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Who’s Giving You Advice? Our Career and Life Coaching clients usually tell me similar things. Most are looking for a path out of their current position into something that utilizes their true passion. When is the Best Time to Buy or Sell a Home? Our current economy does not seem to be very kind in regards to the housing market. Foreclosures are at a record rate and the mortgage crisis has made it much more difficult to get financing. Work as if Your Job Depends on it Because it does! Normally we think that if we work for a large company or someone else is paying the bills, it does not matter what we do, our job will always be secure. I am Motivated! The first thing you need to decide if you want to get out of debt, is not whether you need a written plan or not; that part is pretty much a given. Learn How to Procrastinate It is easily determined that most of what we do in our lives is meaningless and trivial; it stands to offer us no purpose and gives us little gain in life. Comfortable Misery The story goes that a salesman walked up to the front porch of an old customer to find him sitting on his porch. Personal Responsibility On a recent trip to Europe, we spent a few days in Paris. One of the big similarities of the subway system to many of those in the U.S. is the people begging for money as they walk through the trains. 401(k) Loans on the Rise Today, more workers are withdrawing money from their retirement accounts in the form of 401(k) hardship withdrawals and loans than ever before. Merrill Lynch sampled applications filed in January, 2008 and found the primary reason was to prevent foreclosure or eviction. $49,000 in College Scholarships for Your Student Many of the clients I talk to on a daily basis have questions about funding college for one or more of their children. Regardless of if you have done a great job saving for your children’s education or you have no clue as to how to pay for their first textbook, you need to check out N2 College Consulting. Your Vision Determines Your Income Wayne Gretzky was once asked what made him a great hockey player. He simply stated that instead of going to where the puck was, he went to where the puck would soon be. What is Your Passion? Most of us have heard that we need to develop our passion. There should be at least one thing that makes us jump out of bed in the morning, happy to be alive just because we have the opportunity to do it. State Your Intentions How many times have you thought about doing something and made a resolve to do it, but then the excitement wore off and you never followed through? I sure hope that I am not alone in this. Do You Avoid Work? An increasing number of people are finding that they really do not enjoy their work and are looking for excuses to avoid showing up every day. Simply coming down with the flu does not carry as much weight as it used to. Why Work for a Living? Why do so many of us work for a living? After all, work implies drudgery, mindlessness, boring duties and dissatisfaction. I don’t work for a living; rather I live for what I do. I have created the ideal life for my family and myself, and have based what I do for income around that. Did you know that there are many cultures around the world that do not even have a word for ‘retirement’? Get Out of Debt: The Most Important Step The most important step to getting out of debt should really come as no surprise. If you find yourself digging a whole and then notice that you are stuck in the bottom of it, the first thing that most intelligent people would do is to stop digging. The same goes for getting out of debt, although most people do not follow this advice. Don’t Jump Most of us become very comfortable with our lives, and yet fed-up at the same time. Our jobs do not pay enough, the hours are too long, the management does not have a clue, and it’s just boring every day! It seems that we become comfortably numb with the cards we feel have been dealt to us, and thus we never make a change. How to Sell a Home if You Owe too Much Many of our clients are confronted with trying to sell a home out of necessity, or just because they do not like it any more. Because of the so-called mortgage crisis and other problems in our economy, it is no secret that the value of homes in many parts of the United States has declined; some areas more drastically than others. With that decline, many people are now finding they owe more on the home than they can sell it for. Some people even have vacation homes or homes they have left behi Get a Job It is no secret that there are only two things you can do to change your financial situation. You can either raise your income or lower your outgo (cut your expenses). On the income side there are many things I suggest to clients to help get out of debt faster. Each of these I have either done or would do myself. When developing your plan, decide what will work best for you, but focus on doing whatever it takes to become debt free, except for you home, within 24 months or less. Get Out of Your Cell Phone Plan Have you ever signed up or upgraded your cell phone plan, but then realized that either you could not afford it, the reception was not as good as advertised, or even decided that you did not like