Show cover of Money Plan SOS

Money Plan SOS

Pay attention - not interest. For most, that’s all it takes to get their money under control. That’s how Steve and his wife got out of debt completely - even the mortgage…and you can too! Your host, Steve Stewart, shares his extreme-but-proven ways that money really works. The show isn’t just about making a Money Plan (aka: a budget). Steve also explains what’s really wrong with credit cards and credit scores (spoiler alert: It’s not what you think). You’ll also learn about rich habits, how various investing vehicles work, and how you can have no debt, no credit, and no problems! The show is retired, but still relevant in today’s radically changing financial world. Begin with Episode 201, then go back and listen to the archives in your favorite podcast app! Money Plan SOS is the response to the call for help with your finances.

Tracks

The BEST (and worst) of the Money Plan SOS Podcast
Welcome! If you are new to the Money Plan SOS podcast then sit back. I’ll share with you the 20 best episodes, 10 “staple” episodes, and the 13 worst episodes. I also share my journey through money over the past two decades. The full show notes are at https://moneyplansos.com/best-and-worst-of-money-plan-sos
59:00 11/23/20
What People Learned About Money By Blogging About Money
#200: The MoneyPlan SOS podcast is now retired with this final episode. It was recorded LIVE at FinCon15 with nine bloggers who learned about money while blogging about money. In this final episode, nine financial bloggers answer the question, "Have you learned anything about money since blogging about money?" Eric Rosenberg (Narrow Bridge Media) Emily Guy Birken (Wisebread, Book: 5 Years Before You Retire) Katie Austin (Writes for ActiveHours.com) Todd Tresidder (FinancialMentor.com) Stefanie O’Connell (The Broke and Beautiful Life) Athena Lent (Being Fabulous Has No Price Tag) Miranda Marquit (Planting Money Seeds) JD Roth (Get Rich Slowly, new blog MoneyBoss.com) Eva Baker (TeensGotCents.com) _____________________________ The MoneyPlan SOS podcast is now retired #tear This was the final episode of the Money Plan SOS podcast. Why? Somehow, I became known in the FinCon community as a podcast guru (they even gave me a shirt that said FinCon Podcast Guru on the front). This pivot into a new career allows me to help others who podcast about financial literacy topics by editing/engineering their recordings. My new home-base is SteveStewart.me Thank you for being a listener. It's been a true honor to host this show and help anyone who will listen PAY ATTENTION - NOT INTEREST!
30:13 9/23/15
Is Giving a Tithe Mandatory? Chris Brown from True Stewardship
#199: Is tithing mandatory for Christians? Chris Brown and I discuss this to get to the root of the problem - which has little to do with ten percent. Chris Brown has been a pastor for several years, speaking to congregations and audiences all over the United States. Full show notes at https://moneyplansos.com/chris-brown-from-true-stewardship-is-tithing-mandatory-for-christians He recently became on of Dave Ramsey's Speakers and now hosts the popular True Stewardship Podcast. In this episode, Chris and I tackle this touchy subject of tithing: • What is a tithe? • Who is called to give a tithe? • What about the "Old Testament vs New Testament" argument around giving a tithe? • Are we asked to give a tithe based on the gross or net of our paychecks?   Connect with Chris Brown online: Http://Twitter.com/chrisbrownonair Http://Facebook.com/chrisbrownonair Http://Instagram.com/chrisbrownonair   Also in this episode: Ponda from the Honda: If a Billionaire doesn't have to buy a new car then why do we?   Where is MoneyPlanSOS going? The MoneyPlan SOS podcast is retiring after episode 200. You can find all my new shows at http://SteveStewart.me/newshow
37:01 9/3/15
The 8 Great Mistakes of Investing. Also, Fractional Savings Accounts
