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Money Plan SOS

Author: Steve Stewart

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What’s it like to have no debt, no credit cards, and no credit score? It sounds like freakish existence in today’s world, but it’s what this podcast is all about.

Steve Stewart hasn’t had a single credit card or consumer debt since 2007. In 2010, he launched the Money Plan SOS podcast to share the knowledge gained while living a credit-free lifestyle. Along the way he learned about the negative effects of building a credit score and eventually found a way to be credit worthy - even without a mortgage!

The understanding you will gain from listening to the Money Plan SOS podcast is that you truly can have NO DEBT, NO CREDIT, and have NO PROBLEMS!

Listen as I walk you through the thoughts and ideas I had while going from a negative net worth to half a million in liquid assets and a paid-for house. You too can have no debt, no credit, and no problems.
200 Episodes
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#200: The MoneyPlan SOS podcast is now retired with this final episode. It was recorded LIVE at FinCon15 with nine bloggers who learned more about money by actually blogging about money. Financial education is not represented in our school systems, at least not on a national basis. However, learning how money really works should not be left to an untrained adult. Parents can try to educate their children, and many do, but the economics of money, and how we use money, has changed. Here is an example: When my wife and I were married in 2000, we wrote paper checks for a lot of our bills. We also used credit cards because debit cards were just starting to become popular as a payment option, not just a way to get cash from a local ATM. Here are some things that have been created in the past 10-15 years: Online Money Market accounts, budgeting apps, having access to our bank account via smartphones, BitCoin and even giving a tithe via a text message! I know, right? The problem with our country's financial illiteracy isn't due to a lack of resources - just look at all the financial bloggers who attended the recent Financial Blogger Conference in Charlotte. The problem is we don't seek the education ourselves until the problem has become big enough that we HAVE to learn. I began blogging in 2007 at the same time I began coaching individuals on their budget and financial goals. I've learned a LOT - and I expect you would too. _______________________________________________ Are you ready for the 200th episode of the Money Plan SOS podcast? Here we go... Live from FinCon15, I interview nine financial bloggers. They 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) _____________________________ For more information, visit the show notes at  https://moneyplansos.com/what-people-learned-about-money-by-blogging-about-money/
#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. Full show notes at https://moneyplansos.com/chris-brown-from-true-stewardship-is-tithing-mandatory-for-christians He recently became on of Dave Ramsey's Speakers and now hosts the popular True Stewardship Podcast. 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?   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? The MoneyPlan SOS podcast is retiring after episode 200. You can find all my new shows at http://SteveStewart.me/newshow
#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 ______________________________________
Matt Ham has Redefined Rich

Matt Ham has Redefined Rich

2015-08-2100:57:00

#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 and I have something in common: We both left the comfort of a regular paycheck to focus on helping others with their personal finances.  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
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