Money Plan SOS - Personal Finance for Everday Americans

15 after since the launch of this podcast - and 25 years since my wife and I started doing life together - a lot has changed! In this episode, I share: How compounding has made my wife & I millionaires despite crashes-How we qualified for a *big honkin' mortgage on only my self-employed income - and WITHOUT a traditional credit score or manual underwriting And the 1 thing I should have done better For full show notes and resources mentioned, go to https://moneyplansos.com/202*Don't worry. We recast the mortgage once we sold our old house, which brings the current mortgage to something smaller - and which we can pay off faster.

Welcome! If you are new to the Money Plan SOS podcast then sit back. I'll share with you the 20 best episodes, 10 "staple" episodes, and the 13 worst episodes. I also share my journey through money over the past two decades. The full show notes are at https://moneyplansos.com/best-and-worst-of-money-plan-sos

#200: The MoneyPlan SOS podcast is now retired with this final episode. It was recorded LIVE at FinCon15 with nine bloggers who learned about money while blogging about money. In this final episode, nine financial bloggers answer the question, "Have you learned anything about money since blogging about money?" Eric Rosenberg (Narrow Bridge Media) Emily Guy Birken (Wisebread, Book: 5 Years Before You Retire) Katie Austin (Writes for ActiveHours.com) Todd Tresidder (FinancialMentor.com) Stefanie O'Connell (The Broke and Beautiful Life) Athena Lent (Being Fabulous Has No Price Tag) Miranda Marquit (Planting Money Seeds) JD Roth (Get Rich Slowly, new blog MoneyBoss.com) Eva Baker (TeensGotCents.com) _____________________________ The MoneyPlan SOS podcast is now retired #tear This was the final episode of the Money Plan SOS podcast. Why? Somehow, I became known in the FinCon community as a podcast guru (they even gave me a shirt that said FinCon Podcast Guru on the front). This pivot into a new career allows me to help others who podcast about financial literacy topics by editing/engineering their recordings. My new home-base is SteveStewart.me Thank you for being a listener. It's been a true honor to host this show and help anyone who will listen PAY ATTENTION - NOT INTEREST!

#199: Is tithing mandatory for Christians? Chris Brown and I discuss this to get to the root of the problem - which has little to do with ten percent. Chris Brown has been a pastor for several years, speaking to congregations and audiences all over the United States. In this episode, Chris and I tackle this touchy subject of tithing: What is a tithe? Who is called to give a tithe? What about the "Old Testament vs New Testament" argument around giving a tithe? Are we asked to give a tithe based on the gross or net of our paychecks? Full show notes at https://moneyplansos.com/chris-brown-from-true-stewardship-is-tithing-mandatory-for-christians Connect with Chris Brown online: http://Twitter.com/chrisbrownonair http://Facebook.com/chrisbrownonair http://Instagram.com/chrisbrownonair Also in this episode: Ponda from the Honda: If a Billionaire doesn't have to buy a new car then why do we? Where is MoneyPlanSOS going? UPDATE: The MoneyPlan SOS podcast retired after episode 200. Steve is now editing podcasts for others in the personal finance genre, and he's still paying attention - not interest!

#198: OG (aka The Other Guy from Stacking Benjamins) joins me to share the 8 Great Mistakes in Investing Full show notes at https://moneyplansos.com/8-great-mistakes-of-investing-and-fractional-savings-accounts/ The 8 Great Mistakes of Investing are: Under-diversification Over-diversification Euphoria Panic Leverage Speculating Investing for yield and not total return Cost basis dictating decision Thanks to OG for coming over. You can find him at http://StackingBenjamins.com - my favorite podcast. Also mentioned in this episode: The Great Beanie Baby Bubble by Zac Bissonnette. Amazing stuff! Here's the Stacking Benjamins affiliate link: http://amazon.com/dp/B00INIXVPW/?tag=thefreefinanc-20 __________________________________________________ Steve Stewart's Budget Coaching Course on video: Http://moneyplansos.com/start __________________________________________________ Ponda from the Honda: SPEND IT ALL (sort of) __________________________________________________ Fractional and Automated Savings Accounts - are they a good idea? Deanna Richardson from Richardson Accounting and Consulting, PLLC @ theCPA-4U.com asked "Have you heard of Digit? Seems like a great way to build up an emergency fund and....it says it is free. Then their are bonuses for keeping $100 in it over 3 months. If I did my math right, the bonuses are over 2.5% interest (5 cents / week per $100). Would love to hear what you think." I tackle these new fractional, or automatic, savings accounts: Acorns, Digit and Betterment's SmartDollar Links: ACORNS Open an account: https://www.acorns.com or install the free IOS or Android app Listen to my interview with the creators of Acorns http://SteveStewart.me/161 DIGIT Open an account: https://digit.co Testimony from Paula Pant (which kinda concerns me) http://blog.digit.co/post/126333490654/we-are-digit-featuring-paula-pant-meet-our BETTERMENT'S SMARTDEPOSIT Open an account: http://moneyplansos.com/betterment More information: https://www.betterment.com/resources/inside-betterment/product-news/smartdeposit-auto-deposit-but-smarter ______________________________________

