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 13, 2017  
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  • Answering listeners questions
  • How to ask for a balance transfer
  • What the biggest issue is with your debt
  • Should you take vacations while in debt?
  • Quote of the lesson from Rory Vaden

When I first started the show back in 2010 one of the things I set out to do was to answer listener’s questions on personal finance issues.

It’s part of why I got into coaching in the first place, to teach and help people in their situation. Well on today’s lesson I get back to that a little as I’ve been looking around on Facebook and on other money forms and have found a few questions from real life people I’d like to answer. I want to answer them today because they are questions I receive often when coaching or talking with people about their money.

First Question-Balance Transfers

The other day I decided to do a balance transfer to a 0% card. My card I am transferring from has a balance of $2048 the new card only approved me for $1000 @ 0% for 15 months. Any suggestions on how to proceed with the payoff since I will still have a balance on the old card? Is it possible to contact the new card and request a balance transfer increase? What are the odds that would work?

Balance transfers are quite popular when trying to get out of credit card debt. For those who don’t know, balance transfers are when you transfer part or all of a balance on an already existing credit card to another card via another company.
This is done because credit card companies typically offer low introductory interest rates which allows you to pay off the credit card faster, in theory. Credit card companies offer these to 1.) Get your future business 2.) Get your money by you hopefully not paying off the balance.

You can always call the credit card companies and ask to increase your limit on a balance transfer as it never hurts to ask. You might need to make multiple phone calls until they bend however. Another option is to do another balance transfer with another credit card company.

As to how to pay these off, assuming these are your lowest debt on your debt snowball, you have gone from one credit card with a $2,000 balance to two credit cards with a $1,000 balance each. I would pay off the credit card with the interest rate first, before going ahead and attacking the other one.

I say attack, because the problem I see often with balance transfers is that by moving your credit card debt to a zero percent interest credit card, people often feel a sense of accomplishment. They shouldn’t!

The debt still exists though! You really didn’t do anything, and that is the problem with debt. Interest rate is *NOT* the problem. The actual debt is the problem! As I’ve mentioned before I’m not against balance transfers in general, but I’m against them as a way to get out of debt. Because simply moving your debt to a lower interest rate is not removing the debt.

Other resources I’ve done about balance transfers

Second Question-Taking a vacation while in debt

When paying off debt what's recommended for taking vacations?

This question comes up a lot in different varieties when I work with clients. The premises of this question is do I have to wait to be debt free before I can have fun? Or can I have some fun now?

Let’s be clear hear, there is no clear cut *right* answer to this question. It all comes down to what are your real priorities? What do you value more, a vacation or anniversary gift? Or getting out of debt?

From my point of view, vacations aren’t a right, they are a luxury. For some of you, you might not agree, but because I have this view point I’m can’t recommend taking a trip while in debt. I believe this because I’ve been debt free myself for many years and have seen and talked with others who have been the same and I see what being debt free means to your life, not just your finances.

The sacrifice is worth it, I know the feeling of being debt free is better than the feeling of going on a vacation, and the short term pain is worth it for the long term gain.

Another way to answer this question is to ask yourself the following question-would I borrow money to go on this vacation? If the answer is no, then what are you essential doing by going on vacation while in debt? You are borrowing to travel.

Ultimately the choice is up to you, and it depends on a variety of things including debt level, income, and what you are prioritizing. But I would only consider doing this if I could save the money to do so. No way would I recommend traveling on a credit card, home equity loan, stop contributing to retirement, or depletion of emergency savings.

Other Resources mentioned in the show on this topic:

If you would like your questions answered on air, please send them to me at Jon@JWFinancialCoaching.com

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." ~ Rory Vaden

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.

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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.

September 15, 2014  
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  • Can a saver learn to spend money if it is not their natural tendency?
  • How saving can be taken too far
  • Why it is important to spend and not just save
  • Ways to help a saver loosen up their spending
  • Quote of the week

The JW’s Financial Coaching Podcast_77On the last lesson of the podcast we shared how it was possible for a spender to learn to save. Well on this week’s lesson we flip the script and share how a saver can loosen up their spending. Saving money in of itself is not a bad thing; however it is possible to take saving money too far. Spending money is a healthy exercise, if done properly, but it is not natural for a saver. Today we discuss three ways to help savers loosen up their spending. In addition we discuss the different between being cheap and being frugal and why it is important to spend money.