#198: OG (aka The Other Guy from Stacking Benjamins) joins me to share the 8 Great Mistakes in Investing Full show notes at https://moneyplansos.com/8-great-mistakes-of-investing-and-fractional-savings-accounts/  The 8 Great Mistakes of Investing are: Under-diversification  Over-diversification  Euphoria  Panic  Leverage  Speculating  Investing for yield and not total return  Cost basis dictating decision  Thanks to OG for coming over. You can find him at http://StackingBenjamins.com - my favorite podcast. Also mentioned in this episode: The Great Beanie Baby Bubble by Zac Bissonnette. Amazing stuff! Here's the Stacking Benjamins affiliate link: http://amazon.com/dp/B00INIXVPW/?tag=thefreefinanc-20 __________________________________________________ Steve Stewart's Budget Coaching Course on video: Http://moneyplansos.com/start __________________________________________________ Ponda from the Honda: SPEND IT ALL (sort of) __________________________________________________ Fractional and Automated Savings Accounts - are they a good idea? Deanna Richardson from Richardson Accounting and Consulting, PLLC @ theCPA-4U.com asked “Have you heard of Digit? Seems like a great way to build up an emergency fund and....it says it is free. Then their are bonuses for keeping $100 in it over 3 months. If I did my math right, the bonuses are over 2.5% interest (5 cents / week per $100). Would love to hear what you think.” I tackle these new fractional, or automatic, savings accounts: Acorns, Digit and Betterment’s SmartDollar Links: ACORNS Open an account: https://www.acorns.com or install the free IOS or Android app Listen to my interview with the creators of Acorns http://SteveStewart.me/161   DIGIT Open an account: https://digit.co Testimony from Paula Pant (which kinda concerns me) http://blog.digit.co/post/126333490654/we-are-digit-featuring-paula-pant-meet-our   BETTERMENT'S SMARTDEPOSIT Open an account: http://moneyplansos.com/betterment More information: https://www.betterment.com/resources/inside-betterment/product-news/smartdeposit-auto-deposit-but-smarter ______________________________________    
68:09 8/28/15
Matt Ham has Redefined Rich
#197: Matt Ham is an author, speaker, and small business owner. Five words uttered by a nurse changed the way he looks at life - and inspired him to redefine rich. Full notes with links at https://moneyplansos.com/matt-ham-has-redefined-rich/  Takeaways from this interview: It’s not how much you give - it’s how you give it (The Widow’s Mite) We shouldn’t feel guilty to spend and, surprisingly enough, we feel richer when we give. Whole Life Matters Podcast: http://www.mattham.com/itunes   Redefine Rich book - Available on Amazon.com in Kindle and paperback   __________________________________   3 important things to remember when buying a car This post first appeared on LibertyInvestor.com Transportation is the third largest budgeting expense for most people. Housing and taxes can consume up to half of the average American’s income, with cars sucking up between 5-20 percent - depending on number of vehicles and if the consumer is carrying auto loans. However, you can greatly reduce your vehicle costs by remembering these three things when buying a car: It’s transportation It’s a depreciating asset It’s not forever The way we get the biggest bang for our buck when we buy a car right is when we buy it outright. Pay off your current car loan quickly, save what used to be your car payment for the next one, and pay attention - not a lease payment. _____________________________________   ‘Ponda from the Honda Free chips, salsa and bread sticks. What do they have to do with rising prices at local restaurants? _____________________________________   Are you tired of paying interest?  Do you want to get control of your finances?  Schedule a 30 minute consultation and let me help you make informed decisions on how you spend your values http://SteveStewart.me/coaching  
57:00 8/21/15
The Ins-and-Outs of Robo-Investing - Interview with Jon Stein
#196: Jon Stein from Betterment and I discuss robo-advisors, why Betterment is so different, and what it takes to open an account. Use http://SteveStewart.me/Betterment to receive 30 days FEE FREE investing at Betterment Full show notes at https://moneyplansos.com/ins-and-outs-of-robo-investing-interview-with-betterments-jon-stein/  _______________________________________  M.J. Cossel wrote in about an article she read in the Dallas Morning News: Bad credit score can double insurance premiums in Texas  My response: Yes. Poor credit scores equal higher insurance premiums - but that’s only one consequence of not paying bills and debts on time. Make it a priority today to get your checkbook balanced, organize your finances, and pay attention - not ___________. If you want a sure-fire way to make every dollar work harder then get on a budget http://SteveStewart.me/ynab   https://moneyplansos.com/virtual-budget-coaching-course-by-steve-stewart/  
55:47 8/13/15
Less Taxes, More Money In Your Paycheck - Running a mid-year tax return can improve your cashflow