#197: Matt Ham is an author, speaker, and small business owner. Five words uttered by a nurse changed the way he looks at life - and inspired him to redefine rich. Full notes with links at https://moneyplansos.com/matt-ham-has-redefined-rich/ Takeaways from this interview: It's not how much you give - it's how you give it (The Widow's Mite) We shouldn't feel guilty to spend and, surprisingly enough, we feel richer when we give. Whole Life Matters Podcast: http://www.mattham.com/itunes Redefine Rich book - Available on Amazon.com in Kindle and paperback __________________________________ 3 important things to remember when buying a car This post first appeared on LibertyInvestor.com Transportation is the third largest budgeting expense for most people. Housing and taxes can consume up to half of the average American's income, with cars sucking up between 5-20 percent - depending on number of vehicles and if the consumer is carrying auto loans. However, you can greatly reduce your vehicle costs by remembering these three things when buying a car: It's transportation It's a depreciating asset It's not forever The way we get the biggest bang for our buck when we buy a car right is when we buy it outright. Pay off your current car loan quickly, save what used to be your car payment for the next one, and pay attention - not a lease payment. _____________________________________ 'Ponda from the Honda Free chips, salsa and bread sticks. What do they have to do with rising prices at local restaurants? _____________________________________ Are you tired of paying interest? Do you want to get control of your finances? Schedule a 30 minute consultation and let me help you make informed decisions on how you spend your values http://SteveStewart.me/coaching

#196: Jon Stein from Betterment and I discuss robo-advisors, why Betterment is so different, and what it takes to open an account. Use http://SteveStewart.me/Betterment to receive 30 days FEE FREE investing at Betterment Full show notes at https://moneyplansos.com/ins-and-outs-of-robo-investing-interview-with-betterments-jon-stein/ _______________________________________ M.J. Cossel wrote in about an article she read in the Dallas Morning News: Bad credit score can double insurance premiums in Texas My response: Yes. Poor credit scores equal higher insurance premiums - but that's only one consequence of not paying bills and debts on time. Make it a priority today to get your checkbook balanced, organize your finances, and pay attention - not ___________. If you want a sure-fire way to make every dollar work harder then get on a budget http://SteveStewart.me/ynab https://moneyplansos.com/virtual-budget-coaching-course-by-steve-stewart/

#195: Do you know why stories of people with $.32 refund checks are in the news? Because they are so rare! Most people want to get a big tax refund. Getting a huge refund is an extremely inefficient use of money - both for you and for the government. I recommend adjusting your withholding so you can bring more money home and put it towards your goals: High-interest rate debt Building up reserves Saving or investing Run a mid-year income tax assessment Making course corrections in August helps steer your tax withholdings closer to the target - which is to owe nothing or get a small refund. It's almost impossible to be exact, there are too many moving parts, but you can bring your tax-boat closer to the dock in the last few months of the year. Gather together the following items: Last year's tax return Last year's Schedule A (if you itemized deductions) Your last two pay stubs (include your spouse's as well) Note: If you have a small business or are an entrepreneur then you will need to run a Schedule-C calculation to estimate self-employment income. You may also want to see a tax professional. Also, you will want to estimate any: Child/Dependent Care expenses Expected bonuses Expected interest, dividends, etc I use tax preparation software to run my calculation but you could follow the prompts at the IRS website to complete a mid-year tax assessment: http://apps.irs.gov/app/withholdingcalculator/ If you expect a huge refund: You could choose to do nothing and continue giving the government more of your money, interest free, and get a huge refund April 15th. However, I recommend you increase the number of allowances on your W-4 and give it to your benefits department or HR person. They will adjust your withholding to get you closer to zero. If you would like help running this calculation then contact me and we will run through it together. Federal forms and resources mentioned in this episode: http://apps.irs.gov/app/withholdingcalculator/ http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/f1040sa.pdf http://www.irs.gov/pub/irs-pdf/f1040sc.pdf In the Ponda from the Honda segment Only 5.5 more payments to go $5 a week for 45 years at 10% growth is $228,000 See a chart in the show notes at http://SteveStewart.me/195 Try YNAB (You Need A Budget) for 34 days and receive 10% off if you keep it http://SteveStewart.me/YNAB

#194: Although he has an entrepreneur's heart, Ace doesn't believe anybody should start their own business. It is much easier and profitable to buy an existing business, improve it, and sell it for a profit. Full notes at https://moneyplansos.com/ace-says-skip-the-startups-and-buy-a-business/ Ace's book: The Ace Formula: How To Buy A Profitable Business and Live Life On Your Term LIKE A BOSS Find Ace at: http://acechapman.com Or Twitter: https://twitter.com/acechapman ______________________________ Don't worry about your credit score. Do what's RIGHT with your money. When it is time to prove your credit worthiness call on eCredable: http://MoneyPlanSOS.com/eCredable (free monthly membership with this code: SOS)

