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Auto Insurance: What’s Inside The Paperwork?

Your Auto Insurance has six main parts

Part A: Liability Coverage

Part B: Medical Payments Coverage

Part C: Uninsured Motorists Coverage

Part D: Coverage for Damage to Your Auto

Part E: Duties after an Accident or Loss

Part F: General Provisions

Woah, what? Let’s break it down.

Part A: Liability

This is how much the Insurer will pay out for any damage you as the insured become legally responsible for. Most of these have Split Limits, and Example of which would be 250/500/100

These three numbers show how much the insurance company pay for what damages.

The first number is bodily injury coverage per person maximum, the second is maximum amount coverage for bodily injuries per accident and the third is property damage.

For 250/500/100 that means $250,000 in coverage per person, up to $500,000 total per accident, and up to $100,000 in property damage; Remember that these are only for amounts you as the insured are liable for.

If you are on the policy, you are insured, plus your family, plus anyone you legally allow to use the vehicle. This is why it’s often beneficial to consider a temporary insurance policy on a vehicle for another to use it, so your insurance isn’t liable if they get in an accident.

Part B: Medical

Within 3 years of an accident, insurance companies promise to cover medical and funeral expenses caused by the accident. Surgery, Dental, X-Rays, etc, can be covered here. There are limits, some place a limit of $1000 per person, others could be $10,000. This coverage is specifically for the insured person being injured. This wouldn’t be like Coverage A, where the company is paying for your damages to others, this is for damage to you and your family.

This is regardless of fault, so even if you are found at fault, you will still get this coverage on your policy.

Part C: Uninsured/Underinsured Motorists Coverage

If you get hit by another vehicle, and it’s found to be their fault then you’re fine, right? What if they have no coverage. Remember that Coverage A only is your fault to others. The point of Uninsured Motorist Coverage is that if another person hits you without insurance, your insurance company will pay for your coverage. In some states, the percentage of drivers that are uninsured can be as high as 20! (Insurance Research Council, Recession Marked by Bump in Uninsured Motorists, News Release, April 21, 2011)

The maximum amount for these is frequently the same as your Part A coverage , but your policy can say differently.

Part D: Damages to your Auto

This is the part of your policy that says “Collision” and/or “Comprehensive” coverage.

Collision: This is when your car overturns on icy roads, or you find your car fender dented after a grocery trip. These are paid no matter who is at fault.

Comprehensive: Seperated from collision because some don’t want to pay for collision insurance, a comprehensive need is when there is a fire, theft, riot, or windstorm. Additionally this covers damages for riots, for a bird or animal breaking your car, flood and hail, or an earthquake damaging your vehicle.

Part E: Your Duties

This part in your insurance policy explains what you are required to do to obtain your coverages. There are some things you should do, like call an ambulance, the police, and get the other drivers information, but requirements from insurance companies may include: Not admitting fault, Notify your insurance company within a certain time limit, cooperating with their investigation, sending in legal paperwork in a timely manner, taking a physical exam, authorizing the insurer to obtain your medical records, and taking reasonable actions to protect your vehicle from further harm after the initial accident.

Basically, you need to cooperate with your insurance, or they aren’t required to cover your losses. That’s why a lot of online companies are harder to get coverage from, because they aren’t your personal advocate that you know or have met. It’s always nice to get auto insurance from someone you’re able to contact freely, and whom you honestly feel you can trust.

Part F: General Provisions

Provisions are details about your policy that include the ways you and your insurer can end your policy and also endorsements for your policy.

A policy has 4 ways of being ended.

  • Cancellation: simply return your policy and give a written notice that you’re done, the insurer can cancel a policy too within 60 days of giving it and giving you a 20 day notice. After 60 days they can cancel your policy if you haven’t paid, have had your license suspended or revoked, or you were deceitful in any way on your application.
  • Nonrenewal: at the end of your coverage period, the insurer can decide to not renew your policy.
  • Automatic: at the end of each insurance period, if the insurer renews, but you don’t accept the renewal, then your policy will automatically end.
  • State rules: many individual states have laws that change up the first 3, or extend time periods for renewals. It’s important to check your state laws for specific auto policy termination rules.

Endorsements are modifications to your policy. The most common being a motorcycle endorsement. Many companies adjust how much physical coverage they will have, or will have huge premiums they will only reduce when you remove or change certain coverages on a motorcycle.

To get your information simply call your auto insurer and request your coverage information. Tell them you want to see all the endorsements, riders, and Parts A-F of your insurance, and not just the fact sheet, though that can be simple and helpful too.

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Ep19 – Dear Debt – Mental Health and Money with Melanie Lockert

Episode #19 – Dear Debt – Mental Health and Money with Melanie Lockert




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Bio: Melanie Lockert started Dear Debt in 2013 as an accountability project for her debt payoff process. It grew into a community of dreamers, hustlers, debt fighters, minimalists, and frugal lovin’ adventurers to share thoughts, company, and Dear Debt Letters. She is an inspiration to many facing depression and other obstacles in dealing with debt and putting it in its place.

