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!

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  • Are bi-weekly mortgage programs worth it?
  • Why you don't need to pay a fee to have your mortgage paid off sooner
  • Getting your spouses head out from the sand when it comes to money
  • Why it is important to focus on the why and less on the what
  • Quote of the lesson from Charles A. Jaffe

 

Today we answer a few more questions from that you had for the show. Like the last time we did this in lesson #136, I always appreciate answering your questions on the show.

Question #1

What are your thoughts on biweekly payments on mortgages? I think it will be good for budgeting but have heard many negative things against it.

In short I love the concept of paying off your mortgage early and paying extra on it each month will definitely help it. But I’m against paying a fee to make that happen, especially when it is pretty easy to do it yourself.

A biweekly plan is where your bank has a program that does auto withdrawal from your account every two weeks, instead of once a month.

So if your payment is $1,000 a month, it is going to withdrawal $500 from your account every two weeks. Over the course of a year this equals to making 26 half payments (52/2) or 13 full payments. So basically you are making an extra payment once a year.

This will equate to paying off your mortgage a lot sooner, sometimes up to six years sooner. It does help with budgeting because you know that every two weeks your half payment is going to be sent to the bank.

The thing is that a lot of banks that do this charge a fee for this service. I’m not against paying fees if it helps me reach my goals. However I am against paying fees for things I can do easily myself and bi weekly payment programs are something you can easily do yourself and save the fee.

To make an extra payment a year, simply divide your monthly payment by 12. Take that number and add it to your monthly payment. If you are on a budget this is a simple thing to do, because you have control over your spending. Also over time you’ll start to add more additional money to your payment and pay off your mortgage sooner.

Now I wouldn’t pay extra on my mortgage until I was completely clear of any other debt and have an emergency fund. I want you to pay off your mortgage as much as anyone, but I don’t you to pay needless fees to accomplish that.

Question #2

How does one inspire their spouse to get their head out of the sand and begin to study money?

The age old question-how to get your spouse on board. This topic has been covered before on the show, most recently in lesson #137 but I’m always glad to cover this topic again. Because if you and your spouse agree on your spending, you’ve essential agreed on your life.

The first thing I would try to do is to attempt to answer the questions why do they have their head in the sand? Now this is probably going to take a few conversations to accomplish, but why don’t they want to participate in the finances?

Is it because of a previous bad experience with money? Perhaps a divorce from a previous marriage and/or a bankruptcy?

Is it because they are overwhelmed with your current financial situation? Are they so worried about the debt or lack of savings that they don’t want to think about it?

Or is it because they don’t consider themselves a math person or good with money? Well the good news is that few people are, and it’s something you just need to work on.

But take some time first and instead of hitting them over the head on why you need to work together, focus on their insecurities and why they want to put their head in the sand in the first place. After determining the cause of that then you can attempt to have the other conversations necessary.

The other thing to help with your spouse is to focus less on the what, and more on the why you want to work together.

Share why working together is important to you. Sometimes we can focus so much on the what, getting on a budget, reducing our spending, working extra, selling some of our possessions, etc. But we forget to mention the why a lot of times, and all they heard is the what and how it is going to impact them and they turn off real quick.

Instead share why you want to learn about money together. Is it for your future? Your children? Are you just tired of living the same old life over and over again?

These should be serious discussions, not during a commercial break while you are watching your favorite show or at the dinner table when the kids are running around.

But offer to work together so that you are both on board. This may be reading a personal finance book together, or listening to a podcast, taking a class, and eventually the big one, doing a budget together.

So instead of focusing on the what to do, first take the time to see why your spouse feels about money the way they do and share more of why this is important to you in the first place.

Other resources related to today's lesson

To send in your questions email me at Jon@JWFinancialCoaching.com

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

“It’s not your salary that makes you rich, it’s your spending habits” ~ Charles A. Jaffe

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 6, 2016  
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  • Is your house an investment or a liability?
  • Not always a Black or White answer
  • How you buy your house helps determine whether it is an investment or liability
  • How to attend the Pre-Sale Launch Webinar for "A Tale of Two Houses"
  • Quote of the lesson

The JW’s Financial Coaching Podcast_98I'm hosting a webinar on Tuesday March 8th at 9PM EST for the Pre-Launch Party for my new book "A Tale of Two Houses-Our journey of buying a home the right way after buying one the wrong way." I hope to see you there, if not there will be a replay made available.

