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177 Past Due – Confessions Of A Financial Coach (Part 2)

by Derek Sisterhen on October 21, 2011

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Past Due: Radio 177 – Confessions Of A Financial Coach (Part 2)

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Over the years, I’ve been fortunate enough to work with many people who are trying to handle their finances with purpose and intention. Our background – our personal history – has a tremendous influence on our lives. It also has a tremendous influence on our use of money. Over the years, I’ve seen where the “norms” created in the homes where we’ve been raised and our experiences on our own can catapult us to positive change, or be the only thing holding us back.

Today we discussed:

1) Internal vows – the commitments we make to ourselves (for better or worse) that we convince ourselves must come to fruition for us to be happy

2) Our true identity – where we use our money reveals everything about our belief system, how we value others, and what we believe we can accomplish with our lives

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174 Past Due – The Non-Conformist Family Is Making Progress!

by Derek Sisterhen on September 25, 2011

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Past Due: Radio 174 – The Non-Conformist Family Is Making Progress!

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The Non-Conformist Family is back! We’re checking in with Josh and Sarah Gordon as they are five weeks into their action plan (they were the focus of Episode #169).

First Month Review:

During our cross-interview (Josh asked me questions about financial coaching, then I asked him questions about the last month), we learned a few important success factors:

1) A spending plan is just another piece of paper (or spreadsheet) until you know how much you’ve been spending. Josh and Sarah discovered their passion for coffee was a significant monthly expense.

2) Sometimes you just have to say “No”! The Gordons made a tough call by cancelling an impromptu trip with family, but they saved some money in the process.

Next Month’s Action Steps:

1) Continue to track spending, looking for continued patterns and behaviors that encourage or limit success.

2) Place every single penny of leftover cash flow into the emergency fund. (Josh even had a great plan to move $2 to the emergency fund every time he felt tempted to go out for coffee; sometimes we have to reward ourselves in other ways!)

We’ll look forward to checking in with The Non-Conformist Family in another month!

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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172 Past Due – How Am I Ever Going To Retire?

by Derek Sisterhen on September 12, 2011

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Past Due: Radio 172 – How Am I Ever Going To Retire?

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How am I ever going to retire? I’ve probably gotten that question a hundred times over the past few years. Given the Great Recession and market volatility, it’s easy to understand the concern of so many around us that they won’t have enough money for life after work.

Today we discussed some of the flawed logic behind the notion of “retirement”. I shared some of the wildly outlandish visions I had for my own retirement at one time, and how the force of our culture plays a big role in creating a discontented spirit toward the later years in life – particularly if savings is low.

We also covered:

1) A recent study showing that if most people had to pay for the kind of retirement they desire, they would need annual retirement income of 135% of pre-retirement income; talk about expensive taste!

2) The math Certified Financial Planners use to calculate how much you’ll need in savings in order to withdraw an annual “income” similar to your former income in your retirement years.

3) The notion that one should never retire, but use their vast experiences and skills to impact those around them and their community.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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171 Past Due – Should I Delay Debt Freedom To Be A Best Man?

by Derek Sisterhen on September 5, 2011

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Past Due: Radio 171 – Should I Delay Debt Freedom To Be A Best Man?

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BJ and Sylvia wrote in from Germany looking for guidance on a dilemma: Do they attend BJ’s brother’s wedding (BJ being the best man, by the way) and delay debt freedom, or continue with their plan to become debt free and disappoint their family?

Talk about a can of worms! But hey, that’s life and money, isn’t it?

Because of the cost of travel back to the U.S., recent unexpected expenses, and changes in income, this is no little decision. Add to that the pressure of family expectations, and you have a recipe for major stress.

Today, we helped BJ and Sylvia by:

1) Discussing that there is an opportunity cost of getting out of debt – all those opportunities we have to say, ‘No’ to – and that we must assess just how much that cost weighs in our current strategy toward debt freedom.

2) Covering the four lists that everyone should make upon committing to getting out debt and controlling spending:

  • List of goals for the next 6-12 months
  • List of current expenses
  • List of reasons to use emergency savings
  • List of reasons to suspend the debt snowball

3) Unpacking the other areas where family and money tend to intersect – like Christmas, wedding and baby showers – and how to set the appropriate boundary so that you invest in those relationships without short-changing financial goals.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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Saving Money Without Coupons

August 30, 2011

We haven’t talked about couponing much on PDR, yet I know many in our audience are coupon mavens. Christine Luken is the Coupon Queen and has made a name for herself by how easy she makes saving money with simple coupon strategies. But today, she’s going to show those who prefer not to tinker with […]

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160 Past Due – How To Expect “Unexpected” Expenses

June 3, 2011

Past Due: Radio 160 – How To Expect “Unexpected” Expenses Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501 Leave a review on iTunes Daniel and Lori heard last week’s show and wrote in a few questions. They seem to continually get knocked down by vehicle and medical expenses, […]

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159 Past Due – How to Keep Going in the Face of Setbacks

May 27, 2011

Past Due: Radio 159 – How to Keep Going in the Face of Setbacks Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501 Leave a review on iTunes Chad and Julie, a young couple from Raleigh, have clearly defined their financial goals – mainly to pay off over $70,000 […]

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155 Past Due – Paying Off Mortgage-sized Student Loans

April 29, 2011

Past Due: Radio 155 – Paying Off Mortgage-sized Student Loans Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501 Leave a review on iTunes I remember when, about ten years ago, the idea of having $100,000 in student loans seemed outlandish. Ten years later, I’m meeting more and more […]

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145 Past Due – Real Life: Daniel & Melissa – Debt Free To Save A Life

February 19, 2011

Past Due: Radio 145 – Real Life: Daniel & Melissa – Debt Free To Save A Life Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501 Leave a review on iTunes Have you ever thought that by becoming debt free you could be positioned to save someone’s life? Today, […]

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099 Past Due – Baby Step Blasphemy & Improvisational Finance

April 3, 2010

Past Due: Radio 099 – Baby Step Blasphemy & Improvisational Finance Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501. Leave a review on iTunes This week I put out a video blog entitled “The Dark Side of Dave Ramsey’s Baby Steps.” The feedback was exactly what I wanted!  […]

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