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!

November 13, 2016  
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  • The biggest inhibitor to winning with money is fear
  • How we saw this manifest in the election this week
  • How to discern between real fear and worry
  • Why fear shouldn't drive our financial decisions
  • Quote of the lesson from Zig Ziglar

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On today’s special lesson of the show, I do an impromptu discussion on how fear is one of the biggest inhibitors of achieving financial success.

Today’s discussion was spurred on by the event’s this past week revolving around our election on Tuesday. When it became clear that Donald Trump was heading towards getting the magical 270 electoral votes needed the stock market futures, not the real stock market, dropped more than 750 points.

Of course then the next day on Wednesday the real stock market closed at an all time high. But it got me thinking to how fear drives so many of our financial decisions. Not just because of an election result but fear in our every day life.

A couple of things that we discuss today on fear and our money include

  • Stock Market
  • Credit Cards
  • Starting a budget
  • Changing careers

We’re all going to face fear at some point, it’s natural. But how do we differentiate between true fear and worrying about the worst case scenario? To me it is use judgement and test that fear. Am I afraid because I read something on Facebook or because I’ve thought it all the way through? Anytime I hear about the total collapse of _______ (Fill in the blank) I get skeptical. But I’ve realized personally that if I am doing something different to change my finances and I have some fear, the more I do that thing and get comfortable with it, the more the fear goes away.

My challenge to you today is to think about if there is any fear that you are facing that is holding you back financially?

If so why do you have the fear?

What is it preventing you from doing it?

What would be the positive result of you doing the action?

Below are resources mentioned in the show to help remove the fear from making changes with your finances:

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

F-E-A-R has two meanings: Forget Everything And Run or Face Everything And Rise. The choice is yours” ~ Zig Ziglar

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.

October 12, 2016  
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  • Why I got into financial coaching
  • What Financial Coaching is
  • What Financial Coaching is not
  • Why this show is different than other financial podcasts
  • Quote of the lesson from Tom Landry

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I got into Financial Coaching back in 2010, not because I knew everything there was to know about how to handle money or because I was going to make a full time gig out of it.

I got into Financial Coaching because I was tired of seeing those I know and care about make unwise financial decisions that either hurt them in the moment or gave them a higher degree of financial risk in the future.

Since getting into coaching my style has evolved and I have a better understanding of what works and what doesn’t work. I’ve coached a lot of different people from a wide range of income, marital status, stage of life they are in, and financial situation.

I’ve also learned that there is a specific client type that I work best with and who usually gets the best results. Those characteristics are those who

  • Are teachable
  • Willing to learn
  • Ready to make change
  • Want to do that work

But enough about me, why do I share that with you today? Because on today’s lesson we’re talking about what financial coaching Is and what financial coaching isn’t. When I first got into coaching, people would ask me all the time what the difference was between financial coaching and financial planning and I really didn’t have a good answer. But over time I have a better understanding on the differences

What financial coaching is:

  1. Helping you identify your overall financial picture
  2. Enabling you to implement changes into how you handle money
  3. Keeps you accountable on getting your main objectives accomplished
  4. Hands on help that is a lot more personal, intense, long term changing then a podcast or DVD

With that being said financial coaching is not:

  1. Just telling you what to do and expecting you to listen and obey
  2. Selling you products such as insurance or investments
  3. Me just spewing out advice and knowledge-you already know what to do, it’s actually doing it that is the hard part
  4. Me doing the work and you just sitting back and enjoying the fruits of it. Personal finance is personal! You need to have an idea of where your money is going and what your money is doing for you.

So with that being said, what can you expect from this show, considering it is titled the JW’s Financial Coaching Podcast? The podcast is me taking scenarios and situations that I have seen working with clients and turning them into teachable lessons in verbal form. Because it is a medium for all to listen to I try to cover all financial situations but I can’t personalize it for each situation. My hope is that you can get bits and pieces of each lesson and apply it to where you are currently and ultimately this show is an encouragement to you to continue to make changes in the way you handle money.

Know that you have a better idea of what financial coaching is, if you would like to work with me one on one please fill out the financial overview form and we can set up a time to chat over the phone to better learn about your situation.

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

“A coach is someone who tells you what you don’t want to hear, who has you see what you don’t want to see, so you can be who you have always known you could be” ” ~ Tom Landry

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.

