well!

Tracey’s story is very inspiring even if you aren’t looking to start a side hustle or get out of debt. She just got tired of carrying her student loans and decided to do something about it! My hope is that her story will inspire you to make changes in your life and think of something you can do on the side to increase your income.

Resources mentioned in the show

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

“Discipline begets discipline.” ~Jon Acuff

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 19, 2016  
00:0000:00
  • 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.

January 19, 2014  
00:0000:00

Highlights of today's show:

  • Greg Pare joins me on the show
  • Shares how to B.A.N.K more in One Four
  • What happens when you budget your money before the month begins
  • The importance of knowing your why
  • Do something to make your 2014 a better year financially

Greg Pare from Gregpare.com joins me on today's show to discuss how you can B.A.N.K More in One Four. Most people set resolutions and goals in the new year but fail to reach them. According to a ComPsych Magazine survey, 92% of people lose sleep over finances. Greg came up with this concept as a way to show people how they can actually plan to save more and achieve their desired result.

Before you can B.A.N.K More in One Four however, you must first know your Why, according to Greg. This is important because knowing your Why will allow you to reach your goal.

"If your Why is strong enough, you'll figure out How." ~ Greg Pare

Greg and I discuss the B.A.N.K concept and what each letter stands for.

B-Is for budget. The word "Budget" can be a scary word for a lot of people. If the thought of budgeting your whole income scares you, just budget for one thing. It can be as little as setting aside $50 a month to have $600 at the end of the year for Christmas. But the point is that you have to plan where your money is going before you can actually save the money.

A-Is for action. It is one thing to say what you are going to do; it is another thing to actually accomplish it. Greg and I share how to take action and Greg breaks down the five things you need to do to set goals.

N-Is for saying no. This is in saying no to yourself. This is the shortest answer but also the most difficult to do. It is hard to say No to yourself initially but once you get some positive momentum going and you see the long term results of saying no, your ability to continue to say no will grow stronger.

K-is for killing debt. Greg and I share the benefits of getting out of debt. You might not be able to pay off all your debt this year and that's OK. But make it a priority to pay off at least one debt this year. That way instead of paying interest you get to keep that money for yourself.

You can learn more about Greg by visiting his blog, checking him out on Facebook, and following him on Twitter.

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.

September 20, 2013  
00:0000:00
Highlights of today's show:
  • Moving is a major life event
  • How moving out of our house went
  • The financial surprises you incur while moving
  • How we did on our budget when moving
  • The three things Lisa and I learned about moving

  • My wife Lisa joins me on the show to continue with the "Life and Money" series by wrapping up the series we have done on moving. After spending four months getting our house ready to put on the market, listing it with a real estate agent, negotiating an offer, buying a new house, moving our stuff into storage, and finally moving into our new home, we are all settled in. Lisa and I talk about how the closing on our condo went, how moving impacted our finances, why you need to have a huge miscellaneous fund when moving, and the three things we learned overall about this whole process.

    Make no mistake, when you have a family and have lived in one place for a while, moving your family is a major life event. The three main takeaways we had from this whole experience were as follows:
  • Really be prepared financially to buy a home
  • Be flexible throughout the process
  • Moving is a major life event
  • Lisa and I break down each one of these further during the show. In addition, I am also writing a book sharing our experience that I will be releasing soon. Stay tuned for further information when a release date is finalized.

    I want to also thank my wife for being on the show these past few months and getting her perspective on everything. You can download past lessons with Lisa talking about our experience below:
    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.
    July 7, 2013  
    00:0000:00

    Highlights of today's show:


          
    • My wife, Lisa White, joins us to give an update on our house selling adventure

    •     

    • Finally got an offer on our home!

    •     

    • How to win in negotiations

    •     

    • We're in contract

    •     

    • What's next for us in the upcoming months


    My wife, Lisa, has joined the show a few times in the past few months to share how we went about selecting a realtor and how to keep your home ready in case you have a showing. But today Lisa joins me on the show to discuss what's been going on the past few months in terms of selling our home.

