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!

March 20, 2017  
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  • Continuing our series on lessons learned from coaching clients
  • What happens when we attempt to do several things at once with our money
  • The power of focus with our money
  • Why I love the Baby Steps so much
  • Quote of the lesson from George Horrace Latimer

 

 

 

 

 

 

The Problem

When it comes to the way we handle our money most of us are trying to manage it the best way we know how. I rarely run into someone who is just flying by the seat of their pants when it comes to how they handle money.

However a lot of us are trying really hard but feel stuck in our current situation. That leads to feelings of frustration, embarrassment, and shame that we can’t figure this whole money thing out.

The Cause

Now there is no one size fits all solution to everyone’s problem. But I have noticed that a lot of times we feel stuck with our finances because we’re trying to do ten different things at once. That is the reason why we feel stuck and hopeless.

Some common examples of the many things we are trying to do include

Now after going through the list, you’ll notice those are all good things to be doing! In fact I encourage you to do all of those things. But it is really hard to do all of those simultaneously and impossible to get all of those done at once.

That’s because money is finite. It’s hard to get traction when you are doing a little bit here and little bit there. You never see any wins or improvement and getting wins is a big key in getting the momentum necessary to keep going.

It also leads to not being very consistent with your money as you are constantly jumping from one money fire to the next. This easily leads to you becoming derailed in the pursuit of your goal.

The Solution

Rather than do ten things at once, I coach people to step back and reflect on what's truly important in the moment and focus all your attention on that one thing.

By focusing on one thing at a time you are going to see improvement in that area right away. That will keep you motivated to continue to pursue it. It will also lesson the time you are actually doing that goal and soon you’ll be able to move on to the next item on your list.

There is an incredible power to having your money focus solely on one or two main goals. We often think slowing down and doing just one thing at time doesn’t help out. But there is actually a multiplier effect when a singular focus is present.

Baby Steps

That’s why I love the baby steps so much. It sets clear guidelines on what to focus on and in what order. In case you aren’t familiar with the baby steps here they are in order.

  1. Save $1,000 in an emergency fund
  2. Pay off all your non-mortgage debt using the debt snowball method
  3. Save 3-6 months’ worth of expenses in an emergency fund
  4. Begin to invest 15% of your income into retirement
  5. Save for your children’s education fund
  6. Pay off your mortgage
  7. Build Wealth

You start with saving $1,000 as your first goal. You don’t do anything else with any extra cash. You don’t pay any extra on your debt, you don’t invest, and you don’t go on vacation. You save $1,000.

Then you pay off your debt, one at a time. You don’t still don’t invest, go on vacation, or save up a down payment on a home. You put all your extra money on your smallest debt. Then the next smallest debt, and on down the line until you are debt free.

Now are you going to be doing just one thing with your money for the rest of your life? No, eventually once you are debt free and have an emergency fund that is when you can do things like invest in your retirement, save for your children’s education, and travel.

We have good intentions when we try to do 10 different things at once, we really do. But that is not the way to get control of your money. It’s a good way to get frustrated and become frustrated.

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

“He who buys what he does not need, steals from himself" ~George Horrace Latimer

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.

March 5, 2017  
00:0000:00
  • Continuing our series on lessons learned from coaching
  • When to cut out retirement savings
  • What to do with the money instead
  • Why the key word is TEMPORARILY
  • Quote of the lesson from Mark Twain

 

 

 

 

 

Every time I suggest it to a client, I get a weird look from across the table or there is an awkward pause on the other end of the phone line.

Them-You want me to cut back on retirement?

Me-Yes I do

Them-But what about my age? The match? Compound Interest?

Me-Don’t worry it is only temporary and you’ll more than make up the lost interest gained, match, and contributions in no time.

Today’s lesson in the lessons learned while coaching series is about cutting  back on retirement temporarily to reach goals. This lesson is a little different than the first two in the series because investing for your retirement is a good thing. That is why I get weird looks from people when I suggest that they do it.

Now I don’t recommend you do it 100% of the time, but on certain occasions I do push the suspension of retirement contributions issue.

