Past Due: Radio 178 – The Past Due Radio Finale

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As the all-knowing They say: “All good things must come to an end.” After nearly four years of broadcasting, Past Due Radio went out with a bang. In honor of the finale, we welcomed back Justin Lukasavige, the original host of Past Due Radio (and current host of CoachRadio.tv), to reminisce and help us guide the ship back home one last time.

Today we discussed why the time has come to move forward from Past Due Radio. With transitions in my professional life, I want to continue helping those I come into contact with as effectively as possible. I’ll be doing so by helping Justin with CoachRadio.tv, collaborating on relevant subject matter like leadership, creating culture, and strategic planning (that actually works).

We relived, and even replayed, some memorable moments:

The Pontiac Caller – Just after GM stopped producing Pontiacs, one eager caller wanted to know if his truly would wind up a collector’s item. We had to break the bad news…

The 100th Episode – The epic opening musical sequence took me a long time to program into our soundboard, but it was worth every second!

The Jelly Beans – In true Past Due Radio community fashion, Tony rose to the challenge by sending us Harry Potter Bertie Bott’s Beans. Justin and I ate them on video and nearly tossed our cookies.

I’ve managed to ruffle thousands of feathers with my critique of those who steamroll their family members with Dave Ramsey’s Baby Steps. To date, The Dark Side of Dave Ramsey’s Baby Steps is the most-watched video we ever released on Past Due Radio. Justin helps all the critics of my video put down the pitchforks and torches on YouTube. And we even released a video in response to them, where I highlight the bright side of the Baby Steps.

It’s been an incredible journey with you, our fans and listeners. Thank you for the privilege of allowing me to host this show and inviting me to join you in the adventure of making this life truly count.

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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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Past Due: Radio 176 – Confessions Of A Financial Coach (Part 1)

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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. I’ve learned as much from them as they’ve learned from me, and I wanted to share some of those things – confessions, if you will – with the radio audience.

Today we discussed:

1) How do you define “success”?

2) Are you accountable for your actions and opportunity to be successful?

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Past Due: Radio 175 – No More Free Lunches (Or Banks)

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Greg has been reading the news and seeing how banks are beginning to charge for previously free services. In particular, he noticed that Bank of America is preparing to charge customers $5 a month to use their debit cards. Greg asked: “First, how did this happen (that banks are charging fees like this)? And second, what does this mean for an average guy like me? How should I be vetting my banks?”

These are great questions. Oftentimes we assume that our bank has our best interest at heart, but we forget that they work for shareholders (which is why it’s a good idea to have your financial institution(s) in your mix of mutual funds, too). When things change, we figure the bank is out to get us; but the reality is that they need us, or else they wouldn’t be in business.

Today we discussed:

1) How banks actually work; why they offered free services for so long and what recent regulatory changes are forcing them to do differently.

2) The three questions you should ask to determine if your bank relationship fits your needs.

If you put a premium on relationships – having a banker that knows your name – recognize that those services cost money and may require you to pay for them. If you prefer free self-service banking options, just remember that you get what you pay for.

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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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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Past Due: Radio 173 – Our Daughter Needs A Car, We Can’t Get A Loan

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Robert and his wife Patricia are reaping a harvest of, admittedly, poorly sown financial decisions. They have a college-age daughter who is splitting the family vehicle with Patricia to get to and from classes, then to and from her part-time job. The family needs a car in the worst way, but no one is qualifying for a car loan.

In his submission, Robert acknowledged that they’ve been late on mortgage payments in the past, and are trying to clean up their finances, but now they feel limited with this incredibly inconvenient transportation situation.

Today we discussed:

1) How the pressure of inconvenience often drives us to rushed, unwise financial decisions. We must assess the true cost of paying interest on a used car (and likely subprime interest at that) in the context of the hassle-factor of sharing a vehicle.

2) The importance of Robert and Patricia openly confronting their financial situation for their children to see. It’s time for them to lead their kids – two generations of healthy money managers hang in the balance.

3) How sometimes the best course of action isn’t the most obvious. Robert’s daughter has already saved $3,000 toward the purchase of a vehicle and has the potential to save more than her parents.

This show exposed a lot of the systemic financial issues we’re seeing in American households with regularity: paycheck-to-paycheck living, financially unprepared children, the perpetuation of the “Sandwich Generation”, and knee-jerk decision-making in financial discomfort.

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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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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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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Past Due: Radio 170 – Should I Pay Down Student Loans Or Save For Tuition?

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Amanda is a rising college junior and is trying to make the best use of $500 a month in cash flow: “Do I pay it toward my $16,000 in outstanding student loans, or save it to – hopefully – pay for my senior year tuition in cash?”

First off, I can’t remember anyone in college who had an extra $50 a month to spare, let alone $500. Way to go, Amanda!

On today’s show we discussed:

1) The rule-of-thumb I’ve helped many people use to stay ahead of upcoming, expected expenses when also trying to eliminate their debt.

2) The importance of Amanda entering the real world as a college graduate with a sense of financial accomplishment (and how that confidence will set the stage for her making future goals a reality).

3) Whether borrowing for higher education can actually be called and “investment”, and how to reduce the risk while maintaining the reward of investing in yourself.

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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Past Due: Radio 169 – The Financial Plan For The Non-Conformist Family

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Josh and Sarah Gordon of thenonconformistfamily.com have agreed to be guinea pigs in the PDR lab! In their effort to avoid mediocrity, they’re seeking direction on some huge financial goals in their new world of self-employment.

Today we assessed their goals for the next 12 months, their income and expenses, and I issued a 30-day action plan for them. Here’s what we know about them:

Goals:

• In the next 12 months, they’d like to pay off $10,000 in student loans and save an emergency fund of $2,500
• They want to give away three $1,000 awards to people creatively addressing social concerns
• They intend to live unconventionally (in tents, cabins, or vehicles) and travel extensively in North America

Income & Expenses:

• Income – $2,904
• Expenses – $2,012
• Net Income/(Loss) – $892

30-Day Action Plan:

Over the next 30 days, The Non-Conformist Family needs to focus on two initial goals:

1) Tracking every dollar they spend to determine the accuracy of their planned spending (and cash flow potential)

2) Funnel every bit of extra cash flow into their emergency fund

In the days ahead, we’ll be revisiting The Non-Conformist Family to see how they’re progressing, answer questions as they arise, and provide guidance for them on their journey.

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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Past Due: Radio 168 – Should We Repair Or Replace The Car?

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Jane and Bill wrote in this week in the midst of an all-too-familiar conundrum: “Should we shell out the money to repair an aging vehicle, or throw in the towel and buy a new one?”

Right now, they have a large, four-wheeled paperweight in the driveway that requires about $1,500 worth of repairs to make it road ready again. They’re concerned that spending that kind of cash on repairs – money that has to come from the emergency fund because they haven’t been saving for ongoing vehicle expenses – will be a waste. Especially if they can use it toward a new, more reliable vehicle.

Today we discussed:

1) The two typical reactions for most people in this situation: A) Put the repairs on a credit card, B) Go buy a brand new car.

2) How to calculate your true ongoing vehicle expenses (covering everything from tires, brakes, batteries, wiper blades, filters, and alternators), and how to save for them every month in a clean, easy way.

3) The rule-of-thumb (and the exception to the rule) that I use when determining whether it makes sense to bite the bullet and repair an aging car, and when to move on to greener highways.

Cars are typically the largest purchases we make outside of our homes. You have to do your due diligence to make a wise decision on this issue in order to avoid car accidents of financial proportions!

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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Past Due: Radio 167 – Where Does The Sandwich Generation Get Money For Bread?

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My friend Bob is feeling the pain of being caught in the middle of a sandwich. This isn’t some weird food fetish; he’s actually dealing with helping his parents financially while trying to raise his own kids. And Bob is not alone. There is a whole segment of our society feeling the squeeze, called the “Sandwich Generation.”