#193: Many people are being lured by the attractiveness of directing their own retirement plans. The trick is to do it right and have an asset, business, or income-producing entity that makes sense for YOUR retirement planning. Kirk Chisholm is a Wealth Manager, Economist, & Principal at IAG. He is also an expert of investing in alternative investments in self-directed IRA / 401k. Full notes at https://moneyplansos.com/what-you-need-to-know-about-self-directed-iras-mpsos193/ Key takeaways from our discussion: Self-directed IRAs are a great arrangements for making non-traditional items become tax-deferred investments There is no guidance for what you can put into a self-directed IRA There are some unusual things people have turned into self-directed IRA investments A 1031 exchange is not a self-directed IRA We learn where a wealth manager fits into an individual's self-directed IRA plan There is no certification for someone to become a self-directed IRA administrator Kirk encourages you to pick things you know well How taking one step back can make you feel a little bit richer <33:47> Stop Take a step backwards Close your eyes for 1 second Open your eyes Imagine your life 10 years ago and tell me you don't feel just a little bit richer Ponda from the Honda <42:09> She blew $20k of college savings on clothes and a European vacation.

#192: Kai used to be responsible for staffing at a firm. She knows first-hand what companies use to check on an applicant's background. While a company may check credit reports, they do not review credit scores. Once again, this is proof that the bare minimum to succeed in America is to simply pay your bills and debts on time. If you don't have any debts and don't have credit cards, you won't have a credit score. However, you will have a clean credit report - or no information for a credit report to be built upon. This does not prevent you from getting a job. UPDATE: My wife and I paid off our last debt, the home mortgage, in December 2015. Within 2 years, I no longer had a credit score. Does that mean I couldn't get a traditional job in corporate America? Of course not! Let my story be your testimony. Spend more time on your personal finances and less time trying to build your credit. In our conversation we discuss: Why Americans allow themselves to become trapped in debt How much responsibility do we place on the education system to teach children and young adults about financial literacy The truth about employers pulling credit scores or credit reports The 5 Dangers of Buying Cheap and "Splaving" For full notes, visit https://moneyplansos.com/splaving-and-do-employers-check-credit-scores-interview-with-kai-yaniz

#191: Heather van der Hoop from ThePennyHoarder.com comes on the show to offer these suggestions for creating an income - and many of them involve stretching your boundaries as a teacher. 1. Teach English as a Second Language' 2. Teach Abroad 3. Sell Your Lesson Plans Online 4. Work at a Summer Camp 5. Drive for Uber, Lyft or Sidecar 6. Rent Out Your Driveway 7. Rent Extra Space in Your House 8. Become a Local Tour Guide Destination Debt Freedom Alan Steinborn and Jackie Beck are spearheading this effort. They came on to explain the benefits and process for how the process works. Top 10 Financial Oxymorons I asked the Facebook Group Debt Freedom Fighters what they thought the Top 10 Financial Oxymorons were. The answers are hilarious. Full show notes can be found at https://moneyplansos.com/8-summer-jobs-for-teachers-and-destination-debt-freedom

#190: Jason Hartman only wants mortgage debt - and he will take out as much as he possibly can. Full show notes at https://moneyplansos.com/inflation-induced-debt-destruction-with-jason-hartman/ Jason Hartman has been investing since he was 20 years old and learned how inflation is the enemy of home equity but the golden goose of real estate income property owners (my words, not his). We first have to understand how inflation plays into this investment strategy: Jason says he is playing the same game as governments and central banks to win the investing game.

#189: Are you a Pessimist or Opportunist? Take this quiz to find out! Full notes at https://moneyplansos.com/which-half-glass-investor-are-you/ Topics covered in this episode: Pessimists, Opportunists, and the Half-Glass Investor Quiz How a GOOD credit score is all you need Ponda from the Honda Cool resource for your email: Wisestamp (support the show by using this link) http://SteveStewart.me/wisestamp

#188: Leah Bell shares her story of growing $32k in student loan debt - and why it makes her angry! In this episode: Leah Bell, The Angry Grad, did what she thought everyone does: Goes to college to get a degree. What she didn't know was her chosen major narrowed her options just before the recession of 2008. Leah is now on a mission to educate others about education. We also check in with Jason from @Phroogal on #TheRoad To Financial Wellness (first appeared on Episode 186). John Beidel, from Episode 172, wrote a really funny article about Taxes. Yes, funny. Full notes at moneyplansos.com/188