#195: Do you know why stories of people with $.32 refund checks are in the news? Because they are so rare!  Most people want to get a big tax refund. Getting a huge refund is an extremely inefficient use of money - both for you and for the government. I recommend adjusting your withholding so you can bring more money home and put it towards your goals: High-interest rate debt Building up reserves Saving or investing Run a mid-year income tax assessment Making course corrections in August helps steer your tax withholdings closer to the target - which is to owe nothing or get a small refund.  It’s almost impossible to be exact, there are too many moving parts, but you can bring your tax-boat closer to the dock in the last few months of the year. Gather together the following items: Last year’s tax return Last year’s Schedule A (if you itemized deductions) Your last two pay stubs (include your spouse's as well) Note: If you have a small business or are an entrepreneur then you will need to run a Schedule-C calculation to estimate self-employment income. You may also want to see a tax professional. Also, you will want to estimate any: Child/Dependent Care expenses Expected bonuses Expected interest, dividends, etc I use tax preparation software to run my calculation but you could follow the prompts at the IRS website to complete a mid-year tax assessment: http://apps.irs.gov/app/withholdingcalculator/   If you expect a huge refund: You could choose to do nothing and continue giving the government more of your money, interest free, and get a huge refund April 15th. However, I recommend you increase the number of allowances  on your W-4 and give it to your benefits department or HR person. They will adjust your withholding to get you closer to zero. If you would like help running this calculation then contact me and we will run through it together.   Federal forms and resources mentioned in this episode: http://apps.irs.gov/app/withholdingcalculator/ http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/f1040sa.pdf http://www.irs.gov/pub/irs-pdf/f1040sc.pdf   In the Ponda from the Honda segment Only 5.5 more payments to go   $5 a week for 45 years at 10% growth is $228,000 See a chart in the show notes at http://SteveStewart.me/195   Try YNAB (You Need A Budget) for 34 days and receive 10% off if you keep it http://SteveStewart.me/YNAB  
34:00 8/6/15
Ace Chapman Says Skip The Startup and Buy a Business
#194: Although he has an entrepreneur’s heart, Ace doesn’t believe anybody should start their own business. It is much easier and profitable to buy an existing business, improve it, and sell it for a profit. Full notes at https://moneyplansos.com/ace-says-skip-the-startups-and-buy-a-business/  Ace's book: The Ace Formula: How To Buy A Profitable Business and Live Life On Your Term LIKE A BOSS Find Ace at: http://acechapman.com Or Twitter: https://twitter.com/acechapman ______________________________   Don't worry about your credit score. Do what's RIGHT with your money. When it is time to prove your credit worthiness call on eCredable: http://MoneyPlanSOS.com/eCredable (free monthly membership with this code: SOS)  
50:15 7/29/15
What You Need To Know About Self-Directed IRA's
#193: Many people are being lured by the attractiveness of directing their own retirement plans. The trick is to do it right and have an asset, business, or income-producing entity that makes sense for YOUR retirement planning. Kirk Chisholm is a Wealth Manager, Economist, & Principal at IAG. He is also an expert of investing in alternative investments in self-directed IRA / 401k. Full notes at https://moneyplansos.com/what-you-need-to-know-about-self-directed-iras-mpsos193/  Key takeaways from our discussion: Self-directed IRAs are a great arrangements for making non-traditional items become tax-deferred investments There is no guidance for what you can put into a self-directed IRA There are some unusual things people have turned into self-directed IRA investments A 1031 exchange is not a self-directed IRA We learn where a wealth manager fits into an individual’s self-directed IRA plan There is no certification for someone to become a self-directed IRA administrator Kirk encourages you to pick things you know well   How taking one step back can make you feel a little bit richer Stop Take a step backwards Close your eyes for 1 second Open your eyes  Imagine your life 10 years ago and tell me you don’t feel just a little bit richer   Ponda from the Honda She blew $20k of college savings on clothes and a European vacation.  
51:00 7/23/15
Do Companies Check Credit Scores?
#192: Kai used to be responsible for staffing at a firm. She knows first-hand what companies use to check on an applicant's background. 

