Finance
MONDAY MONEY TIP PODCAST: Is All Debt Bad?
Welcome to this week’s edition of the Monday Money Tip Podcast! This week, my co-host, Megan Hibbard and I are discussing debt and if there is a such thing as good debt. We also have some interesting statistics for you from the Motley Fool in regards to the average American and their finances and a success story from a woman who now has a net worth of $1,000,000. Make sure you tune in to get your tip today!
It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!
Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!
NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
Email info@iwbnin.com to ask questions or share success stories.
Show Notes
About the Episode:
- Joe answers the question, “I have debt but is there a such thing as good debt or is all debt bad?”
- Joe shares some interesting statistics from the Motley Fool.
- Hear a success story about a woman who started using our tactics 8 years ago and now has a net worth of $1,000,000.
- Joe shares a tool that can be useful for you in your financial journey.
Resources:
Motley Fool Article
Credit Sesame
Credit Karma
Quote of the Day: “Build financial margin up during PEAK times so it can help cover you during WEAK times.” -Joe Sangl
Successfully Manage Money with a Non-Participating Spouse eBook
I encounter so many people who struggle with their finances because they have a spouse that doesn’t want to participate. They do not like to talk about money and refuse to believe that they need a budget. Financial matters can become really tricky when you feel like you cannot get on the same page as your spouse. It can almost seem impossible.
I am here to tell you, fear not! I have gotten so many questions regarding the subject of a non-participating spouse so I have compiled my thoughts into an eBook. In this quick and easy read, there are explanations for why your spouse is reluctant to participate when it comes to money and some things that you can do to combat this without actually being combative. While your spouse may never be as enthusiastic as you on the topic of finances, it is possible to bring it to their attention and find a way to work together to accomplish your plans, hopes and dreams.
You can get access to Successfully Manage Money With Non-Participating Spouse HERE for the low price of $2.99.
Money Lies: Non-Participating Spouse
Most couples do not agree on how the finances should be handled. One might be a saver and the other is a spender. One might hate to budget and refuses to use one and the other is a planner and wants to use a budget. How do you work together when one spouse refuses to participate? This is one of the most common things I get asked!
The first thing I should point out is that it is definitely possible to keep your finances on track even if you have a less than willing spouse. Your spouse WILL work with you on your finances.
If you have been believing otherwise, you are believing a money lie!
The good news is, I do have some tips for getting your spouse on board and more willing to participate in money decisions. The bad news is, there is one single thing that is going to work perfectly in every situation. Every couple and every person is different. That does not mean you should not try some (or all) of my tricks out!
The first step is to find out why your spouse is not currently interested. Ask some questions!
- Why do they say they are not interested?
- What are their “money wounds” – the things that have happened in their financial past? Understanding their past can be very helpful toward fixing the future. Did they grow up in utter poverty? Or maybe with excess wealth? Have they experienced bankruptcy? Maybe their parents had a very dysfunctional relationship regarding their finances.
Once you have figured out why your spouse is reluctant to navigate financial matters with you, take some steps to get them more involved.
- Write down your plans, hopes, and dreams and share them with your spouse.
- Ask your spouse to take some time to write down their plans, hopes, and dreams and share them with you.
- Write down the cost of each one and ask the question of your spouse: “If we keep going the same financial direction, will we be able to fund these dreams?”.
It is probably also a good idea to mention a couple things you definitely should NOT do during this time.
- Badger, yell, or scream at your spouse.
- Issue “Do this … or else!” commandments.
- Demean your spouse.
- Make this a four-hour long discussion.
It can be frustrating trying to make finances work with a non-participating spouse. However, do not be discouraged! It is POSSIBLE and you CAN do it!
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Want more tips like this one? Subscribe to the Monday Money Tip Podcast HERE.
Need more on working efficiently with your non-participating spouse? Check out our eBook HERE with more practical ways to navigate this situation.
MONDAY MONEY TIP PODCAST: How to Get Your Spouse On Board
It’s Monday and we’re on Episode 16 of the Monday Money Tip Podcast! This week, we’re talking about Marriage and Money and Joe has some very important and helpful tips for you! Joe will talk about what to do when you can’t get your spouse to cooperate with your financial plan.
It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!
Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!
NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
Email info@iwbnin.com to ask questions or share success stories.
Show Notes
About the episode:
- Hear Joe answer the question “My biggest challenge is getting my husband on board. We have been married for 23 years. We have never agreed about money. Tonight, we struggled just talking about basic principles. We are already stuck on Rung 1 – The Plan. I am a planner. What do I do?”
- Joe talks about the current costs for college tuition.
- Get tips on how to get on the same page as your spouse when it comes to your hopes, dreams, and finances.
- Hear a success story about a couple that managed to pay off $97,000 worth of student loan debt in just three years.
- Joe explains the concept of “money wounds.”
Resources:
The IWBNIN Ladder
Successfully Manage Money With a Non-Participating Spouse eBook
Quote of the Day: “Whether you think you can, or you think you can’t – you’re right.” – Henry Ford
Long Term Disability Insurance
Most people know they need life insurance, homeowners insurance and auto insurance. While these types of insurance are very important, this does not mean that you are completely covered. One of the other types of insurance that people forget is Long-Term Disability Insurance (LTD).
More than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age. Read that again. Yes, 25% of people who are only 20 years old will experience some type of disability that will put them out of work for at least one year before they retire. Long-Term Disability insurance is so important!
If I were to become disabled and lost the ability to speak, write, or perform the duties of my work, I would also lose my ability to produce an income by working. However, that does not mean that life stops costing money. I would somehow need to generate an income which will continue paying for ongoing expenses. LTD insurance helps me to transfer this risk. If I were to become disabled, LTD insurance would pay for 50 to 60 percent of my income until I am able to go back to work.
I prefer same skill disability insurance. If I were to lose my voice and was unable to fully recover my ability to speak and teach, I would not be able to do what I was created to do. I want insurance that will pay if I am unable to do that kind of work, not stop paying just because I am able to walk around again. In the insurance world, they call my preferred LTD policy “Own Occupation” insurance. The type I do not want is “Any Occupation.”
Long-Term Disability Insurance Tips:
- Ensure you clearly understand the policy
- Obtain this insurance – Do not allow a gap in coverage
- Make certain you obtain “Own Occupation”
- Ensure any LTD policy provided via your employer is portable – that it can be taken with you should you no longer be an employee of that company
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Want more tips like this one? Subscribe to the Monday Money Tip Podcast HERE.
SPECIAL OFFER: This month only, get your own copy of Joe’s book, I Was Broke. Now I’m Not. for 25% off plus free shipping! Get your copy HERE before July 31st!
“I can promise that if you read and apply what has been written here then you will eliminate financial regret from your life.” – Joe Sangl