Highlights of today's show:
- How the "Fiscal Cliff" impacts your finances
- Who knows what will actually happen, but you need to be prepared
- Whatever does happen, don't be caught off guard by it
- Year end accomplishments and goals podcast is coming up
- Still time to enter for the Four Week Financial Turnaround Giveaway.
Unless you have been hiding under a rock the past few weeks, you have heard of the upcoming "Fiscal Cliff" that the United States government is facing on January 1, 2013. Today we discuss what exactly the Fiscal Cliff is and how you can best prepare for it. There is a lot of hysteria in the news but today we do our best to sort it all out.
The biggest impact is probably the increase in income and social security taxes that everyone is set to experience. Unless Congress can come to some kind of agreement, everyone's income tax will more than likely increase. In addition, the 2% decrease in social security taxes is set to expire as well. This all means that come 2013 you might be seeing less money in your bank account when you get paid. While this does stink, it shouldn't sink you. Yes, you might have to slow down your debt snowball or cut back on retirement savings for now, but by budgeting and having a long term financial plan, you will be able to get through it.
Also there is still time to register for a chance to win a free copy of the Four Week Financial Turnaround by Derek Olsen. There are three ways to enter: 1) Leave a comment on podcast Lesson #17 saying that you listened to the podcast. 2) Leave a review of the podcast in iTunes. Just leave an honest review in iTunes, it doesn't have to be 5 stars, and you will be entered. 3) Like us on our Facebook page at Facebook.com/JWFinancialCoaching You have until December 9th to enter and you can enter all three ways. On December 10th I'll draw a winner and Derek will send you your free copy.
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 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 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.