When?

Typically the only reason why I would temporarily postpone retirement savings is when you have a special financial goal you want to accomplish and you are going to be super focuses on completing that goal.

Basically the money must be used for good, not for life style inflation, self-indulgence, or making yourself look good. It’s when you are going to use every dollars not put into investing and instead put it towards you goal.

With that being laid only, I recommend that when you have debt (excluding your mortgage), to halt any retirement contributions and instead put that money towards your debt.

That is regardless of how much your employer matches, how old/young you are, or if the market is hot or not.

Why?

With that being said I still get funny looks and comments like “You mean stop ALL retirement savings?” Which my answer is yes.

It’s a tough thing to do because we’ve been told that we need to save diligently to have enough money for retirement and that in our country a lot of us are under prepared in that area. Also by stopping retirement you’ll lose out on the power of compound interest and you’ll also miss out on the match.

While I can’t argue any of those points, because they are true, I can try to shift the focus a big. I do believe that the power of being out of debt supersedes retirement contributions.
What I’ve found is that by being focused on one singular task you are able to get that task done better and faster than if you are trying to do three other things at once.

Also by getting control of your money and paying off your debt you’ll more than make up for the temporarily loss of compound interest and the company match by having more money to invest in the long run.

My recommendations

I look at this as a two year thing. Often if you are super focused and intense on paying off your debt, you can become debt free or close to being debt free in two years.

So if you stop funding your retirement and take ALL that money and put it towards your debt, not using that money for lifestyle you will gain control of your income.
Now with that being said you need to be serious about it. If you are ‘kind of” going to get out of debt, then it probably isn’t worth it.

But what if you have a ton of student like student loans and it is going to take your longer than two years. Would you still recommend holding off on retirement savings? The answer is yes, I would give it two years and see where that takes you. If you are still a long ways off then I might consider starting contributing to retirement to get the company match. But no more than that.

Bottom line is that investing is important, but so is being debt free.

Other resources mentioned in the show:

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

“The secret of getting ahead is getting started". ~ Mark Twain

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 27, 2017  
00:0000:00
  • Continuing our series on lessons learned from coaching
  • Learning the impact of what debt does to our life
  • The normalization of debt in our culture
  • Actions to take the realize the impact of debt on our life
  • Quote of the lesson from Publilius Syrus

Part of the job of a coach or mentor is the ability to shed light on an area or issue that needs to be improved upon.

The Impact of Debt on our Lives

One of the common areas I get to shed light on when I’m coaching with clients is the impact of debt on that individual or families life.

It’s very rare that I work with someone who has no debt what so ever. Often the client knows how debt is impacting their lives but that isn’t always the case 100% of the time. Sometimes I work with clients who don’t realize how much stress, negativity, and financial loss their debt is costing them.

On today’s lesson I’m going to continue with a series I started last lesson on lessons learned in coaching and today’s topic is about the impact debt has on our lives.

Part of the reason why we don’t realize how much our debt is impacting us is because debt itself has become so normalized that often we can’t imagine life without it.

The problem with that line of thinking is that if we think debt is normal, we’ll never look for ways to get out of it and instead use debt as a way of life.

How it Impacts Us

But debt does have an impact on our lives. Some more so then others and most of the time debt is negative. Debt impacts mostly through the following five ways

  1. Pre commits future income
  2. Increases the amount we have to cover for our “needs”
  3. Reduces our options
  4. We’re paying interest, not earning it
  5. Opportunity cost

Recommendations to Better Understand and Quantify the Impact

With that being said what do I recommend people do to realize the impact of debt in their life?

First I recommend you take the time and sit down and write down your down. Every single one. If you have 13 different student loans, break each one out. Then list them smallest to largest as you’ll use the debt snowball method to eventually pay them off. Often when you write down your debt you get that “ouchie” moment of realization instead of having a general idea of your debt floating around in your head.

Second, then take all your debts and add up the monthly payment amounts. Separate the mortgage debt, if you have any, from your non-mortgage debt.

