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!

February 19, 2017  
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  • Kicking off a new series
  • Getting on the same page with your spouse on your finances
  • Why this is important to do
  • Why it is initially hard, but worth it in the end
  • Quote of the lesson from Dave Ramsey

Back when I first started the show, I would group a lot of shows together and do a series on them. I love doing series because the shows have a similar theme and they build upon each other. If you look through the archives of the show you will see a variety of series I’ve done in the past.

But it hasn’t been something I’ve done recently, until now. Today I’m starting a series on lessons learned in financial coaching.

As someone who has been doing financial coaching for seven years now, I’ve noticed several reoccurring topics or themes that pop up when working with clients or talking with potential clients.

What I’ve realized is that if there are constant themes with clients, then odds are the other people are experiencing the same issues and have the same questions.

Today we start off with working together with your spouse on being on the same page financially. I choose this one first, because if you are currently married or are thinking about marriage one day, and you can’t solve this issue it doesn’t really matter about what you do for the other issues. The thing is that our money issues are probably due to a result of not being on the same page financially

What typically happens is one spouse contacts me about possibly working together. This spouse is usually the one who is “in charge” of the finances, and things aren’t going 100% well for any variety of reasons.

There is no communication with their spouse on money. It’s not necessarily that they disagree and fight all the time, although often that can be the case, but rather that there isn’t any communication to begin with and each partner is doing their own thing.

This is an issue because it is very difficult to do anything in marriage if one person is doing their own thing, doesn’t know what is going on, or is up to one spouse to do it. This not only is with our money but also in other areas of our marriage such as faith, family, housework, etc.

The thing is that I think a lot of couples get into this predicament because initially in a marriage you can “get by” without being on the same page. However once you start to earn more money, your lifestyle increases, you have children, buy a bigger home, and your children get to college the more your lack of togetherness is exposes.
Now it’s going to be hard to do something different, especially if you have never done it before. Also as a warning, if you try to talk to your spouse about money and you never have had serious conversations about it before, your situation will probably get worse before it gets better.

However, IT IS WORTH THE EFFORT!

I always tell people that these changes are good for your marriage, not just your money. By working together and beginning the conversation you will see great changes in your marriage. Now you might have some apologizing of confessions to make, but if you share why you want to change and work together, not just the what, you will start to experience a breakthrough in that area of your marriage.

Granted, this won’t be easy at first, but if you sit down, be open and honest, and see where your money is going it will be eye opening to both of you and allow you to dream again

If you want change to occur this must happen. Doing the same thing you’ve always done and expecting a different result isn’t going likely to happen.

More resources I have done on this topic:

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

“One thing that is always more expensive than a good system is not having a system at all." ~ Dave Ramsey

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.

February 7, 2016  
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  • How many of us don't work together on our finances in our marriage.
  • Why financial infidelity is so destructive
  • What the power of a joint account brings to your marriage
  • How to become a member of the Launch team for A Tale of Two Homes
  • Quote of the lesson from Earl Nightingale

The JW’s Financial Coaching Podcast_95According to a poll conducted by creditcards.com currently in America there are about 13 million people who are committing financial infidelity. That is, they have a secret bank account or credit card that their spouse doesn't know about. Today I discuss why that is troubling and why having a secret account is not ok even if you aren't breaking the bank financially or doing something sinister.

Financial infidelity is a serious topic and I also explain why sometimes we fall into it. Not making excuses for anyone but in my years as a financial coach often this comes due to one partner in the marriage carrying all the weight of the money. To not disappoint or make the other partner mad they get a credit card on their own or take out a loan and that just starts a downward spiral. It isn't healthy because it adds a layer of deceit to the marriage.

Also we talk about the power of joint accounts and how that can help keep financial infidelity down. It's not a fool proof way but joint accounts unleash a power in your marriage and that power is called the power of forced communication. You see when you are working together by doing a budget and sharing the bank account you are forcing yourselves to communicate together. This allows you to agree on your spending and when you agree on your spending, in essence you are agreeing on your life.