    We have had a lot of showings the past few months, but not any takers. We did get some valuable feedback, however. A lot of the people thought it was too small or liked another home better. That's fine; you can't really do anything about that, but it is always nice to get feedback to see if there is anything you can improve in showing the home. The important thing to remember when showing your home is that it only takes one person to like your house for it to sell.

    This past week we did get that one person, they made an offer and we are officially in contract! But after receiving an offer we still had to negotiate. This is where having a good realtor and having gone through this process before paid off. Our realtor was able to pull up comps and determined that our condo was priced correctly. It also helped to be patient and have leverage in the negotiation process. In the initial offer we knew that the buyer was already set to close on their home in a few weeks and that they had to find a place. That helped get the final sale price closer to the original asking price.

    Now we are on to buying a new house for our growing family. We have found a house we like and have put in an offer. It is a foreclosure and is in our price range. We should find out soon if we get the home or not, but in the meantime it is good to know that we are not panicking and buying a place just to have a place to live. Rather we are being patient and wise which in turn will make our home purchase a blessing down the road.

    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.

    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 14, 2013  
    00:0000:00

    Highlights of today's show:

    • My wife Lisa joins me on the show to share our experience in picking a realtor
    • Why we learned it's important to get different opinions
    • How we've gotten our home ready to put on the market
    • What's next for us in selling our home
    • Ways to increase your financial literacy during Financial Literacy Month

    Today my wife Lisa joins me on the show to help share our experience so far in selling our house. Together we discuss the thought process on how we went about selecting a realtor, what we have learned about getting our house ready to put on the market, and how much we have looked at new homes to buy.

    [caption id="attachment_10211" align="alignleft" width="200" caption="Lisa and Jon"]Lisa and Jon [/caption]

    We hope to do more of this type of show in the future once we start to show the home and receive bids on it as well as when find a new place for our family. If you have any experiences you would like to share with picking a realtor, showing your house, or anything else related to you selling your home, please leave a comment below.

    Lisa has been on the show before to talk about managing finances as a married couple, cheap date night ideas, sharing our financial goals, and sharing the listeners goals for 2013.

    In addition, April is Financial Literacy month. I'm not going to do any podcasts based on financial literacy this year as I feel that financial literacy is a continuous endeavor no matter what your financial situation is. So instead, my challenge to you this month is to learn something about personal finance you have wanted to but haven't for whatever reason, whether it be on budgeting, investing, insurance, or something else. If you are looking for literature to help you out please take a look at my recommended reading list and see if there's anything on there that can help you out.

    Below is a list of podcasts I have recorded and articles I have written about financial literacy month.

    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, 2013  
    00:0000:00

    Highlights of today's show:

    • The Credit Score lie
    • The facts about the FICO
    • What makes up your FICO score
    • The alternatives to credit scores
    • What to focus on instead of your credit score

    Don't Be Fooled By The "Build Your Credit Score" Lie!

    Today's show is being hijacked by Steve Stewart, my friend and cohort from MoneyPlan SOS. He is passionate about exposing the manipulative messages from those trying to get to your money and the lies that we are told about debt, including building your credit score.

    By all measurements, Steve is considered eccentric. His views on debt are not conventional and his view on credit scores make him sound as if he is broadcasting a conspiracy theory. He accepts that misconceived view and hopes you will listen to his message: That he has been lied to about building his credit score!

    Don't misunderstand, he certainly does not want to hurt or damage your credibility. However, his message is being published in order to help you see that there is something seriously wrong with the Credit Scoring system. He will also show you how to win IN SPITE OF IT.

    The Facts about FICO

    FICO stands for Fair Isaac and Company and was renamed Fair Isaac Corporation in 2003. FICO is a publicly traded company on the New York Stock Exchange that provides analytics and decision making services intended to help financial service companies make complex, high-volume decisions. One of those services is Credit Scoring, which simplifies the process and summarizes the information into a 3-digit number.

