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!

September 18, 2016  
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  • Why it is more important to focus on what you need to stop doing then to focus on what you need to start doing
  • What do you need to stop doing?
  • The difficulty in starting to do something new before you stop doing the old thing
  • Bad habits are tough to stop
  • Quote of the lesson from Peter Drucker

the-jws-financial-coaching-podcast_121

A few weeks back I was reading “Eventual Millionaire” by Jamie Tardy and read upon a quote that made me pause and ponder for a few moments. The quote was from author and management consultant Peter Drucker.

“Don’t tell me what you’re doing. Tell me what you stopped doing.”

The quote blew me away and make me think about changing how I work with people when creating new financial habits.

Normally I focus primarily in four main areas

  1. Spending your money before the month starts with a budget
  2. Becoming Debt Free
  3. Saving Money
  4. Spend money on thing that you value the most

Doing those four things allows us to stop overspending, committing future income before we earn it, and stop living with no financial margins in our life.

However maybe instead of focusing on new stuff to do, we should focus more on removing negative financial habits like overspending, having no control of our money each month, living with debt, and a continual increase in lifestyle without an increase in saving and investing.

Because it is hard to develop good habits when we still have negative ones. It is hard to save money when you are still in debt and don’t know where you spend your money each month.

I think a lot of times this is why we struggle with changing our financial behavior, because we focus so much on what we should be doing instead of focusing on what we need to stop doing.

The goal of today’s lesson is to help you reflect on what are some things you need to stop doing to improve your finances

Other resources mention in today's show

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

“Don’t tell me what you’re doing. Tell me what you stopped doing. ” ~Peter Drucker

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.

July 17, 2016  
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  • Guest Greg Whitaker joins us to share his take on 401(K)'s
  • Why fees cut into our retirement saving and what you can do to avoid paying them
  • What to do to learn about investing
  • How the inability to delay gratification is impacting our retirement
  • Quote of the lesson

The JW’s Financial Coaching Podcast_114

Greg Whitaker from DebtSheperd.com joins us today to share why the 401(K)’s are not the safe investment that we have been led to believe.

2d3acc4.jpgGreg teaches financial freedom gained from 16 years in the mortgage business and 10 years of financial literacy training.

I love Greg’s passion for teaching and sharing financial wisdom. In short he believes the 401(K) isn’t a safe investment primarily due to the following primary reasons:

  • No way on insuring against loss
  • Fee structure
  • Individuals not knowing what they are investing in

One of the main ways we get in trouble with our 401(K) is that we have no idea what we are doing when it comes to investing. Rather we just pick a random fund or pick one at the advice of a co-worker who may or may not know what they are doing. Greg and I discuss what you can do to learn about investing, not just in a 401(K) if that is what you choose, but also investing in other areas such as a business, real estate, commodities, or anything else you feel comfortable putting your money.

The main point of this lesson is to basically pay attention to what you are investing in. Know the fees that you are paying for each fund. Know what you are investing in, know what the goal is of the investment, know why you are investing in it, and properly diverse.

For more financial information and opinions that you don’t hear in traditional financial media, please check out Greg’s podcast Debt Sheperd radio. In addition below are material Greg mentioned in the interview.

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

“I didn’t sign up for my 401(K) at work, because there is no way I can run that far”

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.

July 11, 2016  
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  • Guest John Pugliano joins us to share the result of 30 years of frugal living has had on his finances
  • Simple rule that allow the Pugliano's to become financially independent
  • The crucial element to building wealth
  • Why you need to focus on what is really important to build wealth
  • Quote of the lesson from Jon Acuff

The JW’s Financial Coaching Podcast_113

John Pugliano from wealthsteading.com joins us today to share the impact that 30 years of frugal living has had on his family's finances.

Pugliano-photo.jpg?resize=248%2C300I heard John give an interview on my friend Steve Stewart's old MoneyPlanSOS podcast over a year ago and I knew I wanted to have John on the show as his story is really inspiring.