Next determine how much interest you are paying a year. A good quick and dirty way it to take your latest statement from Dec of the previous year and it should list the total interest paid. If you want to be more advance, take that total and divide by 365 to determine your daily interest charge.

Finally doing the three steps above should give you a better idea of how much your debt is impacting you. You can then ask yourself the question what you could be doing instead with that money each month. It is every eye opening to see how much money is going out each month and how much interest you are paying a year and it can be a good motivational tool to pay off the debt.

Other resources mentioned on the show:

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

“Debt is the slavery of the free".“ ~ Publilius Syrus

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.

January 24, 2017  
00:0000:00
  • In what ways debt free people think differently about money
  • The demographics of those who are debt free
  • Why giving plays a big role in those who are debt free
  • How you can help confirm my observations
  • Quote of the lesson from Wayne Dyer

 

When I first got into paying attention to my finances one of the first books I ready was the classic Millionaire Next Door by Dr. Tom Stanley. What I loved particularly about this book was the research Dr. Stanley did on real life millionaires. Not just athletes and entertainers. You really got insight into how millionaires think about earning, saving, and spending money.

Since then I’ve read other books by Tom Corley and Steve Siebold on how the wealthy think vs. the non-wealthy. Also there are books and research out there on how entrepreneurs think vs. traditional employees.

But today we are going to focus on how debt free people think. I focus on being debt free because that’s how Lisa and I live when it comes to our finances and after interviewing those who are debt free and coached with people on becoming debt free I’ve come to the realization that in general they seem to be doing better with money than most.

On today’s lesson I’m sharing some observations I have had about debt free people and how they view money. In addition I also share how I’m doing some research to help confirm these observations and how you can help.

The good news about looking at those who are debt free is that pretty much anyone can fall under that heading. You can be young or old, make a great income or make a little income, or be married or single. They can also have a lot of children but also have none. They can live in any part of the country, be of any race, ethnicity, or religion. But to me there are four main areas where debt free people think differently then those who are not.

  1. They have an idea of where there money is going
  2. They are prepared for emergencies
  3. They are continuous learners
  4. They are big givers

Debt Free people know where their money is going by having a budget they review and stick to each month. They also have financial goals and review them at least once a year to see how if they have accomplished those goals. They have a great sense of where their money is going each month which allows them to have a knowledge of how each financial decision they make impacts their finances.

They are also prepared for emergencies. Debt free people face fewer true financial emergencies because they are prepared for them to happen. If an unexpected expense does occur they simply have the money in their emergency fund to cover the cost. Know there is a chick or the egg debate on which comes first, having an emergency fund or becoming debt free, but those who are debt free very often have money in an emergency fund.

Continuous learning is also a big part of the thought process of those who are debt free. Whether it is books, podcasts, blogs or other medium, those who are debt free are always those who continue to learn in different areas of money. These areas might include thinks such as investing in stocks, investing in real estate, starting a small business, how to make more passive income, ways to cut your cable or grocery bill, better ways to budget, or how to cut expenses to pay off their mortgage sooner.

Finally giving plays a huge role in the lives of those who are debt free. They don’t become debt free just to be able to save and spend more on themselves. They do it so that they can then bless others in causes that they believe in.

There are a lot more ways that debt free people think differently about money but those are for another podcast. But those are my observations and would you be willing to help prove out these observations?

I’m currently conducting research for my next book project and want to know your thoughts on debt and money.

It’s a 9 question multiple choice survey and should take only a few minutes to complete. Please consider taking it no matter if you are debt free or not. Your opinions matter and will help validate the research either way.

The survey is 100% anonymous but depending on your answers you might be contacted for a followup survey as well which we’ll need your email for.

Please visit JWFinancialCoaching.com/Survey to participate and thank you in advance for your help. I’ll be using the research for at least a future upcoming webinar and hopefully can use the data for a new book release.

Other resources mentioned in the show:

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

“If you change the way you look at things, the things you look at change." ~ Wayne Dyer

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.