For more resources on related to today's lesson check out the following:

This lesson’s quote comes to us from the legendary Bob Hope

“A bank is a place that will lend you money if you can prove that you don’t need it.”

Enjoyed this lesson? If so, please consider taking five 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.

August 18, 2014  
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  • Can a spender learn to save money if it is not their natural tendency?
  • Why being a spender is not a bad thing
  • What keeps us from saving money
  • Ways to help us save more money
  • Quote of the week

Can a spender learn to save their money? I hear all the time from people, "I'm a spender, so I can't possibly be expected to live on a budget or save money?"

But is that a valid reason to not save money? On today's lesson we discuss why being a spender is not a bad thing, but rather it is the over spending that gets us. We also discuss what three things that keeps us from saving money, how to change those three things into our favor, and give three practical ways to increase your saving each month.

This lesson's quote come from Dan Miller of 48days.com.  This quote comes from Dan's latest book, that he co-authored with his son Jared Angaza, titled Wisdom Meets Passion.

"Money is like fire: it can burn you and leave you disfigured, or it can keep you warm and safe." ~ Dan Miller-Wisdom Meets Passion

If you are interested in downloading the audio version Wisdom Meets Passion for free please visit the podcast sponsor Audible.com

Enjoyed this lesson? If so please consider taking five 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.

May 5, 2013  
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Highlights of today's show:

  • How to talk about money amongst your peers
  • Why talking about money is so taboo
  • How talking about money can encourage you and your peers
  • Talking about money the right way and the wrong way
  • Discount through May on the "You graduated from college . . . now what?"

Supposedly there are three things you aren't supposed to bring up in conversation: 1.) Politics 2.) Sex 3.) Religion But I think a fourth thing needs to be added to the list: money. On today's show we share why we have a tough time as a culture discussing money. I feel that one of the reasons why we struggle with finances in our nation is due to our inability to talk about money properly. However when we do talk about money we make it awkward. Here are some things to do and not do when discussing money with your peers.

Do

  1. Talk about YOUR past and present
  2. Be proud of your accomplishments
  3. Realize that you won't agree with everyone on how to handle money

Don't

  1. Ask someone point blank how much they earn
  2. Ask how much someone has in debt
  3. Tell people what to do with their money

I asked on Twitter why money is such a taboo subject to discuss and I got the following response. Please let me know your thoughts by following me at JWFinCoaching

https://twitter.com/JWFinCoaching/status/330374862331850753

https://twitter.com/DonationCan/status/330386523981762561

Finally if you know of someone who recently graduated from college or if you did so yourself, you might want to check out the "You just graduated from college . . . now what?" coaching package. This package will help guide you on developing a system to handle your money, help you get the first big job, and show you how to eliminate Sallie Mae. It includes one-on-one coaching with me, an audio book outlining ways to set up your financial house, an eBook, and other audio lessons on young adults and money. This normally runs for $199 but can is on special through the end of the month for $159.

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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Highlights of today's show:

  • Answering  listeners' questions on personal finance
  • Can money in an HSA count towards your emergency fund?
  • How to decided between going on vacation and paying down your mortgage
  • It's all about ratios when deciding between spending and saving
  • How grocery shopping with credit cards can make you fat

One of the biggest reasons I started this podcast three years ago was to help answer listeners' questions on money. Today we answer two questions sent in by the listening audience.

The first question is regarding Health Savings Accounts (HSA) and emergency funds. Should you count your money saved up in an HSA as part of your emergency fund? First of all I love HSA's and have used them for over five years now. In short, HSA's are savings accounts that you can contribute tax free money to help pay for medical expenses. The best thing about them is that you can roll over the balance you have left at the end of each year so you can build up quite a bit in the account.

While medical expenses are one of the most common expenses that you would use your emergency fund for, it's not the only possible emergency. Job losses, repairs to homes or cars, and emergency travel are others that you might have to use your emergency fund for and there is a penalty for taking money out of an HSA to use for non-medical expenses. Therefore while I think you can count your HSA towards the 3 to 6 months worth of expenses that I recommend having in an emergency fund, I still want you to have at least 3 months worth of liquid cash in your emergency fund, to take care of the non-medical emergencies.

Below are some posts and a podcast I have done before on HSA's:

The second question is how to determine when to save and when to spend. Andy has been paying extra towards his mortgage each month but wants to take a nice vacation with his wife next year. Should he take a year off from paying extra on the mortgage to save up for the vacation?