Show Description: We all know depression and mental illness are very hard to deal with and can create limitations in how we feel, think, and act. Today Melanie and I talk about some of the actions to take, and ways to think and encourage ourselves in dealing with depression and still making progress financially.

ShowNotes:

  • 1:27 – Emotions and Role Models
  • 3:12 – Fighting depression while still making progress financially
  • 5:00 – Dear Debt Letters – What are they?
  • 7:38 – Power of Writing Things Down
  • 9:45 – Mental Buckets
  • 10:50 –  Mentors and Coaches and Therapists: Outside Help Is For EVERYONE
  • 15:31 – Melanie’s story, hard months and easy months and honesty
  • 18:00 – Debt Fatigue: Define yourself
  • 21:34 – Vulnerability is strength
  • 23:30 – Melanie’s Maxim, Blog, and Book

Money Maxim

“A Closed Mouth Does Not Get Fed” – Melanie Lockert

MoneyMaxim Melanie Lockert

“You are not your debt” – Melanie Lockert

“The Faintest Ink Is More Powerful Than The Strongest Mind” – Jacob (Ancient Chinese Proverb)

“It’s important to tell the people that you love what you’re going through” – Melanie Lockert

Action Items

Forgive yourself, and recognize that you are not your debt.

Write your Dear Debt Letter! Read some on Melanie’s Blog, get the emotions out!

Organize some of your emotions into Mental Buckets.

Get your therapist! College grad program, mentor, mastermind, psychologist, roommate. Have people you regularly discuss and get help from.

Pattern: Recognize issue, make a plan, get a partner, get a community, constant honesty.

Mentions

Carl Richards Behavior Gap

OrderOfMan Podcast

Contacts and Links from the Show

http://deardebt.com

Melanies Book: Dear Debt

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Episode 18: NewlyWed Finances – With Dave Jacobson of CoachConnections

Episode #18 –  Newlywed Finances & Money Coaches – With Dave Jacobson



 

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Dave Jacobson HeadshotBio: Dave Jacobson, certified financial coach, enhances lives by empowering others to make better decisions with money that lead them to a financially fit lifestyle.  He has helped hundreds of individuals find financial peace through personal coaching and financial wellness seminars that focus on building and implementing a practical financial plan.

Coach Dave was nationally recognized for his personal money management expertise by The Lampo Group (Dave Ramsey’s organization) and leads Counselor Connections, a best practices group of top financial coaches from across the nation.

Show Description: Dave and I talk about marriage, finances, and some important things to do before you say “I Do”. We avoid the budgets and the numbers and focus on the thinking, actions, and understanding your partner and helping them understand you. We also delve into the value of a coach regardless of who you are, and what your

ShowNotes:

  • 0:39 – Dave Shares his history in Financial Counseling and about his personal life
  • 3:55 – Marriage: No One Tool
  • 5:15 – Communication and Unification
  • 8:00 – A mediator and guide – What a Coach is for
  • 8:40 – Areas of a healthy NewlyWed financial discussion
  • 10:50 – A Unified Vision
  • 14:15 – Dave’s Money Maxim
  • 16:56 – Starting To Talk, “As You Create:
  • 19:11 – Money is Emotional
  • 20:09 – What a Financial Coach is, Why Everyone Can Utilize One
  • 24:19 – Connecting with Coach Connections.

Money Maxim

Dave Jacobson - MoneyMaxim

Your What will only be as strong as your Why.  (This means that their passion leads, not the numbers). -Dave Jacobson

 

Contacts and Links from the Show

Here is the link to the free Guide  Free Newlywed Checklist from Coach Connections.

Coach Connection

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Ep17: Money and Mental Illness – Abigail Perry

Episode #17: Frugality for Depressives – Managing Money When Dealing With Mental Illness – With Abigail Perry



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Abigail Perry HeadShotBio: After a rare neurological disease nearly killed her at 19, Abigail was left with chronic fatigue and depression. She shares her story and encourages others. Abigail believes that “Everyone has limitations, no matter what your health and income levels look like. Most of us have a near-infinite number of things we should do (or want to do), but an all-too-finite amount of time and energy. Every day we make mistakes or take shortcuts due to overcommitment, stress, health issues or simple exhaustion. That’s not a flaw or personal failing. It’s normal. It’s human. The sooner we can accept this, the sooner we can find peace and balance in our lives.”

Show Description: Abigail and I discuss the influence of depression and mental illness on finance, and some practical ways to cope with finances while not giving up completely. We discuss comfort spending, creating inertia, and automation in making finances easier. Many many more powerful skills and ideas are found in her book!