Usually when I have guests on the show to share their story, it is a story of getting out of debt in the last two to three years. However today story is unique in that John is sharing his story of over 30 years of wise purchases. What I love about his story is that he stuck to a plan and it has paid off quite nicely for him.

John and his wife’s story is one from the Thomas Stanley classic, “The Millionaire Next Door”, in that their plan was nothing flashy. Instead is what just being consistent over and over. John and his wife had similar views on spending and saving which helped a lot. In addition they didn’t simply ever spend more than they made, outside of a mortgage only ever had one car payment, no student loan debt, and no credit card debt.

But it always wasn’t a smooth ride, there were ups and downs and bad decisions regarding career choices were made. In fact John didn’t really start to make progress on becoming financially independent until he was 35 years old. But it didn’t deter him and now John is a money manager and founder of Investable Wealth LLC.

To John there are three main wealth building principles to master:

  1. Learn to earn an income
  2. Develop the discipline to save
  3. Learn how to invest

For John there really isn’t one way to build wealth. You can do so via real estate, stock investing, commodities, or starting a small business. However being debt free was crucial to building wealth for John and his family.

I’m honored that John shared his story and I hope you find it encouraging in your journey towards improving YOUR economy.

To check out John’s podcast visit wealthsteding.com

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

“Never compare your beginning to someone else's middle”
Jon Acuff

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.

July 3, 2016  
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  • Guest Phil Danley joins us to how he and his wife paid off their debt, including the mortgage
  • What led Phil and his wife to dump debt and be done with it forever
  • The difference between knowing what to do and actually doing it
  • Life after debt and what Phil did that he could only do if we was debt free
  • Quote of the lesson from Helen Hayes

The JW’s Financial Coaching Podcast_112

Quite often when we hear debt free stories we assume that it is all fun and games and whenever you start to pay off your debt that it will automatically.

However that rarely happens.

A lot times it takes people a few tries before they are done with debt for good.

Today’s guest on the show had a similar path.

Phil Danley from consumerdebtcoach.com joins us to share how he and his wife paid off $28,000 in consumer debt then paid off their house just two years later.

But this wasn’t their first time in trying to get their finances under control. In the 90’s and 00’s they went through debt management and even a bankruptcy.

But what got them serious in 2010 to knock it out for good? Good old fashioned anger. They got tired of their debt, created a budget and compromised on their spending so they would have enough money each month to pay towards their debt.

It was a little slow at first but once they paid off their first debt, they gained momentum and were able to pay off their consumer debt in about 28 months. In working together and compromising with his spouse it helped their marriage as it felt more like they were partners in paying off their debt.

They then decided to stay focused and pay off their house just two years later.

Phil says that there is a big difference in knowing what to do and actually doing it. His keys to getting out of debt are

  1. Get an emergency fund
  2. Determine what monthly expenses you want to dump and which to keep
  3. Do a monthly budget
  4. Tithe your income

What have they been able to do know that they don’t owe anything to anyone? They’ve been able to max out their 401(K) contribution. But even more important Phil has been able to step back a bit at his work and has become a certified life coach.

To learn more about Phil please visit his blog at consumerdebtcoach.com

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

“The expert at anything was once a beginner.”
Helen Hayes

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.

June 27, 2016  
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  • Guest Monica Louie joins us to talk about how her family paid off $120K in debt in two years
  • What motivated them to pay off so much debt
  • Why they sold their house to reach their financial goal
  • The power of having a common goal in your marriage
  • Quote of the lesson from Dave Ramsey

The JW’s Financial Coaching Podcast_111

Today we continue with our series of guest interviews by welcoming Monica Louie from OurDebtFreeFamily.com to the show. Monica is a fellow financial coach and today she shares how her and her husband paid off $120,000 dollars in exactly two years.

IHZK0VtR.jpegThey always wanted to become debt free, but something really clicked when Monica heard a story of how another couple had become 100% debt free including their home. After Monica heard that story she felt like her family could do the same thing.

When hearing the Louie’s story, what stuck out to me was the extreme sacrifice they made to reach their goal. Not only did they downsize from the home they bought right when they got married, but they also sold a car, a motorcycle, and lived away from each other for a while to earn extra money.

