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!

August 19, 2015  
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  • Today's lesson is all about an article from the Washington Post titled "The remarkably high odds you'll be poor at some point in your life."
  • Great reminder that our financial is never permanent; it's always in a constant state of flux
  • Great odds we will be both poor and rich at some point in our lives
  • Hey I joined Periscope
  • Quote of the week

The JW’s Financial Coaching Podcast_86

I'll be honest with you. There are some weeks it is difficult to come up with material for the show. After doing a podcast for almost five years, you run out of stuff to cover. But then you read an article like The remarkably high odds you'll be poor at some point in your life
in the Washington Post and you just know you are going to do a lesson on it.

I highly recommend reading the whole article yourself, but the results are based on almost 50 years of data and are truly fascinating and backup something I've known in my heart for a long time. That our financial situation is never permanent. we discuss the results in-depth but overall there is a really good chance you are going to experience year(s) of economic hardship. But on the flip side there is also a really good chance that your household is going to experience a year or years at the top of the income scale as well.

What does that tell us? Well it tells us that hard times won't likely be here forever; as well as the good times might not always last as well. But in today's lesson we discuss the five ways we can apply this research to our own economy:

  1. This life stage financially is only temporary
  2. Trouble WILL happen; not a matter of if, but when
  3. Plant for trouble so the lows aren't that bad
  4. Plan for prosperity so we can handle it, instead of blowing it
  5. Can't change the past-but can change how we react to our future.

Bottom line is this; are we going to allow our current situation to define us? Or will ee fight through and realize this is just one tiny sliver of our overall financial life?

I also recently decided to join Periscope and actually did a live 'Scope during the recording of this podcast. If you are on Periscope please feel free to follow me @JWFinCoaching. So far I've been doing weekly Scope sessions but hope to do more in the future, not just on money, but in other areas of my life including sports and books.

Finally I also give an update of some of the books I've been reading this summer. I've read a few but the best so far has been The Personal MBA by Josh Kaufman. I share why I enjoyed this book and how it can boost your economic value no matter whether you are a CEO, small business owner, or everyday employee.

This lesson’s quote is brought to you by Audible.com and comes to us from the Bible.

A prudent person sees trouble coming and ducks;
    a simpleton walks in blindly and is clobbered.” ~ Proverbs 27:12

This passage from scripture ties in nicely with today's topic.

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.

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.

March 8, 2015  
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  • Remembering Dr. Thomas J. Stanley
  • Why do we treat the source of money differently?
  • Anthem and Identity Theft
  • Guest media appearances
  • Quote of the week

The JW’s Financial Coaching Podcast_84Today’s show is in memory of Dr. Thomas Stanley, who was tragically killed in an automobile accident last weekend. Dr. Stanley authored many books but his most famous was the classic Millionaire Next Door. That book is on my short list whenever someone asks me about must read personal finance books. It also was one of the big influences that got me interested in learning about personal finance and ultimately into coaching and blogging.

Rather than focus today’s lesson on one major topic I am doing something different today and going to be talking briefly about on a few different topics. I would love to hear whether or not you enjoy this format better.

The first topic we discuss is how we view and treat money differently depending on the source it came from. What I mean by this is it just or me or do we view money differently when it is from our regular income compared to a bonus check? Or do we treat money from a garage sale differently than an inheritance or tax refund? I know I do and most of my peers do as well. I noticed this recently on Facebook when a lot of people were sharing what they had bought with their tax refund. But why is this? The way I look at it your normal income is what you pay your bills with, investing in your 401(K), and give. Tax refund is money to be spent, while bonus money is money to save for a larger purchase like a vacation or car. However I never think about investing or giving any of that money.

Ultimately though if we have a certain goal such as getting out of debt, building an emergency fund, or saving for a down payment on a home, shouldn't all of our money, no matter what the source, go towards that goal? I believe so but am intrigued as to why we don’t do that.

Identity theft and data breach seems to be more and more common. Recently Anthem announced that over 80 million people had had their personal data compromised including their name, address, date of birth, income, and social security number. While that is scary, it is also a good reminder that you really can’t protect your identity. So how do we guard against it? Well really the best thing we can do is to monitor our credit report.

I’ve done whole shows on the credit report before, but this is just a reminder to check your credit reports at least once a year. You can do so for free at annualcreditreport.com. If you go through that site you can get a free annual credit report from all three of the credit reporting agencies. Checking your credit report can’t stop identity theft, but it can stop it from growing quickly.

Finally I am proud to share with you a couple of guest post appearances I’ve made recently. The first was a guest interview on Mint.com. They asked me several questions pertaining to how I started getting into financial coaching, what financial coaching looks like, and how money is more than just the numbers.