the plan? Like many people, you found out that you were indeed stuck in that plan for the next 24 months. Assess Your Competition Would you believe that by making one simple change you could increase your likelihood of success? Would you also believe that the success you would achieve could carry over to multiple aspects of your life? I am challenging you today to consider incorporating this change into everything you do. I promise you will not regret it. Can You Afford Christmas? The holidays are over. January is here. I think you know what happens next. Well, Groundhog Day is just around the corner, but I am referring to the credit card bills. Take Time for You It is finally that time of year when the focus turns from others back to us. Throughout the holiday season we’ve spent time shopping, cleaning, cooking and baking; all for other people. By focusing so much on others, you’ve probably felt frustrated, tired and out of balance. You may have lost sight of what’s most important to you and what you need to be your best. Save the Earth, and Some Money Here are some ideas to help save your pocket book, while helping the earth at the same time. Yes, they really can go hand-in-hand. Don’t Make Resolutions With the beginning of a new year, everyone wants to make changes to improve their lives. You may want to eat better, exercise more, get organized, or create a plan for your money. Do yourself a favor this year; do not set New Year’s resolutions. Can You See Past Your Troubles? Many of us get stuck in our current reality when setting goals. I meet with people all the time that cannot do one thing or another because of something that has happened to them or someone close to them. Beating the Holiday Blues For those who do not struggle with emotional problems during the holidays it is hard to imagine this time of year being anything but joyful. Unfortunately, there are many people who see this time of year as exactly the opposite. The days from Thanksgiving to New Years may even spur depression that has been lingering under the surface for many months. Following these strategies can help you or a loved one get through the season. Vehicles and Your Net Worth When most people study their finances to try and decide how much money to set aside for retirement, when to save for their kid’s college and whether or not to pay off their home early, a crucial part of the equation is usually left out. The missing step is vehicles. Staying Healthy While You Travel If you are anything like me, you always pack an appropriate meal and/or snack before you step foot on a plane. Okay, I realize that most people probably don’t do this. Some eat before hand and others buy food in the airport or on the plane. Unfortunately, eating away from home leaves you with few healthy choices. This is why I want to share a website that is designed to help you make the best food choices – just in time for your holiday travel! Winners do Quit I believe the old adage “winners never quit and quitters never win” simply isn’t true. If you take a fresh look at what you are doing with your life, you may begin to discover certain things that you have been doing through the years that are not helping you reach your goals. Is a Professional Worth the Money? Many people know me as being a very cost-conscientious kind of guy. My wife just says that I’m cheap. I will live with it I guess, because we are able to save a lot of money each year by shopping for the best deals, buying things on sale, etc. Make it Automated My wife will be the first to tell you that I am pretty darn lazy. While I do not have much downtime in my day, she knows that while I’m working, I’m doing it as efficiently as I can. I call it… being efficiently lazy. Accelerate Your Mortgage, Free Your Income I was recently asked about a mortgage acceleration program and how they work. The idea behind the program is to pay off your home 2 or 3 years early, and save a bunch of money on interest. Tell me if this sounds weird… I know someone who once decided to replace all of the old windows in a house that itself was over 100 years old. He took out a home equity line of credit (HELOC) in order to finance the window replacement, and a contractor arrived on a Saturday to complete the job. My Debit Card was Stolen: Here’s What to Do It’s true; I never thought I would let it happen, but it happened without me having any knowledge of it. While you can minimize your risk of having your number stolen, if it does happen, you need to be on top of it. Just a few weeks ago, I discovered that I needed to make some calls. Is There Something More Productive? Last week I wrote about the importance of looking at things with the perspective that you might be doing too much. I shared with you that sometimes you have to make the tough decision of giving up something, regardless of whether or not it is working well, and replacing it with something you believe could work even better for you. End of Year Business Priorities As the end of the year looms near, I tend to receive quite a few inquiries focusing on what business owners need to do to get ready for next year. While I will highlight a few of the important tasks to complete, I am more interested in helping business owner do certain things throughout the year, to keep