    What makes up a FICO score

    Your FICO score is generated from a computation of five things http://www.myfico.com/crediteducation/whatsinyourscore.aspx

    • 35% from your payment history on debt products (loans, credit cards, etc)
    • 30% is based on the amount of money you owe
    • 15% comes from the length of history on those debt products
    • 10% takes into consideration the types of credit you use
    • 10% evaluates how much new credit you have

    I urge you to make the observation that should be completely obvious here: The entire FICO score is based on debt and debt products. It is a one-sided measurement of debt. Did you notice there is no mention of how long you have worked at your current job or even the balance in your savings and retirement accounts?

    Credit Score pays off debt LIE picAlso, notice how everyday purchases and normal monthly bills are not included in the calculation? Your cell phone payment, your electric bill, even your rent payment will never help your credit score, but miss one single payment by a day or two and they will ding it! Fair Isaac isn't really all that fair, is it?

    Who uses credit scores

    When was the last time you used your credit score? You can't remember because it has never happened. You have never used your credit score, only companies and lenders do.

    I never gave my permission for FICO to collect my information and sell it to a bank in order to rate me. I never signed a form that gave them the permission, did you? Isn't it funny that we live in a world where people are supersensitive about giving out their Social Security number, or even having their phone number listed in the phone book, but WANT the credit reporting industry to collect their personal banking information and allow them to make a profit by selling it to a bank that is trying to sell you money? That's crazy to me!

    Credit score lies!

    You've heard it all over the place: You need to build your credit score. We are told to have at least three credit cards and use 30% of the available credit in order to have the best score. If I had three credit cards with a $5,000 credit limit on each then my available credit would be $15,000. According to the traditional advice we are supposed to run 30% of that balance ($4,500) through our plastic each month. I don't know about you but I would have a hard time paying off that bill to avoid interest charges, thus going into more debt. That is just really bad advice!

    We are also supposed to have a good mix of debts. A highly-regarded personal finance expert once told the father of a female grad student with no debt, a good job, and a decent chunk of money in the bank to consider getting a small installment loan in order to build her credit score. THAT IS SIMPLY IRRESPONSIBLE ADVICE!

    I know of guy offering a credit-building program for $1,000 (or four monthly payments of $297, that's convenient!). He states that the program "will teach you how to raise your credit score, so you can pay off your debt!" LIAR! Does he take us for fools? How does a great credit score pay off debt? Does FICO cut us a check? Maybe they will send us a coupon or rebate voucher. Credit scores do not pay off your debt. DON'T BELIEVE THE LIES!

    FICO spokesperson Craig Watts once stated that "In rare circumstances it is possible to get a [perfect] FICO score of 850. For a broad section of the population, it probably isn't possible, even if they do everything right." So what the heck are we doing all this for? What is all this energy wasted on building a stupid score supposed to get us?

    Calm down Steve. It's not that big of a deal

    Granted, a better score could allow you to refinance higher interest rate debt to lower interest rate debt, but you still have the debt to deal with. Don't mistake reduced interest payments with savings. Paying off the debt once and for all will save you more interest than any low-rate transfer balance ever could.

    As a side note: My financial security will not be compromised because of an idle threat that someday an employer may want to pull my credit report or my insurance rate might be a little higher because I don't have any debt, thus can't have a great FICO score. I'll more than make up for missing out on a great score by staying out of debt and building wealth instead. Employers don't even care about the score as much as a trouble-free credit report and my insurance agent can go jump in the creek if they jack my rate because of a silly 3-digit number. I'll just go to Flo if that happens, she'll take care of me.

    Credit score alternatives aren't sexy

    It just infuriates me that people are being led to the debt-slaughter without a clue. If news stations want sensational stories and controversial commentary then why won't they feature a segment about the unknown alternatives to the FICO score? I'll tell you why: They aren't sexy!