#187: An informed consumer is a better consumer. This episode will show how Credit Cards make money from processing fees. I also give a few tips for reducing fees and a new way to send a friend money for free. Full notes at https://moneyplansos.com/how-credit-cards-make-money/ Infographic with credit and debit card statistics: http://www.dailyinfographic.com/the-hidden-plastic-economy How Counting Can Work Even When Budgets Aren't Accurate: http://blog.myfitnesspal.com/why-tracking-works-even-if-calorie-counts-are-off/ Ponda from the Honda: Fight Big Business by Cutting Up Credit Cards

#186: What could be better than taking a 30-day journey across the U.S. in a van? Full notes at https://moneyplansos.com/being-phroogal-on-the-road-to-financial-wellness-mpsos186/ Jason Vitug from Phroogal is leaving for a 30 day journey throughout the U.S. to promote financial wellness. Visit http://Phroogal.com/Road to find a location near you Also: Debit cards, auto-pay, bill-pay, and checks: There are multiple ways money can come out of our accounts. It's more important than ever to balance our checking account every month. I give 7 reasons to balance your account and 3 tips to make it easier. Ponda from the Honda: There is no single "right way" to do something Did you budget your summer vacation? My Virtual Budget Course can help you prioritize spending and discover how much money you have left for your next financial goal. http://moneyplansos.com/START

#185: It's impossible to be immune to card fraud, but you can reduce the opportunities of being a victim. In this episode I share steps you can take to use your Debit card responsibly and reduce the chance someone will steal your card. More information and full show notes with links can be found at https://moneyplansos.com/protected-but-not-immune-from-card-theft/

#184: Identity theft is no joke - and it's on the rise! Should you pay for monitoring? Full show notes at https://moneyplansos.com/what-makes-id-theft-companies-worth-the-cost-mpsos184/ Keith Bunn of CavusFinancialCoaching.com compared four companies to see if their services are worth the cost. Also in this episode: 'Ponda from the Honda - My mailbox is wasting a lot of energy Upcoming webinars and recent appearances Testimony from a listener who learned risk vs reward from an engineering book

#183: Dave Ramsey announced his new budgeting software - EveryDollar. It is awesome - and have many similar features to YNAB (You Need A Budget). Which premium budgeting software is best for you? Let's compare the different features and methods to identify the right one for you. Also: Holla from the Impala is changing. Listen to all the reasons you shouldn't buy a car from a long distance. For more information, visit the show notes at https://moneyplansos.com/ynab-vs-everydollar-comparison

#182: Carl Richards was a ditch-digger, fell into a securities job, became a Certified Financial Planner, then became the Sketch Guy at the New York Times by drawing financial concepts on paper napkins. He released his second book, the One Page Financial Plan, and shares with us his journey from ditch-digger to NYTimes writer. For a more complete list of notes with pictures and links, go to https://moneyplansos.com/a-sketchy-background-to-one-page-financial-planner-interview-with-carl-richards/

#181: Joseph Michael is an average guy who saw a need and is now making 6-figures helping writers solve a problem. They love to use Scrivener - an incredible writing and organization tool - but had a hard time figuring out how to use it efficiently. Enter the Scrivener Coach. Joseph doesn't work for Scrivener but came up with an easy-to-follow, step-by-step video course that takes a lot of the guesswork out of the process. I've taken the course and am using Scrivener to create my Audacity Workshop (audio editing software I've been using for almost 15 years). You can find more about Joseph and his course at http://LearnScrivenerFast.com or follow him on Twitter @ScrivenerCoach Full show notes can be read at https://moneyplansos.com/joseph-michaels-moneyplan-on-fire/ I hope you enjoyed this April Fools Day episode.

#180: The year 2015 marks the celebrates the 10th anniversary of Dan Miller's life-changing book "48 Days To The Work You Love". He joins me in a conversation about resumes, extra curricular activities, and creating your own career from nothing. Also, Debt Freedom Fighter Bob Lyons shares his success story of passing on a job opportunity, getting laid off, and then finding two companies battling for his employment - all without breaking a sweat because he was following a moneyplan. In the Holla From The Impala segment: I'll gladly pay more money if it gives me more time Read the full show notes at https://moneyplansos.com/dan-miller-helping-people-find-the-work-they-love-for-a-decade

#179: What is BitCoin, how does it work and how can we get some? Brian Hoffman from OpenBazaar.org joins us to talk about this new payment option that will change the way we spend money - literally! Full show notes at https://moneyplansos.com/were-talking-bitcoin-with-openbazaar-mpsos179/

#178: Joan Sotkin has been through market upswings and personal bankruptcies - and she sees things as opportunities, not failures. You can find out more about Joan at ProsperityPlace.com Full show notes can be read at https://moneyplansos.com/interview-with-joan-sotkin-mpsos178