Bob asked, “When trying to support parents and take care of your own family, where does the money come from?”

It’s a relevant question – over 1 in 8 Americans between the ages of 40 and 60 are sandwiched – but we didn’t want to just talk about getting more money for the problem. We had to understand the cause of the problem, too.

Today we discussed:

1) The primary cause of the Sandwich Generation, and how one generation’s lack of financial preparedness can become a problem for each future generation in a family tree.

2) How to deal with being sandwiched in your own family, and the kind of honest conversations that the “meat” needs to have with both “buns”.

3) How we can toss the Sandwich Generation effect from our society and, surprisingly, which generation in a family tree will be responsible for stopping the madness.

The good news for Bob, and the rest of us for that matter, is that the Sandwich Generation doesn’t have to last forever. Defining boundaries between family members is a critical component to maintaining healthy relationships and securing your financial future.

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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Past Due: Radio 166 – Preparing Financially For Life Outside The Nest

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I took another Facebook question today from my friend Ashley. She’s a little concerned for a friend of hers who is just now leaving the safety and comfort of her parent’s nest for the wide open real world.

Ashley asked, “I have a friend that just moved out of her parents’ house. She’s never had a budget, never really had to worry about how to pay for life, retirement, etc? What can she do to get settled successfully?”

While this doesn’t appear to be a “failure to launch” situation, I couldn’t help but think of the 2006 film with Sarah Jessica Parker and Matthew McConaughey.

Today we discussed:

1) What parents of adult children can do to guide them toward independence, as well as the social change that has occurred since the Great Recession resulting 60% of college grads returning to live at home.

2) What Ashley needs to do, as this young woman’s friend, to encourage her and hold her accountable in the midst of spreading her wings.

3) The first two steps any newly-independent person should take to understand their financial position, lifestyle expenses, and to plan for the risks of life.

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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Past Due: Radio 165 – How Much Life Insurance Do I Really Need?

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You have to respect the power of Facebook. I put out an APB to see what kind of financial questions my friends wanted some input on and I got great feedback. We’ll see more of their questions in upcoming shows.

My friend Jay asked: “How much life insurance do I (and my wife) really need?” Great question! We haven’t talked about the provocative, tantalizing subject of life insurance in a while!

On today’s show we covered the following:

1) What life insurance is really used for and the various types out there

2) What costs (premiums) you can expect to transfer the risk of lost income to an insurance company

3) The rule of thumb I use when helping folks determine their life insurance coverage amount

Having adequate life insurance is critical to a well-rounded financial plan. Making sure you aren’t paying an arm and a leg for it, to the detriment of your other financial goals, it’s just good stewardship.

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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Past Due: Radio 164 – What Are The Best Ways To Borrow $20,000 Fast?

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During a recent workshop for teens and their parents, we discussed the dangers of debt, how credit cards work, paying for college, and cars. During the Q&A, a father of a 17-year old girl asked, “What if you need some cash very quickly, about $18,000-$20,000? What are the best ways to borrow if you must?”

That’s an interesting question that comes with a very loaded answer. On today’s show we discussed the typically approach most people take when they need money for “surprises” like college tuition, house repairs, and car replacement. We also addressed how we start to justify poor borrowing decisions by only looking at perceived “benefits” of the different types of loan out there.

We covered:

1) Credit cards

2) Borrowing from family

3) 401(k) and other retirement plan loans

4) Home equity loans and lines of credit

Before pulling the trigger, we must understand the major detractors for using these lending methods to supplement a big time cash shortfall. We also talked about how borrowing like this perpetuates a debt cycle and will like require a lifestyle adjustment to break.

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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Past Due: Radio 163 – Teaching Your Kids About Work And Reward

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Susan and William of Raleigh, NC are the winners of the Kids & Money Contest! They wrote in about the numerous financial mistakes they made as a young couple and how they’ve systematically begun teaching their children – all four of them! – how to avoid them. In the years since getting married, Susan and William have paid off their debt and are working with each of their children to understand healthy, wise money management.

Today, we talked about the importance of connecting work with reward early in your children’s lives so that they understand the concept of earning what they want. We also discussed the need for parents to help their kids uncover their passions, and how work can assist in this effort.

In addition, we addressed the three camps that parents tend to fall into regarding teaching children the connection between work and reward:

1) The “Kids Should Just Be Kids” camp – they’ll have all their lives to work

2) The “No Work – No Pay” camp – kids work on commissions and only get paid for the jobs they do

3) The “Apathy” camp – mantra: “Oh, they’ll just figure it out”

Hanging in the balance is the legacy of the parents – whether positive or negative.

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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Past Due: Radio 162 – Help! My Fiance’s Finances Are Trashed!

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I was teaching a group of undergrad and graduate interns at SAS Institute earlier this week and was asked a great question: What do you so when you find out your fiance has a poor financial situation?

The intern asked the question on behalf of a friend who recently discovered his fiance had $12,000 in credit card debt and she isn’t able to make consistent payments. This groom-to-be is concerned about uniting their finances and what the credit score implications could be in the future, especially for buying a house.

Today, we address:

1) The three critical discussions every engaged couple should have on dreams, upbringing, and current spending (this assumes you’ve already been through a pre-marriage course or counseling)

2) The way that banks handle married applicants when one person has a low credit score and won’t qualify

3) The focal points this young couple needs to aim toward to start their marriage on the same page

So many couples spend significant amounts of time planning their wedding that they neglect planning for their marriage. Taking the time to walk through a couple of fun, conversation-provoking exercises can literally divorce-proof a marriage.

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!

Today’s Mentionables:

Episode 134 – Do-Overs: Preparing for Marriage – In this episode, we discussed some of the mistakes Elisa and I made in preparing for managing money after I do and what I would do if I could do it all over again

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Past Due: Radio 161 – Downsize or Refinance to Boost Nest Egg?

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Tom and Denise are dealing with a conundrum: Should they refinance their house to a great, low interest rate and pay it off in 15 years, or should they sell it, downsize, and use the freed up cash flow to fund other retirement savings? They’re in their mid-fifties and are beginning to feel the pressure of retirement.

The situation they find themselves in is very common among American couples in this age group. We’ve believed for a long time that having a house – especially a paid-for house – at retirement is a crucial component of our retirement nest egg. However, given the recent upheaval in the real estate market, many have found themselves staring at a cracked and scrambled nest egg.

Today we addressed:

1) Whether real estate should play as significant a role in our retirement portfolio as previous generations believed.

2) What the net gain in value to their overall retirement portfolio would be if they refinanced.

3) What the potential for gains would be if they chose to downsize.

Sometimes we have to be reminded of simple investing concepts like diversification in order to make the best decisions for our long-term financial plan.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com by Sunday, June 19th with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

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!

Today’s Mentionables:

Episode 154 – Robert Kiyosaki’s Dad & Credit Scores Banks Like – In this episode, we discussed all the expenses that go into owning a home that we typically ignore when considering our “return on investment”

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Past Due: Radio 160 – How To Expect “Unexpected” Expenses

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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, not to mention the costs associated with their children. They’re beginning to feel defeated and are trying to find out what they might be missing so they can begin making real progress.

In today’s show, I shared that Daniel and Lori’s struggles are very common. That rug-pulled-out-from-under-us feeling is normal among the two-thirds of Americans living paycheck-to-paycheck when “unexpected” expenses arise. I also addressed that there really aren’t very many unexpected expenses, but we have to embrace two ideals:

1) We must reacquaint ourselves with reality – most of us grossly underestimate the true costs associated with our lifestyle

2) We must establish a new method of savings – planning for future expenses means incorporating monthly savings today so we can avoid feelings of stress and tension

The good news is, with a little forethought and a new perspective on their standard of living, Daniel and Lori will be well on their way toward their goals, leaving that sense of defeat in the dust.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com by Sunday, June 19th with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

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!