ShowNotes:

  • 0:53 – About Abigail
  • 2:10 – Budgets and Mental Illness
  • 5:15 – Finding What Works For You
  • 6:50 – Online Bloggers: Only Sharing Success. “Everyone has Foibles”
  • 7:40 – The Foibles: Breathing Room, and “The Dad Syndrome”
  • 11:11 – Comfort Spending: Making Room For Hard Moments (and Weeks)
  • 13:40 – Building Enjoyment: Planning and The Power of Anticipation
  • 17:21 – What You REALLY Want – A Reason For Spending Habits
  • 20:40 – A Flurry of Powerful Habits from Abigail for Depression and Finances
  • 23:10 – Abigail’s Money Maxim

Money Maxim

MM36 - Frugality

“Celebrate Every Win, Big or Small, It’s Still Progress” – Abigail Perry

Action Items

Plan fun events 3-4 weeks out. Plan a vacation next fall, or next summer. Having an exciting event to build up to can keep you focused, empowered, and committed to a fun thing you can talk about, invite friends to, and help fight depression with. Plans create excitement, and a goal to work towards.

Realize when you’re expecting too much. And question why. Who told you that that expectation is required? Is it yourself? Or someone else who’s appearing perfect?

Create Buffer room in your Budget! If your spending plan doesn’t have extra money, or “cash nuances” or “fun money” you’re doing it wrong!

Share Your Wins! Share on FinancialGinger or In the Comments Below!

Contacts and Links from the Show

Buy Frugality for Depressives from Abigail Perry on Amazon! or from Barnes & Noble
I Pick Up Pennies, Abigails Blog. Her Facebook Group, Pinterest, and Twitter

Gift card granny is an aggregate site so you can check who has the best discount for the card you want. You can earn Granny Points when buying from certain sites, and you can trade those in for gift cards.

Unfortunately, Gift Card Granny doesn’t show results for CardCash though, which I also highly recommend. Every couple of months it offers an extra 3-5% sitewide. I get 16% off Walgreens or CVS gift cards.

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401(k) – 5 Deadly Traps You Need To Avoid When You Love Your Money

Financial Ginger - 401(k) traps

By Guest Author: Stacy Miller

Financial experts keep talking about 401(k) and how it’s beneficial for us. But do you know what it actually is? Well, Investopedia defines a 401(k) account, “A 401(k) plan is a qualified employer-established plan to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings in a 401(k) plan accrue on a tax-deferred basis.”

If a 401(k) account is used properly, then you can save a lot of money for the golden years of your life. However, there are a few traps or pre-retirement blunders you need to avoid when you’re participating in a 401(k) plan.

Trap #1. Using a 401(k) account as your credit card: Please understand one thing that a 401(k) account is not your credit card. It is a tool that can help you boost your retirement savings. But if you take out a loan from your 401(k) account, then it will be a terrible mistake. Here are a few reasons:
a) The outstanding balance will be due within 2 months of separating from your employer.
b) You have to pay origination fees and maintenance fees. These are extra costs.
c) You have to pay penalties in the event of loan default. Plus, the loan will be considered as a taxable income. (You’re going to be paying taxes, on your own money twice)

Trap #2. Assuming that 401(k) and Roth 401(k) are same: Both are distinctly different from each other.

According to Bankrate, a Roth 401(k) account is, “An employer-sponsored retirement plan that lets employees have the option of setting aside money from their paychecks that’s taxed upfront and saving it in a retirement account where it can grow tax-free forever. Money can be withdrawn tax- and penalty-free as long as the participant is age 59½ and has held the account for at least five years.”.
The key differences are:

401(k) – Contributions aren’t taxable for the year you’re making contributions (dont pay taxes now, pay them when you withdraw at retirement)

Roth 401(k) – Contributions are taxable for the year you’re making contributions (pay taxes now and not later when you withdraw during retirement)

401(k) – This is subjected to RMD by the day you turn 70.5 years old.

Roth 401(k) – This isn’t subjected to RMD by the day you turn 70.5 years old.

Let me define RMD for those who don’t have any idea about what a Required Minimum Distribution is: “A required minimum distribution (RMD) is the amount that traditional, SEP
or SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement accounts by April 1 following the year they reach age 70.5.”

It is important to know the rules and do all the calculations correctly. Otherwise, you’ll be in a mess.

Problem #3. Not reviewing/updating your contribution percentage annually: You have to select a percentage that will be taken away from your wage and put into your 401(k) retirement savings plan. It has been observed that plan holders often forget about this contribution percentage, which is a big mistake.

Your financial health changes when your life scenario changes. For instance, you get married, you have your first baby or you get a big salary hike. If you analyze carefully, you may find that your contribution amount is either too big or too small. Though it isn’t investment advice and FinancialGinger cannot be responsible for the actions of readers based on its opinion, FinancialGinger generally recommends to at a minimum contribute the maximum match offered through your companies 401(k) program.

Problem #4. Not taking advantage of maximum employer match: You’ll lose a hefty amount if you miss out on maximum employer match. In a survey of 360 employers, it has been observed that 42% of them matched employee contribution. 56% of these employees only required workers to contribute 6% from their wage to qualify for the maximum employer match. It is said that the average missed employer contribution amount is $1336 every year.