So is your house an investment or is it a liability? On today's podcast we dive into that question by looking at both sides of the question. Like most things in life it is not a black or white issue. Just shades of gray.

We breakdown each one and attempt to answer the following

  1. How our house is like an investment
  2. How our house is not like an investment
  3. How our house is a liability
  4. How our house is not a liaiblity

For me whether or not your house is an investment or a liability depends mostly how you buy it. If it is a modest home for your income, you have a manageable payment, and plan to pay off your mortgage, then your house can be an investment. However I'm not treating my house like a typical investment in that I'm counting on it to produce income in the future.

If you are house poor, struggling to make the payment each day, and can't make any traction in paying off your consumer debt, or can't start to save for retirement then your house is probably a liability in the grand scheme of things.

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

"'Good' or 'bad', debt costs money if you're not paying in full each month, which prevents reaching other financial goals.”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.

July 7, 2013  
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Highlights of today's show:


        
  • My wife, Lisa White, joins us to give an update on our house selling adventure

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  • Finally got an offer on our home!

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  • How to win in negotiations

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  • We're in contract

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  • What's next for us in the upcoming months


My wife, Lisa, has joined the show a few times in the past few months to share how we went about selecting a realtor and how to keep your home ready in case you have a showing. But today Lisa joins me on the show to discuss what's been going on the past few months in terms of selling our home.

We have had a lot of showings the past few months, but not any takers. We did get some valuable feedback, however. A lot of the people thought it was too small or liked another home better. That's fine; you can't really do anything about that, but it is always nice to get feedback to see if there is anything you can improve in showing the home. The important thing to remember when showing your home is that it only takes one person to like your house for it to sell.

This past week we did get that one person, they made an offer and we are officially in contract! But after receiving an offer we still had to negotiate. This is where having a good realtor and having gone through this process before paid off. Our realtor was able to pull up comps and determined that our condo was priced correctly. It also helped to be patient and have leverage in the negotiation process. In the initial offer we knew that the buyer was already set to close on their home in a few weeks and that they had to find a place. That helped get the final sale price closer to the original asking price.

Now we are on to buying a new house for our growing family. We have found a house we like and have put in an offer. It is a foreclosure and is in our price range. We should find out soon if we get the home or not, but in the meantime it is good to know that we are not panicking and buying a place just to have a place to live. Rather we are being patient and wise which in turn will make our home purchase a blessing down the road.

I also have special news for those listeners who have an iPhone. The JW's Financial Coaching app is now available to download. The app allows you to choose a lesson, view its show notes and listen to the show, all right from your iPhone without having to browse the web.

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 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.

June 9, 2013  
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Highlights of today's show:

  • Going through special limited offers I've receive in my mail lately
  • How a reward credit card that helps pay off your mortgage might cost you more in the long run
  • Don't pay the bank money for something you can do yourself
  • Avoid reverse mortgages like the plague
  • Indecision can impact your finances

Have you gone to your mailbox and found some junk mail from your local bank offering you a special limited time offer? After you open it up you are about to throw it in the recycle pile, but you keep reading and say to yourself, "this actually might be a good deal for me."

If so, don't worry; I've done it too. But often we forget to read the fine print and once we do we realize that special deal isn't that special, in fact it can actually cost you more money in the long run if you aren't careful. Today I share three different special offers that I personally have gotten in the mail in the past few months. I share what each offer is and why it isn't as good of a good deal as it seems. The three offers we cover are all related to mortgages:

  • The Home Rebate Credit card. This credit card is a rewards program that pays down your mortgage with each purchase. As I've said before on the show, I'm not a huge fan of credit cards but even if I was, this program can actually cost you more in the long run.
  • Mortgage accelerator programs. Hey, the bank is offering me a way to pay off my mortgage sooner. That can't be bad, right? Yes, paying off your mortgage sooner is wise, but you don't have to pay the bank to do that; you can do it yourself!
  • Reverse Mortgage-You can't do a reverse mortgage until you're 62, but if your parents or grandparents ask you about them, tell them to avoid them! That's because they have high interest rates and have a lot of fraud associated with them. In addition they aren't all they're cracked up to be and have backfired on a lot of senior citizens.