Today’s Mentionables:

Episode 158 – Selling a Car at a Loss to Dump Debt – Sometimes we have to scale back our vehicles when we realize how much they truly cost to drive and maintain

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

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Chad and Julie, a young couple from Raleigh, have clearly defined their financial goals – mainly to pay off over $70,000 in student loans – but keep running into one setback after another. It feels like every time they take one step forward something pushes them two steps back. But there’s a lot to learn from how they’re handling the adversity in an effort to persevere toward their goals.

On today’s show, we address three critical components of families that persevere in the face of setbacks:

1) Optimism – In spite of an unexpected tax bill and rising childcare expenses, Chad and Julie continue to believe they will reach the finish line.

2) Proactive – Each time they’ve encountered a setback, Chad and Julie have proactively sought new paths toward their goal of debt freedom – from having “apocalypse-style” yard sales to teaching music lessons for extra income.

3) Community – Chad and Julie began their financial journey recognizing they needed the support of others. They have a group of friends who encourage them and hold them accountable to their short and long-term goals, and they’ve pursued many classes to learn more about wise money management.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com by Sunday, June 19th with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

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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Past Due: Radio 158 – Selling a Car at a Loss to Dump Debt

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Does it make sense to sell a car at a loss if you’re trying to get out of debt?

Sue, a financial coach in Raleigh, sought out my perspective on a family she’s currently working with. They’re working on a substantial debt-elimination plan, but keep running into a roadblock: the family’s gas-hog SUV with big-time monthly payments (to the tune of $800).

On today’s show, we addressed three pressure points facing this family:

1) How can they sell their car for less than what is owed? (And, should gas economy be a deciding factor?)

2) What are the financial implications? I run the numbers on their situation to paint a clear, objective picture.

3) Should they use a company like CarMax to speed up the process of dumping the vehicle? We must understand how dealerships value vehicles first.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com by Sunday, June 19th with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

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!

Today’s Mentionables:

Episode 135 – Do Overs: Buying A Car – I dove into the details of my last car purchase and how I made a mistake that cost me nearly $30,000.

Kelley Blue Book – This is one of the most well-known vehicle valuation services out there; pay attention to the differences between Private Party and Retail/Trade-In values for your used vehicles.

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Past Due: Radio 157 – What to do with $130,000 in Credit Card Debt

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What do you tell someone that has $130,000 in credit card debt?

That’s the question that was posed to me over lunch with a friend. He’s a financial planner and was working with a couple recently that told him they carried six-figure credit card debt. Today, I addressed the typical causes of that level of credit card debt and two steps for getting out of it.

While that level of credit card debt may have shocked my friend, I’ve seen it on many occasions. I recounted many of the experiences of Doug and Kathy Grant, former clients who had that same level of credit card debt when we first met. Their story is one of changed attitudes and sacrifice; today they’re well on their way to recovery.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com by Sunday, June 19th with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

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!

Today’s Mentionables:

Episode 110 – Real Life: Kathy Grant – My interview with Kathy one year after we forged a new path for herself and her husband.

Episode 144 – Why the American Dream is Ruining Lives – A show uncovering how our desire for more and increasing standards of living actually result in depression and broken relationships.

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Past Due: Radio 156 – Mother’s Day: My Mom the Money Maestro

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This is a special Mother’s Day edition of Past Due Radio! In an effort to honor the moms out there, I decided to honor my mother by sharing a few stories of how she taught me plenty about life and money during my childhood.

From the time when I couldn’t sleep through the night (there was a five foot tall banana in my closet that laughed at me…), and how she developed a reward system to help me stay in bed; to the amazing big boy bicycle I wanted at age nine and her response to how I could earn it (hint: I’m an incredible weed puller to this day); all the way to the car accident in my senior year of high school and how she helped me help myself in paying for the damages, my mother knew what she was doing.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

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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Past Due: Radio 155 – Paying Off Mortgage-sized Student Loans

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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 people who have student loans in excess of $200,000.

Today, we discussed a question from Alex, a recent graduate with two Bachelor’s degrees and licensed as a Registered Nurse. In her seven years of higher education, she accumulated just over $200,000 in student loan debt and is trying to understand whether a consolidation loan makes sense to help her manage the debt load.

To help answer the question, we first covered the two fundamental mistakes most people make when approaching borrowing for college:

1) Underestimating the true, final cost
2) Making presumptions about future income after graduation

Then we talked about the next steps for Alex to begin systematically eliminating the outstanding debt – whether she chooses to consolidate or not.

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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Past Due: Radio 154 – Robert Kiyosaki’s Dad & The Credit Scores Banks Like

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We discussed two different questions on today’s show – from real estate looking like an asset, but behaving like a liability, to which credit scores banks prefer to use when they make lending decisions.

Shawn in Garland, TX wanted to get some thoughts on Robert Kiyosaki’s statement that real estate behaves like a liability. It’s an interesting argument that Kiyosaki presents in his bestseller Rich Dad, Poor Dad, but I addressed the issue of semantics and that we don’t want to confuse expenses with actually owing people money. Likewise, the biggest component missing from the typical American household regarding their home truly behaving like an asset is time. The more we move in and out of house, the more frequently we reset ourselves back to the most expensive time in the mortgage: The early years when we primarily pay interest.

Keith and Julie wanted to know how banks use the credit scores from Experian, Equifax, and TransUnion to make lending and pricing decisions. I covered how they select the score that will dictate the underwriting decision, and how other financial institutions – like insurance companies – can use credit scoring data to create their own measures when determining premiums. If you haven’t checked your credit report recently, be sure to get your free annual credit report from each of the three bureaus at AnnualCreditReport.com.

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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Past Due: Radio 153 – Wrestling With Graduate School Loans, Investing

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Paul and Kristina in Morrisville, NC wrote in a question about balancing the repayment of Paul’s grad school loan with their goal of buying a house. Since getting married, they’ve managed money very wisely in order to make it through Paul’s grad school program without incurring any additional debt and depleting their savings.

In just a matter of weeks, they’ll experience a quadrupling of their income when Paul begins his new job. But that new income isn’t alone; there is $81,000 in student loans to repay. They would also like to begin saving for a $40,000 down payment on a house.

Today we covered the importance of focused intensity toward goals, the risks associated with interest rates and bringing student loan debt into the home-buying process, and how paying off debt and building a down payment are actually forms of investing in our financial plans.

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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Past Due: Radio 152 – Pay Off Debt or Save With Inheritance?

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Trey wrote in a question about a $26,000 inheritance he and his wife recently received. We’ve heard from Trey before about his desire to eliminate his student loans, and he’s looking for advice on whether to use the inheritance to become debt free. The only trouble is, Trey graduates from seminary in two months and he currently doesn’t have a job lined up.

In Trey’s mind, there are three options for the use of the inheritance:

1) Pay off the debt
2) Sit on the cash until his future beyond school takes shape
3) Split the money, using some to pay down the debt and some to bolster savings

I addressed those three options and provided my perspective on the kind of cash Trey and his family actually need to have on hand as they prepare for a time of uncertainty and transition.

I concluded the show by sharing some of the major changes I’ve experienced in the last seven months around my health and physical fitness, and how I just completed my first 10k.

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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Past Due: Radio 151 – Will You Cosign A Car Loan For Me?

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I received a phone call last week from “Paul” (name changed for purposes of the show). Paul wants to buy a new car because his current vehicle needs a lot of maintenance to pass inspection, which might cost close to the vehicle’s current value. The dealership told Paul that he needs a cosigner on the loan, or else he can expect his monthly payments to be 25% more without one. Paul turned to me for options.

Paul’s situation revealed some very substantial flaws in his financial belief system. I found four major red flags in this situation and talked them through with Paul on the phone. Today’s show is a review of those red flags:

1) The issue of cosigning
2) Borrowing to establish a credit history
3) Buying a brand new car
4) Misunderstanding needs and wants

I concluded with my recommendation for Paul, the actual outcome, and how that will impact him going forward.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of 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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Past Due: Radio 150 – Rent vs. Buy vs. Buy A Duplex?

