JW’s Financial Coaching Podcast

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.

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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.

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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.

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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 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.

Listen Now:

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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"] [/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.

• Kicking off Financial Literacy month
• Financial Literacy month
• More Financial Literacy Month questions!
• Why Financial Literacy is important
• Financial Literacy Month Videos
• Your Financial Literacy Month questions
• Wrapping up Financial Literacy Month

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.

Listen Now:

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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?

Also, 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 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.

Listen Now:

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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 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.

Listen Now:

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Highlights of today's show:

• The "4-1-1 on" series continues with guest Mark Hutchison
• Mark has experience in real estate through being a licensed realtor, investor, and Crown Money Map Coach
• What the state of the real estate market is in
• Tips for buyers looking to purchase a home
• Tips for sellers looking to sell a home

Real Estate agent Mark Hutchison joins me on the show to talk about the state of the current real estate market. I asked Mark questions from both the seller's and buyer's point of view. In addition, I asked Mark if the real estate market is really improving, what are some common mistakes people make when either buying or selling a home, and talk about the future of real estate. We also discussed the following topics:

• Has the real estate market officially bottomed out?
• What are some trends that Mark has noticed recently?
• Is it still a buyer's market?
• How to put yourself into a position to make your home a blessing
• Tips for first time home buyers
• How long are homes taking to sell?
• Thing that you can do to improve your chances of selling
• Real estate investing

This also wraps up "The 4-1-1 on" series. I enjoyed doing this series and hopefully will do interviews with other experts down the road. I'd love to heard any feedback you have on the series, both positive and negative. If you missed any of the previous editions or want to go back and re-listen to any of the shows you can find them below:

• JW's Financial Coaching Podcast Lesson #24-The 4-1-1 on Investing with guest Devin Czech
• JW's Financial Coaching Podcast Lesson #25-The 4-1-1 on eFinPlan and Financial Planning with guest Kent Irwin
• JW's Financial Coaching Podcast Lesson #26-The 4-1-1 on living a health lifestyle with guest Lucas Seipp-Williams
• JW's Financial Coaching Podcast Lesson #27-The 4-1-1 on living on one income

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.

Listen Now:

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Highlights of today's show:

• The "4-1-1 on" series continues with guest Lucas Seipp-Williams
• Living a healthy lifestyle is more than just what you eat everyday
• Maintaining a healthy lifestyle is about remembering your "why"
• What have you had to cut back on to make up for the increase in social security?
• Moving up the ranking chart on Stitcher . . . thanks to you, the listener

Lucas Seipp-Williams from BaltimoreHealthCoach.com joins us on today's show to talk about living a healthy lifestyle. Lucas has been a health coach since 2006. He started getting into coaching after looking at himself and his family's health situation, which inspired him to start looking at his life. He enjoys coaching because it allows him to show others how good life can get.

To Lucas, living a healthy lifestyle means understanding ourselves better. He has the experience that having good healthy behaviors links to other areas of our lives. The tendencies he has seen people exhibit that have led to lasting changes include knowing what your "why" is, telling everybody you know, and getting early victories. Accountability is critical to seeing change in your life and having people hold you accountable is a sign of strength, not weakness.

You can find more about Lucas at his websites and on social media

• Baltimore Health Coach
• Healthy Dudes Score More
• Facebook
• LinkedIn
• Twitter

In addition, I would love to hear how you are adjusting your budget to compensate for the decrease in your take-home pay due to the expiration of the 2% decrease in Social Security payroll taxes. You can share your answer at the JW's Financial Coaching community Facebook page.

Also I want to thank all those who listen to the podcast via Stitcher. Over half our listening audience listens to the show via Stitcher and after looking at the latest business podcast rankings, the JW's Financial Coaching podcast is ranked #62 amongst business podcasts. Thanks so much to those listening to the show on Stitcher; we couldn't do it without your support. Now it is up to me to improve the podcast to the point where it gets ranked in the top 25!

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.

Listen Now:

 Standard Podcasts [00:42:41m]: Play Now | Play in Popup | Download | Embeddable Player | Hits (Loading)

Highlights of today's show:

• The "4-1-1 on" series continues with guest Kent Irwin
• Kent has over 30 years of Financial Planning Experience
• Kent was urged to create eFinPlan by his wife
• eFinPlan is a web-based application that allows you to input your financial data and get a comprehensive financial plan
• Learn how to earn 15% off when using eFinPlan

The 4-1-1 series continues today with a review of eFinPlan and financial planning with guest Kent Irwin. eFinPlan is a web-based application that allows you to input your financial data and get a comprehensive financial plan report. Kent first got the idea to create eFinPlan from his wife who asked Kent one day what is out there for people who can not afford to hire a financial planner. When Kent said there was really nothing, that's when the idea started to form. It went live July 2007 and has been helping people ever since.

I have written a blog post on how eFinPlan works but it is quite simple. First you input all your basic financial information such as your income, assets, debt, and insurance policies. Then you answer questions related to your spending habits, retirement plans, and investing beliefs. This is good because it forces you to think about these items as you enter them into the system.