Also listing out all of their debt and sticking to a budget each month went a long way towards keeping them motivated to pay off their debt.

Today the only debt they have is the one on their home and their goal is to pay that off by the time they are 40. Monica says that having a common goal and being on the same page with her husband has greatly impacted their marriage.

"If you want something bad enough, then you iwll do whatever it takes to make it happen" ~ Monica Louie

For more information on Monica please check out the following

This lesson’s quote is brought to you by Audible.com.

“You'll only truly sacrifice when you passionately believe in the outcome” Dave Ramsey

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

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

May 15, 2016  
00:0000:00
  • Based on the article 'How Much Student Loan Debt Is Too Much?
  • That question is a game of how close to the edge of the cliff can we get to before we fall off
  • What question should we be focusing on instead?
  • Rather focus on getting away from debt as much as possible
  • Quote of the lesson

The JW’s Financial Coaching Podcast_106

What is more important, determining what the most amount of debt you can take out or determining how you can purchase an education, home, car, etc the cheapest way?

Inspired by an article titled "How Much Student Loan Debt is Too Much? Here's a Formula' that I found on Yahoo Finance we are going to talk about the too much debt game that our culture likes to play.

The article has some good information, however it starts off with the position of determining the maximum amount of debt once should get for a degree. It's the old game we used to play as children. Where we would jump off something and see if we could do it or not without getting hurt. However the game always ended the same, the last person to jump from the highest spot, always got hurt.

Instead of asking what is the maximum amount of debt we can take out for a purchase, isn't it better to determine what is the minimum price we need to pay for that purchase?

The problem with determining what the maximum amount of debt we can take out is, that it gives us no financial margin in our life. If one thing goes wrong, our plan goes out the window. The problem is that kinds rarely goes as planned.

I'd rather see an article dealing with out to get an education on the cheap that requires the least amount of borrowing, or no borrowing at all. Again it is a mindset thing, but when we ask ourselves the question, How much? Instead of, how much a month? Our finances will go to another level.

I'm not against owning nice stuff, I'm against owning nice stuff with debt.

Below are other resources mentioned on today's lesson:

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

May 1, 2016  
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  • We love to share our success, shy away from our setbacks
  • Financial setbacks occur frequently
  • How to recover from a financial setback
  • Financial setbacks are painful in the short run, but can be beneficial in the long run
  • Quote of the lesson

The JW’s Financial Coaching Podcast_104

Financial setbacks happen more times than we like to admit. It's not something we like to talk a lot about and who can blame us? It's easier and more enjoyable sharing and listening to shows that share their debt free stories or other stories of success. Not so much fun to share our failures. Often because their can be a lot of shame, embarrassment, and frustration associated with a financial setback.

There are a lot of reasons why financial setbacks occur. It can be a result of a job loss, illness, divorce, major repair to a home or car. Or it can be we just took our eye off the long term goal of we had a financial relapse and went back into debt.

Whatever the reason for our setback, it's important to take steps to learn from our setback and ensure that it doesn't happen again. Today's lesson we share five things to do to get back up after a financial setback. They are:

  1. Get back to the basics
  2. Make yourself a new goal
  3. Don't try to hide from the setback
  4. Look at what caused the setback
  5. Remember how the setback felt

Financial setbacks are painful in the short run, however they can be beneficial in the long run IF we learn from the lessons they bring. Setbacks come in various ways and different dollar amounts, but they do and will happen. But it doesn't have to be a life changing event in a negative way. Rather it can be a turning point in the right direction as well. It is all about how you react to it.

If you are going through a financial setback please get in touch with me and I would be more than glad to walk with you in recovering.

Other material referenced in the lesson:

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

"Don’t wait until you’ve reached your goal to be proud of yourself. Be proud of every step you take toward reaching the goal.”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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April 17, 2016  
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  • Why I wrote "A Tale of Two Houses"
  • What inspired me to write a book in the first place
  • What "A Tale of Two Houses" isn't about
  • What "A Tale of Two Houses" is about
  • Quote of the lesson from Chris Rock

The JW’s Financial Coaching Podcast_102

Now that my new book "A Tale of Two Houses-Our journey of buying a house the right way after buying one the wrong way " is now available for purchase I wanted to take some time and share why I wrote it.