#177: Farnoosh Torabi is known for contributing to The Today Show and Money Magazine as well starting her own podcast - So Money. But today we are having a conversation with her about her most recent book: "When She Makes More: 10 Rules for Breadwinning Women" The book is written for the working woman who earns more in the workplace than her man. While the financial nerd in me appreciates all the statistics and studies included in the book, I also think men will benefit as much by reading "When She Makes More" as their female counterparts. For more, visit https://moneyplansos.com/when-she-makes-more-with-farnoosh Here are some of the questions Farnoosh answers during our conversation: * Are the old fashion rules of men bringing home the bacon wrong? * What do you see as the major cultural or economic shift that caused this world to change from men working outside of the home and women working at home but not in a traditional JOB? * How has this effected the family unit? * What is the first step for a couple where She Makes More do to balance the relationship and make it not so weird? * Do gender roles still play a part in a household where she makes more than her man? If you enjoyed this episode then send @Farnoosh a Tweet http://twitter.com/farnoosh

#176: Derek and Carrie Olsen help us discover if a marriage can survive a foreclosure. Full show notes with links at https://moneyplansos.com/divorce-proof-your-marriage-by-going-through-a-foreclosure-mpsos176/

#175: The Greutmans are debt free and now employ Americans to run their small business - IAmThatLady.com. UPDATE: Lauren has launched a new business and can be found at https://www.laurengreutman.com The Browns just paid off their HOUSE! What are they most excited about? Listen to the testimonies of two families with different reasons for killing their debt - and what it has done for them. Also in this episode: Holla From The Impala - The ONLY benefit from paying interest. Read the full show notes at https://moneyplansos.com/debt-free-testimonies-from-the-greutmans-and-browns

#174: UPDATE: Even bigger changes came since releasing this episode in 2015. In short: My business failed to grow but a new one EXPLODED in the first half of 2016. You can see what I'm doing now at https://SteveStewart.me _______________________________________ ORIGINAL POST: Big changes are coming my way - and yours. Listen to my plans to leave the day job, focus all my time on helping others get out of debt and build wealth. I also have a discussion with my Branding Coach, Ryan Rhoten. He's amazing and has become the most valuable resource I've ever had in my business. Take the Online Branding Assessment at http://RyanRhoten.com/Coaching Say hi to Ryan on Twitter: http://Twitter.com/RyanRhoten

#173: The sign on their front door says "No Credit Cards". How can such a large chain exist without accepting credit cards? Clint Woodman, Vice President of Woodman's Food Market, shares the business side of accepting credit cards as a business and why they never have and never will accept credit cards - for the good of their customers! Also, Gary Leland talks about Stripe, a mobile and web payment option, and why he chooses to use a wireless credit card processing machine instead. For more, visit https://moneyplansos.com/businesses-offer-more-savings-by-asking-debit-or-credit-mpsos173

#172: Tax specialist, John Beidel, joins me in a discussion about 15 Year-end Tax Saving Tips - an article from Betterment.com. Try Betterment for 30 days when using http://moneyplansos.com/betterment For more information, visit the show notes at https://moneyplansos.com/year-end-tax-tips-conversation-with-john-beidel-mpsos172/

#171: New retirement contribution and income limits for 2015 have been released by the IRS. Take the Debtor's Anonymous Quiz - 15 questions to help identify compulsive debtors. The perfect credit score has been achieved. How much will it cost YOU? Instead of a segment of Holla from the Impala I present to you: Audioblog while walking the dog I was interviewed by Mint.com. Read about the Convenience Economy and my trick to keep couples at the budgeting table (and you probably have a bottle laying around) For more information, visit the show notes at https://moneyplansos.com/2015-retirement-contribution-and-income-limits-and-the-debtors-anonymous-quiz/

#170: I'm answering listener emails: Patti emailed her concerns about "filling a void" by purchasing things she doesn't need and I answer the question "Should I pay off my $55k mortgage with savings?" For more information, visit the show notes at https://moneyplansos.com/ways-to-curb-an-addiction-to-shopping-mpsos170/

#169: Henry Rollins tells a debt free story. In the episode titled "10 things you don't know about the almighty dollar" he tells a debt free story about America. It appears that Andrew Jackson was the first and only President to pay off all of America's debt. LOVE IT! Listen to the episode for more about when America first got into debt Watch the episode here (some restrictions apply): http://www.history.com/shows/10-things-you-dont-know-about/videos/the-almighty-dollar Also on today's episode: Ignore these financial rules at your own risk Live beneath your means Do something smart with the difference Have health insurance Don't waste time building a credit score Shop for health insurance at eHealthInsurance.com What would you do? Spend $300 to repair a 1981 clothes dryer or spend $400 on a new one? Holla from the Impala: Double your chances to get a card stolen

#168: John Pugliano has more than 30 years of purposeful purchases behind him. Full show notes at https://moneyplansos.com/looking-back-at-30-years-of-purposeful-purchases-mpsos168/ His wife was able to stay home with all 6 kids while he focused on his career. He retired early and has been able to help others learn how to invest in stocks. Is living on less than you make for 3 decades worth it? Hear for yourself. Also: Holla from the Impala and a listener's testimony.