I also share my thoughts on indecision and how it can impact our finances. As Robert Schuller said, "Indecision is the greatest thief of opportunity." My challenge to you is to look at a decision you have upcoming in your life and set a deadline to make a decision.

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.

March 3, 2013  
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Highlights of today's show:

  • Renting vs. Buying
  • What are the reasons why you would rent?
  • When is the right time to buy a house?
  • How to put yourself in a position to make your home purchase a joy
  • Why March is a special month for budgeting

No matter where you live, what your income, or what the size of your family, one of the   financial questions you'll have to answer is whether to rent or buy a home. On today's show we talk about the pros and cons of each and share why the choice to rent or buy depends on what season of life you are in.

We also break down the reasons why it might be good to rent and why it might be good to buy. The good reasons to rent:

  1. You just moved to a new place
  2. You've had past financial problems
  3. You just got married
  4. You move around a lot from city to city

The good reasons to buy:

  1. You are established in the area
  2. You have your finances in order
  3. You can afford it
  4. You are ready to do the work

In addition we also discuss why your house really isn't an investment, how buying a house will probably save you more in the long run, and why an $800 mortgage payment is not the same as an $800 rent payment.

For more information on renting vs. buying please check out the following blog posts/podcasts:

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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Highlights of today's show:

  • 13 ways to take control of your finances in 2013
  • Good reminders for whatever situation you are in
  • First you have to decide what you want to do with your money this year
  • Review your cash savings, retirement, mortgage rate, and insurance coverage
  • Look at your financial situations in the long run as well as the short run

Today we kick off the podcast in style by discussing 13 ways to improve your finances in 2013.  Whether you are doing all 13 things currently or doing none of them, this is a great list to go through and review; you might find a thing or two you can change to improve your finances in 2013. Below are the 13 things:

  1. Sit down and decide what you want to do with money in 2013
  2. Know where your money is going each month
  3. Look at how the recent tax change impacts your take home pay
  4. Look at your cash savings
  5. Eliminate debt
  6. Don't take out new debt
  7. Focus on your career
  8. Take a look at your long-term investments
  9. Review your insurance coverage
  10. Eliminate the clutter from your life
  11. Look at your mortgage rate
  12. Educate yourself
  13. View your financial decisions as long term

Is there something that I forgot? Please leave a comment below. In addition I also mentioned my recommended reading list as a good way to educate yourself in 2013.

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 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.

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.

December 16, 2012  
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Highlights of today's show:

  • Answering listeners' questions on personal finance
  • How much is ideal to have for a down payment on a home?
  • Should I suspend retirement contributions to save up for a down payment?
  • What are sinking funds?
  • Year end accomplishments and goals podcast is coming up

We always enjoy answering listeners' questions on the show and today we get to answer two different questions from listeners. The first is on sinking funds. Not having sinking funds in place is one of the biggest ways we can get in trouble financially. Today we discuss what they are and what kinds of expenses are good for sinking funds.

Second, we also answer a question from a listener on how much to save for a down payment on your first home. There isn't an exact rule on how much you need to save in order to have a good down payment, but obviously the more the better. The goal is to have at least 20% down so you avoid having to pay for PMI insurance. But having 20% down for your first home might be asking too much. Instead focus for 12-18 months on saving up as much cash as possible to put down on a home. I would even consider suspending your retirement contributions, temporarily, to make this happen. Please, don't do what I did and get house fever and put nothing down on a home. It doesn't give you much room for error.

Congratulations to Kim Anstaett for being the winner of the Four Week Financial Turnaround contest. Those of you can pick up your copy of the book on Amazon or at FourWeekFinancialTurnaround.com

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 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 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.

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Matthew and Tanya join us on today’s show to share how they paid off $130,000 in debt in just 36 months. All of their debt was on the mortgage. Matthew got the idea to pay off the mortgage when he saw an amortization schedule in one of his engineer classes. He saw how much interest he would be paying over the 30 year term and realized he could pay off his debt a whole lot sooner.

Tanya was on board right away and together they developed a plan to pay off their mortgage. One of the toughest things they had to do was change their spending habits. Another key was to keep their lifestyle the same throughout and put any money they got through raises onto the mortgage.