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Today we talked through a very interesting real estate proposition, courtesy of Rodney. Rodney and his wife are a few months away from becoming completely debt free; they’ve been renting and are trying to determine the best strategy for preparing to buy a house.

Right now, Rodney and his wife only spend 9% of their take-home pay on rent, but they’re considering buying a house – even a duplex – by saving either 100% of the purchase price or 20% as a down payment. What are the pros and cons of buying a duplex? What are the pros and cons of saving up to pay cash for a house?

Surprisingly, our conversation doesn’t begin with math, but with: What’s the point in buying a house anyway? Once we’ve answered that question, we can dig into the numbers. I provided some projections of how much Rodney and his wife could save if they stayed put, as well as if they purchased a duplex and had some neighbors right on the other side of a common wall, then provided my opinion, which doesn’t involve living next door to my renters.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of 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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Past Due: Radio 149 – Borrowing From A 401(k) To Refinance A Mortgage

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Today we took a Mailbag question from Brian and Jill. They’re paying a hefty monthly payment on their second mortgage and have been exploring the option of refinancing. The bank is willing to processing the refinance of the second mortgage – likely dropping their interest rate by almost 3% – but only if they can pay down the current loan’s balance to meet their loan-to-value (LTV) requirements.

Brian and Jill are looking at their 401(k) as a source of quick cash to help drop the balance on the second mortgage, complete the refinance, and greatly reduce the second mortgage payment. They wanted to know the pros and cons of doing this, what risks to expect, and if there was anything they weren’t aware of about 401(k) loans.

What looks like a pretty easy, simple solution can get quite tricky and messy when all the details of a decision like this are brought to the surface. I provided an interesting assessment of where they’d be financially if they just left everything as is, and compared that to where they might be 15 years from now if they borrowed on the 401(k) today.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of 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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Past Due: Radio 148 – Mailbag: Decluttering To Pay Off Student Loans

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Today we took a Mailbag question from Trey, right here in Raleigh. Trey is getting ready to graduate from seminary to pursue a full-time career in ministry. He’s looking for guidance on the minimalism movement and how his family’s pursuit of that kind of lifestyle might help them dump $25,000 in outstanding student loans.

Our discussion centered around the history of the minimalism movement. The minimalism movement and subculture have enjoyed a resurgence in popularity due to the negative results our country has experienced in the wake of the Great Recession. Research also reinforces that living with less stuff helps us focus on important relationships, and that healthy relationships create far more happiness than material items.

However, there are some downsides to living a minimalistic lifestyle – there’s a slippery slope to judgment and condemnation of others who don’t live that lifestyle. We applied the pros and cons of living this way to Trey’s situation of needing to pay off his student loan debt.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of 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!

Today’s Mentionables:

Tammy Strobel – Tammy and her husband have created a community of people who seek to live on less; they live on only 100 items.

Adam Baker – Adam Baker and his family have been able to travel the world by maintaining few material possessions, seeking to focus on their relationships with each other and doing work they love.

Money, Possession, and Eternity – Randy Alcorn’s excellent book reviewing how materialism can stand in our way of living life to the full.

Americans Living Like Spartans – A blog post from August 2010 I wrote about the minimalism movement.

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Past Due: Radio 147 – Mailbag: Dealing With Medical Bills & Nasty Collectors

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Today we took a Mailbag question from Kim. She’s dealing with some medical bills and the lovely little collection calls that seem to always follow.

As a single mom, Kim is working hard to pay her bills and juggle all the basic necessities of life for herself and her son. Recently, Care Credit has been pushing her to make larger payments, even threatening to send her account to an attorney.

Today’s discussion centered around the legitimacy of threats collectors make, how to use a pro rata (or fair share) payment strategy when you don’t have enough money to make minimum payments on debts, and how using a little advice your mother used to give you could actually pay off handsomely (“you can catch more flies with honey than you will with vinegar”).

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of 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!

Today’s Mentionables:

GetNakedBook.com – My alternate website discussing money and relationships – whether in marriage, with children, or even friends and extended family.

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Past Due: Radio 146 – Mailbag: Do Balance Transfers Work After A Job Loss?

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Today we took a Mailbag question from Aideen in Chicago on behalf of a friend of hers dealing with some credit card debt. We did a whole show based on one of Aideen’s previous questions (Episode 132 – Money & Twenty-Somethings) and it was great to help her with guidance for her friend!

Like so many, Aideen’s friend was unemployed during 2010 and used credit cards to fill the gaps in her expenses. Now, she’s employed but dealing with nearly $12,000 in credit card debt with interest rates as high as 29.9%!

The discussion centered around whether transferring the balances would be wise as she tries to eliminate these debts. As you’ll hear, I gave two compelling reasons why balance transfers shouldn’t be entered into lightly before I shared what I would do if I were in her shoes.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of 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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Past Due: Radio 145 – Real Life: Daniel & Melissa – Debt Free To Save A Life

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Have you ever thought that by becoming debt free you could be positioned to save someone’s life?

Today, Past Due Radio was on location in Hampton, VA as I visited with my friends Daniel and Melissa in their kitchen. They shared their story of realizing they were on a path toward deeper indebtedness, doing an about-face, and making the necessary changes and sacrifices to get out of debt.

Now, they’re debt-free, saving money, and currently preparing to adopt a child. Because they’re living a healthy financial life, they’re positioned to bring a new baby into their home – effectively saving him or her from a challenging, tumultuous life. They’re paying forward their loving family life by bringing someone new in to experience it with them.

Daniel and Melissa shared some of the very practical ways they’ve accomplished their goals, including how they’ve allocated lump sums of cash they’ve received over the years, how they switched from making purchases with plastic to cash, and how they continuously make plans to guide them with future financial decisions.

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Past Due: Radio 144 – Why The American Dream Is Ruining Lives

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Your belief system will dictate the way you behave. The way you behave will produce a certain set of results. Those results will positively or negatively reinforce your belief system.

Today we discussed how our worldview – particularly that of the traditional American Dream – can deceive us into believing that accumulating more money and possessions will produce fulfillment and satisfaction. The studies and the true status of American households both show that the results of behaving in a way to pursue happiness are not pretty.

We have over two-thirds of our households living paycheck-to-paycheck. The typical American household bears more than $84,000 in consumer debt. At some point our belief system must change.

We covered the importance of identifying why we do anything with money before we focus on how we’ll actually do it in order to keep our behavior and results consistent with our worldview (beliefs).

Today’s Mentionables:

Seek Up – Dave Matthews Band – Excellent song capturing the paradox of accumulating material things only to leave it all behind at death.

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Past Due: Radio 143 – What Rising Interest Rates Mean to You

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What’s all the hubbub about interest rates, anyway? What does it mean if they go up and how could that impact me?

The writing on the economic wall is that we can expect to see interest rates climb in the days ahead. Today we discussed how that will impact decisions we make in the following areas:

1) Consumer credit – borrowing on credit cards, car loans, and student loans. While working on paying these debts off, you may make different decisions as interest rates fluctuate regarding what to pay off first.

2) Mortgages – if planning to refinance or buy a home (I shared my criteria for what someone looks like that is prepared to buy), sooner than later should be your mantra – rates aren’t going to get any better.

3) Saving – we discussed how savers have been punished over the last 10 years and now their discipline will be rewarded.

4) Investors – interest rates play a key role in all asset classes, but especially when deciding a strategy between stocks and bonds.

Today’s Mentionables:

Episode 135 – Do-Overs: Buying A Car – My car-buying decision cost me a fortune…in interest and depreciation. We don’t advocate borrowing on assets going down in value; I experienced it firsthand.

BankRate.com – Use their mortgage calculators to determine your break even time period with closing costs should you elect to refinance your house.