For more information on joint accounts please check out the following resources:

Also I'm excited to announce that my new book "A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way" is set to release this spring. In anticipation I'm taking applications to join the book launch team. If you are interested in getting an advanced copy and helping to spread the excitement for the release then consider joining my launch team. I'm taking applications until next week on the blog. You don't have to be in the market to buy a new home to be considered for the launch team, you just need to believe that this message can help people from making buying mistakes.

Today's quote of the lesson is brought to you by my new book A Tale of Two Houses

"We tend to live up to our expectations.”Earl Nightingale

Enjoyed this lesson? If so, please consider taking a few minutes to leave a review of the show either in Stitcher SmartRadio, or iTunes. For a step by step video of how that works, please watch this video on how to leave a review in iTunes.

You can subscribe to future podcasts through Stitcher SmartRadio or iTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

May 12, 2013  
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Highlights of today's show:

  • One of the best things you can do for your marriage is to get on the same page financially
  • Focus more on the "Why" instead of the "What"
  • Sometimes you have to compromise
  • Share what getting on the same page would mean to you
  • Receive access to the "JW's Manifesto on Money" by signing up for the JW's Financial Coaching newsletter

I don't know what it is, maybe it's that my wife and I are celebrating our wedding anniversary this week, or maybe that it's wedding season. But I felt like today I needed to talk on the podcast about how to get you and your spouse on the same page financially. It's one of the best things that can happen to your finances but a lot of times it's harder said than done and will keep a couple from winning with money.

Today we discuss the four ways to help get your marriage on the same page financially:

  1. Focus on the "What" and not the "Why"-So often one spouse will read a book, blog, or listen to a new podcast on money and they'll get so fired up that they'll come home and talk about "What" they need to do; cut up the credit cards, start to budget together, sell the other's car. But they don't share the "Why" and they wonder why their spouse looks at them funny and says "You're crazy!" But if you instead share the "Why," there is a greater chance of you coming together and coming to an agreement.
  2. Be patient-Along with #1, you need to be patient with your spouse. Just because you got some new information and are ready to become intense with your money doesn't mean that your spouse will be just as enthusiastic. But give it some time; the more you talk about and discuss it, the more they will get comfortable with the idea of making changes in your financial life.
  3. Be willing to compromise and work together-You might be ready to sell both your cars and cut up your credit cards and never use them again, but your spouse might not want to. What do you do? You compromise and maybe you decide to take the lead, sell your car, stop using credit cards and instead use cash. This will work because your spouse will see what this does to your bank account each month and before you know it they'll be willing to sell their car as well. You might not always get what you want, but the more you compromise with each other the closer you will come to sharing your finances together.
  4. Share how much it means to you-Your spouse might be hesitant to get on board with a financial plan because they might think this is just a fad you are going though. But if you have a sit-down conversation and share what being on the same page will mean to you, I think your spouse will realize you are serious about this and will be more willing to work together.

There's how I would go about getting on the same page financially with your spouse. But what about you? How have you gotten on the same page with your spouse and what did it do for your marriage? I'd love to hear your thoughts in the comment section below.

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.

December 11, 2012  
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Highlights of today's show:

  • Young adults are putting off marriage and having children because of debt
  • Should you wait to do those life events until you are debt free?
  • Debt can limit your options, but never let it stop you from getting married or having children
  • How much money should you spend on Christmas
  • Year end accomplishments and goals podcast is coming up

Would you ever postpone getting married or having children because of your debt? Apparently there are a number of young adults who are doing so. I shared my thoughts on the blog last week on this topic, but today I go more in-depth and share why I think you should not delay marriage or having children to pay off your debt.

In addition I also attempt to answer a question from a listener on if there is a certain percentage of income that I recommend to spend on Christmas.  According to the experts Americans are expected to spend approximately $850 this Christmas. Is that high or low for you? We break down the answer and share why the amount of cash you spend on Christmas should depend on your financial situation and not what you have spent in the past or what your family expects.

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 100 of these, so thank you in advance for your participation.

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 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.

November 25, 2012  
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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 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 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.