    Credit cards are sexy. Expensive luxury vehicles driven by celebrities (or crashed by Amanda Bynes) are sexy. Discussing tricky ways to manipulate your credit score is sexier than the dull, mundane, yet successful way of building wealth by saving money in a bank account or investing in your boring retirement account. Well, that is until the market has a correction and then the financial world is coming to an end (we'll leave that for Jon in a future podcast episode.)

    Do the right thing

    Here are four morally-based ways to do the right thing while maintaining a good credit score without being trapped by debt:

    • Pay your bills and debts on time: Anyone can be creditworthy if they just follow this one rule
    • Save $1,000 or more in a savings account: Emergency savings is the antidote to avoiding new debt
    • Cut up your credit cards: Stop borrowing more money. If you don't like living without credit cards then somebody will issue a new card. Target or your local gas station would be glad to have you back!
    • Check your credit report for free: Go to AnnualCreditReport.com http://AnnualCreditReport.com for access to your credit reports at no charge. Challenge any discrepancies with the credit bureaus. Save your money by saying "No" when they offer to sell you your score.

    Don't I need a great FICO score to buy a house?

    This is the question that keeps people in the credit-score-building game for life. We have been led to believe that we can't buy a house if we don't have a great credit score. First of all, you can buy a house with a good score, a great score, or even a bad score if you pay for it with cash at the closing. I understand that this isn't easy to do, especially for first-time homebuyers or people in debt, but investors are snatching up acres of real estate in Florida and California right now because they don't have to prove financing and don't have to wait to be qualified for a loan.

    What you aren't being told: There is an Alternative to the Credit Score

    The good news is that the market has answered our call for help when people trying to live a debt-free lifestyle need a mortgage (the only type of debt that is remotely acceptable). It is called "alternative credit". Actually, alternative credit has been around for ages, just under a different name. In the old days it was called "shoebox credit". As the name implies, you would bring a shoebox full of receipts and cancelled checks to prove your bills were paid on time. This process was very time consuming for banks - that is why they were so quick and eager to get away from the manual underwriting process in lieu of the credit scoring system.

    Then came eCredable. I love eCredable http://MoneyPlanSOS.com/eCredable and what they stand for. This is a service that will verify all your payments - cell phone, cable bill, rent, etc - and provide your lender with password-protected access to your credit-worthiness report. Do they have to accept it? The Equal Credit Opportunity Act Reg B says they do. Steve Ely, CEO of eCredable, stated "Every creditor is required by law to consider anything that you present that helps them assess your credit worthiness when they are using other credit related information to determine your credit worthiness."

    So there you have it. As long as you pay your bills on time, even if you don't have any debt, you can qualify for the best rates out there. You can have no debt and no credit and have no problems.

    You can get a free account by visiting http://www.ecredable.com/money-plan-sos and use the promo code SOS.

    Don't Be Fooled By The "Build Your Credit Score" Lie

    Let's review:

    • Credit scores are 100% based on debt
    • You don't use your credit score, banks do
    • We never gave FICO, a privately held company, the authorization to make a profit from selling our data
    • You are being misled by experts who say you have to build your credit score
    • Good financial behaviors, like saving money, are not sexy and don't warrant airtime on the news
    • You don't need a FICO score to buy a house, there are alternatives that you aren't being told about

    Want to see my credit score?

    Once I learned how money really worked I stopped worrying about my credit score. I've been on a mission to educate everyday Americans like you about the trappings of debt, credit scores included. I was curious, however, to see if my credit score had eroded away. After all, I haven't borrowed any new money or had any open credit accounts for over 5 years and the only debt we have is a small mortgage. We can all assume that my credit score is really weak!

    I created a vid-torial to show the readers of my blog how to get their score. In the process I discovered that FICO tries really to sign you up for a $14.95 a month credit monitoring program - really hard! It made me really cranky. Watch the video to see what I mean and you will discover, just as I did, that I have been lied to about "Building my Credit Score" http://www.moneyplansos.com/cranky-old-guy-gets-his-credit-score/

    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.

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