This is a great question that unfortunately I don't have a definite answer for. Ultimately I think you need to save for the vacation. When you are debt free except the house and have your emergency fund, that is the time for you to enjoy all your hard work in getting to this point. With that said, would it be wise to take a nice vacation every year and not pay extra on your mortgage? Probably not. Likewise I don't want you to pay extra on your mortgage and never enjoy what life has to offer either. There needs to be a balance in what you do. The best thing to do when you are in these situations is to talk it over with your spouse, if you're married, and agree on what you will do with your extra cash for this upcoming year. Some years might be a "Vacation" year and others might be a "Mortgage" year and therefore over time you will be saving and spending in good ratios.

Finally I also highlight an article I found from MSN Money citing a study that found that people who pay with a credit or debit card for their groceries spend on average 40% more on junk food then those who pay with cash. I found this to be interesting and share why this is another example of how our financial habits impact our life, and in this case our health.

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 16, 2012  
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Highlights of today's show:

  • Answering listeners' questions on personal finance
  • How much is ideal to have for a down payment on a home?
  • Should I suspend retirement contributions to save up for a down payment?
  • What are sinking funds?
  • Year end accomplishments and goals podcast is coming up

We always enjoy answering listeners' questions on the show and today we get to answer two different questions from listeners. The first is on sinking funds. Not having sinking funds in place is one of the biggest ways we can get in trouble financially. Today we discuss what they are and what kinds of expenses are good for sinking funds.

Second, we also answer a question from a listener on how much to save for a down payment on your first home. There isn't an exact rule on how much you need to save in order to have a good down payment, but obviously the more the better. The goal is to have at least 20% down so you avoid having to pay for PMI insurance. But having 20% down for your first home might be asking too much. Instead focus for 12-18 months on saving up as much cash as possible to put down on a home. I would even consider suspending your retirement contributions, temporarily, to make this happen. Please, don't do what I did and get house fever and put nothing down on a home. It doesn't give you much room for error.

Congratulations to Kim Anstaett for being the winner of the Four Week Financial Turnaround contest. Those of you can pick up your copy of the book on Amazon or at FourWeekFinancialTurnaround.com

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 18, 2012  
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Highlights of today's show:

  • Don't forget to give thanks for what you have this week
  • How I experienced the power of cash when selling my car
  • How you can increase your retirement savings 1% in 2013
  • Join me in fighting back against the holiday marketing machine
  • I need your help in creating the 2012 year end podcast

From time to time I have so much that I would like to discuss on the podcast that I just take an episode to cover it all. This podcast is one of those episodes. We discuss the power of cash, Thanksgiving, how to get through the holidays, ways to contribute just 1% more to retirement in 2013, and how I can use your help for the year end podcast all in today’s episode.

I talk a lot about the power of cash and the deals you can experience when you pay with cash. But a few weeks back I was able to be on the other side of the experience when trying to sell my car. I share my story of how having cash in my hand led me to knock $400 off my asking price.

We also discuss ways to increase your savings 1% in 2013. My challenge to the podcast listeners is to increase your savings by 1% in the upcoming year. The good thing is that there are some simple ways to increase your savings rate without even missing the money.

Also, with Thanksgiving upon us this week, it is always good to take some time and remind yourself what you are thankful for. Often when it comes to our finances we compare ourselves to those who have more, but whatever your situation is you have to be thankful for what you've got.

Speaking of the holidays, are you participating in the Holiday Challenge? This is a way to bring the listeners to the podcast together to fight against the holiday blues and find encouragement to battle against the marketing machine.

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 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.

November 11, 2012  
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Highlights of today's show:

  • The "Your Economy" Webinar was a blast to do
  • Technical difficulties prevented me from recording it
  • I recorded it for today's show to share with those who missed it
  • Do you have open enrollment coming up?
  • Open enrollment is a good time to review your coverage and determine if it still fits your family

The “YOUR Economy” webinar was held this past week. Thanks to all of those who attended. However, due to technical difficulties I was not able to record the original webinar. Because of that I decided to re-do the webinar and put it up today as a part of the podcast. Also available are the power point presentation slides if you would like to follow along. If you would like to take advantage of the special deal I offered for those who attended the webinar please fill out the contact form on the Two Hour Financial Checkup page. Finally, below are links to the books that I mentioned on the webinar:

In addition, we also discuss a little bit about open enrollment for benefits. This is an important time to look at your current benefits and see if they still fit your needs. Below are some podcasts and blog posts I have done on various insurance policies:

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. 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:

  • 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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