Remembering how much they valued having a paid off mortgage kept them on track throughout the whole three years. With a baby on the way this fall, they are stockpiling cash and enjoying the security that not having a mortgage brings.

“What any budget does for you is help drive the correct behavior.” ~ Matthew

You can subscribe to the Debt Free Living Podcast either through Feedburner, iTunes, or Stitcher SmartRadio! The podcast can be found in iTunes under the JW's Financial Coaching Podcast. If you subscribe you will receive both the JW's Financial Coaching Podcast on Mondays and the Debt Free Living Podcast on Thursdays.

If you enjoyed this episode, please leave a review in 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 would like to take the steps necessary to start living debt free, I would love to be a part of your journey. Here's how I can help.

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Highlights of today's show:

  • Is strategic foreclosure ethical?
  • Can technology help out your finances?
  • Combining finances in marriage or keeping them seperate
  • The best investment you can make is in yourself
  • Now taking requests to have guest posters on the blog

We wrap up Financial Literacy Month today by answering a few common questions that I receive when I am among family, friends, and co-workers. The first question is about strategic foreclose. Foreclosure is not a fun topic to discuss, although it does happen, but strategic foreclosure is a whole different topic. Losing the home or having to sell the house because you are behind on bills is one thing, but just walking away from your home because it is inconvenient is another thing. Strategic foreclose has become quite popular in some financial circles, but I highly recommend people not go that route. It might seem easier in the short term, but in the long run you are only hurting yourself.

The second question I get is what financial software should I use to help my finances? There are a lot of good ones out there, but I caution people in using them and thinking that your finances will take care of themselves. They won’t because software cannot force you to follow your budget, only you can! Nothing against software as it can be a good aide in helping you track certain items, but personal finance is PERSONAL. It is about you making decisions to improve your life, not some computer program.

Finally, we wrap up Financial Literacy Month by talking about combining finances in marriage. There might not be any greater controversy in the personal finance world than this question. To me it is pretty simple; I have never coached any couple that is succeeding with money with separate finances. How can you if you aren’t on the same page financially? When you get married “His” and “Hers” becomes “Ours” and that includes your finances. By combining your finances you are working together and having constant discussions with your money which will get you on the same page. Remember, when you agree on your spending, you are agreeing on your life.

If you would like to contribute a guest post to the site you can fill out this form. The only rules for writing a guest post on the site is that it has to be original content and that it has to do with personal finance.

You can now find the podcast on Stitcher SmartRadio! Stitcher allows you to listen to your favorite shows directly from your iPhone, Android Phone, Kindle Fire and beyond. So if you have a smart phone and want to stream the podcast from your phone, please download the app from their website.

You can subscribe to future Podcasts either through Feedburner 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. 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. Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air.

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The personal finance A-Z series continues with Taxes, Underwater Mortgages, and Volatility. Taxes are not a fun topic to discuss but it is an important one to cover because the tax code is continually changing. There was a nice article on Fox Business that highlighted some of the upcoming tax changes for 2012 and 2013. Some changes to look out for in 2012 are the loss of the Social Security tax reduction and the ability to itemize state and local taxes. In addition we go into detail about why getting a huge tax refund is not necessarily a good thing.

If your home is underwater you are not alone. About 29% of homes today in America are underwater. Having your home underwater impacts you if you are trying to refinance or if you are getting ready to move in the near future. But if you can continue to make your payment, do not panic, and continue to make your monthly payment.

Volatility can be seen everywhere in our financial life today from the economy to the stock market. What are some things I do to combat volatility? Have a long term perspective. If you listen to the news or follow the stock market each day you will get an ulcer. But having a long term perspective will help you ride the ups and downs over time.

Finally if you have not yet registered for our November Giveaway, please do so today. We will be giving away a free copy of the book The Total Money Makeover by Dave Ramsey at the end of November. It is pretty simple to register and no purchase is necessary.

You can subscribe to future Podcasts either through Feedburner or iTunes. Or you may listen to the podcast on the JW's Financial Coaching Facebook Fan page.

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. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.

You can find prior editions of the podcast at the podcast archive page or by visiting our Facebook Fanpage.

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