The second guest appearance was on the website Scratch Wireless and had thoughts from me and 24 other personal finance experts on how to save money each month. I discuss my answer and why I think that it is true as well as discuss other people’s advice. We also dive into the thinking that the best way to save money is to spend.

This lesson’s quote is brought to you by Audible.com and comes to us from a French Proverb:

"Money is a good servant, but a bad master”

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 FeedburnerStitcher SmartRadioiTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

February 8, 2015  
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  • I wonder what would happen if the grocery store checkout lanes contained positive material?
  • Today's lesson inspired by a thought I had while grocery shopping
  • The power of negative thinking
  • How what we are putting into our mind impacts our bottom line
  • Quote of the week

The JW’s Financial Coaching Podcast_83

Today's lesson is inspired by a thought I had a few weeks ago at the grocery store. No it wasn't about how much groceries cost or how in the world we're going to afford groceries when our two boys go through adolescence.  But more along the lines of what would happen at the checkout registers if they had quality material instead of the gossip magazines they sold currently.

<blockquote class="twitter-tweet" lang="en"><p>I wonder what would happen if the grocery store checkout lanes contained positive material instead of the garbage they have right now?</p>&mdash; Jonathan White (@JWFinCoaching) <a href="https://twitter.com/JWFinCoaching/status/557554418846277632">January 20, 2015</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

That got me to thinking about what else are spending time on or putting into our minds that is negative or trivial. Turns out it is a lot of different things. TV, Facebook, Video games, sports, and on and one. Now granted none of these things in itself are necessarily bad. But how much time are spending on these activities? Are they defining who we are and what we do? If we are filling our mind and time thinking about trivial stuff, when do we have time to focus on the important stuff? Are these activities stopping us from starting a business, writing a book or blog, making a career change, or volunteering more?

This impacts our finances because we are what we think about. Or lives are not a grapefruit; we don't have sections of our lives, like money, family, faith, career, hobbies, physical health, that never interact with each other. Rather it is like a pie that has different sized slices for the things we do and care about, but they touch one another and interactive with each slice.

So what do you remember about what you did last week or last month? Was it something positive? Negative? Trivial? Why is it that we remember what we remember? We probably remember what we did the most.

To get positive material in my mind. I've been doing several things lately:

However I still have a long way to go. I need to remember and put myself out there to create more relationships that I can network with. In addition to creating more long term goals for this blog and podcast.

The financial lesson from today's show is about improving your finances by believing that you can first win with money as well as eliminate the distractions that keeps us from getting to where we want to go. It's like nurturing ourselves with junk food; it will number our hunger for a little while, but why settle for that when we can eat a nice five course dinner instead?

This lesson’s quote is brought to you by the JW's Financial Coaching Newsletter and comes to us from Benjamin Franklin:

"An investment in knowledge pays the best interest”

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 FeedburnerStitcher SmartRadioiTunes, or by downloading the iPhone app. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

March 17, 2013  
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Highlights of today's show:

  • Is money management more about behavior or about the math?
  • I have found that people who change their behavior win with money
  • This is a paradigm shift for most of us, including me
  • Life is like a pie, when you get your finances under control, it will overflow to other areas of your life
  • We're getting ready to put our condo on the market

Today's show is off the cuff as I do an impromptu show on how money management is about behavior, not about the math. So often we are taught or believe that personal finance is all mathematical. My degree in accounting taught me to think like that, however after studying personal finance for many years and working with individuals and couples on their finances over the past three years, I have realized that knowing the math isn't good enough. You have to modify you behavior to win with money.

We see this all the time with saving and paying off debt. We try to use math to rationalize why saving a small amount each month won't mean anything or why paying off low-interest rate debt isn't right. But when we see money as a behavior issue, we save and pay off debt so we can build that discipline which will allow us to reach our financial goals.

Other blog posts/podcasts related to behavior with 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.

February 10, 2013  
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Highlights of today's show:

  • The "4-1-1 on" series continues with my experience on living on one income
  • Living on one income is not for everybody, but many want to and can't figure out how
  • It is doable . . . if you make the necessary choices
  • Things to consider before making the decision to move to one income
  • For our family it has been a great decision that we don't regret one bit

According to surveys, about 1 out of 5 families in America today live off one income. That is a drop off from about 35% in the late 1970's. Now there is nothing wrong with having a two income family and neither way is better than the other, but I have noticed from working with families over the years that many would like to become a one income household but don't know how they can afford to. On today's show, I share the 4-1-1 on living on one income by sharing how our family has done it for the past three years.

The first thing you have to realize is that living on one income is doable if you make the necessary choices. Just because you don't make six figures doesn't mean you can't survive on one income. But being able to live on one income does mean you have to make it your #1 priority. Those that are able to live on one income make choices in their spending that reflect that.