January 3, 2017  

Thank you for your interest in purchasing the audio version of A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way

I’m excited to release the audio version of A Tale of Two Houses and have included 10 bonus enhancement chapters, including:

  • Renting vs. Buying
  • Is a House an Investment or a Liability?
  • Three Things to Consider Before Buying a House
  • Where to NOT Get a Down Payment From
  • Seven Creative Ways to Come Up with a Down Payment
  • Getting Ready to Sell Our House with Guest Lisa White
  • We’re In Contract! With Guest Lisa White
  • Getting Ready to Move with Guest Lisa White
  • Wrapping Up the Whole Home Buying Experience with Guest Lisa White
  • The JW’s Manifesto on Money

The total time of the book is 4 hours and 50 minutes including the bonus enhancements.

(Get it FREE on Audible with a 30-day Free Trial)

To purchase through Podbean click on the “Buy single Episode Now” button at the top of this page. After purchasing the episode you can download the episode to your computer and use it as your leisure.

Currently the price to purchase A Tale of Two through Podbean is $6.99, which is the lowest price you’ll find it.

However, if you want to purchase it through iTunes, Amazon, or Audible to use through their interface you can do so as well.

You can also get the book free by becoming a member of Audible. Visit JWFinancialCoaching.com/Audible to sign up for your 30 day free trial.

(Get it FREE on Audible with a 30-day Free Trial)

In addition you can purchase the digital copy over at Amazon or Barnes and Noble.

Thanks for purchasing a copy of A Tale of Two Houses!

December 1, 2016  
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  • Does who we hang out with impact our finances?
  • Keeping up with the Jones's is pressure we put on ourselves
  • How negative influences impact our finances
  • How positive influences impact our finances
  • Quote of the lesson from Jim Rohn

the-jws-financial-coaching-podcast_130

 

 

 

 

 

A few lesson’s back we shared how loaning money to family and friends can be a difficult situation to be in, both from a lender and borrower’s perspective. Well on today’s lesson we’re going to talk about friends and money but from a different angle.

It’s been said that you act like, earn about the same, and behave similarly to who you hang out with the most. With that being said then, do the friends we keep impact our finances?

I think we do, and they can be a powerful influence in how we make our money decisions.

The thing is though that when we talk about influences, they can be either a negative or positive influence. So this lesson is all about determining what a negative influence looks like and what a positive influence looks like.

The encouragement on today’s show it to look at your current relationships and see if they have either a positive or negative influence on your money. I don’t believe you should just cut off a relationship because it has a negative influence on your money.

However if there is a negative money influence on your life, instead of hanging out with that friend for a day at a time. You may need to hang out a hour at a time.

We also discuss how keeping up with the Jones’s is often a pressure we put on ourselves, instead of pressure put on us by friends.

Below are some Facebook groups that help propel me to good financial decisions and are a positive influence on my life

Resources mentioned in the show

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

You are the average of the five people you spend the most time with." – George Horace Lorimer

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.

November 13, 2016  
00:0000:00
  • The biggest inhibitor to winning with money is fear
  • How we saw this manifest in the election this week
  • How to discern between real fear and worry
  • Why fear shouldn't drive our financial decisions
  • Quote of the lesson from Zig Ziglar

the-jws-financial-coaching-podcast_128

On today’s special lesson of the show, I do an impromptu discussion on how fear is one of the biggest inhibitors of achieving financial success.

Today’s discussion was spurred on by the event’s this past week revolving around our election on Tuesday. When it became clear that Donald Trump was heading towards getting the magical 270 electoral votes needed the stock market futures, not the real stock market, dropped more than 750 points.

Of course then the next day on Wednesday the real stock market closed at an all time high. But it got me thinking to how fear drives so many of our financial decisions. Not just because of an election result but fear in our every day life.

