DiscoverMoney Plan SOS with Steve Stewart
Money Plan SOS with Steve Stewart

Money Plan SOS with Steve Stewart

Author: Steve Stewart

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This is the personal finance show for responsible adults who want to get out of debt and save money. My wife and I were average: We paid off our credit cards every month while saving a little in our 401k. We had plenty of time. Then, in 2006, we took out a car loan. WHAT? We should've been doing better than that! By 2007 we were consumer debt free and paid our house off in 2015. I haven’t had a credit card in over 10 years and no longer have a credit score (according to TransUnion December 2017). But we do have 500k in savings and investments because we began to PAY ATTENTION - NOT INTEREST! Listen as I walk you through the thoughts and ideas I had while going from a negative net worth to completely debt free. You too can have no debt, no credit, and no problems.
203 Episodes
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What People Learned About Money By 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 ins'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. And since you are reading this, you fall into one of two categories: A) You want to learn how money really works B) You HAVE to learn how money really works Either way, I've got you covered: I coach couples via phone or Skype to improve their spending, saving, and giving. You've already come here to learn so take the next step: Take 2 minutes to fill out a Financial Overview and then schedule an appointment to work with me. Stop now and go to http://SteveStewart.me/financial-overview. It only takes a few minutes to begin your journey to Financial Wellness!   _______________________________________________ Are you ready for the 200th episode of the MoneyPlan 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) _____________________________ Retired: This was the final episode of the MoneyPlan SOS podcast. Thank you for listening. If you found value in them then please share with a friend.
The 8 Great Mistakes of Investing. Also, Fractional Savings Accounts
OG (aka The Other Guy from Stacking Benjamins) joins me to share the 8 Great Mistakes in Investing Full show notes at http://stevestewart.me/8-great-mistakes-of-investing-and-fractional-savings-accounts-mpsos198/ 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 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 http://stevestewart.me/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  

Matt Ham has Redefined Rich

2015-08-2100:57:00

Less Taxes, More Money In Your Paycheck - Running a mid-year tax return can improve your cashflow
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  
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