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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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Angie Six from justlikethenumber.com joins us on today’s show to share how her family paid off $100,000 in debt in 6 and half years! Their debt was made up of student loans from both her and her husband as well as two nice new cars. To get their debt payoff accelerated, they made some temporary sacrifices by selling not one, but BOTH of their new cars. While the sacrifices were not always easy, Angie says she and her husband still had a great time getting out of debt.

Some of the keys for them getting out of debt included being around like minded people to keep them motivated and remembering their goals. Other things that helped them stay focused were a budget, taking Financial Peace University, and being on the same path with each other. Now that they are debt free they have been able to travel more, have started to save for retirement, and are able to send their son to pre-school.

Angie started justlikethenumber.com in 2006 shortly after they paid off their debt. The original goal of the blog was to keep in touch with friends and family when they moved from Tennessee to Indianapolis. To anybody wanting to start blogging, her advice is to just start blogging. It won’t be perfect at first, but just start to write. You can find her on both Facebook and Twitter.

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.

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.

February 26, 2012  
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Highlights of today's show:

  • My wife Lisa joins on us on today's show
  • Our favorite 'cheap' date nights
  • Date nights have been important to us
  • Having double dates is great too
  • People on Facebook had a lot of great date night ideas

My wife Lisa joins us once again today to discuss cheap date ideas. Date nights have been a very important part of our marriage the past three years. We discuss why that is for us and encourage you to have routine date nights in your marriage.

A lot of people gave their favorite ‘cheap’ date night on our Facebook poll. The most popular answer was a picnic on the beach. In addition, Lisa and I give our favorite cheap date nights that we do. Remember, you do not have to spend a lot of money to have fun. The best thing about date night is that you are together!

Big thanks to Michael and Claudia Good over at rise365.com for giving us the idea to do this podcast. You can check what some of their readers' (including yours truly) favorite date night activities were in a recent post they shared titled, "Date night ideas."

If you have been a listener to the podcast for a while now, please take the time to complete a five-minute survey on the podcast. I want to know what you think of the show, ways we can improve, and find out what you would like more of as a listener. Remember, I do this show for you guys, so this is your chance to be heard! The survey is anonymous so please answer honestly.

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 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's for helping me create the video.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

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Today we continue with Personal Finance A-Z by discussing marriage, net worth, and opportunity cost. If you enjoyed this episode please leave a review in iTunes.

One of the leading causes of divorce in our country today is money. What would happen to your marriage if instead of fighting over money you could talk about money? To win with money you have to have unity in your finances. You can not do the money thing by yourself; it takes two people who are on the same page and have the same goal.

We talked about assets when we covered the letter “A” and liabilities when we covered letter “L” but what do you get when you subtract your liabilities from your assets? You get what we call your net worth. Knowing your net worth is important because it is really a scorecard of how well you are doing financially. If you do not know where you stand, feel free to use the net worth spreadsheet to help you out. But beware: never confuse your net worth with your self-worth.

Opportunity Cost is what you have to give up to do a certain task. It can be measured in time, energy, and most importantly money. Remember your money is finite so when you say “Yes” to something financially, you are saying “No” to something else as well. The problem with credit is that the banks are the ones who win and your bank account suffers so when you use credit, opportunity truly does COST you.

In addition, for those of you in the Central Ohio area, on Tuesday November 8th at 7pm at the Columbus Library-Hilliard branch, we will be having the third course of the Great Recovery on I-70 series. November’s class is all about finding a career that you have a passion for. The class will last approximately 90 minutes and is open to the public. Feel to free to invite your friends, co-workers, or anybody else who would want to come.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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We have a special guest on today’s show, my best friend and wife Lisa stops by to discuss money and marriage. In our two plus years of marriage we have been DINKS, a one income family, and now a family with a stay at home mom. Lisa and I discuss how we managed our finances throughout those stages as well as how we discovered we were both savers and how nerds and free spirits can get along financially.

The following articles and podcasts are about money and marriage and are relevant to the show:

If you are debt free and want to share your story with me on a future podcast, please contact me today as I am getting ready to do a new podcast series starting in the fall and I would love to share your story on air!

If you enjoyed this episode please 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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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