#167: Is it possible to have a simple and fair solution to the US tax code? Yes, it's called the FairTax. 105 years ago the 16th Amendment was passed allowing the US Government to levy an income tax on corporations. Somewhere along the way things changed and we find ourselves buried under 74,000 pages of tax code. Which is simpler: 74,000 pages or 133? The FairTax turns our complicated system into a medium sized book. The FairTax is much simpler: No more income tax withholding No more filing taxes on April 15th No more missed deductions No more taxes on interest earned or capital gains No more unfair tax breaks No more unreported revenues No more IRS audits What the FairTax does is: Allows us to bring our entire paycheck home (minus voluntary retirement savings, health insurance, etc) Sends every person with a US address and Social Security number, regardless of citizenship, money to cover the sales tax paid on the necessities of life (food, shelter, clothing, energy, etc) Reduces the price of goods and services we buy Taxes EVERYBODY, even visitors to our country (legally or illegally) Taxes us only on new products and services we buy Funds Government programs, including THE MILITARY, Social Security and Medicare Makes US products more competitive in the global market Will increase demand for goods and services, thus creating more jobs Becomes more progressive as people who earn more, spend more For more information, visit the show notes at https://moneyplansos.com/a-simple-and-fair-solution-to-taxes-the-fairtax/

#166: Listen to my debate with Joshua Sheats from Radical Personal Finance on various financial topics he deems to be dangerous to Dave Ramsey Show listeners. Links mentioned in this episode: Post: The shockingly simple math behind early retirement by Mr. Money Mustache Book: Jacob Lund Fisker's Early Retirement Extreme Episode: Joshua's plan for how I would become a Millionaire with a minimum wage job at Walmart For more information, visit the show notes at https://moneyplansos.com/can-a-dave-ramsey-fan-think-his-advice-is-dangerous-mpsos166/

#165: Lisa left her job for another. She could have rolled her old 401k into the new plan, but she wanted more options. Full show notes and resources at https://moneyplansos.com/what-should-i-do-with-my-old-401k-mpsos165/ What should I do with my old 401k? Lisa Emperador is a young professional who changed jobs after accumulating $8,000 in her old 401(k). She had several options for what to do with the money. Lisa has a bunch of debt and could have cashed it out to pay down a car loan or credit card debt. Instead, she chose to roll it into a ROTH IRA managed through Betterment. Was this the best option? Listen to the interview to find out if she regrets the move or is happy with her choice. What would you do? Thank you for listening. Keep fighting your debt!

#164: Even though FICO is celebrating 25 years as a publicly traded company, this is their very first audio interview. We are going to hammer out the clear and correct information about FICO and the credit scoring industry. Anthony Sprauve, Director of Public Relations at FICO, tells us the truth about: How FICO is able to capture our data from credit card companies, auto loans, student loans, etc. The relationship FICO has with the big three credit score bureaus: Experian, Equifax, and Transunion Which score is the real score? What is FICO 9 and how will it change someone's score? Is there an imbalance between evaluating the everyday American's score and someone who doesn't use debt products (Debt Freedom Fighters)? When will FICO begin using non-debt payments in the credit score? For more information, visit the show notes at https://moneyplansos.com/fico-and-the-facts-behind-the-credit-score-industry/

#163: Rey Brown explains how the cell phone industry works and gives suggestions for saving money on a new plan. A full list of resources can be found at https://moneyplansos.com/save-money-on-your-iphone-and-cellphone-bill-mpsos163/

#162: Tom Corley, author of Rich Habits, releases his new book Rich Kids. What are 5 activities that will guarantee your kids will avoid a life of poverty? What are the three paths to wealth? Are sports better than after-school activities? Listen to the show and find out. Much more information can be found at https://moneyplansos.com/rich-kids-with-tom-corley-and-coin-is-doomed-mpsos162/

#161: What if you could invest your loose change at the end of the day? Now you can with Acorns. Acorns is an app taking advantage of new technologies and less expensive investment fees to allow anyone to start investing in ETFs from Blackrock, Vanguard and PIMCO. ________ Take the #100challenge in September 2014. See how fast you can save or earn $100 more. Then apply the money to your next goal: Emergency Fund Pay down debt Car replacement fund Save for Christmas Etc... Share your progress and WINS by using the hashtag #100challenge For more information, visit the show notes at https://moneyplansos.com/squirrel-away-your-change-with-acorns-app-mpsos161/