After inputting all your financial information and determining your views of money, eFinPlan then produces a 65 page report. The report has different sections including a net worth projection, insurance explanation, college planning, retirement simulation and more. It doesn't just provide information and projections, it also educates you on why it is important to reduce debt, save more, and budget your income. Kent likes to remind people that filling out the information and looking at the report is investing in your future and gets you prepared to reach your financial goals. The good thing about eFinPlan is that you can change your information at any time whenever something changes in your life.

From Kent's experience, there are four ways that people are lacking when doing a financial plan: 1.) They are not budgeting properly 2.) Not having adequate life insurance 3.) Not investing as much as they need to 4.) Having too much debt.

eFinPlan has a 30 day free tryout period. In addition, to receive 15% off the purchase price please use the coupon code JonW1 when checking out. In addition to running eFinPlan, Kent blogs about personal finance at the following sites:

• JesusMoney.com
• Moneyeducate.com

"Personal finance is not related to numbers, it's related to habits" ~ Kent Irwin

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.

Listen Now:

 Standard Podcasts [00:42:30m]: Play Now | Play in Popup | Download | Embeddable Player | Hits (Loading)

Highlights of today's show:

• The "4-1-1 on" series kicks off today with investing
• Devin Czech joins us to share the cardinal principles for retirement investing
• Why investing is such a confusing topic to discuss
• What are some of the mistakes people make when investing?
• Who are you taking your advice from?

The 4-1-1 series kicks off today with investing with guest Devin Czech. Devin writes a blog at payczech.blogspot.com in addition to having a YouTube channel.  He got an interest in studying and educating himself about investments while in college. One of the biggest reasons why people struggle with investing, Devin believes, is due to lack of financial education on this topic. Today we discuss in depth an article he wrote on this blog titled The Cardinal Principals for Retirement Investing.

Systematically investing is the practice of making constant contributions into long term savings. Essentially it's setting consistent contributions every paycheck into either a 401(K) or IRA instead of just talking about doing it. By systematically investing, you are spreading risk by dollar cost averaging. In addition, you allow the power of compound interest to work in your favor.

Diversification is simply following the principal of "not putting all your eggs in one basket." But it is more than having the correct selection of stocks, bonds, and cash. It's investing in a lot of different funds that include large, small, and international companies. With that being said, diversification will look different for everybody depending on factors such as your age and risk tolerance.

Finally, it's also important to remember not to jump off the roller coaster when investing. When we are talking about investing,we are looking at the long term and not the day to day movement of the market. According to Devin, when it comes to investing, "You want to look at years, not hours." The biggest mistake people make when investing is jumping in and out of the market depending on whether it is going up or down.

To learn more about investing, Devin recommends to read about investing from a variety of sources. Don't just read one book and think you are an expert; rather learn from a lot of different resources and decide what style works best for you.

In addition, I was recently honored to be a guest on my buddy Steve Stewart's MoneyplanSOS podcast episode #92 Know where your advice is coming from. Steve and I talked for about 20 minutes and discussed why this is such an important topic. There is so much bad financial advice out there,but what Steve and I try to do on our respective podcasts is to share quality financial advice that is practical and allows you to win with money

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.

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Highlights of today's show:

• Derek Olsen joins us on the show today
• Derek just released his book The Four Week Financial Turnaround
• Derek and his wife went through a short sale at the beginning of their marriage
• It taught them that they had to communicate about finances early on
• Learn how you can win a free copy!

Derek Olsen joins us on today's show to discuss his new book The Four Week Financial Turnaround*. We also discuss how he and his wife went through a tough financial storm early on in their marriage when they were forced to do a short sale. Derek shares how stressful that process was in addition to sharing why it took four hours for he and his wife to do their first budget. By reading the book and applying the principals into your life Derek believes that you will be able to save more money at the end of the four weeks.

For more information on the book you can visit the website at FourWeekFinancialTurnaround.com. There you can download a free chapter of the book in addition to learning how you can receive some bonus gifts for purchasing the book during its official launch week.

Derek also blogs about personal finance at beatnikbudget.com. In addition,  he and his wife just started a website at HisPlusHersEqualsOurs.com dedicated to helping other married couples support each other in life's most fundamental areas.

You can also enter to win a free copy of the Four Week Financial Turnaround that I will be giving away later on in the month. There are three ways to enter: 1) Leave a comment below saying that you listened to the podcast. 2) Leave a review of the podcast in iTunes. Just leave an honest review in iTunes, it doesn't have to be 5 stars, and you will be entered. 3) Like us on our Facebook page at Facebook.com/JWFinancialCoaching You have until December 9th to enter and you can enter all three ways. On December 10th I'll draw a winner and Derek will send you your free copy.

Finally, I need your help for the final podcast of 2012. I’m trying to collect testimonials from you, the listener, on what you have done to improve your finances in 2012 as well as finding out what your goals are for 2013. Please take 2 minutes and fill out the contact form with your answers. I plan on reading all of them on the final edition of the podcast this year. My goal is to read off 100 of these so thank you in advance for your participation.

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 awhile now, please leave a review of the podcast on iTunes. For a step by step video of how that works, please watch this video on how to leave a review in iTunes. 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.

Listen Now:

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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.

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