Huge Issue #5. Not adjusting your portfolio at regular intervals: You need to rebalance your portfolio at the time of choosing index funds. It might be the case that you’re holding 90% in a low-cost index fund and 10% in government bonds. However, as the market condition changes, you need to adjust your portfolio allocation (What % of your money is in each asset class) as well.

If the S&P 500 has a huge rally (quick jump upward), it will be risky to hold 95% of your 401(k) in the index fund.

Action Items

1. Never take out a loan from your 401(k) account unless you have no other option. Analyze all your loan options and compare them with your 401(k) account. Know about the tax and penalties.

2. Review your percentage contribution whenever you experience major life events (marriage, a new job, or a pay increase). It is best to review it at least every year since your financial situation doesn’t remain the same all the time. Always opt for an annual increase option if your company has one. Annual increase options automatically keep your percentage match the same even if you get a pay increase.

3 (The most important action item). Once you’re eligible for maximum employer match, make sure you take full advantage of it. Make the required contribution to maximize your employer match.

4. There is no need to roll over your money from 401(k) account into an IRA at the time of switching jobs or retirement. It isn’t compulsory. If you’re satisfied with your current plan, then keep your money there. Also, many companies allow you to roll your 401(k) account from a previous job to the new job. Be aware of your options.

Comment from FinancialGinger: My Dad kept old 401(k) accounts from jobs worked 20 years ago. That may be good, or may be bad in your situation. Ask a Professional for guidance in investing. (Or wait until I pass my exams in Spring of 2018 and I can be your professional guidance!)

5. Several 401(k) plans have automatic annual rebalancing feature. Read the terms and conditions of this feature minutely to determine if it’s good for you. In case your plan doesn’t have an automatic rebalancing feature, you can select a date to adjust your portfolio every year. Many financial companies and ETF’s will rebalance at least once a quarter, this may not be best for you, but at a minimum, most professionals recommend at least annual rebalancing.

Conclusion
Depending on the rules, you may qualify to enroll in the 401(k) plan within 1-12 months. If you’re eligible to contribute from December, then don’t wait till the next year to establish your retirement account since (a) you can lower your taxable income for the current financial year by contributing your pretax dollars (b) your employer can contribute next year but make it count for the existing year. When you start a new job, try to set up your 401(k) account by December 31st if by all possible.

 

About the Author: Stacy B Miller is the content editor at Oak View Law Group. Her articles revolve around topics related to debt, credit, laws, money, personal finance, etc. You can connect with her on Twitter

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Episode #16 Happy Where You Are – Relationships Time and Money with Elizabeth Colegrove – The Reluctant Landlord

Episode #16 Happy Where You Are – Relationships Time and Money

with Elizabeth Colegrove – The Reluctant Landlord




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Bio: Elizabeth Colegrove is a landlord, a frugal living expert, and a proud world traveler. She is focused on early retirement and early financial freedom while maintaining a passion for traveling, exploring, and enjoying life! As a military wife who dated and married her sweetheart at a young age, she has many insights on early financial independence, expressing love to those close, and making everything enjoyable and fun.

Show Description: Today I talk with Elizabeth Colegrove from The Reluctant Landlord about dating, getting married young, and enjoying every part of it. Elizabeth met her husband at the age of 15, got engaged at the age of 20, and was married at the age of 22! We talk about enjoying time, and enjoying money, and enjoying life when one of those two are lacking!

ShowNotes:

  • 1:05 – Elizabeth shares how she met her husband
  • 2:30 – Dating at a Younger Age
  • 6:11 – Best Anniversary Ever! (The Effort Is All About Each Other)
  • 7:10 – A Peek into My Parents Anniversary 🙂
  • 8:30 – Making it work when you get married young
  • 11:20 – More things Elizabeth did to make it work when married young
  • 12:58 – Fun Runs the Show: Positive or Negative is your control
  • 13:41 – The biggest key to POWERFUL relationships. (13:41-14:01)
  • 14:01 – Making the most of a hard situation. Positive Style 🙂
  • 16:00 – Time. Money. Balance.
  • 18:10 – Saving $140,000 in 7 years. Couple Goals, and Working Hard
  • 19:59 – Going on a vacation to Hawaii and coming back with $2,500 dollars
  • 21:40 – How to make the 10 worst things in your life positive
  • 24:10 – More on making things positive and exciting
  • 25:50 – Example: turning 50-50 parent split time from a divorce into a positive thing
  • 27:11 – Elizabeth’s Money Maxim and Contact Info

Money Maxim

Maxim35 - Elizabeth Colegrove

“The Most Negative Things in your life can be the most positive if you can look at it in the right way”

“Your Feelings are YOUR Feelings”
“Take Your Tools and turn them into what works best for you”

“If you’re not liking a situation, CHANGE IT”

Action Items

Make a list of 10 things you HATE about life. Look at that list tomorrow, and think OKAY. How can I turn these things into a positive? (listen to 21:40-23:20)

Email me [email protected] , or [email protected] for help if you get stuck!