Trusted Partner Joey Hansen – Joey is fantastic and will be happy to help you nail down a great rate with minimal closing costs if you’re looking to buy a home or refinance your current mortgage.

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Past Due: Radio 142 – Mailbag: Dealing With Old Debts & Credit Reports

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Carolyn, a Past Due Radio listener in Massachusetts, wrote a question into the mailbag asking about a few old debts showing up on her husband’s credit report. With her question as the backdrop, we touched on some of the pertinent elements of dealing with creditors, understanding your credit report, and the integrity issues surrounding repaying what you once borrowed. Today, we answered these critical questions:

1) How does the statute of limitations in my state affect how creditors collect on bad debts?

2) How do I know if my credit report is showing legitimate or erroneous accounts?

3) Can I say anything to a collector that would harm my credit report further when dealing with an old debt?

4) When should I repay an old debt and when should I just let it roll off my credit report?

Today’s Mentionables:

AnnualCreditReport.com – don’t be fooled by the catchy jingles of other credit report services; this is the one website that allows one free credit report annually from each of the three credit bureaus – no tricks or hidden hoops to jump through.

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Past Due: Radio 141 – Never Beyond Saving

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We love the idea of saving money, don’t we? We love knowing that there is peace, hope, and a future for our finances (and our lives, really) because we’ve set aside a portion of our income. And yet, those products of saving money – the peace, the hope, the future, the stability, the security – they seem to become afterthoughts in our culture, where we’re bombarded with financial distractions.

Today, I discussed the three reasons why we save money:

1) Emergencies – Life happens and when we find ourselves in a jam, we usually need some money to get ourselves out.

2) Purchases – Non-monthly expenses like back-to-school shopping, Christmas, and property taxes are always just around the corner, but we also need to be saving for roof repair, vehicle replacement, and that new hot water heater.

3) Wealth Building – It’s possible for a child to work from age 16 to 22, save $2,000 per year for those six years, and hit age 65 a millionaire. Aside from teaching your children the power of compound interest, you can also let that power work for you to avoid perpetuating the “Sandwich Generation”.

Today’s Mentionables:

Get Naked: Stripping Down to Money & Marriage – My book on establishing deep and profound unity over financial goals and creating a mutual plan for reaching them in a marriage.

Kelley Blue Book Online – If you’re considering buying or selling a vehicle, be sure to check out the values of the vehicles you’re interested in.

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Past Due: Radio 140 – Never Beyond Budgeting

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Budgeting isn’t very popular or sexy in the wide world of personal financial topics. Comparing budgeting to understanding ETFs is like comparing a Pinto to a Porsche.

However, a quick study of millionaires reveals that they budget their money. They have a plan for every dollar because they want every dollar to work well for them, no matter the capacity. So, if the millionaires are doing it, we’re never really beyond budgeting.

Today, I discussed three basic components of a budget, three spending areas to pay close attention to, and the process I personally use (and that we’ve taught to hundreds of families around the country) for planning where your money goes.

From understanding opportunity cost to looking critically at your food spending, from tracking your spending for a month to preparing a budget before the next month begins, this show gets back to basics so you can succeed.

Today’s Mentionables:

Recommended Percentages – See how your individual spending categories stack up to our guidelines for a healthy budget

Quick Budget – Use this simple worksheet to create a forward-looking plan for your money next month

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Past Due: Radio 139 – Stress Testing Your Finances

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Money and stress just seem to want to walk hand-in-hand, don’t they? Ever think about the amount of stress your current financial plan can withstand?

Today, we put on our risk management hats and talked about how to expect the unexpected. Vehicle repairs, medical expenses, and job losses can shake, rattle, and roll our game plan for saving money and paying off debt. If we really think long enough, though, we can probably determine how likely those “unexpected” expenses are to occur.

I shared a simple mathematical strategy for determining how much money to keep on hand (or begin saving through your monthly cash flow) for the negative financial events you might face in the next year.

Probability of Event Occurring x Total Cost of Event = Reserved Funds for Event

We also discussed how to incorporate planning for Murphy’s Law in your annual goals. Hot water heaters, transmissions, and emergency rooms beware!

Today’s Mentionables:

Goal Planning Worksheet – excellent way to organize the seven areas of your life and what you desire to accomplish this year

Episode 136 – Do-Overs: Buying A Car – Check out why repairing a vehicle could save you thousands versus buying a new one

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Past Due: Radio 138 – Top 5 Financial Resolutions

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I’m not a big fan of New Year’s resolutions – mainly because most of us don’t stick with them. By the end of the first week of January, they’re pretty much an afterthought. However, there are five specific financial objectives that are essential to accomplish in 2011. Doing so will get the new year off to a solid start and generate some financial peace-of-mind.

1) Make a new budget every month (and start saving for Christmas 2011 in January!)

2) Commit to setting goals with your spouse or identifying an accountability partner if single; check out GetNakedBook.com for assistance

3) Teach your kids about money; check out Episode #93 – Kids, Money & The Madness for age-appropriate ideas

4) Get the appropriate term life insurance

5) Get a will and basic estate planning documentation in place; check out the previous show, Episode #137 – Do-Overs: Getting a Will

Thank you for making 2010 a fantastic year for Past Due Radio! It’s a pleasure and privilege to serve you with this show; thank you for the opportunity to do so! Happy New Year; here’s to making 2011 count!

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Past Due: Radio 137 – Do-Overs: Getting A Will

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Remember when you’d yell, “Do over!” while playing games as a child? It was so easy to have a second (or third, or fourth) chance back then. We’ve surveyed our listener base on a few occasions to find that nearly 75% do not have a will or updated will in place.

Today, I discussed the do-over that so many of us haven’t learned from yet. It’s time to get a will in place and I answered some key questions regarding this part of your financial plan:

1) What priority should be given to a will or estate plan? You might be surprised how critical this is – I believe it should be the very next thing you do after establishing a beginning emergency fund.

2) What should I consider when doing a will? The two big questions to answer when preparing your will and estate are: 1) What happens to my children? and 2) What happens to my assets?

I also shared a couple of stories that validate using an actual attorney for this rather than an online service, and show how disastrous the outcome can be if you don’t have these bases covered.

Note: I got on my soapbox early in this show. If I offended you, I apologize. If it makes you go out and get a will, then my mission was accomplished.

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Past Due: Radio 136 – Do-Overs: Finding A Place To Live

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Remember when you’d yell, “Do over!” while playing games as a child? It was so easy to have a second (or third, or fourth) chance back then. When I reflect on how I went about renting an apartment before getting married, I can easily say I’d like a do-over.

Today, I discussed three major renting mistakes I made. I never saw the town I moved to in daylight, nor could I have foreseen the robbery we experienced and the insecurity that followed.

1) Don’t assume that someone who recommends a place has the same perspective on quality of life as you do. Using local property values and tax rates will reveal much about your environment.

2) Manage the risk of living around so many others; alarm systems and fireproof safes are necessities.

3) Don’t be afraid to leave; we compounded our insecurity and distress by staying put when we could’ve left for greener pastures.

With the lessons learned, I still wouldn’t have changed our strategy to rent in anticipation of buying a home. Today I regularly referred back to how renting got us in position to buy a home faster and helped us be better financially prepared for that purchase.

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Past Due: Radio 135 – Do-Overs: Buying A Car

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Remember when you’d yell, “Do over!” while playing games as a child? It was so easy to have a second (or third, or fourth) chance back then. When I reflect on how I purchased my last car (over five years ago), I can easily say I’d like a do-over.

Today, I discussed three mistakes (and one success) I made when purchasing the car that ultimately became what Elisa and I buckled down to pay off in 16 months.

1) Beware of car dealerships – there’s no such thing as “just looking”!

2) Beware of letting a car repair “force” you into buying a brand new car; emotions can get the best of you (and your savings account).

3) Beware of not running the numbers; my car buying decision has negatively impacted my net worth by over $17,000.