#160: You can't turn on the TV or have a conversation with someone about money without the subject of credit scores coming up. With all that awareness you would think that everyone would have a basic understanding of how credit works. Unfortunately, there is a lot of miss-information being spread around. There are many myths surrounding the credit score; believing these myths can not only wreck your finances, but keep you from reaching your financial goals. For more information, visit the show notes at https://moneyplansos.com/biggest-credit-score-myths-and-alsicebucketchallenge-mpsos160/ The five biggest myths about credit scores Myth #1 - You have to carry a balance to have a good credit score This is a dangerous myth that gives people an excuse to keep their debts. The five credit score factors (payment history, amount owed, length of credit history, new credit, and types of debt) are all about how well you "manage" debt. If you pull your credit report there is nothing about how you manage your normal bills (electric, cell phone, rent), unless you are late on those payments. Myth #2 - The credit scoring system is a government run program The government has nothing to do with credit scores! Can you imagine the chaos?! Credit scores are monitored and reported by publicly and privately held companies that turn a profit. Myth #3 - You need a credit score to rent an apartment Rent payments do not show up on your credit score, why should you need a credit score to rent? Some apartment complexes will only look at your credit history when considering you as a tenant. Others will pull a background check and pull your credit report to look for negative information. There is no rule or law that you must have a credit score in order to rent. Myth #4 - A good credit score will help you build wealth A credit score is based on debt, debt products and the ability to pay back the debt. It won't help you build wealth, but it can help you get a better interest rate on even more debt. Myth #5 - The more you borrow, the better your score To a point, this is true. But the credit score is based on ratios of available credit vs. balance owed plus payment history. By borrowing too much you can tip that scale and cause the credit score to drop. This is why many people say that you should use a credit card but just pay it off at the end of the month. If we simply avoid debt in the first place, we can use that money to save and invest. These goals are much easier to accomplish when you don't have the extra weight of debt hanging around. Call to Action Base your financial decisions on long term goals. Don't get distracted by the lure of a good credit score. Remember that a credit score is based on debt and debt products. To be financially fit we need to consume less, save more, and pay attention - not interest. Also on the show My friend and past podcast guest, James Kinson, accepted the ALS Ice Bucket Challenge.

#159: The first 6 steps to buying a cash car are laid out by James Kinson, the Cash Car Convert. He helps everyday Americans kick auto debt to the curb and make smart buying decisions when it comes to automobiles. For more information, visit the show notes at https://moneyplansos.com/steps-to-buying-a-cash-car-with-james-kinson-mpsos159/

#158: It is inevitable: Your debit card will be compromised some day. What happens when my debit card is stolen? Money will be taken out of your account Your bank may call you or you must call your bank when you find out The Zero Liability Policy will kick in The money will be returned to your account in short order Any insufficient fund charges will be removed by your bank You will be inconvenienced In this episode five individuals share the experiences of when their card(s) were compromised. How to prepare for a stolen debit card: Here's what to do https://moneyplansos.com/what-happens-when-my-debit-card-is-stolen-mpsos158/

#157: How was John Lee Dumas able to start Entrepreneur On Fire without ANY income for 9 months? John tells us how in this exclusive interview about how successful people spend money. Also, Suze Orman's Preferred Debit Card is no more and PerkStreet customers get money in the mail! For more information, visit the show notes at https://moneyplansos.com/debt-freedom-helped-john-lee-dumas-launch-enterpreneur-on-fire/

#156: Would you like to know how we paid for our vacation at a horse ranch without credit cards? It's easy: We prepaid for our travel expenses with a debit card, prepaid for the week at a horse ranch by check, and paid cash for the rest. Oh, and we saved more than $160 by staying away from credit cards. In this episode I break down the different ways to pay for things like rental cars, souvenirs, and hotels - no credit cards necessary. The reason I stay away from credit cards will become evident when you hear our story of paying for the horse ranch. It is proof that plastic is more expensive than cash or check, we just don't realize it is. Here is 7 minutes of beautiful horses crossing a river of melted mountain snow http://youtu.be/97hg7_X6Ms8 Read more at https://moneyplansos.com/how-to-have-a-great-vacation-without-a-credit-card/

#155: How much attention do you really need to give to managing personal finances? Here are 10 ways we pay attention to our money - and most of it doesn't involve a lot of time: Always: Check remaining budget balances before spending. Daily: Enter transactions into your checkbook/software/YNAB Monthly: Balance checkbook/YNAB Monthly: Set up budget (again, we use YNAB) Quarterly: Review investments and retirement plans Annually: Rebalance portfolios and contribution amounts Annually: Reassess emergency fund balances Tax Season: Review "giving" categories Occasionally: Think of money-saving ideas as they come up (cell phone, irregular purchases, etc) Life Events: Health, Car, and Life Insurance annually or when there is a life event (job change, new vehicle, pay raise, etc…) Have I left anything out? Leave me a note at https://moneyplansos.com/10-ways-we-pay-attention-to-money-mpsos155/