What is most available in your relationship right now? Time, or Money? Or neither? How can you make the most of it in a positive and uplifting manner? Comment below with something fun you’ve done recently!

Contacts and Links from the Show

Facebook:   Twitter:    Pinterest:    Website:   Email

 

Estevez Tax!

If you’re looking to get in on my exclusive partnership with Estevez Tax, and to get information on doing your taxes next year, book keeping for your business, or getting some tax consulting done for your business, or personal finances email me [email protected] Title: “Estevez: Tax Info”

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EP#15- 3 Money Stages of Relationships With Joseph Hogue

Episode #15- 3 Money Stages of Relationships With Joseph Hogue



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Joseph Hogue HeadshotBio: Joseph Hogue is a Chartered Financial Analyst and does research for small and medium-sized firms in the investment management industry including Equity & Investment Analysis, and Ghost-writing. Beyond that, he manages several blogs on crowdfunding, peer lending, stock markets, and making money at home. He serviced in the military, and worked for the state of Iowa as an economist. He’s bilingual, accomplished, and has lots and lots of experience in the finance and economics industries.

Show Description: Joseph and I discuss 3 different stages of relationships and some little thoughts about dealing with money both dating, serious relationships, and when we each get married. We also drop personal insights about budgeting, dating in some specific types of situations, and of course Joseph shares some personal experience.

ShowNotes:

  • 2:55 – Joseph shares how long he’s been married and a little about his marriage
  • 4:00 – People don’t talk about money in relationships. Why?
  • 4:23 – Let’s start with ourselves: societal expectations, and spending sprees
  • 7:30 – Buffer Our Budgets
  • 8:00 – Dating: Be yourself when on the hunt
  • 9:25 – Be what you want in someone else
  • 11:10 – Recognize you can’t do everything you want
  • 12:15 – Have money conversations before you have to
  • 14:00 – Handling Expectations
  • 16:00 – Money conversations and compatibility
  • 20:45 – Talking Debt with your partner: (Hint: Do it BEFORE the wedding)
  • 21:45 – Entrepreneurs and Dating: Thoughts and considerations
  • 23:50 – Being open with each other: Ambitions, Work, and Assuming
  • 26:10 – Newlyweds: Making it easy
  • 28:15 – Weddings and Debt
  • 30:00 – Relationships with couples making different incomes, dating, courting, & marriage. Supporting each other, mindset, and money’s purpose
  • 34:43 – Joseph’s Money Maxim

Money Maxim

Joseph Hogue Money Maxim 34

“Don’t sweat the petty things, don’t bet the sweaty things.”

Action Items

Set a budget where you can enjoy yourself: avoid the yoyo-spending splurge!

Have a financial partner in crime you can share your finances with.

Consider what you know about your finances and your partners finance (or what you may expect from a future partner). Do you know if they have debt? Do you know their spending habits? What level of information is good to know about that person? Talk to them about it. It’s a good conversation to have. If you need help, or want a 3rd party to help mediate or work on things together, contact me! I’d love to help

(would someone think it’d be cool for me to create a “NewlyWed Financial Checklist” or topics to discuss before marriage about money? Let me know in the comments or email me 😉 If there’s interest I’ll invest the time in research and make something awesome for my lovely listeners!)

Contacts and Links from the Show

Joseph Hogue has many websites he owns, runs, and writes for on a weekly basis.

Mystockmarketbasics.com

Myworkfromhomemoney.com

Peerfinance101.com

Joseph said feel free to email him to connect! [email protected]

Mentions

Kirk Duncan – 3keyelements

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EP14: Thinking of Homes, Considerations and First Time Buying -with Seth Worthen

Episode #14: Thinking of Homes With Seth Worthen of Osmond Real Estate




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Seth Worthen HeadShotBio: Seth Worthen was born and raised in Utah County. He graduated from Mountain View High School and is currently attending BYU studying Political Science. He is happily married and is expecting a baby in December. Seth is fascinated by all things real estate!

Show Description: Today Seth Worthen and I talk about the basics of buying a home, preparing for owning vs renting, important costs to consider when buying and maintaining a home, and the proper mindset to be in when you think about buying a home. We also take a moment to talk about the questions you should ask professionals to find the right professionals to work with.

