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!

June 2, 2013  
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Highlights of today's show:

  • Talking about the one person other than yourself that can help your finances
  • How to build momentum with your finances
  • Just getting started with something new is 70% of the battle
  • You'll be amazed at how far you've come if you track your progress
  • Connecting with others and talking about your journey will keep you focused

Obviously when it comes to your finances, the person who will help change your finances the most is yourself. But is there another person who will help you change your finances? There is and it's not the financial guru on the TV or the radio and it's not even me. The person who can help your finances is called Big Mo.

But seriously, Big Mo isn't a real person. Big Mo is short for momentum and today we are going to discuss how to build momentum with your finances. When you get good momentum going you are going to be hard to beat. We see this all the time with sports teams where they get momentum going towards the end of the season and they ride it all the way to a championship. If you read self-help books you will realize that setting goals and building momentum is one of the main things they talk about. In my opinion, one of the best books for learning how to build momentum in your life is The Compound Effect by Darren Hardy.

But when it comes to building momentum with your finances I recommend doing the following:

  • Just Start-I'm convinced that 70% of changing is just getting started. Making changes in your finances is like any other habit; it won't just happen magically, you have to work at it. But once you get started it becomes easier and eventually it becomes second nature. A good example of this is every spring when I start to go running. It isn't easy at first and I make every excuse in the book not to run. But once I get going, I get more comfortable doing it.
  • Track your progress-It always amazes me how much we want to continue with something when we can visually see the progress we've made. Think about those who lose weight. Looking at your before and after pictures is a great motivator to keep you going. For your finances one way I help track my progress is doing a monthly net worth statement.
  • Get connected-Whether you are single or married, quite often we get discouraged because we think we are the only ones attempting to change our lives. You aren't, not by a long shot. By getting connected I mean telling your friends and family what you are doing, commenting in forums and blog posts related to the changes you are making, and joining other communities such as JW's Financial Coaching on Facebook. By being connected you will receive pick-me-ups that will keep you going through the hard times whereas it's pretty easy just to give up when it's just you attempting to change.

Momentum can work two ways. When you have bad momentum, it seems like everything you do is wrong and  you feel trapped, like this is your destiny for the rest of your life. It's hard to get unstuck and heading in the right direction. But when you have good momentum, it's hard to go back to where you were because you have built up so much discipline and good habits. That doesn't mean you won't have any hiccups along the way but what it does mean is that you will be able to get past them.

How have you gotten Big Mo on your side and how do you keep him there?

In addition, I have finally created a newsletter for JW's Financial Coaching. This newsletter will be published once a month and will have exclusive content, allow you to learn of new products and features from JW's Financial Coaching first, and let you know about other good personal finance information around the net. You can register for the newsletter here, and in addition to receiving the newsletter, those who sign up will receive a free download of "JW's Manifesto on Money." This is a 20 minute audio recording sharing my views on money including the topics of spending, debt, saving, marriage and money, where money fits in your life, and how you can win with money. I'm excited to share the manifesto with my newsletter subscribers.

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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