Writing a book is a big undertaking. The actual writing of the book is very hard, but that might be the most easiest thing in the whole process. But why did I finally decide last December that enough was enough and that it was time to finish up already and release the book?

Because the message of "A Tale of Two Houses" is needed. Having talked with other individuals, either in one on one coaching or in promotion of the book, I have come to realize that many of us don't actually know what we are doing when we buy a home, especially for the first time.

There's nothing wrong with that except for the fact that buying a home is probably the largest purchase we will have ever made, and we put little or no thought into the process.

Because of that I wrote "A Tale of Two Houses" to help guide you a long the process. This is not a technical, step by step, guide written by a real estate agent. Instead this is a book about our journey, with real life numbers, of first selling our condo and they buying a new home for our family. After reading "A Tale of Two Houses" I guarantee you will be more aware of what the process is and you will be able to take control and save you thousands of dollars.

My goal is to sell 500 copies in the first 90 days of its release. While that is a big goal, I need your help. If you know of someone who is looking into buying or selling their home in the near future would you mind forwarding them a link to the book? I truly believe that if you read the book and apply it's principles you will easily save at least $1,000 on your purchase. At its current price that is more than a 100x return on investment!

You can purchase a copy directly from Amazon at JWFinancialCoaching.com/Amazon

Or you can visit JWFinancialcoaching.com/TaleofTwo to learn more about the book and even download the introduction and first chapter for free.

Thank you so much for your support of "A Tale of Two Houses" I couldn't do it without you guys.

To check out guest appearance I've made in the Media for "A Tale of Two Houses" please check out the Media page.

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

"'Wealth is not about having a lot of money; it's about having a lot of options.”Chris Rock

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.

April 3, 2016  
00:0000:00
  • Having a down payment is an important part of buying a home
  • Where not to get a down payment for your next home
  • Borrowing money for a down payment is like a shell game
  • Why we need to beware of government programs that "help" home buyers
  • Quote of the lesson from David Henry Thoreau

The JW’s Financial Coaching Podcast_101

Having a down payment for your next home is an important thing to do. So much that I spent a chapter in my new book on buying a home, A Tale of Two Houses, talking about it.

But today we are going to be talking about where to NOT get a down payment for your next home. Not all down payments are the same and I would avoid recommending getting a down payment from these sources.

  1. 401(K)
  2. Roth IRA
  3. Loan from family
  4. Home Equity Loan
  5. Government program

We go through each one and share why I wouldn't use these sources as a down payment for a home.

Other resources mentioned on today's show

Also, join myself and Steve Stewart this Tuesday, April 5th 9:30 PM EST for a Blab session on the Best practices for buying a home.

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

"'The worst car accidents happen on the showroom floor.” – David Henry Thoreau

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.

February 21, 2016  
00:0000:00
  • Why I track my net worth on a monthly basis
  • Can't move forward until you know where you stand
  • Shows where we've been and where we're going
  • How to calculate your net worth
  • Quote of the lesson from Ralph Waldo Emerson

The JW’s Financial Coaching Podcast_96Wikipedia defines the term net worth as is the total assets minus total outside liabilities of an individual. I've talked about net worth before but today I'm focusing on the ways that tracking our family's net worth has improved our finances.

I don't think you need to track your net worth each month, but it is definitely something I would do at least once a year. Tracking my family's net worth for the past 8 years has enabled us to do the following:

  1. Gives us an idea of where we stand financially
  2. It's a snapshot of what we did for the month
  3. Great reminder of where we've been
  4. Great reminder of where we're going
  5. Motivates me to continue doing what I'm doing

Presentation1

As mentioned on the show, if you want a basic template to keep track of your net worth please download it here.

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

"Shallow men believe in luck. Strong men believe in cause and effect.”Ralph Waldo Emerson

As a followup here is some additional material I've done on finances and luck:

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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