Financial Wellness Show - Improve the Health and Wealth of Your Money

Are you picking the RIGHT services for your wedding, ones that will help build memories and not regret? Coach Hal and I discuss spending money on the RIGHT things for a wedding, not things that don't really matter to the success of your big day (or your child's big day). For more details, including online wedding budget tools, visit http://FinancialWellnessShow.com/38

What is it like to live on a draw? Coach Carl explains how it works and how to be prepared for dry spells when a salesperson won't make enough to cover their draw on commission. For more information, visit http://financialwellnessshow.com/37

How does a house divided join forces with new spouses and new extended family members? Justin and Jessica tell their story of bringing 4 adults together for the good of their children. For an example of the spreadsheet, visit http://FinancialWellnessShow.com/36

Teens should be applying for scholarships from 9th grade through college, according to Coach Christine. In this episode she brings us a wealth of knowledge for where to find scholarships and how to win them. For more information or one-on-one coaching, visit http://FinancialWellnessShow.com/35

Would you be better off earning interest than letting the bank hold your money? Today we speak with Financial Wellness Coach Bill to discuss: For show notes or to work with us: http://FinancialWellnessShow.com/34

What is a TSP? Thrift Savings Plan, the Federal Government’s Retirement Plan available to Federal Employees and members of the military It consists of few options but has extremely low costs: G Fund = Government Securities F Fund = Fixed Income C Fund = Common Stock S Fund = Small Capitalization Stock I Fund = International L Funds = Lifecycle Funds (adjusts automatically into safer investments based on the date you plan to retire) Coach Carl explains the benefits and differences of a TSP for U.S. Military and Federal Employees. Full show notes at http://financialwellnessshow.com/33

Coach Kim recently encountered a situation that is no longer considered uncommon: Adult children who are dependent on their parents. In this conversation he shares: The parents level of frustration with the dependency of their adult children Are the adult children perceptive to the realization that they are dependent upon their parents Whose fault is it: The children’s or the parent’s His tip to help parents say “no” to their adult children without being the bad guy We also discuss ways to train up our young children before they leave the safety of the home. Listen for ways to make it easier to tell your adult children "no" without being the bad guy. More information, as well as our contact information, can be found at http://FinancialWellnessShow.com/32

Listen in on a real coaching conversation with Coach Christine. She is helping Coach Steve transition to the next stage: Living without a house payment! Jump into the conversation and ask the questions you want answered http://FinancialWellnessShow.com/31 Reach out to a Financial Wellness Coach at http://FinancialWellnessShow.com/coaches

Residential Liquidity: Everything you need to know before renting a house or apartment with Coach Jeremy Moving can be stressful, especially when you are moving into an apartment. There are a number of things you need to be aware of to make your move the smoothest transition possible. Things we need to know before renting a house or apartment: Weigh out the pros and cons before deciding between renting an apartment or house: Is it located near your place of work or family? What utilities are included? Will you be staying for a prolonged period of time? Tip: Ask for previous 18 month history on utility costs Of course, there are these financial considerations: Furnishings - do you need to buy curtains and can openers? How much is the security deposit? Will you have a room mate? Are room mates allowed? What is the rule on pets (and is a hamster a pet)? Are you allowed to hang pictures and plaques on the walls? We also recommend you buy renter’s insurance for your belongings. What you need to know before renting a house You will likely need more furnishings More repairs and maintenance will be required In most cases you pay for all utilities Do you need to maintain the grounds? (i.e.: mow the lawn)? Renting a house can provide you with more privacy and more room, but it also comes with larger utility expenses and more responsibilities. Renting can help you maintain a level of freedom homeowners can’t experience: More flexibility to move - even to another unit in the same building There are fewer expenses than an a homeowner (less space = lower utility bills) Fewer responsibilities (yard work, shoveling the driveway, etc) Action Step: Create a pros-vs-cons list of buying vs renting To access previous episodes, research resources, or secure your own personal finance coach for the New Year, visit http://FinancialWellnessShow.com/30

To win with money you need to: These statements, of course, are not true. One of our Financial Wellness Coaches came from a background of poverty. He knows well enough what it’s like to live on food stamps and today he shares his story of rags to riches, well - at least riches in a “no longer living paycheck-to-paycheck” kind of way. Our financial coaches are not all CFPs or have bachelor degrees. It doesn’t take higher education to achieve financial wellness. But it does take knowledge and often requires help. Contact us for a free consultation. There is no hard sale, we just want to know where you are and how we can help you. If you decide to move forward, our prices are right there on the website. Coach Connections, the parent of the Financial Wellness Show, is here to serve you. http://FinancialWellnessShow.com/coaches

