Columbus Financial Coaching

02/09/2017

Your finances didn't get out of whack overnight, it took many small decisions that led to your current situation. Forget about the past and take small steps each day regarding your spending in relation to your income.

08/29/2016

Wealth comes down to the basics of investing more than you spend.

04/24/2013

We challenge our followers to find one new thing a week to cut from their expenses. Get up this morning and say I'm going to cut "x" from my daily or weekly expenses. For those guys who work in an office, learn how to iron and starch your own shirts. At $1.00 (or more) per shirt per day that's $250 per year in your pocket.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected], www.columbusfinancialcoaching.com

04/22/2013

The most important thing with being "successful" is doing what you really like and enjoy. Whether you hate or like Rush Limbaugh we can all say he's been successful. He has the number one AM talk radio show in the country and drives a Rolls Royce. He struggled for years and got fired a number of times but he continued with his love of radio. This paid off and for the last 25 years has been raking in the money.

The point here is that if you want to go to the next level with your income, make sure you are doing what you really love. It may mean taking a step back in your income and changing careers, but, in the long-run you have made the right choice.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected], www.columbusfinancialcoaching.com

04/16/2013

Having the time and skills to be your own handyman around your house can be troubling. You can search Google for service people and contractors to help but there may be pitfalls. Typically the electricians, plumbers and HVAC people with ads on Google or in the old yellow pages, cost a lot. In one recent example, we found an electrician that charged $90 for a service call. They could not find the problem and said it would be $300 to $500 to come back three days later to do a more thorough investigation. Through a simple ad on Craigslist an electrician was found that came out and had the problem fixed for a total of $80 within 2 hours.

There is a good amount of skilled unemployed or underemployed contractors that are ready to work. Many such people may be working for one of those high-priced firms but want to pick up extra money on the side. With some methodical questioning, you can screen people with your ad on Craiglist.

If you don't like Craigslist, we strongly recommend to contact your local BBB for contractors. The BBB takes a serious view on who is on their website and who is not. Likewise, if you have any complaints about your service, the BBB is the "heavy hand" that will threaten your contractor to fix the problem.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

04/15/2013

Maxing-out your 401(k) year-after-year, will not only jump-start your retirement plans but it will also help reduce your tax bill. In addition to the "big deductions" for home interest and children, this is the largest, and easiest, way to get your taxes reduced legally. The yearly limit is $16,500, so at a 15% tax bracket the tax savings is $2,500.

This simply strategy will not only make you feel better at tax time but it will give you peace of mind during your retirement years.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

04/12/2013

Since we rail against buying a new car (or even the more negative alternative of leasing) every few years, you'll need to maintain your existing car. We all know to change our oil every 3,000 to 4,000 miles. You may even be one of the smart ones who regularly rotate their tires at 6,000 miles and change their air filter as needed. Keep up the good work as your car will serve you well for it. Now let's take a look at things that many car owners overlook that need to be taken care of for your car to last:

Automatic Transmissions - Every 50,000 miles the filter and fluid need to be changed. The transmission is the second most expensive component of your car besides the engine. Many shops will want to only suck out the fluid and put new fluid in. Don't do this. Make sure you change the filter.

Serpentine Belt - Get ready for $150 tow if your belt breaks.

Transfer Case - For those with AWD or a 4x4, this is the set of gears that distributes power between the four wheels. Don't forget about servicing this unit.

Coolant - Make sure that you change your radiator coolant fully every 100,000 miles.

Exterior - Everyone runs through the automatic car wash after a January snow storm. Take time at least once a year to put some elbow grease into waxing your car. You'll ward off rust and deterioration of your paint.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

04/11/2013

Over the last 5 years or so, people have really caught on in using gas rewards cards from Giant Eagle, Krogers and the like. Both stores, especially the new ones, are very nice but they are way overpriced. Most people who shop there (including myself until a year ago) justify their purchases by the fact that they are saving a $1.00 per gallon (or more) with discounted fill-ups once or twice per month. Assuming that average car holds 20 gallons and you get your discounted fill-up twice per month, that may be $40 in "savings".

We pay heed to the old saying that "nothing is free". Maybe it's better to shop at a place like Aldis and forgo the gas card. Going to an Aldis will more than offset the $40 your are receiving at the pump. Now I agree, when I used to use my rewards card at the pump, I got the feeling that somehow I was "sticking it" to the greedy gas gods who laugh at me paying $3.50 per gallon.

Our suggestion is to use rack-up the points for prescription purchases at Giant Eagle and Krogers but not for general grocery purchases.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

04/10/2013

Duplexes or twin singles are excellent investments especially for those who don't mind being their own handyman. When you buy one the bank will consider it a owner occupied unit which gives you better rates and terms over an investment property. Likewise, you'll get tax advantages and write-offs on the expenses for the property that otherwise would not be deductible. Furthermore, your tenant next door is basically paying for the place while you live nearly rent free.

As an example, a payment on a $150,000 value property with taxes and insurance may be around $1,100 per month max. Your rent from the tenant should be around $800 per month or thereabouts. Sure you'll have expenses for upkeep and vacancy periods, but, if you are a smart landlord you'll find good long-term tenants. The bottom line is $300 per month for a house is great. In fact, we would suggest paying an extra $600-$700 per month on the loan to build up equity. In this way, you might be able to pull some money out in a few years to buy another rental that you could make your primary residence.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

04/09/2013

We all know that s*x and money are the key things that couples fight about during marriage. We are not Dr. Laura, so we'll stick with the money aspect here. While you are out there dating and meeting new potential mates, keep your financial antennae raised. It's important to see how those you date handle their money. Once you are married, money will become a potential long-term blessing or headache for the two of you. Does your girlfriend or boyfriend add to their 401(k) at work? Do they have a higher car payment then a rent payment? Are they spending more then they make? What views do their parents have about money? These are some but not all of the things to consider.

When times are good you won't think about money that much, however, it's the times when there is a job loss or financial setbeck that will test your mettle. The person you marry will have a significant impact on your long-term financial success or failure. Be very selective when dating as if you make the wrong choice, it may be years or decades before you get back on the right course.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

04/08/2013

You may have just fallen for the girl or guy of your dreams and are thinking about marriage. Before you go too far, realize that things don't always work out in the long-run. It may be wise to think about getting a pre-nuptial agreement before heading to the church especially if you have some money saved. When divorces occur, it's all out war so your soon-to-be ex-spouse won't care what you had before your marriage. We recommend finding a real good marriage/divorce attorney to consult before exchanging rings.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected] www.columbusfinancialcoaching.com

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04/02/2013

AT&T is an excellent company but their prices are much higher for wireless service over companies like T Mobile. Many older people are very loyal and need to take time to shop around from time-to-time. For $50/month, T Mobile provides unlimited talk minutes day or night (weekdays and weekends) plus 500MB of data. The same type of service with AT&T is around $90/month. That $40/month could go to your Christmas shopping or your vacation next summer.

If you are worried about a family member and talking "in-network" maybe you should go to a family plan. For a family of 5 you can get unlimited calling and data for $42 per person per month.

Columbus Financial Coaching is based in Columbus, Ohio and works with individuals and families on their long-term financial goals. Message us here or send an email to find out more on how we can help: [email protected]