4) Success: Whenever possible, sell your vehicles yourself.

Remember when Pontiac became a collector’s item? Check out our “Pontiac Gets the Axe” video.

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Past Due: Radio 134 – Do-Overs: Preparing For Marriage

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Remember when you’d yell, “Do over!” while playing games as a child? It was so easy to have a second (or third, or fourth) chance back then. When I reflect on how I prepared financially for my marriage, I can easily say I’d like a do-over.

Today, I discussed four primary opportunities I (and many others, apparently) missed to cultivate deeper intimacy with my wife and avoid the financial tension trap that 84% of marriages experience.

1) We would’ve paid more attention during our pre-marital prep class, particularly to learning more about communication styles.

2) We would’ve made a list of financial dreams and goals for our first five years of marriage.

3) We would’ve laid all our financial cards on the table, showing how we behaved with money.

4) We would’ve made it a point to celebrate accomplishments more regularly.

If you’re looking for an excellent resource, I wrote Get Naked: Stripping Down to Money & Marriage specifically for those engaged and married couples that want to cultivate deeper intimacy and unity over money. Check out the Christmas Special: Buy two books and get one FREE!

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Past Due: Radio 133 – Kids Activities & Your Budget

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When was the last time you calculated the cost of all the activities your kids are involved in? Most parents feel tremendous guilt if they aren’t creating “well-rounded” kids, so they’ll spend themselves into a hole.

Today we talked about how this type of unbridled spending not only destabilizes your financial picture, but actually does more harm than good for your children and their financial future. We must count the costs associated with kids activities – financial, relational, and otherwise.

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Past Due: Radio 132 – Money & Twenty-Somethings

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Aideen in Chicago wrote in a fantastic question about her retirement plan through work and whether she should continue contributing to it while paying off her student loans. She’s a twenty-something single woman and I used her question as a starting point in the discussion for how all twenty-somethings need to behave with money.

Our typical client is 40 years old and is beginning to deal with the consequences of financial mistakes made during those formative years just after college and before turning 30. What we talked about today will save any twenty-something major financial headaches and inspire tremendous wealth-building potential.

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Past Due: Radio 131 – The Jelly Bean Test & Starting A Business To Dump Debt

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In Episode 100 of Past Due Radio, we issued a challenge to our listeners: Send us Harry Potter Bertie Bott’s Beans (jelly beans) and we’ll eat them on the air. Our friend, Tony Elam, rose to the challenge.

Justin Lukasavige joined me today as we tested jelly beans that taste like toothpaste, barf, gravy, fish, centipede, and pencil shavings, to name a few. The outcome was a sight to behold!

We also discussed starting a business to help your family get out of debt. Justin used to gather golf balls at a local course and sell them. We talked about becoming a landscaper versus working fast food for extra money to eliminate debt, too.

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Past Due: Radio 130 – Live From Umstead Park

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Sometimes you just have to get outside! Today, I recorded the show live from Umstead Park in Raleigh. For the last two days, we’ve had three coaches from across the country with us working on their businesses, innovating and creating new ideas to make their relationships with their clients the best they can be. We call it coachU.

To cap off our time together, we went for a hike in Umstead Park. It’s critical to change your environment, to disconnect and unplug, so you can maintain a healthy perspective on all facets of life. This morning we did just that – growing in fellowship and remembering our priorities with money, relationships, careers, and life.

Here’s the gang (I was the photographer):

Today’s Mentionables:

Go Beyond Budgeting – Beth is a coach in Ohio making a big difference in the lives of those who want to handle money well.

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Past Due: Radio 129 – Ignite Intimacy In Your Marriage By Setting Goals

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Who would’ve thought that you could build deep, profound intimacy with your spouse simply by talking about goals? The secret is that this actually forces talking – something that many couples find difficult to do.

Today we discussed the seven key goal areas for couples to address in November for next year. Everything from financial management objectives to career ambitions, physical health and family relationships. Setting goals together allows us to connect with the dreams, passions, and even fears of our spouse. Doing so cultivates deeper intimacy in a powerful way.

Today’s Mentionables:

Goal Setting Worksheet – we’ve been using this for years at Lukas Coaching

FitMarriage.com – our friends Tony DiLorenzo and Dustin Riechmann are encouraging couples to get fit together

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Past Due: Radio 128 – Finding Time To Manage Your Money

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The average American will watch 9 years of TV in a 65-year lifetime – that’s 4 hours every day!  We spend about 13 hours surfing the internet each week.  We’ll spend more time planning our summer vacation than we will planning retirement.

This is a startling disconnect!  We live paycheck-to-paycheck, but don’t make any time to resolve the problem!

Today, we talked about making time to manage your money.  I also issued a 30-day spending log challenge – you must know where your money goes!

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Past Due: Radio 127 – The Holiday Minefield & Punishing Savers

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Do you know that we’re on the verge of entering a minefield?  That’s right!  The holidays are just around the corner and there’s plenty to prepare for financially.  Are you traveling?  Are you having guests?  Who’s buying the food?  Are you saving for gifts?

Whoa!  That’s a lot to prepare for, so today we talked about avoiding the pitfalls of the holiday minefield so you can make it to the new year with all your financial limbs intact.

I also shared that those who save are being punished in our current economic environment, but that their disciplined financial habits provide plenty of other rewards.

Today’s Mentionables:

Money, Marriage & Holidays – Show from December 2009 interviewing Counselor April Miller on surviving the holidays.

Be A Big Loser – Show from January 2010 on setting effective goals for yourself rather than falling off the resolution bandwagon.

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Past Due: Radio 126 – Parents, Kids & The College Adventure

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College planning usually ushers forth a collective groan from parents of high schoolers. If we’re trying to pay off debt and wanting to save for retirement, it’s tough to find extra money to put aside for your children’s higher learning.

Today, Lukas Coaching’s newest Financial Coach, Jaime Thompson, joined to discuss how to set appropriate expectations – for parents AND for kids. Whether state schools, private colleges, or community college options are available, you can determine the best path for the money you have.

Jaime also shared what you’d have to save monthly to cover the cost of a state university education if you start at the birth of a child, age 5, age 10, or age 15.

Today’s Mentionables:

N2 College Consulting – Jill Howell is our Trusted Partner for helping parents and their children plan for college; in 2009 she averaged over $70,000 per client in scholarships and grants – that’s a debt-free education!

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Past Due: Radio 125 – Why Rich People Don’t Feel Rich

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We tend to look at people who make a lot of money with envy: Wouldn’t it be nice to be rich? Todd Henderson, professor at the University of Chicago, makes $250,000 a year and says he feels poor.

Today we talked about why “rich” is not the right word to use – if you live in a developed country, you’re already rich by the world’s standards – and how even high income earners are subject to the hedonic treadmill (letting their expenses always rise to meet their income).

I also took a question from Heather in Indiana. She shared that her friends own a rental property that’s worth less than they owe and the current renters are a month and a half behind on payment. I gave a few options for moving forward and what I would do if I were in their shoes.

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Past Due: Radio 124 – Building A Bridge With A Stop-Gap Job

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Today, Lukas Coaching’s Career Coach Jory Butler joined us to talk about getting a stop-gap job. Stop-gap jobs aren’t sexy, but they’re a great way to provide for your family’s needs in the midst of a job transition or while trying to dump debt.

Jory covered what qualifies as a stop-gap job, where you find them, how to look for them, and what the exceptional benefits are for those who pursue the stop-gap job strategy on their way to meaningful career work.

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Past Due: Radio 123 – Kangaroos, Blue Jeans & Lessons In Economics

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“I come from a land down under!” This was my first live show back from my trip to Australia. The trip was full of great connections back to being a solid manager of personal finances.

Today we discussed the life of the kangaroo and how if we apply their way of life to our finances, we live simply, stress-free, and focus on a life of peace and quiet.