#154: It had been a hectic morning. I recorded two interviews before leaving for the airport but I made it to the terminal with plenty of time. About 100 passengers ahead of me were being rushed as their flights were affected by weather but I had plenty of time. No reason to panic - I've done this dozens of times: Print boarding pass Check a suitcase Head towards security Have ID and boarding pass ready Take out any liquids, aerosols or gels Take everything out of my pockets Place my shoes on the conveyor belt Unzip my laptop bag and pull out my..................... WAIT! WHERE IS MY LAPTOP?! The spot where my MacBook is stored was empty. Did someone steal it when I wasn't looking? All my recordings and videos that I was going to work on, did I have a sufficient backup for all my recordings? What about all my pictures? I texted my wife: "URGENT: Go to my office. Is my laptop there?" She replied and my heart instantly sighed - I had left it on my desk. DOH! Being distracted sucks I was so scatterbrained that I left one of my most important pieces of gear at home - my MacBook Pro. I was going to work on my How To Use ScreenFlow course and record this week's podcast during the down times. #ChangeOfPlans Psyblog's article delivered to my inbox I had to rely on my iPhone to stay sane by being productive while waiting for the plane. I checked my favorite apps: Twitter, Facebook, ...and then my email where I found this clever and timely post by PsyBlog: "Super-Focus: 10 Natural Ways to Nuture Your Attention" I wish I had read this last night. PsyBlog tells us the 10 ways to improve our focus and attention. Many of them work for personal finance as well. Click the play button to hear more about this post [powerpress] 1. Take a break: We can only concentrate efficiently for a certain period of time 2. Chunk it: Break your tasks into smaller, manageable chunks. 3. Ditch the multitasking: It doesn't really work 4. Environment: Some people like busy cafes, others like libraries. 5. Try nature: Studies show that greater focus could be outside 6. Deal with interruptions (and track them) 7. Meditate: There are 10 ways meditation benefits your mind (click here to read the article) 8. Take a breath: Clear your mind and focus on the one thing you never have to think about 9. Sleep (my favorite): Sleep rejuvenates attention 10. Find flow: Some would call this "getting in the zone" How attention affects your cash flow When you focus all your attention on one thing you are more likely to succeed. Give up and you won't become the last man standing. Pour yourself into a project and you will likely notice more of the nuances and details while getting to know the subject matter better than anyone else - giving you an edge over the competition and making you the expert. When it comes to personal finances: It's the same thing. If you want to get out of debt then develop a plan, track the interruptions, place yourself in the right environment (like staying out of the malls and cooking at home instead), break your goal of getting out of debt into smaller pieces like Dave Ramsey's Baby Steps, and then meditate, breath, and sleep. After a while you will find flow (cashflow). You'll remain motivated, stretch your skills to the limits but not too far, and by using a budget you will get immediate feedback on how you are doing! For more information, visit the show notes at https://moneyplansos.com/10-steps-to-improve-attention-and-cash-flow/

#153: 3 Debt Elimination Strategies that WORK! Any one of these debt elimination plans will work if you work the plan: Debt Snowball: Pay extra on the debt with the smallest balance. Debt Avalanche: Pay extra on the debt with the highest interest rate. Risk Reduction: Pay extra on the debt with the most risk. This could be back taxes or a loan from your mother (you don't want to risk the relationship, do you?) Pros and cons: Debt Snowball: You pay more interest than the Debt Avalanche. However, getting a shot of QuickWin has been scientifically proven to keep people motivated to keep working the plan to the end. Debt Avalanche: You pay less interest overall. However, working on a 21% interest rate credit card for over a year tends to wear on a person's psyche. We begin to believe the process doesn't work and we quit. Risk Reduction: Taking care of IRS debt first eliminates the possibility of them garnishing your wages (no court process needed). Or you may decide to pay off your parents because the stress of the situation is eating away at you. These cases are not as common (most parents are a bit more forgiving than that) so the benefits aren't as great as the Debt Snowball or Avalanche. Arm yourself with reminders When we were in debt I would get a punch in the gut every time a statement showed up in the mailbox. Constant reminders wear on us and we become more likely to quit. It is important to stay focused and motivated in our moneyplan. We need to continue stretching every dollar and keep grasping at any opportunity to make more money to throw at our debt. Credit card companies benefit whenever we take our foot off the gas, so we must stick to the plan! Arm yourself with tools to help keep you encouraged throughout the process. Smartphone apps like ReadyForZero send you reminders and encouraging messages. Progress thermometers on the refrigerator or bathroom mirror let you check in on your current status. Finding ways to pay attention will go a long way in your debt elimination process. For example: I look at our mortgage balance a few times a month. Anytime I log onto our bank account to balance our checkbook, I see it. I look at our debt payoff spreadsheet once in a while, just to get my blood pumping. And, of course, I see the new balance at the first of every month after our payment is made. I've got my eye on the goal and focused on winning. Above all else: DON'T QUIT Evaluate your situation. Choose the method that works best for you. Above all things - DON'T QUIT! If you want to try one and then switch - go ahead. If the Debt Avalanche isn't working for you then start attacking your smallest balance first. Everyone's financial situation is different, so is their debt elimination strategy. The bank has a plan for your money. It's time to short-circuit that plan and start paying attention, not interest! Also on this episode: Holla From The Impala - It's awesome to get paid For more information, visit the show notes at https://moneyplansos.com/debt-snowball-methods-and-the-secret-credit-card-companies-dont-want-you-to-know/