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:

• What is Escrow?
• Are escrow accounts mandatory?
• What are the advantages of having an escrow account through your mortgage lender?
• Is it more financially efficient to escrow my taxes and insurance than to not?
• Can I create an escrow account with someone other than my lender?
• What are the disadvantages or things we need to be aware of if we don’t hold escrow through our mortgage lender?
• What happens after I pay off my house? Do I still send my bank escrow money?

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:

• Be born into a family where wealth abounds
• Be talented, beautiful, and live in a good neighborhood to get ahead in life
• Earn a 4-year degree in finance or you’ll never have financial wellness

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