While a company may check credit reports, they do not review credit scores. Once again, this is proof that the bare minimum to succeed in America is to simply pay your bills and debts on time. If you don't have any debts and don't have credit cards, you won't have a credit score. However, you will have a clean credit report - or no information for a credit report to be built upon. This does not prevent you from getting a job. UPDATE: My wife and I paid off our last debt, the home mortgage, in December 2015. Within 2 years, I no longer had a credit score. Does that mean I couldn't get a traditional job in corporate America? Of course not! Let my story be your testimony. Spend more time on your personal finances and less time trying to build your credit. In our conversation we discuss: Why Americans allow themselves to become trapped in debt How much responsibility do we place on the education system to teach children and young adults about financial literacy The truth about employers pulling credit scores or credit reports The 5 Dangers of Buying Cheap and “Splaving”  For full notes, visit https://moneyplansos.com/splaving-and-do-employers-check-credit-scores-interview-with-kai-yaniz
33:14 7/17/15
Summer Jobs for Teachers and Destination Debt Freedom
#191: Heather van der Hoop from ThePennyHoarder.com comes on the show to offer these suggestions for creating an income - and many of them involve stretching your boundaries as a teacher. 1. Teach English as a Second Language’ 2. Teach Abroad 3. Sell Your Lesson Plans Online 4. Work at a Summer Camp 5. Drive for Uber, Lyft or Sidecar 6. Rent Out Your Driveway 7. Rent Extra Space in Your House 8. Become a Local Tour Guide   Destination Debt Freedom Alan Steinborn and Jackie Beck are spearheading this effort. They came on to explain the benefits and process for how the process works.   Top 10 Financial Oxymorons I asked the Facebook Group Debt Freedom Fighters what they thought the Top 10 Financial Oxymorons were. The answers are hilarious.   Full show notes can be found at https://moneyplansos.com/8-summer-jobs-for-teachers-and-destination-debt-freedom
47:26 7/8/15
Inflation-Induced Debt Destruction with Jason Hartman
#190: Jason Hartman only wants mortgage debt - and he will take out as much as he possibly can. Full show notes at https://moneyplansos.com/inflation-induced-debt-destruction-with-jason-hartman/  Jason Hartman has been investing since he was 20 years old and learned how inflation is the enemy of home equity but the golden goose of real estate income property owners (my words, not his). We first have to understand how inflation plays into this investment strategy: Jason says he is playing the same game as governments and central banks to win the investing game.  
66:02 7/2/15
Which Half-Glass Investor Are You?
#189: Are you a Pessimist or Opportunist? Take this quiz to find out! Full notes at https://moneyplansos.com/which-half-glass-investor-are-you/  Topics covered in this episode: Pessimists, Opportunists, and the Half-Glass Investor Quiz    How a GOOD credit score is all you need Ponda from the Honda   Cool resource for your email: Wisestamp (support the show by using this link) http://SteveStewart.me/wisestamp  
37:01 6/26/15
A Pleasant Conversation With The Angry Grad
#188: Leah Bell shares her story of growing $32k in student loan debt - and why it makes her angry! Upcoming webinars: July 1st: Get more out of your money by Spending Our Values http://MoneyPlanSOS.com/webinars June 23rd: Premium Podcast Player Showdown http://stevestewart.me/audacity-workshop-live-webinars/ In this episode: Leah Bell, The Angry Grad, did what she thought everyone does: Goes to college to get a degree. What she didn’t know was her chosen major narrowed her options just before the recession of 2008.  Leah is now on a mission to educate others about education. We also check in with Jason from @Phroogal on #TheRoad To Financial Wellness (first appeared on Episode 186). John Beidel, from Episode 172, wrote a really funny article about Taxes. Yes, funny. Full notes at http://SteveStewart.me/188
48:00 6/20/15
How Credit Cards Make Money - ON YOU!