ShowNotes:

  • 1:45 – How to Finance a Home: DownPayments
  • 2:20 – Programs for first time home buyers
  • 4:07 – Positives and Negatives of 0-down options
  • 6:30 – When people say “Buy a Bigger House”
  • 8:10 – More opportunities that come with owning
  • 9:20 – Extra costs to consider that come in buying a home
  • 10:55 – Pre-Qualification, things to know
  • 11:55 – Know your budget before you go in! Emergency Funds, and Wage Considerations
  • 14:45 – A Real Estate Agent That Rents? Seth explains why.
  • 16:05 – Dealing with and finding a strong and competent Real Estate Agent
  • 18:52 – Good People with Good Skills get Good Referrals, because people feel safe and comfortable with you. More Thoughts on Success
  • 19:45 – Deciding where you want to buy your house. “Must Haves” “Would Like” Lists.
  • 24:50 – Getting What You Want From Your Agent – Setting Expectations

Money Maxim

Seth Worthen Money Maxim

“You’re not dating a home, you’re buying it”

“Money is Not the End, And It’s Not A Means To An End. The End Is Your Life Goals”

“Do Your Best, And Money Will Be There”

Action Items

Cognizantly decide to be renting, or to be in a mortgage.

If you’re renting, consider what you want to buy, and why. When? Where is the money coming from to pay for the home? What level of savings do you want/need to feel comfortable, and to afford a downpayment? Would you use a 0-down option if it was available?

Know your budget before you go into buy. Meet with a counsellor or expert (there may be a cost, but it’s worth it!) to figure out what you are comfortable with and what different price ranges will mean on your cash flow and savings.

If an agent pushes you to ‘buy now‘, that’s a warning sign! They should know the market, learn your situation, and never push you to buy until you’re ready. (there’s a difference between pushing you, and helping you to take action you want and are a little nervous about)

Listen to the segment from 19:45 – 22:15. What are your “Must Haves”. What are you “Would Likes” What’s the difference between the two?

Contacts and Links from the Show

Seth Worthen: 385-539-9940
[email protected]

Zillow buy vs rent calculator

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Ep13: Personal Financial Responsibility with Ryan Michler

Episode #13 Personal Financial Responsibility with Ryan Michler

A discussion on Personal Responsibility, Money Self-Talk, and Creating Value.




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Michler-Ryan-Bio-PictureBio: Ryan Michler – 11 years of experience in managing money as a financial planner since he returned from service in Iraq. He created Order of Man to give men a community and resource to become better at all facets of life, from self-mastery to family, from money to contribution, and everywhere in between. Find him on OrderOfMan.com

Show Description: Ryan Michler Founder of Order Of Man, is a Father and Husband. We discuss when to consider getting life insurance, taking personal responsibility for our finances, and relationship mindsets around money. You have to listen to this show, as many of its concepts can’t be read, but must be heard and felt.

ShowNotes:

  • 2:45 – Why and When should you consider Life Insurance?
  • 5:28 – When should you start saving money for retirement/mortgage/x?
  • 6:00 – Ryan explains responsibility and choices we have around money
  • 7:26 – Personal Responsibility
  • 7:37 – An Awesome example of reasonability and sacrifice, My Girlfriend.
  • 8:45 – What “Free” means
  • 9:49 – Why you’re being paid what you’re currently being paid
  • 11:00 – Ryan shares how he has improved his financial situation
  • 12:30 – Being Real and Authentic makes you valuable, solve problems
  • 12:50 – Prudence: Money Relationships with others
  • 14:38 – Money relationships: how you see other people
  • 16:25 – We talk about common misconceptions on spending money
  • 17:00 – Keys to Prudence
  • 19:30 – Side Hustles: How to ‘go-for-it’ properly
  • 21:50 – Growing Wealth
  • 23:11 – How to find Ryan Michler and the Order Of Man

Money Maxim

“Money is simply a measurement of perceived value” -Ryan Michler

MM32 - OrderOfMan
Becoming More Valuable To More People = More Wealth

Action Items

There’s nothing inherently wrong with spending money, but make sure you’re setting some aside for a rainy day, or in the case of a disaster like loss of a job, or a medical surprise, or an unexpected car accident or water heater breaking.

Create a mindset of saving, it carries on. Even if its $50 a month, start saving something now!

If you aren’t meeting your financial goals. Find a solution: be proactive in finding a better job, or finding a job, or working enough hours to make the money you want.

Avoid the perfectionist mentality: It’s impossible to be perfect, so don’t expect it. It’ll make finding work and becoming stronger and better easier.

When you become a parent, or get a mortgage, or another factor comes up where you have a financial responsibility left undone if you were to pass-away. Consider insurance and look at if it’s prudent to get

If you’re starting or considering a side-hustle. You must commit. No dabbling, or ‘trying’. Set high expectations of what you’re going to put in, and expect it to take longer than you think it’ll take.

In your business, Consider what the tactics are that you need to implement every day to make it work? Share them in the comments below!

Write out your thoughts on what you are doing and what you need to do to be a better catalyst in creating wealth and value. What is a catalyst? How are you a catalyst? What one skill could you improve upon? Who can teach you that skill? Who is your accountability partner you’ll report to on your progress? Drop a line in the comments below!

Listen to an episode of order of man, http://www.orderofman.com/about/ I encourage EVERYONE to listen to his podcast.

