Are you picking the RIGHT services for your wedding, ones that will help build memories and not regret? Coach Hal and I discuss spending money on the RIGHT things for a wedding, not things that don't really matter to the success of your big day (or your child's big day). For more details, including online wedding budget tools, visit http://FinancialWellnessShow.com/38

What is it like to live on a draw? Coach Carl explains how it works and how to be prepared for dry spells when a salesperson won't make enough to cover their draw on commission. For more information, visit http://financialwellnessshow.com/37

How does a house divided join forces with new spouses and new extended family members? Justin and Jessica tell their story of bringing 4 adults together for the good of their children. For an example of the spreadsheet, visit http://FinancialWellnessShow.com/36

Teens should be applying for scholarships from 9th grade through college, according to Coach Christine. In this episode she brings us a wealth of knowledge for where to find scholarships and how to win them.For more information or one-on-one coaching, visit  http://FinancialWellnessShow.com/35

Would you be better off earning interest than letting the bank hold your money?

Today we speak with Financial Wellness Coach Bill to discuss:

• What is Escrow?
• Are escrow accounts mandatory?
• What are the advantages of having an escrow account through your mortgage lender?
• Is it more financially efficient to escrow my taxes and insurance than to not?
• Can I create an escrow account with someone other than my lender?
• What are the disadvantages or things we need to be aware of if we don’t hold escrow through our mortgage lender?
• What happens after I pay off my house? Do I still send my bank escrow money?

For show notes or to work with us: http://FinancialWellnessShow.com/34

What is a TSP?

Thrift Savings Plan, the Federal Government’s Retirement Plan available to Federal Employees and members of the military

It consists of few options but has extremely low costs:

G Fund = Government SecuritiesF Fund = Fixed IncomeC Fund = Common Stock S Fund = Small Capitalization StockI Fund = InternationalL Funds = Lifecycle Funds (adjusts automatically into safer investments based on the date you plan to retire)

Coach Carl explains the benefits and differences of a TSP for U.S. Military and Federal Employees.

Full show notes at http://financialwellnessshow.com/33

Coach Kim recently encountered a situation that is no longer considered uncommon:

Adult children who are dependent on their parents.

In this conversation he shares:

The parents level of frustration with the dependency of their adult childrenAre the adult children perceptive to the realization that they are dependent upon their parentsWhose fault is it: The children’s or the parent’sHis tip to help parents say “no” to their adult children without being the bad guyWe also discuss ways to train up our young children before they leave the safety of the home.

Listen for ways to make it easier to tell your adult children "no" without being the bad guy.

More information, as well as our contact information, can be found at http://FinancialWellnessShow.com/32

Listen in on a real coaching conversation with Coach Christine.

She is helping Coach Steve transition to the next stage: Living without a house payment!

Jump into the conversation and ask the questions you want answered http://FinancialWellnessShow.com/31

Reach out to a Financial Wellness Coach at http://FinancialWellnessShow.com/coaches

Residential Liquidity: Everything you need to know before renting a house or apartmentwith Coach Jeremy

Moving can be stressful, especially when you are moving into an apartment.

There are a number of things you need to be aware of to make your move the smoothest transition possible.

Things we need to know before renting a house or apartment:

Weigh out the pros and cons before deciding between renting an apartment or house:

Is it located near your place of work or family?What utilities are included?Will you be staying for a prolonged period of time?

Tip: Ask for previous 18 month history on utility costs

Of course, there are these financial considerations:

Furnishings - do you need to buy curtains and can openers?How much is the security deposit?Will you have a room mate?Are room mates allowed?What is the rule on pets (and is a hamster a pet)?Are you allowed to hang pictures and plaques on the walls?

We also recommend you buy renter’s insurance for your belongings.

What you need to know before renting a house

You will likely need more furnishingsMore repairs and maintenance will be requiredIn most cases you pay for all utilitiesDo you need to maintain the grounds? (i.e.: mow the lawn)?

Renting a house can provide you with more privacy and more room, but it also comes with larger utility expenses and more responsibilities.