Did you know the cheapest and safest insurance policy for your financial plan is not an actual insurance policy? In our previous episode we heard from Kisha. She was a listener who reached out to us for help. In just a few short months she paid off three payday loans and had money in savings. Two things I took away from her testimony: 1) She never had an emergency fund before 2) Said she never knew what an emergency fund was I take it for granted that everyone understands what the term “Emergency Fund” stands for. Kisha’s success story pointed out that we needed an episode to further discuss this very important piece of anyone’s financial plan. Today, Coach Bob joins us to define what Emergency Funds are, when they should be used and what Emergency Funds - or Emergency Savings - should not be used for. An Emergency Fund is a savings account, separate from other accounts The sole purpose of an Emergency Fund is to pay for expenses that are not in your budget Examples of emergency expenses are: Unexpected car repair, medical deductibles, time off from work to care for ailing parents Benefits of an Emergency Fund: Not only will Emergency Funds help keep you from going back into debt, they lower stress and bring peace of mind What an Emergency Fund is not for: Emergency Funds are not investments, they are a form of insurance We recommend two stages of saving for emergencies: Beginning Emergency Fund: A nice rule-of-thumb is to start with a $1,000 fund. It can take care of many sudden unexpected expenses. However, you can make it more if you want. We do not recommend building an emergency fund that is too big because it takes money away that can be used to eliminate debt. An exception would be if you know there will be a large expense or possible emergency (birth of a child, expected departure of a loved one, extended time off after surgery). Then we recommend saving all you can until the emergency has passed. Post consumer debt Emergency Fund: Once all debts have been paid off, other than a mortgage, we recommend building the emergency fund to equal 3 - 6 months worth of household expenses. If it takes $3,000 to run your household (the basics, not including saving for vacations or kid’s college) then we recommend an Emergency Fund of $9,000 - $18,000. That sounds like a lot, but the peace of mind you will have is priceless. Always keep your Emergency Fund full. If you need to dip into the savings then your next step is to hold off paying extra on debts or saving extra for anything other than recovering your Emergency Fund to its original level. How to fill and emergency fund: Teachers: Did you know you can sell your lesson plans online for extra cash? Listen to this episode http://FinancialWellnessShow.com/18 How much do you need? Your call-to-action is to set a number for your Emergency Fund, whether it’s a $1,000 beginning account or 6-months of expenses, and set aside some money for it. If you can only squeeze $20 out of your budget this month then put it in a piggy bank. Collect a few of those $20s over the next few weeks and deposit it into a savings account at the bank, an online money market account, or lock it away. The idea is to keep it away from non-emergencies, yet have access to it when you truly need it. What is your number? My number is $18,000. Coach Dave says their number is $20,000 and Coach Greg maintains an emergency fund of $30,000. However, Coach Taras, who you will hear in our next episode, says he needs a 6-month reserve of $42k! You’ll understand why in Episode 29. So, what’s your number?

Kisha called us for help. We found the perfect coach for her, Coach Parkey, and she says without his help she would be a wreck right now. “I was drowning in debt for a very long time” “I wasn’t good at money management but wanted to get better” Kisha is now caught up on all her bills and working her plan. “I’m so grateful. I’ve paid off three pay-day loans” She didn’t understand budgeting but now plans every dollar that will be spent. Kisha also built an emergency fund, which came in handy when her car broke down. “No matter what is happening with my car, I feel no weight on my shoulders whatsoever because I have the money to take care of it.” “Truthfully, I feel more comfortable having someone keep me accountable for my actions than having to check myself.” Kisha wants to eventually own rental real estate. She placed pictures of rental real estate properties Dream Board. Now that she has been working with Coach Parkey, her dream suddenly seems more like a reality. What is on your Dream Board? Let us know at http://FinancialWellnessShow.com/27

Last year, a survey from the non-profit Employee Benefit Research Institute showed 60 percent of working-age survey respondents reported having less than $25,000 saved. The numbers are similar among retirees surveyed: 58 percent have less than $25,000 on hand, and 29 percent have less than $1,000 saved. The topic of saving for retirement certainly isn’t a new one - I remember hearing about it back when I was 20 years old - and that was more than a quarter century ago (I’ll let you do the math on my age). So I have to ask: What is the cause of so many retirement accounts being so low? I would say it's a little of all of the above, but for the most part the responsibility of financial education falls on the shoulders of us - the individual. I have to thank you for taking it upon yourselves to dial in to our show and listen to the stories of success, failure, and just plain wisdom that comes from life experiences. I’d like you to meet Coach Jim. He is a hard worker, brilliant man, the most gentle caring person you will ever meet - yet the function and purpose of a 401(k) plan wasn’t explained to him when he went to work for a big company many years ago. Whose fault was it that Jim and his wife didn’t understand the benefits - and proper use - of the 401k? It was theirs. But they also took the responsibility to solve the problem by learning how money really works, hunkering down and doing the hard work, and controlling the money from the beginning to spend. Awesome! If you’d like to learn about various investment options available to you as an individual, give our office a call. Allow us to look over your company’s benefits plan and teach you about the benefits of a 401k or Roth IRA or pension plan. Visit our group, Coach Connections, and click on “Free Consultation” to be paired up with one of our expert coaches at http://FinancialWellnessShow.com/Coaches You have more time than you think. It’s never too late to start.