from having to focus on so many at the end of the year. I have never met a business owner who could not use more time. Continuous Learning Right now there are a ton of teachers out there to help our kids learn new skills. They range from piano lessons, to tutoring, to second languages. There is an entire subset of business that focuses and caters exclusively to children. Bringing happiness to your life Most people equate money with happiness. In fact, if you were to ask people what one thing would make them happier, more than half would say earning more money. Is this really the case? If we just make more money, we would be happie? Are you Planning to Win? Most of us don’t plan to fail, but I strive to ask myself, and I planning to win? Winning can be anything you want in life. Some examples of good goals to have are raising your income, purchasing a home, starting a business, getting out of debt, saving for retirement, and raising a happy, healthy family. Accelerate Your Mortgage, Remove a Big Payment I was recently asked about a mortgage acceleration program. The idea behind them is to join the program and pay off your house 2 or 3 years early, and save a bunch of money on interest. Who Really Needs to Have Goals Most of us don't plan to fail, but I strive to ask myself, am I planning to win? Winning can be anything you want in life. Some examples of good goals to have are raising your income, purchasing a home, starting a business, getting out of debt, saving for retirement, and raising a happy, healthy family. Whether or not some of these are personal goals for you, or if you have others, let me ask you one question; do you have them written down? What Your Past Determines Many times as I counsel an individual or a couple, we spend some time talking about the past. Things our parents did and how they handled their money may have had a negative impact on how we live and handle money. What to do With a Tax Refund As of 3/19 TurboTax had estimated that its customers have received over $22,778,433,536 in refunds for 2006 taxes alone! What are You Investing For? Much like an exercise program, you'll want to determine your goals before you begin to invest. Your goal might be retiring in 20-30 years, kids college funding or, if you got started a bit late, retirement in the next 5 to 10 years. Understanding Life Insurance Each time I meet with a client we discuss life insurance needs. I am amazed at how little people know about the insurance they carry. We make it a priority that each of our clients understands any type of investment or insurance product before they buy it. The Story of JC Penney In 1902 a young man of 26 years old by the name of James "Cash" Penney opened a store called The Golden Rule in Wyoming. James Penney was given the nickname Cash because of his moral oposition to credit. Selling merchandise for cash only, Penney grew the retail chain throughout the Rockie Mountain states and later changed the name to J.C. Penneys. Today there are more than 1,000 stores throughout the world, but they did not start accepting credit as payment until the late 1970's. Teach Your Kids About Money Every child matures differently, but as they get into Middle and High School, here is a great method to teach responsibility with money. Someone Stole My Lunch Money If you're looking for great ways to instill good financial values in your children, here is another idea you may like to try. Making Money on Your Investments Last week I talked about the ideal time in your life to start investing for retirement. Ideally, for everyone that time is as soon as possible. If you already missed that landmark, then the answer is NOW! Once you have a budget in place, have no consumer debt (credit cards, student loans, etc.) and have between 3 and 6 months of expenses in an emergency fund, then your time is here. Let's invest! Improve Your Credit Score A common question that we get asked a lot is how to improve a credit score. I tend to challenge the notion that we need a good credit score in the first place, since the way it is calculated really makes it an 'I love debt score'. The FICO score is based on such things as the amount of debt outstanding, the available credit outstanding, payments history, etc. Credit How to Pick a Good Mutual Fund We've spent the past few weeks discussing investments so you'll know by now that we recommend good low risk mutual funds as the investment of choice. How a Mutual Fund Works I receive a lot of investing questions, and many of them have to do with mutual funds. You Can't Out-earn Stupidity Before my wife and I worked our way out of debt, we were like the average Americans. We didn't have the first clue about how to handle our money. Just like many of the people we coach, we thought that if we worked hard enough and earned more money, that would make up for our lack of knowledge in the financial world. Working Together is Better Regardless of wether you're single or married, chances are you won't get out of debt if you go it alone. Where do I Start? When I meet with people, the biggest question I get asked is "Where do I start if I want to become debt-free?" Teach Your Children Well If you're like me, then you may continually be looking for ways to teach your children valuable life lessons. I