A couple of things that we discuss today on fear and our money include

  • Stock Market
  • Credit Cards
  • Starting a budget
  • Changing careers

We’re all going to face fear at some point, it’s natural. But how do we differentiate between true fear and worrying about the worst case scenario? To me it is use judgement and test that fear. Am I afraid because I read something on Facebook or because I’ve thought it all the way through? Anytime I hear about the total collapse of _______ (Fill in the blank) I get skeptical. But I’ve realized personally that if I am doing something different to change my finances and I have some fear, the more I do that thing and get comfortable with it, the more the fear goes away.

My challenge to you today is to think about if there is any fear that you are facing that is holding you back financially?

If so why do you have the fear?

What is it preventing you from doing it?

What would be the positive result of you doing the action?

Below are resources mentioned in the show to help remove the fear from making changes with your finances:

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

F-E-A-R has two meanings: Forget Everything And Run or Face Everything And Rise. The choice is yours” ~ Zig Ziglar

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.

October 12, 2016  
00:0000:00
  • Why I got into financial coaching
  • What Financial Coaching is
  • What Financial Coaching is not
  • Why this show is different than other financial podcasts
  • Quote of the lesson from Tom Landry

the-jws-financial-coaching-podcast_124

I got into Financial Coaching back in 2010, not because I knew everything there was to know about how to handle money or because I was going to make a full time gig out of it.

I got into Financial Coaching because I was tired of seeing those I know and care about make unwise financial decisions that either hurt them in the moment or gave them a higher degree of financial risk in the future.

Since getting into coaching my style has evolved and I have a better understanding of what works and what doesn’t work. I’ve coached a lot of different people from a wide range of income, marital status, stage of life they are in, and financial situation.

I’ve also learned that there is a specific client type that I work best with and who usually gets the best results. Those characteristics are those who

  • Are teachable
  • Willing to learn
  • Ready to make change
  • Want to do that work

But enough about me, why do I share that with you today? Because on today’s lesson we’re talking about what financial coaching Is and what financial coaching isn’t. When I first got into coaching, people would ask me all the time what the difference was between financial coaching and financial planning and I really didn’t have a good answer. But over time I have a better understanding on the differences

What financial coaching is:

  1. Helping you identify your overall financial picture
  2. Enabling you to implement changes into how you handle money
  3. Keeps you accountable on getting your main objectives accomplished
  4. Hands on help that is a lot more personal, intense, long term changing then a podcast or DVD

With that being said financial coaching is not:

  1. Just telling you what to do and expecting you to listen and obey
  2. Selling you products such as insurance or investments
  3. Me just spewing out advice and knowledge-you already know what to do, it’s actually doing it that is the hard part
  4. Me doing the work and you just sitting back and enjoying the fruits of it. Personal finance is personal! You need to have an idea of where your money is going and what your money is doing for you.

So with that being said, what can you expect from this show, considering it is titled the JW’s Financial Coaching Podcast? The podcast is me taking scenarios and situations that I have seen working with clients and turning them into teachable lessons in verbal form. Because it is a medium for all to listen to I try to cover all financial situations but I can’t personalize it for each situation. My hope is that you can get bits and pieces of each lesson and apply it to where you are currently and ultimately this show is an encouragement to you to continue to make changes in the way you handle money.

Know that you have a better idea of what financial coaching is, if you would like to work with me one on one please fill out the financial overview form and we can set up a time to chat over the phone to better learn about your situation.

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

“A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be” ” ~ Tom Landry

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.

October 2, 2016  
00:0000:00
  • How to track your savings fund
  • Things to consider when deciding whether to lump your savings together or keep it separate
  • The only way to guarantee savings
  • How Lisa and I track our savings
  • Quote of the lesson

the-jws-financial-coaching-podcast_123

Today we are talking about a nice problem to have, how to track all of your savings accounts. If you aren’t there yet, don’t worry, you’ll get there as soon as you develop a plan, stick to it, and start to pay off your debt.

But how do you keep track of all the different saving funds? Once you become debt free and are able to bank more money each month you’ll be able to save money for variety of funds, including:

  • Emergency Fund
  • Vacation Fund
  • Car replacement Fund
  • Down Payment Fund

We’ll try to answer the question today if it is better to keep all your savings fund separate or lump them all together and keep a balance each month. Like much with personal finance, there is no one right way to do things.

