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 28, 2016  
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  • The average US household financial stats
  • What these stats say about your economy
  • What to do to be better than average
  • Motivation to not be financially average
  • Quote of the lesson

The JW’s Financial Coaching Podcast_118

My wife and I have had a lot of changes in our life this past year. We’ve added a new member to our family, spent some money updating our home, bought a new van, and got a raise in income.

Because of these life events we have been forced in the past year to look at some things in our finances and determine if we need to make any updates. This got me thinking on that others might have these same “problems” or “issues.”

So today we’re going to talk about things we need to review once a year to make sure our coverage or amount saved is enough. They include

  • Emergency Fund-We recommend you have 3-6 months’ worth of expense saved after you become debt free. But the problem is that we originally setup an emergency and as the years go by our life changes. We might have more or less expenses now, then we did originally. Life has happened so we might want to consider whether we would want a six month or a three month emergency fund. After determining what your expenses are today you might learn that you have too much or too little in your emergency fund at the moment
  • Life Insurance-Life insurance is not a fun topic to discuss, but make no mistake, it is an important one to discuss. Most advice says to have 8 to 12 times your income in life insurance. However what if your income has increased since you originally bought the term policy? Is your coverage still enough? If not you might have to buy an additional second policy or buy a whole new one to insure you have the right coverage.
  • Car Insurance-How often do we just buy car insurance and then never compare whether or not we are paying too much? More often then we think. Go ahead and look at quotes on online and see if they can beat your current rates. In addition look to see if you want to lower or raise your deductible or if you need to add or drop certain coverage.
  • Investing-Most of us invest in our 401(K)’s at work via a certain percentage each paycheck. However IRA’s are usually deposited by an amount each month. But if your income changes have you updated your IRA contributions to reflect that change?
  • Giving-The first four issue make sense to you probably. But why would I need to review my giving you might ask? Because let’s be honest when was the last time we looked at our giving and honestly looked at if we should be doing more in that area.

Now I don’t think we need to review these each month, but annualy or every few years make it a priority to see if you can save some money , cut back, or increase your contributions in a certain area.

If you are like me, you like to do something once, set it up on auto draft and be done with it. But sometimes putting our finances on autopilot can hurt us and actually cost us money. So it’s good to take a minute every once a while and ensure you are still setup properly.

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

"80% of what we worry about doesn’t happen.” ~ Unknown

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.

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  • Different format to the show today
  • Sharing my thoughts from doing 100 lessons of the show
  • Doing the podcast has taught me a lot about money
  • How you can help show your support for the show
  • How you can buy a copy of "A Tale of Two Houses"

The JW’s Financial Coaching Podcast_100

For the 100th lesson of the JW's Financial Coaching Podcast, we're going to do something different. I'm sharing 100 different money thoughts I've learned since I started the show.

If you have been a listener to the show for a long period of time you know that there have been more than 100 lessons of the show. I originally started the show back in 2010 and only started to number the lessons in 2012.

Either way for today I started out by coming up 100 short thoughts I have come to believe while doing the show. These 100 then were grouped in 14 different categories.  They are:

  1. Money is . . .
  2. Debt
  3. Owning a home
  4. Giving
  5. Budgeting
  6. Spending
  7. Joint Finances
  8. Investing
  9. Saving
  10. Credit Scores
  11. Education
  12. Taxes
  13. Emergency Fund
  14. Podcasting

Hopefully you enjoy the show, I'd love to hear feedback on whether or not you enjoyed it. Ultimately thought I couldn't do it without you. I know I always say that, but I say it because it is true. Thank you for being a listener to the show, I am excited to share with you some big things I have for the show later on this year.

Also "A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way" is now available for pre-sale. The book releases April 12th but order now to get the lowest price you'll find it and receive two exclusive bonuses for pre-ordering the book.

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.

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Highlights of today's show:

  • 13 ways to take control of your finances in 2013
  • Good reminders for whatever situation you are in
  • First you have to decide what you want to do with your money this year
  • Review your cash savings, retirement, mortgage rate, and insurance coverage
  • Look at your financial situations in the long run as well as the short run

Today we kick off the podcast in style by discussing 13 ways to improve your finances in 2013.  Whether you are doing all 13 things currently or doing none of them, this is a great list to go through and review; you might find a thing or two you can change to improve your finances in 2013. Below are the 13 things:

  1. Sit down and decide what you want to do with money in 2013
  2. Know where your money is going each month
  3. Look at how the recent tax change impacts your take home pay
  4. Look at your cash savings
  5. Eliminate debt
  6. Don't take out new debt
  7. Focus on your career
  8. Take a look at your long-term investments
  9. Review your insurance coverage
  10. Eliminate the clutter from your life
  11. Look at your mortgage rate
  12. Educate yourself
  13. View your financial decisions as long term

Is there something that I forgot? Please leave a comment below. In addition I also mentioned my recommended reading list as a good way to educate yourself in 2013.