Contacts and Links from the Show

OrderOfMan.com

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Ep12: Risk Management – A Military Perspective with OroTactical

Episode #12 Risk Management – A Military Perspective with ORO Tactical



Show Description: Today, I talk with Park McCumber, the CEO and founder of ORO Tactical. He was trained as a forward observer and has been stationed in Korea, Germany and more. Since his service, this man, both a Vet and active part of the guard, has started his own company, ORO Tactical, and actively uses military risk management techniques both personally and professionally. Park also gives, in the shownotes, and exclusive discount for listeners of FinancialGinger
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Park McCumber of ORO TacticalBio: After Graduating from High School in Sandy, Utah, Parker Joined the Army and served as a Fire Support Specialist in the 2nd cavalry regiment and as a Forward Observer in the 1st Cavalry division. He deployed to Kandahar Afghanistan in 2013 and is currently a Targeting NCO with the 65th Fires Brigade in the Utah National Guard. Parker is a Business Student at Utah Valley University, and the owner/operator of ORO Tactical.

ShowNotes:

The five steps of risk management

  • Identify Hazards and Risks
  • Assess Risk
  • Develop Controls / Preventative measures
  • Implement Controls
  • Monitor Risk and Controls for effectiveness

Continue reading Ep12: Risk Management – A Military Perspective with OroTactical

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Ep11: Taking Action With Technology – with Pluto Money

Ep11: Taking Action With Technology – with Pluto Money




Download This Episode Bios: Tim Yu and Susie Kim are the co-founders of Pluto Money, a mobile app making personal finance doable, engaging and approachable for the Snapchat generation. They met while at UCLA, and were inspired to start Pluto upon graduating because of the financial struggles they endured as college students. They’re on a mission to financially empower college students and other young people across the nation by leveraging technology, design and behavioral science.

Tim Yu - GoPluto FounderSusie Kim - GoPluto FounderShow Description: Today I talk with Pluto Money co-founders Susie Kim and Tim Yu’s financial troubles in college, and where they idea for Pluto Money came from. We talk about behavior around spending habits in College. We don’t start saving for retirement while we’ve got student debt and loans and school to pay for? So why do we save? What’s the purpose of it. GoPluto is an app being created by millennials for millennials, with the purpose of changing around you and your habits. As you age, you’re naturally going to have changes in your lifestyle and goals with your money. We talk about how Pluto helps you reach goals, manage your spending money, and start saving towards goals now, and future goals when you get there.

Join Tim and Susie on their first ever podcast, and also my first time having two guests simultaneously!

Shownotes:

  • Susie’s turning down acceptance to her dream Arts & Language program in London/Italy and why
  • Tim’s amazing internship with Expedia, and not saving any of it for the next school year
  • Pluto’s Target – Younger people with smaller amounts of Discretionary Income to spend better
  • 6:00 – The Mission of Pluto Money
  • 7:25 – Goal Based Saving
  • 8:20 – What Is Your Saving For?
  • 9:00 – Bite-Sized Steps to Reach Goals
  • 10:30 – Behavioural Finance
  • 12:00 – Motivation and Meditation
  • 13:20 – Where to Start – Don’t Get Overwhelmed, Keep it to One Thing At A Time
  • 15:00 – Opportunity Costs – Because You Can, Does It Mean You Should?
  • 17:05 – You Don’t Have To Know It All To Start
  • 18:26 – Pluto Money – Money around Millennial Lifestyle and Goals
  • 19:45 – Are College Kids Broke? It’s A Fallacy. We have 209 Billion dollars, just in college students
  • 20:15 – Details in How Pluto Works for You
  • 23:30 – Understanding Fixed and Variable Expenses
  • 24:45 – Realistic Goals for College Students (Don’t Save For Retirement in College, DUH)
  • 25:14 – Managing Money Is About Putting It Where It Matters
  • 26:15 –  Starting With Baby Steps
  • 27:18 – How Pluto Money App Works – The Heavy Lifting Done For You
  • 29:40 – Tips and Tricks behind Money from Tim and Susie For College Age / Recent Grads

Money Maxim

GoPluto - Maxim #30

“Spending To Be Happy Today Ain’t A Bad Thing, As Long As You’ve Got Enough To Be Happy Tomorrow” – Pluto Money

Action Items

  •  Stop saving money because you’re supposed to! Save for a pre-meditated purpose. Comment below with what you’re saving for! Or share it in in the Financial Ginger Facebook Group!
  • If you want to do better with money, First consider Why Do I Want to Be Better With Money? Write the answer down and put it somewhere you’ll see. Tweet it at me @FinancialGinger @GoPluto_io
  • What is something you want to take action on? Consider how much do you need to know to get started? Get that base amount and get going on it.
  • Start investing somewhere with a few dollars to get some practice in investing. Simple places to start include PlutoMoney along with -WealthFront, Betterment, Stash, and Acorns.
  • Finish your Degree!