We also talked about the future of Past Due Radio by bringing in our new team members, Jaime and Jory, as guests on future shows.

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Past Due: Radio 122 – The New Normal Looks Like The Old Weird

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It turns out that those who save money, plan for large purchases, and don’t worry about keeping up with the Joneses used to be weird. Now, well, they’re pretty cool! We all want to be like them!

The “new normal” is what journalists are calling the personal financial trends in American culture. Today we addressed five “new normals”, from long-term unemployment to staycations, increasing taxes to renting your residence. What do these new normals mean and are they really going to stick around?

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Teachers and parents alike ask us, “What do you want to be when you grow up?”  The answers come back as:  teacher, doctor, lawyer, policeman, or fireman.  We begin to plot our courses to pursue these jobs.

As we become adults, for some reason, we keep our thinking narrowed to those childhood answers and get stuck.  In a sense, we have blinders on for one job.  When we begin to feel that there only a few job opportunities out there we can become frustrated.

Some of my clients have become this frustrated individual, feeling stuck in their career search. For this client I am reminded of a book titled “What Color Is Your Parachute”, by Richard Bolles in which he talks about finding fields of interest.  In Mr. Bolles book, he writes about visualizing a career as if it were literally a field.  For example, if someone is interested in helping others, that individual could get into the medical “field.”  Within that particular field there are many jobs and roles that a person could pick to help heal others.  Possibilities include: Doctor, Nurse, Radiologist, Physical Therapist, medical equipment sales, and the list could go on and on.

So as you begin your career search, change your perspective to look at the opportunities within a “field.”  This will help you see many opportunities and give you hope.

(Photo by: Julie Falk)

Past Due: Radio 121 Past Due – The Men & Women Behind The Curtain

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Did you ever hear that you are the sum total of all the decisions you’ve made in your life?  The financial implications for your future are huge!

Today we talked about who we are behind the curtain – in our minds and in our hearts – and how that has been influenced by our upbringing, our relationships, and our careers.  You can learn from those past experiences to improve your financial picture, though.

But first, kick back, put on some sweat pants; it’s time to talk about learning from your past so you can begin living a life of significance today!

Today’s Mentionables:

The Most Important Year in a Man’s/Woman’s Life – excellent book on reconciling your past so you can live a significant future

Derek’s Story – previous episode where I shared my story out of debt and through a career change

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This is a post from the newest member of the Lukas Coaching/Past Due Radio team, Jory Butler.  Jory is a Career Coach with great passion, enthusiasm, and motivation.

Have you ever been behind someone who has their turn signal on, but they never turn?  It can be a frustrating experience to those following this unaware driver.  Come on, you know you have been guilty of this.

Sometimes in our careers, we are that unaware driver and don’t realize how we affect others.  Many times our turn signal is nothing more than our personality being portrayed and/or interpreted the wrong way. For instance, a coworker could find someone with a dominating personality abrasive or controlling.  Another turn signal could be a decrease in work performance due to outside stressors. Maybe a negative attitude at work is affecting your coworkers or customers.

Allowing others to let us know our turn signal is on can be beneficial. It’s not always easy when someone tells you that your actions or attitudes are affecting those around you.  My wife is such a blessing because we have resolved to let each other know when our “turn signal” is on.  If we continue to embrace the corrections in life and use them to make us better people, we will have a higher probability of success.

My encouragement to you is to really take a look at yourself, rather than just the circumstances.  Find a trusted friend to hold you accountable or a coach to come along side you, with motivation and encouragement. In your career be a driver who is aware of how you are affecting others.

Past Due: Radio 120 – Budgeting For Happy Wanderers

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My wife and I love to travel.  We love going to far-off places, meeting new people, and experiencing the local culture.  The problem is that this stuff costs money!

Today we talked about budgeting for vacations and travel.  I’m heading to Australia for a couple weeks and wanted to give you a peek into how I prepared for the trip, from the four categories I use on my travel budget, to the type of checking account I use to handle foreign transactions.

Today’s Mentionables:

Down Under – song and music video by Men At Work

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Past Due: Radio 119 – You Could Live In Your Car

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Our friend Dale Siegel, mortgage expert and author of The New Rules for Mortgages, joined us from New York to talk about the state of the real estate market. Dale gave her thoughts on the direction interest rates are heading, why so many people aren’t qualifying for mortgage refinancing. She even gave her two cents on how mortgage loan modifications are really just delaying a new wave of foreclosures.

Check out Dale and her work at www.dalesiegel.com.

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Past Due: Radio 118 – KISS Your Way To Happiness

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“Back to basics.” That’s what researchers are seeing in Americans in the wake of the Great Recession. Some people are taking it to extremes: Tammy Strobel and her husband Logan moved into a 400-square foot apartment and only allow themselves 100 items.

They’re also debt free and can work very flexible schedules because their cost of living is so low.

Today we talked about how relationships with others provide the most happiness to human beings, and how to overcome the financial obstacles that stand in the way.

Today’s Mentionables:

RowdyKittens.com – Tammy Strobel’s blog documenting the simple life she and her husband now lead

TheDailyGreen.com – Jeff Yeager posts as the Green Cheapskate

Get Naked: Stripping Down to Money & Marriage – my latest book has just been published!

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Past Due: Radio 117 – Borrowing Money From Loved Ones

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Sometimes the easiest place to get money is from someone we know – a parent, cousin, friend, co-worker, uncle, grandmother, and so on and so forth.  But is that really the best decision?  What happens to our relationships when we are indebted to a loved one?

On the other side of the coin, when is the timing right to lend money to a friend or family member in need?  Is there a right way to loan money?

Today, I shared some real life examples of people borrowing and lending money with family and friends.  The outcomes may surprise you (or maybe not).

Today’s Mentionables:

Get Naked: Stripping Down to Money & Marriage – my latest book has just been published!

Boundaries – Henry Cloud’s book on when to say “Yes” and when to say “No”

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Past Due: Radio 116 – Is Easy Credit Hard To Get?

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Today, we built the whole show around an email that Dave sent in via the mailbag recounting some recent experiences of his. Dave shared that in going to a bank and in going to a store he was offered overdraft protection credit lines and credit cards (for only a $41 purchase!) Dave wanted to know if easy credit was still easy to get since the media makes it sound like no one can borrow money.

I shared how banks work, that they are compensated in many ways – not just through the interest that you pay on debt, and why they are still extending credit to the little guys.

Today’s Mentionables:

Get Naked: Stripping Down to Money & Marriage – my latest book has just been published!

Easy – Song by the Commodores (hat tipped to Lionel Richie)

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Past Due: Radio 115 - The Best Software For Your Money

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Today, Dallon Christensen joined the conversation to unpack the pros and cons of the popular personal finance software.  Dallon was quick to point out that personal finance software doesn’t manage your money for you, it’s just a tool to help.

During our discussion, we covered Quicken, Mint.com, Mvelopes.com, MS Money, Dave Ramsey’s Total Money Makeover software, Google Docs, and YouNeedABudget.com.

Today’s Mentionables:

Episode 105 – The Great Checking Account Debate – Dallon asked a question during this show that sparked my passion for financial intimacy!

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Past Due: Radio 114 – What Help Is The Best Help?

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When you think about it, there are so many ways to get help with your finances we couldn’t even count them all. You can buy books, listen to podcasts (like this one!), go to workshops, or even hire a financial coach.

But determining what form of help is best for you right now can be tricky and overwhelming. Today, I broke down the pros and cons of these different forms of help and gave my two cents on where to get started.

Today’s Mentionables:

Lukas Coaching Free Resources – everything you need to make it count with your money

Episode 109 – What Are You Waiting For?

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Past Due: Radio 113 – When Home Ownership Owns You

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Remember when you were so excited to buy your first home? Remember the first time you realized that you were the landlord?