only know of a handful of topics that are as important as money. Take a Break; it's Good for Your Money As our team gets ready to leave for France (Prostate Cancer Climb), I'm reminded of the need to periodically take a break from everyday responsibilities and rejuvenate your mind and body. While we're going to Europe, you do not have to travel that far. Save Money on Your Home Phone Remember the days of paying $.15 per minute or more for long distance service from your local telephone company? Well, those days are gone thankfully, and you have many choices if you're searching your budget for places to save money. Everything Feels Good Why does everything, good or bad, seem to feel good to us? Think about lounging on the couch, watching TV and eating potato chips all day. Feels good, right? Develop the Passion In Dr. Henry Cloud's newest book, Integrity: The Courage to Meet the Demands of Reality, he discusses the issue of becoming passionate about a struggle, instead of simply using shear willpower to overcome it. Chosing the Best Mortgage One of the things we always look at with our customers is the type of mortgage that they have. That is also one of the questions we get asked the most. Can You Earn 12%? I recently received a question from a reader regarding mutual fund returns. He writes "How can I expect to receive a 12% return on an investment when the market is bad?" You May Be Driving Your Kid's College Fund I meet with many people who have ambitious goals. In fact, if you show up for coaching without them, you will soon find that we'll help you develop some. Where is Your Treasure? Matthew 6:21 says "Your heart will always be where your treasure is." Even if you're not a Christian, that is an interesting topic to think about. After all, common sense would tell us that what we spend our money on determines many things, including our personality, our habits, and generally what kind of a person we are. You really can tell a lot from someone by looking at their checkbook. When to Purchase an Extended Warranty Perhaps one of the worst deals in retail today is an extended warranty plan. In fact, electronic stores such as Best Buy and Circuit City often make more money on an extended warranty plan, than they do from the actual product. What Should You do with Your Retirement Plan? What should you do with a 401(k) or 403(b) if you leave your company? You have many options, but most of the time, there is only one that is right for you. Let's review some of your options. What Rich People Do Common sense dictates that if you are poor and start living like a rich person, you will eventually become rich. By the same token, if you are rich and start living like a rich person, you will eventually become poor. Vacation on a Budget If you're trying to squeeze every dollar you have, but also trying to maintain your sanity this summer, there is good news... you can vacation very cheaply, and even bring the kids along. Start a Business With Little or No Cash I am a huge fan of operating your own business. If there is something you are passionate about doing and you can find a way to make money with it, then what are you waiting for? Retirement: How Much Money Will You Need? How much money do you really need when you retire? While you won't ever know exactly (inflation, how long you'll live, health status, etc.), you should have an amount in mind for the moment you retire. Prioitize Your Spending While you may be on a plan to get out of debt, it is actually good to make some purchases. You should know by now, however, that without a plan you may end up with some stuff you don't want, need, or even enjoy. If you take a quick look around your house, you'll soon see what I mean. Become a Millionaire There was a long term study of graduate school students completed between 1960 and 1980 by Srully Blotnick, an American author. In that 20 year period, he studied 1,500 people and grouped them into two categories. Whose Responsibility is it? During a recent trip to Europe, we spent a few days in Paris. One of the big similarities of the subway system to ours is in the people begging for money as they walk through the trains. Should You Teach Kids About Money? I get a lot of personal and business wisdom from the book of Proverbs. It is a short book in the bible, but was written for the reader to attain "wisdom and discipline." I find it very interesting that the very first insight has to do with teaching your children about life. Shortcuts Don't Work When you think back through your life, has there ever been a time when you took a shortcut and it worked out in your favor? Dump a Timeshare, Gain a Tax-Deduction If you have a timeshare, you know what a drain on your budget it can be. Even when you have it paid off, there are ongoing maintenance fees and other expenses to pay every year. Add to that the fact that you're usually locked into only visiting that one location, and it's a bad deal all around. Does This Sound Weird? I know someone who once decided to replace all of the old windows in a house that itself was over 100 years old. He took out a home equity line of credit (HELOC) in order to finance the window replacement, and a contractor arrived on a Saturday to complete the job.

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