October 2, 2016  
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  • How to track your savings fund
  • Things to consider when deciding whether to lump your savings together or keep it separate
  • The only way to guarantee savings
  • How Lisa and I track our savings
  • Quote of the lesson

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Today we are talking about a nice problem to have, how to track all of your savings accounts. If you aren’t there yet, don’t worry, you’ll get there as soon as you develop a plan, stick to it, and start to pay off your debt.

But how do you keep track of all the different saving funds? Once you become debt free and are able to bank more money each month you’ll be able to save money for variety of funds, including:

  • Emergency Fund
  • Vacation Fund
  • Car replacement Fund
  • Down Payment Fund

We’ll try to answer the question today if it is better to keep all your savings fund separate or lump them all together and keep a balance each month. Like much with personal finance, there is no one right way to do things.

But it is important to track it somehow, because the tendency is to just let it pile up in our checking account. Which makes it a lot easier to spend it and let it slip away like sand in our hands.

There are a few things to consider however before you decide whether or not to separate your savings account.

What is your financial temperament?

Are you a saver? A spender? Do you like your finances to be detailed or are you more of a free spirit? Answering these question will you determine whether you want your funds separated so they aren’t as easily accessible or if you want to spend the time breaking the dollars out.

How much money are we talking about?

If you are tracking a few hundred bucks here and there it might not be worth it. But if you have a significant balance over a longer period of time, it might be better to separate it out, so you know exactly what the money is for.

How detailed do you want your savings?

Are you someone who has multiple savings projects occurring at the same time? Or do you like to be spontaneous and decide to do one thing like a vacation, car, or home remodel once a year? If you know you just want to do something, but not exactly what, just having one savings account would probably work best.

What Lisa and I do

Lisa and I do a hybrid when it comes to our accounts. We have three accounts. One is our main account, one is where we write our checks out of each month, and the other is where we put excess savings into. At the end of each month I take the balances in these accounts, add them up, then break them out the following ways

  • Emergency Fund-Pretty constant, rarely changes
  • Stock Purchase Plan-Money we are saving to cover contributions to our employee stock purchase program
  • Insurance/Utilities sinking fund-The money not paid on a month basis that we still budget for
  • Car Repair Fund
  • Children’s college fund-Any money we get as a gift that we will put in our children’s education account by dollar cost averaging
  • Cash that we get for gifts
  • Fixing the house fund
  • Car Replacement/Vacation Fund-We don’t separate these funds out

This way works for us since we are both natural savers and aren’t likely to spend the extra money in our checking out. It’s less maintenance for us then having a separate account to track everything. But we have looked into ways into improving our savings.

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

“To be rich, is not what you have in your bank account, but what you have in your heart.” ~ 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.

September 28, 2016  
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  • Guest Tracey Minutolo joins us to talk about Side Hustling
  • What side hustling is and isn't
  • How it has impacted Tracey's finances
  • Why should someone side hustle
  • Quote of the lesson from Jon Acuff

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Whenever I communicate with listeners of the show and ask what topics they would like me to cover on the show, one of the more popular requests is how to make more money through a side business or second job.

Starting something on the side is a great way to earn some money on the side. To improve you financial situation you can either do one of two things 1.) Cut back or 2.) Earn more income.

Traceycropped.jpegOn lesson 4 of the show we discussed whether it was more important to spend less or make more when trying to get out of debt. The obvious answer of course is to do both!

Well to help out with learning how to side hustle I had the chance to interview Tracey Minutolo over at TraceyMinutolo.com. Tracey is a Side Hustle Coach & Financial Freedom Fighter.

Tracey shares what the term “Side Hustle” means to her. She also talks about how she got involved in side hustling and how she was able to start her virtual assistant side business.

We also talk a little bit about Tracey’s debt free journey. She started out with about $60,000 in debt a little over two years ago. But she’s paid off her car loan and is going at her student loans with aggression. Her goal is to have it paid off by the end of 2017.

But most importantly the thing the stuck out to me was Tracey’s story of how becoming disciplined changed her life completely. It was no coincidence that Tracey’s side hustle and debt free journey took off around the same time.

You see about two years ago Tracey started to listen to podcast’s which taught her new information and gave her hope to make changes in her life. She took that hope and became focused and the disciplined she gained in those life changes not only impacted her career and finances, but other areas of her life as well!

Tracey’s story is very inspiring even if you aren’t looking to start a side hustle or get out of debt. She just got tired of carrying her student loans and decided to do something about it! My hope is that her story will inspire you to make changes in your life and think of something you can do on the side to increase your income.

Resources mentioned in the show

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

“Discipline begets discipline.” ~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.

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

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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

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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

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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

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