Sign up here for GoPluto to get notified when Pluto’s invite-only beta launches on the App Store soon! Pluto truly simplifies how you manage your money. Automatically save for your goals when you complete simple, personalized challenges based on your finances Money Muscle

-Here’s an exclusive app invite code for you awesome TheFinancialGinger Podcast listeners: GOGINGER 

Contact and Links from Show

https://gopluto.io

[email protected] – Open to any questions, feedback, ideas or even just a hello!

Brian J Fog – Stanford Behavioural Research (creating habits)

Connect with Tim and Susie on:

Facebook – www.facebook.com/plutomoney

Twitter – www.twitter.com/gopluto_io

 

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Trends of The Financially Stable

Episode #10: Trends of The Financially Stable



Read more and listen more at JacobBradJohnson.com

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Today: I talk about the trends of those who are financially stable, and give you all the first taste of Jacob on a rant!

I talk about 4 trailing indicators of people who are good with their money

  • They have a vision, and a way to actively track their progress towards their goals
  • They know who they are – and can put what they want, and why they do what they do into a concise set of words
  • They make plans to increase their income
  • They incorporate their spending habits into areas of self-improvement
  • They actively progress: Spiritually/Emotionally, Physically/ Dietary, Educationally / Work Relatedly, and  Socially (Relationships too).

Do you have a plan to achieve these things?

Do you want to get better? Take action.

Join me on Facebook , and get involved in the community!

 

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EP9: A Dollar From Your Pocket – with Paul Vasey of Cash Crunch Games

Episode 9: A Dollar From Your Pocket – with Paul Vasey of Cash Crunch Games




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Bio: Paul Vasey, former teacher of business from the Uk, who is now living in the US working on financial literacy games after noticing that there was such a need for this overlooked and under rated life skill. Money is everywhere, we use it every day and are expected to be experts. If that was the case, there would be very little student debt credit card debt, fore closures and so on.

Currently has 2 games in the market – CashCrunch Junior – a physical board game for 7 to 12 year olds & CashCrunch 101 -an online game for ages 13 and upwards. Both games focus on learning the value of money, saving first, cashflow, budgets and making smarter decisions.

Show Description: Paul Vasey and I discuss Money Habits and some of the basic ideology of building savings and wealth. Simply Save First, Spend Later. We discuss Cash Crunch Games for kids and young adults and even college students and some practical ways to think about and spend in a more cognizant manner.

ShowNotes:

  • 1:03 – What is Cash Crunch Games?
  • 4:00 – Money Habits: Basic Money Skills People Learn
  • 4:30 – Basic Ideology of Passive Income
  • Over 50% of households can’t afford an unexpected bill of $500 of more
  • 40% of Americans spend more than their income each month
  • 5:35 – Join the Club: Save First, Spend Later
  • 6:45 – The Simplicity of Saving: A Dollar in Pocket
  • 8:18 – Anchoring: Mindset in Savings
  • 9:50 – Reasons We Overspend: Money Habits
  • 10:45 – How to Change Over Spending to Healthy Spending
  • 12:20 – Formula to Calculate Your Hourly Wage Quickly
  • 12:45 – The Question: Is It Worth My Time for This, Not Is It Worth This Money
  • 14:23 – Savings Is Investing Your Time In Yourself
  • 14:40 – Attitude “Spending Time” or “Investing Time”
  • 16:05 – Saving Is A Habit And Muscle, Strengthened Like A Gym
  • 17:45 – Start with little things. Empty your pockets!
  • 18:10 – It’s Not About the Number, It’s About the Habit
  • 19:50 – The Power of Habit Explained
  • 21:02-22:11 – An Exercise With Your Money: Try This At Home!
  • 23:00 – Cash Crunch Junior: Applied Learning Tools for Kids
  • 24:30 – Basic Principles Of Finance
  • 27:15 – Teaching Life Skills

Money Maxim

Save First Spend Later

 

“You Can’t Spend The Same Dollar Twice” – Paul Vasey

Action Items

  • Start saving $100 (or your choice, $10, $25, $50, $500) a month more than you currently are. Create a second bank account, or an extra checking account for that money. Make it a challenge with a friend to see who can save the most in a set period of time! (Loser pays for bowling!)
  • Quickly calculate your hourly wage. Take 3 zeros off the end and divide in 2. ($60,000 a year = 60 /2 = $30 an hour roughly).
  • Consider your next few purchases with that wage in mind. Is it worth that much of your time for this object/experience?
  • Consciously think about time you “Spend”, start thinking about how you’re “Investing” that time. Comment what that means to you below!
  • Take Your Monthly Income in Monopoly Money and Show Your Kids Where It Goes. (Physically show them!) It’ll help them learn about money.
  • Try Out Cash Crunch Games Online Version of their game!
Save First, Spend Later – Paul Vasey @CashCrunchGames Click To Tweet

Contacts and Links from the Show

Cash Crunch Games – WebsitePlay The Simple Online Version

CashCrunch Connect:

Rich Dad Poor Dad – Book

7Twelve Portfolio – Craig D Israelson

The No-Cash Allowance – Teaching Your Children How To Manage Money Practically