Highlights of today's show:
- Confessions of a Financial Coach
- Even though I teach this stuff, I still have struggled with money
- Being honest to help motivate you
- It's OK if you make mistakes, just learn from them.
- Another reason to have an emergency fund
I have a confession to make; even though I'm a financial coach I haven't always handled my money the "right way." That is why today I am doing a special "confessions of a financial coach" show. I'm doing this to show you that handling your money well is not some skill that others are born with. Rather it is something you can learn no matter how old you are or how much you make.
Ten confessions of a financial coach:
#10-I have bought things or invested in funds because a co-worker or friend said it was a "good idea." #9-I have believed that there was such a thing as good debt. #8-I have signed up for service, didn't look at the fine print and had to pay a "Gotcha" fee. #7-I have overdrawn my checking account using my debit card. #6-I have bought things I did not want or need to impress people. #5-I don't like sticking to a budget. #4-I have gotten a store credit card just for the initial 10% savings. #3-I have gotten house fever and bought the first property I liked with no money down. #2-I have experienced buyer's remorse while pulling out of the store parking lot. #1 I have bought something on sale and convinced myself that I was saving money.
It wasn't easy exposing my past financial mistakes with you but I hope this gives you hope. Even though I teach this stuff for a living, I am still tempted to fall. You are going to make mistakes with your money, but when you make mistakes learn from them.
I did a podcast on this same topic on my second ever podcast. In full disclosure it is awful in both audio quality and presentation, which just goes to show you that if you keep working hard you can improve in different areas of your life.
Also I highlight a post I wrote last week on emergency funds. I've done shows and written post about emergency funds before, but like I mentioned in the post, instead of trying to predict or stop an emergency from happening, just realize that life is going to happen so be prepared with an emergency fund. My challenge to those of you who don't think you need an emergency fund is to go ahead and have one for one year. After that one year I think you'll realize how much peace it can bring to your life.
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