#187: An informed consumer is a better consumer. This episode will show how Credit Cards make money from processing fees.  I also give a few tips for reducing fees and a new way to send a friend money for free. Full notes at https://moneyplansos.com/how-credit-cards-make-money/    Infographic with credit and debit card statistics: http://www.dailyinfographic.com/the-hidden-plastic-economy   How Counting Can Work Even When Budgets Aren’t Accurate: http://blog.myfitnesspal.com/why-tracking-works-even-if-calorie-counts-are-off/   Ponda from the Honda: Fight Big Business by Cutting Up Credit Cards    
36:01 6/5/15
Being Phroogal on the Road to Financial Wellness
#186: What could be better than taking a 30-day journey across the U.S. in a van? Full notes at https://moneyplansos.com/being-phroogal-on-the-road-to-financial-wellness-mpsos186/  Jason Vitug from Phroogal is leaving for a 30 day journey throughout the U.S. to promote financial wellness. Visit http://Phroogal.com/Road to find a location near you Also: Debit cards, auto-pay, bill-pay, and checks: There are multiple ways money can come out of our accounts. It's more important than ever to balance our checking account every month. I give 7 reasons to balance your account and 3 tips to make it easier. Ponda from the Honda: There is no single "right way" to do something Did you budget your summer vacation? My Virtual Budget Course can help you prioritize spending and discover how much money you have left for your next financial goal. http://moneyplansos.com/START
35:00 5/29/15
Protected but not Immune to Card Fraud
#185: It's impossible to be immune to card fraud, but you can reduce the opportunities of being a victim. In this episode I share steps you can take to use your Debit card responsibly and reduce the chance someone will steal your card. More information and full show notes with links can be found at https://moneyplansos.com/protected-but-not-immune-from-card-theft/ 
41:00 5/21/15
What makes ID Theft companies worth the cost?
#184: Identity theft is no joke - and it's on the rise! Should you pay for monitoring? Full show notes at https://moneyplansos.com/what-makes-id-theft-companies-worth-the-cost-mpsos184/  Keith Bunn of CavusFinancialCoaching.com compared four companies to see if their services are worth the cost. Also in this episode:  'Ponda from the Honda - My mailbox is wasting a lot of energy Upcoming webinars and recent appearances Testimony from a listener who learned risk vs reward from an engineering book  
26:30 5/7/15
YNAB vs EveryDollar Comparison
#183: Dave Ramsey announced his new budgeting software - EveryDollar. It is awesome - and have many similar features to YNAB (You Need A Budget). Which premium budgeting software is best for you? Let's compare the different features and methods to identify the right one for you. Also: Holla from the Impala is changing. Listen to all the reasons you shouldn't buy a car from a long distance. For more information, visit the show notes at  https://moneyplansos.com/ynab-vs-everydollar-comparison/ 
53:01 4/16/15
One Page Financial Plans and Cocktail Napkins - Interview with Carl Richards
#182: Carl Richards was a ditch-digger, fell into a securities job, became a Certified Financial Planner, then became the Sketch Guy at the New York Times by drawing financial concepts on paper napkins. He released his second book, the One Page Financial Plan, and shares with us his journey from ditch-digger to NYTimes writer.   For a more complete list of notes with pictures and links, go to https://moneyplansos.com/a-sketchy-background-to-one-page-financial-planner-interview-with-carl-richards/ 
44:46 4/8/15
Money Plan SOS ON FIRE with Joseph Michael
#181: Joseph Michael is an average guy who saw a need and is now making 6-figures helping writers solve a problem. They love to use Scrivener - an incredible writing and organization tool - but had a hard time figuring out how to use it efficiently. Enter the Scrivener Coach. Joseph doesn't work for Scrivener but came up with an easy-to-follow, step-by-step video course that takes a lot of the guesswork out of the process. I've taken the course and am using Scrivener to create my Audacity Workshop (audio editing software I've been using for almost 15 years). You can find more about Joseph and his course at http://LearnScrivenerFast.com or follow him on Twitter @ScrivenerCoach Full show notes can be read at https://moneyplansos.com/joseph-michaels-moneyplan-on-fire/  I hope you enjoyed this April Fools Day episode. 