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.

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:

  • Answer a question from a listener
  • Where to put all your extra cash from savings
  • Keep your savings accounts very basic
  • Save for college using 529 and ESA accounts and take advantage of their tax treatment
  • If you are interested in audio books, check out audible.com

It’s a nice problem to have: having to find out where to stash all your extra cash. But it is an issue that will come up once you are debt free. Today’s topic is about where to put your different savings accounts. The question for today came from someone who listened to the replay of the “You are Debt Free . . . Now What?” Teleseminar.

You want to keep your emergency, vacation, car, and other savings account(s) separate from your general account so that way you know how much money you have in savings. For anything that you are planning to use in less than three years, I recommend using a simple savings account. Yes, you won’t make very much interest, but the money will be there when you need it and you don’t have to worry about it being tied up in stocks.

Should you have a separate savings account for each thing you are saving for? You can and I would recommend you keep you emergency savings account separate, but keeping your other savings separate is up to you. I personally use the non-monthly and savings worksheet to help keep track of our savings accounts.

In addition, for college savings use either an ESA or a 529 plan. Those plans have special tax advantages over investing them yourself. For more information, check out the video I did for Financial Literacy Month on college savings or check out the podcast I did explaining ESA and 529 plans.

In addition, if you interested in listening to books I highly recommend you check out audible.com and sign up for their free 30 day trial. My wife and I have really enjoyed what audible offers and you can actually get a free audio book by signing up.

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. 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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On today's podcast we discuss how to prepare financially during a pregnancy. We have discussed our experience in other endeavors before but today we are going to focus on what we have learned about the financial impacts of having children and share some tips on how to keep the cost of having children at a minimum.

The following previous podcasts were mentioned on the show: When is it ok to not work the financial plan and Talking about Health Savings Accounts (HSA's)

In addition, I share some results from a poll on the JW's Financial Coaching Facebook Fan page dealing with your feelings on the whole debt crisis/stock market drop/USA credit rating change. The results so far have been quite interesting and I'm still curious about what you think, so if you have not voted yet, please take the time to do so!

We also share some exciting projects that we are proud to be a part of. The first has to do with the website 2livedebtfree.com. It is a project that some other financial coaches and I have started to share financial information. Right now it is just posts from our websites but we hope to grow it more in the next week months.

Next, I am proud to announce that I am participating in the 1 month to $1,000 challenge. It is an honor to be a part of a project with so many other great minds. If you are up to it, why not invest $67*, do the work and find out how you can make $1,000 extra in a month.

Finally, if you live in Columbus, OH or the surrounding central Ohio area, mark your calendars for Tuesday September 13th at 7pm at the Hilliard Branch of the Columbus metropolitan library. There we will be having the first event of the Great Recovery on I-70. The event is free and we will be showing you how to focus on YOUR economy and improve your finances. More details to follow in the coming weeks.

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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In today's podcast we start to talk about saving, specifically saving for emergencies.  What exactly is an emergency fund?  What constitutes an emergency?  Where should you keep your emergency fund and most importantly how much money do you need to put aside?  All those questions are answered and more in today's show.

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

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

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Today we answer your questions dealing with home warranties. Are warranties a good deal?  Which ones should you get and which ones do you not need?  Also, what is the difference between insurance and warranties?  Those questions are answered in detail.

As a reminder if you want your questions or funny stories read on air for the special "Love and Money" podcast, please visit the "Love and Money" Podcast page to submit your questions/stories.

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

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

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To kick off the new and improved podcast for 2011, we discuss Healthy Financial Habits that you can develop to help get control of your finances in 2011. The main topics covered are developing a financial game plan and beginning to save for emergencies. For more help in those areas visit our financial resources page for additional help. Other things mentioned in the podcast:

Aaron Nichols' post that was mentioned in the podcast can be found at his True North Financial Fitness Coaching website.

You may subscribe to the Podcast either through Feedburner or iTunes.

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

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