We take a different look at the #1 financial concern for working Americans, Retirement. We are going to speak with one of our Financial Coaches who Is on the verge of retiring, but in a different way than most - she's doing it single. While her situation may not be the same as the one you think you’ll be in when you decide to stop working and live on your assets, we don’t know what the future holds. So if you are married, divorced, widowed, or single, I think you are going to find today’s topic - retiring single - rather enlightening and informative. To find out more about hiring a Financial Wellness Coach, schedule your free consultation here: http://FinancialWellnessShow.com/coaches

Our common language has many incorrect slang terms. One of those is "Giving back to the community". In this episode, Coach Greg turns the tables and becomes the host while Coach Steve becomes the interviewee. Coach Greg asks what's wrong with "Giving Back"? Find out in this episode of The Financial Wellness Show. Contact one of our world-class financial coaches to help you learn how to stretch every dollar, get your money's worth, or gain complete control of your financial life: http://FinancialWellnessShow.com/coaches

Each circle in the wheelhouse focuses on one of the five major areas of our lives: These goals are on an annual basis, but you could base them on a 10-day goal as well. Write down your goals inside each circle. This helps to: Coach Ashley shares her goals and how she uses the 5 Wheels of Goal Setting. For more about Coach Ashley, or to connect with any of our expert Financial Wellness Coaches at Coach Connections, schedule a free consultation at http://FinancialWellnessShow.com/coaches

Many people make investment decisions with their money before sufficiently preparing. Coach Mary has been involved with the investment industry for many years. She now focuses on helping individuals get control of their money while looking forward to the future. Download the 13 Steps To Take Before Investing Your Money http://FinancialWellnessShow.com/22

More and more adults are going back to school. It's a rising trend among professionals and those looking to expand their career field. Our very own Coach Julia is no stranger to going back to school as an adult. She shares her experience and wisdom on the subject. Take-aways from this episode: Coach Julia remembers wanting to quit many times. The reward of finishing and possible opportunities are what keeps her going. Don't worry about being the oldest person in the class. You may be sitting next to the future CEO of a company that may hire you. They may have connections through networks or knowledge of career opportunities. The most important thing is to know your "why" and - maybe more importantly - to finish. Practical things to do before going back: There are differences between learning style and learning environment. Location doesn't matter as much. The most important thing is to finish. And finally: Be prepared to spend more than the initial cost for indirect fees Be prepared for things to interrupt your studies Be prepared for live events to get in the way of your schedule

Preparing a loved one for our eventual departure from this planet is never a pleasant conversation - but it is one of great importance. Coach Becky has seen some of her clients lose a spouse. She gives the example of a husband with cancer that assured his wife she would be okay because he had $200,000 in life insurance. What they didn’t realize was the policy was an Accidental Death policy. Cancer is not accidental so she did not receive a payout when he passed away. Another consideration is managing a disability or parent who needs assisted care. Does one move into a different house with fewer stairs or can fit a wheelchair through the doorways? What about living in an apartment to elevate much of the maintenance responsibilities. A budget can be busted if one spouse goes into assisted living without Long Term Care Insurance coverage. Coach Becky also believes children need to be prepared (where age appropriate). However, deciding where to live could be influenced by where your grown children have settled - and they need to be consulted. CONTACT US for a free initial consultation where we can match you up with the perfect financial wellness coach who can serve as the moderator or mediator for these life-altering decisions. Visit http://FinancialWellnessShow.com/coaches

How to drive and pay cash for a $15,000 car in 4 years. How rich would we be if we stopped driving? The concept was featured in a recent article on Wisebread.com and posed the question “What is a car really costing you?” A car is a necessity to get around on your own schedule instead of waiting for a bus or call Uber to pick you up. The cost of operating a vehicle in the United States, as exemplified in the article, was estimated to be over $7,000 a year - and that does not include car or lease payments if you don’t buy the car straight-out: Coach Kim joins me in today’s episode to explain how we can cut more than $3,000 in depreciation costs and save enough money to trade up in car every year. This process could lead a struggling full-time commuter to purchase a $15,000 with cash in 48 months.