21:12 3/31/15
Dan Miller, helping people find the work they love for 10 years
#180: The year 2015 marks the celebrates the 10th anniversary of Dan Miller's life-changing book "48 Days To The Work You Love". He joins me in a conversation about resumes, extra curricular activities, and creating your own career from nothing. Also, Debt Freedom Fighter Bob Lyons shares his success story of passing on a job opportunity, getting laid off, and then finding two companies battling for his employment - all without breaking a sweat because he was following a moneyplan. In the Holla From The Impala segment: I'll gladly pay more money if it gives me more time Read the full show notes at https://moneyplansos.com/dan-miller-helping-people-find-the-work-they-love-for-a-decade
38:30 3/25/15
We’re talking #BitCoin with @OpenBazaar (2015)
#179: What is BitCoin, how does it work and how can we get some? Brian Hoffman from OpenBazaar.org joins us to talk about this new payment option that will change the way we spend money - literally! Full show notes at https://moneyplansos.com/were-talking-bitcoin-with-openbazaar-mpsos179/
56:00 3/19/15
Spiritual Beliefs and our Behavior with Money (Interview with Joan Sotkin)
#178: Joan Sotkin has been through market upswings and personal bankruptcies - and she sees things as opportunities, not failures. You can find out more about Joan at ProsperityPlace.com Full show notes can be read at https://moneyplansos.com/interview-with-joan-sotkin-mpsos178
59:30 3/12/15
When She Makes More: Interview with Farnoosh Torabi
#177: Farnoosh Torabi is known for contributing to The Today Show and Money Magazine as well starting her own podcast - So Money.  But today we are having a conversation with her about her most recent book: “When She Makes More: 10 Rules for Breadwinning Women” The book is written for the working woman who earns more in the workplace than her man. While the financial nerd in me appreciates all the statistics and studies included in the book, I also think men will benefit as much by reading "When She Makes More" as their female counterparts. For more, visit https://moneyplansos.com/when-she-makes-more-with-farnoosh Here are some of the questions Farnoosh answers during our conversation: * Are the old fashion rules of men bringing home the bacon wrong? * What do you see as the major cultural or economic shift that caused this world to change from men working outside of the home and women working at home but not in a traditional JOB? * How has this effected the family unit? * What is the first step for a couple where She Makes More do to balance the relationship and make it not so weird? * Do gender roles still play a part in a household where she makes more than her man? If you enjoyed this episode then send @Farnoosh a Tweet http://twitter.com/farnoosh
40:23 2/17/15
Divorce-proof your marriage with more conversation, less bling
#176: Derek and Carrie Olsen help us discover if a marriage can survive a foreclosure. Full show notes with links at https://moneyplansos.com/divorce-proof-your-marriage-by-going-through-a-foreclosure-mpsos176/ 
51:43 2/2/15
Debt Free Testimonies from the Gruetmans and Browns
#175: The Greutmans are debt free and now employ Americans to run their small business - IAmThatLady.com. UPDATE: Lauren has launched a new business and can be found at https://www.laurengreutman.com  The Browns just paid off their HOUSE! What are they most excited about? Listen to the testimonies of two families with different reasons for killing their debt - and what it has done for them. Also in this episode: Holla From The Impala - The ONLY benefit from paying interest. Read the full show notes at https://moneyplansos.com/debt-free-testimonies-from-the-greutmans-and-browns  
53:13 1/27/15
Happy New "You" Year (2015)
#174: UPDATE: Even bigger changes came since releasing this episode in 2015. In short: My business failed to grow but a new one EXPLODED in the first half of 2016. You can see what I'm doing now at https://SteveStewart.me  _______________________________________ ORIGINAL POST: Big changes are coming my way - and yours.  Listen to my plans to leave the day job, focus all my time on helping others get out of debt and build wealth. I also have a discussion with my Branding Coach, Ryan Rhoten. He's amazing and has become the most valuable resource I've ever had in my business. Take the Online Branding Assessment at http://RyanRhoten.com/Coaching Say hi to Ryan on Twitter: http://Twitter.com/RyanRhoten
53:31 1/8/15
Businesses offer more savings by asking Debit or Credit
#173: The sign on their front door says "No Credit Cards".  How can such a large chain exist without accepting credit cards? Clint Woodman, Vice President of Woodman's Food Market, shares the business side of accepting credit cards as a business and why they never have and never will accept credit cards - for the good of their customers! Also, Gary Leland talks about Stripe, a mobile and web payment option, and why he chooses to use a wireless credit card processing machine instead. For more, visit https://moneyplansos.com/businesses-offer-more-savings-by-asking-debit-or-credit-mpsos173
28:10 12/22/14
15 Year-end Tax Tips - Conversation with John Beidel
#172: Tax specialist, John Beidel, joins me in a discussion about 15 Year-end Tax Saving Tips - an article from Betterment.com. Try Betterment for 30 days when using http://moneyplansos.com/betterment    For more information, visit the show notes at https://moneyplansos.com/year-end-tax-tips-conversation-with-john-beidel-mpsos172/ 
53:00 12/12/14

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