Buying a home can be a part of creating the lifestyle you desire. It can also be one of the biggest financial mistakes a person or couple can make. Today we talked about the misconceptions we have of home ownership – that a home is an investment and that everyone should own one – and how we can confidently make decisions regarding our residence.

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Past Due: Radio 112 – Life In The Retirement Slow Lane

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I stumbled upon a great new study from U.S. News & World Report about life for retirees these days. What the study revealed was pretty astounding – most retirees are cutting back on the lifestyle they thought were going to be able to live.

I shared the study and what we can do today – especially those in Generation X and Y – to practically and effectively support the lifestyle we want to live in retirement.

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Past Due: Radio 111 – Managing a Roller Coaster Income

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When self-employed, working on commissions, or receiving bonuses throughout the year, it can be very difficult managing volatile income.  Sometimes – who are we kidding, ALL the time – it feels like riding a roller coaster!

Today, I talked about some simple, practical ways to manage a fluctuating income.  From creating a realistic, working budget, to formula I use to determine how much income I can count on in the future.

Today’s Mentionables:

Millennium Force – Cedar Point’s Roller Coaster that made Derek scream for his mama!

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Past Due: Radio 110 – Real Life: Kathy Grant

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What if you and your spouse were over age 60, staring retirement in the face, but had $130,000 in consumer debt?  That was reality for Doug and Kathy the first time I met them.

Today, Kathy joined me to talk about the amazing personal and financial transformation that has occurred for herself and her husband since we met a year ago.  In that time, they’ve created a balanced monthly spending plan, generated extra income, and paid off over $50,000 of their debt.  Hear how they’re taking control of their lives by taking control of their money.

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Past Due: Radio 109 – What Are You Waiting For?

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Do you ever meet someone and think, “You know, they really need help”? We all know people who need help financially, or they need to lose weight, or they need to be better parents, or they need to find a new job because they’re miserable, or…

Today, we discussed the two reasons we don’t make positive changes with our finances: ignorance and that our situation doesn’t hurt enough yet. I offered some very simple things anyone can do to begin seeing progress with their money within 30 days, from budgeting to investing.

Today’s Mentionables:

Quickie Budget

Episode 106 – Saying ‘No’ In a ‘Yes’ World

Episodes 95 & 96 – Advice for Investors from Trusted Partner Chris Blais

OneExtraordinaryMarriage.com – Tony & Alisa DiLorenzo challenging the status-quo marriage

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Past Due: Radio 108 – Live to Work or Work to Live?

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Do you work to live or live to work?  It seems like “work” has become a four-letter word in our culture.  For many of us, we stay stuck in the rut of a job to fund a lifestyle we couldn’t afford otherwise.  For others, we work so much, we jeopardize the relationships in our lives that mean the most.

Rather than let stuff define us, what if we reshaped the phrase “live to work” to “live to contribute”?

Today’s Mentionables:

Office Space – fantastic satire/commentary on American corporate life

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Past Due: Radio 107 - Big Money, No Whammies!

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What do you do when you receive a tax refund, bonus, raise, or other lump sum of money?  Do you pay off debts?  Do you save it for a rainy day?  Do you sit on it, thinking, “I don’t know what to do with it, but I’ll figure it out,” only to wind up spending it all, one small piece at a time?

Today I took Nancy’s question about how to distribute money from a raise through her monthly budget.  I also listened to what you had to say about how you manage your chunks of change.  I explain my decision-making process for applying extra funds to debt and to other financial goals so that you never have to worry about wasting it.

Today’s Mentionables:

Financial Freedom Steps – simple road map to help you make confident decisions with your money

N2 College Consulting – Trusted Partner for funding your kids’ college experience

Michael Larson – the guy who beat Press Your Luck

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Past Due: Radio 106 – Saying No in a Yes World

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What is it about Americans that we have such a hard time saying “No”?  Today we talked about the financial, relational, and emotional impact of over-extending ourselves.  Being a better consumers sometimes means not consuming anything at all.

We also discussed how to tell others “No” when it’s so easy to say “Yes”, and how marching to the beat of your own drum will lead to a life of significance.  You’ll love the story about the country club members, too!

Today’s Mentionables:

Crazy Love by Frances Chan

Hoarding: Buried Alive – TLC’s show about compulsive hoarders shows what happens when we never say “No”

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Past Due: Radio 105 – The Great Checking Account Debate

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Today was a mailbag and listener feedback day!  I fielded questions on all manner of financial subjects.  Past Due Radio fans rock with their questions!

Tony in California wanted to know whether he should be paying extra money on his 2nd mortgage, or putting it into a vehicle replacement fund.

Dallon in Iowa was curious about my take on joint versus separate checking accounts in a marriage.  I’m very passionate about this topic and believe it cuts to the core of the level of intimacy two people desire for their marriage.

I also got to brag about my cousin in Ohio and the wonderful gift he provided his new wife for their wedding!

Today’s Mentionables:

Episode 94 – So, I Married a Financial Coach – My wife, Elisa, was my guest and we talked about the ups and downs of getting on the same page financially

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Past Due: Radio 104 – Don’t Waste Your Marriage

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Ever feel like you’re wasting time?  Ever feel like you’re wasting the potential of your marriage?

Dustin Riechmann, creator of EngagedMarriage.com, joined me today to talk about making the best use of your time in your marriage.  We addressed the obstacles couples face and some intentional, proactive steps to overcoming them.  We even connected a story about a Fat Smoker to our own financial management habits.

What would an engaged marriage mean to your financial situation?

Today’s Mentionables:

EngagedMarriage.com – Dustin’s website; be sure to sign up for the Marriage Mojo newsletter

Prenuptial Agreements: Good, Bad or Just Plain Ugly? – Dustin’s article garnered A LOT of comments!

Relationships Month – Past Due Radio hosted four shows in February all about relationships and money; get started with “Boundaries, Money & Saving Your Marriage”

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Past Due: Radio 103 – Buying & Selling Homes in Today’s Market

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Send me your feedback or leave me a voice mail: (919) 374-0501.

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Real estate agent and founder of Green Fox Realty Aaron Lee joined me to talk about buying and selling homes in the rough-and-tumble real estate market. We also talked about some of the critical lessons sellers have learning about marketing their homes in a buyer’s market.

We tackled whether real estate agents are even worth their cost. Aaron shared what both buyers and sellers need to know about working with an agent and the honest truth they should expect when interviewing potential agents.

Today’s Mentionables:

GreenFoxRealty.com – Lukas Coaching’s Real Estate Trusted Partner

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Past Due: Radio 102 – Of Contentment & Credit Scores

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Send me your feedback or leave me a voice mail: (919) 374-0501.

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Who would’ve thought that there’s a link between credit score infatuation and experiencing contentment?  We had a blast talking about how credit scores are actually calculated and discussing why those who are so enamored with boosting their credit scores are misguided.

Del and I had a great email conversation this past week all about my latest blog “You Must Be Happier Than Me” and the issue of contentment.  Does contentment mean you have to settle for less if you fall short of a goal?  Or could it mean that you’re simply doing the very best possible with the resources available?

Today’s Mentionables:

How Foreclosure Impacts Your Credit Score – CNNMoney Article

Stop Osbsessing On Your Credit Score – FiscalGeek.com

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Past Due: Radio 101 – Save Yourself!

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Send me your feedback or leave me a voice mail: (919) 374-0501.

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Today we talked about saving money.  This has been a hot topic for a lot of people I’ve interacted with lately.  I unpacked the three reasons for saving money, how there aren’t very many unexpected expenses in our lives, and where to find more money for savings.

Andrew wrote in a question asking where to keep his emergency fund and I detailed my strategy for Emergency Funds and Sweep Funds.

Today’s Mentionables:

“Low Rates Good for Banks, but Pity the Saver” – New York Times article

Beginner Budget – See how much you can save

Past Due 096 – Mistakes Investors Make

Past Due 095 – Average Investors in a Topsy-turvy World

Past Due 094 – So, I Married a Financial Coach

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