Second, you also have to realize that a lot of times, living on one income means you have a lot less wiggle room than most. There usually won't be a lot of excess in your budget, therefore you can't afford to be sloppy with your finances. This will force you to be on the same page financially as your spending must align, but it will also improve your marriage as you will communicate better and turn  "his" and "hers" into "ours".

Finally, before you actually make the jump you need to consider three things. First determine what is holding you back. Are your monthly expenses too high? Is there debt you can eliminate or pay down that will lower your monthly commitments? Second, have a fully funded emergency fund. It's important to have this anyway, but especially if you have one income. The worst thing that could happen would be for you to have an emergency right after going down to one income and have no cash in the bank to cover it. Third, test it out. Go ahead and budget on one income and see what that would look like in your life. Test it out for a while and then you can determine if this is something you really want to do.

If you would like any help in determining how your family can make it on one income I would be more than glad to help you.

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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Jenny McCutcheon from Exconsumer.com joins us today to share how her family paid off $25,629 in just 8 short months! Jenny always thought that having debt was just a way of life. It wasn't until she started to read some personal finance books that she realized that living debt free was possible.

To pay the debt off in such a short amount of time Jenny's family cut their living expenses by a third! One of the things they did to create extra cash to put on their debt was to have a garage sale. The garage sale they had in July earned them over $1,000 and she wrote a blog post detailing her experience.

When Jenny originally started her blog exconsumer.com she had never heard of minimalism. But while discovering minimalism she has realized that you can live with less. Her blog community helped encourage her throughout the debt free process.

To become a guest on the show please contact me and we can set up a time to record your debt free-living story. The only rule to be on the show is that you are debt free besides the mortgage.

You can subscribe to the Debt Free Living Podcast either through Feedburner or iTunes. 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.

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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Gambling, home equity lines of credit, and insurance are the main topics on the show today. Gambling is not a way to build wealth, in fact, it will cause you to go the other way and become broke. If playing the lottery is your retirement plan then you are in trouble. But playing the lotto is not the only way we gamble with our money. We gamble by taking out huge loans and investing that money into either the stock market or in real estate. The thing is that you do not have to gamble to build wealth; be the tortoise and not the hare.

Home equity lines of credit get pushed as a good way to pay off your debt by consolidating. The problem is that by doing that you very rarely making the necessary changes that got you into the debt in the first place. In addition, you are also putting your home at risk. If you do have one we discuss what is the best way to go about paying it off.

Insurance is available for almost every single item necessary. You do need some insurance but figuring out which insurance you need can be quite difficult. We break down what insurances we recommend that you buy and which ones you need to avoid.

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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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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On today’s show we are joined by Steve Stewart of Moneyplansos.com. Steve has been a guest before on the show discussing how to dump credit cards. But today he joins us to discuss the book Debt Free U by Zac Bissonnette. In Zac’s book he shows why student loans can be very dangerous, what parents can do to negatively impact their child’s economic future as well as their own, and he shows how you can actually graduate from college without any student loans by simply working hard and going to a school you can afford.

Steve and I have a great discussion and talk about some of our favorite chapters in the book including the dangers of student loans, the public vs. private school debts, and even the ridiculousness of the FAFSA form. Steve has had Zac on his podcast as a guest and he is a very smart and knowledgable guy.

This is a must read for not only students and parents of college students, but also for fellow financial coaches to use as a good resource when you are working with clients.

In addition, Steve also discusses how he thought of the idea for the Great Recovery on I-70 series and what he hopes will come out of this. Remember if you are in the Central Ohio area please join us on Sept 13th at 7pm at the Hilliard Branch of the Columbus Library. We would love to have you there and hope you bring a friend. For more information or to RSVP please visit our Meetup page.

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

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

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On today’s show we discuss an email I received from a listener wanting to know my advice about becoming a financial coach. Being a financial coach is hard work, but worth it and I share some observations I have learned over the past year about people and how they handle their money.

Personal finance is very personal and it is hard to get people to discuss their finances and to make themselves be vulnerable. In addition people are content with being average financially, but as I and others have talked about before, you don’t want to be average financially.

Finally, we share some more details about a couple of projects JW’s Financial Coaching is doing in the month of September. The first is the Cash, Credit, College, and Career course part of the Great Recovery on I-70 series. For Columbus, Ohio the first class is Tuesday September 13th at 7pm at the Hilliard branch of the Columbus Public Library. We are very excited to be bringing this event to Columbus so we would appreciate it if you would RSVP if you are coming as well as spreading the word around the city.

Also the 1 month to $1,000 Challenge will be starting in September, courtesy of Josh Gordon of the NonConformistFamily.com. I am excited to part of such an amazing group of talented individuals teaching you how to earn an extra $1,000 in one month. To me this is an investment you must make if you are looking for ways to earn some extra money and pay off debt or build a savings fund. You can purchase the course for only $67* and you will receive 3 emails a week filled with interviews, as well as a weekly seminar.

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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