Renting can help you maintain a level of freedom homeowners can’t experience:

More flexibility to move - even to another unit in the same buildingThere are fewer expenses than an a homeowner (less space = lower utility bills)Fewer responsibilities (yard work, shoveling the driveway, etc)

Action Step:Create a pros-vs-cons list of buying vs renting

To access previous episodes, research resources, or secure your own personal finance coach for the New Year, visit http://FinancialWellnessShow.com/30

To win with money you need to:

• Be born into a family where wealth abounds
• Be talented, beautiful, and live in a good neighborhood to get ahead in life
• Earn a 4-year degree in finance or you’ll never have financial wellness

These statements, of course, are not true.

One of our Financial Wellness Coaches came from a background of poverty. He knows well enough what it’s like to live on food stamps and today he shares his story of rags to riches, well - at least riches in a “no longer living paycheck-to-paycheck” kind of way.

Our financial coaches are not all CFPs or have bachelor degrees. It doesn’t take higher education to achieve financial wellness. But it does take knowledge and often requires help.

Contact us for a free consultation. There is no hard sale, we just want to know where you are and how we can help you. If you decide to move forward, our prices are right there on the website. Coach Connections, the parent of the Financial Wellness Show, is here to serve you.

http://FinancialWellnessShow.com/coaches

Did you know the cheapest and safest insurance policy for your financial plan is not an actual insurance policy?

In our previous episode we heard from Kisha. She was a listener who reached out to us for help. In just a few short months she paid off three payday loans and had money in savings.

Two things I took away from her testimony:

1) She never had an emergency fund before

2) Said she never knew what an emergency fund was

I take it for granted that everyone understands what the term “Emergency Fund” stands for. Kisha’s success story pointed out that we needed an episode to further discuss this very important piece of anyone’s financial plan.

Today, Coach Bob joins us to define what Emergency Funds are, when they should be used and what Emergency Funds - or Emergency Savings - should not be used for.

An Emergency Fund is a savings account, separate from other accounts

The sole purpose of an Emergency Fund is to pay for expenses that are not in your budget

Examples of emergency expenses are: Unexpected car repair, medical deductibles, time off from work to care for ailing parents

Benefits of an Emergency Fund:

Not only will Emergency Funds help keep you from going back into debt, they lower stress and bring peace of mind

What an Emergency Fund is not for:

Emergency Funds are not investments, they are a form of insurance

We recommend two stages of saving for emergencies:

Beginning Emergency Fund: A nice rule-of-thumb is to start with a $1,000 fund. It can take care of many sudden unexpected expenses. However, you can make it more if you want.

We do not recommend building an emergency fund that is too big because it takes money away that can be used to eliminate debt.

An exception would be if you know there will be a large expense or possible emergency (birth of a child, expected departure of a loved one, extended time off after surgery). Then we recommend saving all you can until the emergency has passed.

Post consumer debt Emergency Fund: Once all debts have been paid off, other than a mortgage, we recommend building the emergency fund to equal 3 - 6 months worth of household expenses. If it takes $3,000 to run your household (the basics, not including saving for vacations or kid’s college) then we recommend an Emergency Fund of $9,000 - $18,000.

That sounds like a lot, but the peace of mind you will have is priceless.

Always keep your Emergency Fund full. If you need to dip into the savings then your next step is to hold off paying extra on debts or saving extra for anything other than recovering your Emergency Fund to its original level.

How to fill and emergency fund:

• Work overtime at work (if non-exempt)
• Work an extra job (paint houses, yard work, 2nd job)
• Sell unused items on CraigsList or eBay
• Start a small business

Teachers: Did you know you can sell your lesson plans online for extra cash? Listen to this episode http://FinancialWellnessShow.com/18

How much do you need?

Your call-to-action is to set a number for your Emergency Fund, whether it’s a $1,000 beginning account or 6-months of expenses, and set aside some money for it. If you can only squeeze $20 out of your budget this month then put it in a piggy bank. Collect a few of those $20s over the next few weeks and deposit it into a savings account at the bank, an online money market account, or lock it away. The idea is to keep it away from non-emergencies, yet have access to it when you truly need it.

What is your number? My number is $18,000. Coach Dave says their number is $20,000 and Coach Greg maintains an emergency fund of $30,000. However, Coach Taras, who you will hear in our next episode, says he needs a 6-month reserve of $42k! You’ll understand why in Episode 29.

So, what’s your number?