But it is important to track it somehow, because the tendency is to just let it pile up in our checking account. Which makes it a lot easier to spend it and let it slip away like sand in our hands.

There are a few things to consider however before you decide whether or not to separate your savings account.

What is your financial temperament?

Are you a saver? A spender? Do you like your finances to be detailed or are you more of a free spirit? Answering these question will you determine whether you want your funds separated so they aren’t as easily accessible or if you want to spend the time breaking the dollars out.

How much money are we talking about?

If you are tracking a few hundred bucks here and there it might not be worth it. But if you have a significant balance over a longer period of time, it might be better to separate it out, so you know exactly what the money is for.

How detailed do you want your savings?

Are you someone who has multiple savings projects occurring at the same time? Or do you like to be spontaneous and decide to do one thing like a vacation, car, or home remodel once a year? If you know you just want to do something, but not exactly what, just having one savings account would probably work best.

What Lisa and I do

Lisa and I do a hybrid when it comes to our accounts. We have three accounts. One is our main account, one is where we write our checks out of each month, and the other is where we put excess savings into. At the end of each month I take the balances in these accounts, add them up, then break them out the following ways

  • Emergency Fund-Pretty constant, rarely changes
  • Stock Purchase Plan-Money we are saving to cover contributions to our employee stock purchase program
  • Insurance/Utilities sinking fund-The money not paid on a month basis that we still budget for
  • Car Repair Fund
  • Children’s college fund-Any money we get as a gift that we will put in our children’s education account by dollar cost averaging
  • Cash that we get for gifts
  • Fixing the house fund
  • Car Replacement/Vacation Fund-We don’t separate these funds out

This way works for us since we are both natural savers and aren’t likely to spend the extra money in our checking out. It’s less maintenance for us then having a separate account to track everything. But we have looked into ways into improving our savings.

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

“To be rich, is not what you have in your bank account, but what you have in your heart.” ~ 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.

September 28, 2016  
00:0000:00
  • Guest Tracey Minutolo joins us to talk about Side Hustling
  • What side hustling is and isn't
  • How it has impacted Tracey's finances
  • Why should someone side hustle
  • Quote of the lesson from Jon Acuff

the-jws-financial-coaching-podcast_122

Whenever I communicate with listeners of the show and ask what topics they would like me to cover on the show, one of the more popular requests is how to make more money through a side business or second job.

Starting something on the side is a great way to earn some money on the side. To improve you financial situation you can either do one of two things 1.) Cut back or 2.) Earn more income.

Traceycropped.jpegOn lesson 4 of the show we discussed whether it was more important to spend less or make more when trying to get out of debt. The obvious answer of course is to do both!

Well to help out with learning how to side hustle I had the chance to interview Tracey Minutolo over at TraceyMinutolo.com. Tracey is a Side Hustle Coach & Financial Freedom Fighter.

Tracey shares what the term “Side Hustle” means to her. She also talks about how she got involved in side hustling and how she was able to start her virtual assistant side business.

We also talk a little bit about Tracey’s debt free journey. She started out with about $60,000 in debt a little over two years ago. But she’s paid off her car loan and is going at her student loans with aggression. Her goal is to have it paid off by the end of 2017.

But most importantly the thing the stuck out to me was Tracey’s story of how becoming disciplined changed her life completely. It was no coincidence that Tracey’s side hustle and debt free journey took off around the same time.

You see about two years ago Tracey started to listen to podcast’s which taught her new information and gave her hope to make changes in her life. She took that hope and became focused and the disciplined she gained in those life changes not only impacted her career and finances, but other areas of her life as well!

Tracey’s story is very inspiring even if you aren’t looking to start a side hustle or get out of debt. She just got tired of carrying her student loans and decided to do something about it! My hope is that her story will inspire you to make changes in your life and think of something you can do on the side to increase your income.

Resources mentioned in the show

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

“Discipline begets discipline.” ~Jon Acuff

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