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Business
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Investing
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Money Plan SOS

Updated 4 days ago

Business
Religion & Spirituality
Investing
Christianity
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What’s it like to have no debt, no credit cards, and no credit score? It sounds like freakish existence in today’s world, but it’s what this podcast is all about.Steve Stewart hasn’t had a single credit card or consumer debt since 2007. In 2010, he launched the Money Plan SOS podcast to share the knowledge gained while living a credit-free lifestyle. Along the way he learned about the negative effects of building a credit score and eventually found a way to be credit worthy - even without a mortgage!The understanding you will gain from listening to the Money Plan SOS podcast is that you truly can have NO DEBT, NO CREDIT, and have NO PROBLEMS!Listen as I walk you through the thoughts and ideas I had while going from a negative net worth to half a million in liquid assets and a paid-for house. You too can have no debt, no credit, and no problems.

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What’s it like to have no debt, no credit cards, and no credit score? It sounds like freakish existence in today’s world, but it’s what this podcast is all about.Steve Stewart hasn’t had a single credit card or consumer debt since 2007. In 2010, he launched the Money Plan SOS podcast to share the knowledge gained while living a credit-free lifestyle. Along the way he learned about the negative effects of building a credit score and eventually found a way to be credit worthy - even without a mortgage!The understanding you will gain from listening to the Money Plan SOS podcast is that you truly can have NO DEBT, NO CREDIT, and have NO PROBLEMS!Listen as I walk you through the thoughts and ideas I had while going from a negative net worth to half a million in liquid assets and a paid-for house. You too can have no debt, no credit, and no problems.

iTunes Ratings

129 Ratings
Average Ratings
118
5
3
0
3

Is there any new show?

By PepperNola - Nov 19 2015
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I like this show but my podcast downloads stopped in September. Has Steve stopped recording?

Great podcast

By Wahoo Idea Network - Apr 06 2015
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I have an ADHD group that i think this will help so i will be taking the course soon

iTunes Ratings

129 Ratings
Average Ratings
118
5
3
0
3

Is there any new show?

By PepperNola - Nov 19 2015
Read more
I like this show but my podcast downloads stopped in September. Has Steve stopped recording?

Great podcast

By Wahoo Idea Network - Apr 06 2015
Read more
I have an ADHD group that i think this will help so i will be taking the course soon

Listen to:

Cover image of Money Plan SOS

Money Plan SOS

Updated 4 days ago

Read more

What’s it like to have no debt, no credit cards, and no credit score? It sounds like freakish existence in today’s world, but it’s what this podcast is all about.Steve Stewart hasn’t had a single credit card or consumer debt since 2007. In 2010, he launched the Money Plan SOS podcast to share the knowledge gained while living a credit-free lifestyle. Along the way he learned about the negative effects of building a credit score and eventually found a way to be credit worthy - even without a mortgage!The understanding you will gain from listening to the Money Plan SOS podcast is that you truly can have NO DEBT, NO CREDIT, and have NO PROBLEMS!Listen as I walk you through the thoughts and ideas I had while going from a negative net worth to half a million in liquid assets and a paid-for house. You too can have no debt, no credit, and no problems.

Rank #1: Could you recover from being married to an addict? Interview with Mandy Knight

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#97: How much does someone's past affect your relationship? Do you see someone's past failures as a problem or see them as exercises for personal growth? What if that failure was an addiction? Would you make the same decision Mandy did? Blogger, mother of three, and wife of an ambitious man Mandy Knight is a mom, [...] The post Which Fork Would You Take? Interview with Mandy Knight appeared first on MoneyPlan SOS.

Feb 13 2013

28mins

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Rank #2: Debt Snowball Methods, and The Secret Credit Card Companies Don't Want You To Know

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#153: 3 Debt Elimination Strategies that WORK! Any one of these debt elimination plans will work if you work the plan: Debt Snowball: Pay extra on the debt with the smallest balance. Debt Avalanche: Pay extra on the debt with the highest interest rate. Risk Reduction: Pay extra on the debt with the most risk. This could be back taxes or a loan from your mother (you don’t want to risk the relationship, do you?) Pros and cons: Debt Snowball: You pay more interest than the Debt Avalanche. However, getting a shot of QuickWin has been scientifically proven to keep people motivated to keep working the plan to the end. Debt Avalanche: You pay less interest overall. However, working on a 21% interest rate credit card for over a year tends to wear on a person’s psyche. We begin to believe the process doesn’t work and we quit. Risk Reduction: Taking care of IRS debt first eliminates the possibility of them garnishing your wages (no court process needed). Or you may decide to pay off your parents because the stress of the situation is eating away at you. These cases are not as common (most parents are a bit more forgiving than that) so the benefits aren’t as great as the Debt Snowball or Avalanche. Arm yourself with reminders When we were in debt I would get a punch in the gut every time a statement showed up in the mailbox. Constant reminders wear on us and we become more likely to quit. It is important to stay focused and motivated in our moneyplan. We need to continue stretching every dollar and keep grasping at any opportunity to make more money to throw at our debt. Credit card companies benefit whenever we take our foot off the gas, so we must stick to the plan! Arm yourself with tools to help keep you encouraged throughout the process. Smartphone apps like ReadyForZero send you reminders and encouraging messages. Progress thermometers on the refrigerator or bathroom mirror let you check in on your current status. Finding ways to pay attention will go a long way in your debt elimination process. For example: I look at our mortgage balance a few times a month. Anytime I log onto our bank account to balance our checkbook, I see it. I look at our debt payoff spreadsheet once in a while, just to get my blood pumping. And, of course, I see the new balance at the first of every month after our payment is made. I’ve got my eye on the goal and focused on winning. Above all else: DON’T QUIT Evaluate your situation. Choose the method that works best for you. Above all things - DON’T QUIT! If you want to try one and then switch - go ahead. If the Debt Avalanche isn’t working for you then start attacking your smallest balance first. Everyone’s financial situation is different, so is their debt elimination strategy. The bank has a plan for your money. It’s time to short-circuit that plan and start paying attention, not interest!   Also on this episode: Holla From The Impala - It's awesome to get paid   For more information, visit the show notes at https://moneyplansos.com/debt-snowball-methods-and-the-secret-credit-card-companies-dont-want-you-to-know/

May 01 2014

16mins

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Rank #3: 9 Ways To Curb An Addiction To Shopping

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#170: I'm answering listener emails: Patti emailed her concerns about "filling a void" by purchasing things she doesn't need and I answer the question "Should I pay off my $55k mortgage with savings?" For more information, visit the show notes at https://moneyplansos.com/ways-to-curb-an-addiction-to-shopping-mpsos170/

Nov 20 2014

41mins

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Rank #4: Tips for Saving Up and Paying CASH for a Vacation

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#66: These simple tips helped us trickle even more money away to pay for upcoming vacations: Route 66 Road Trip, Florida beaches, and a horse ranch in the mountains. For more information visit https://moneyplansos.com/sos066-tips-for-savings-up-and-paying-for-vacation/

Jun 20 2012

34mins

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Rank #5: Less Taxes, More Money In Your Paycheck - Running a mid-year tax return can improve your cashflow

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#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

Aug 06 2015

34mins

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Rank #6: Baby Step 2: The Debt Snowball Method

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#112: This is Week 2 in the 7 week series of Dave Ramsey's Baby Steps to Financial Peace. Last week I talked briefly about Baby Step 1: Build a $1,000 starter emergency fund. Baby Step #2 is to pay off all consumer debt using the Debt Snowball Method. Why is The Debt Snowball in Baby Step 2? [...] The post Baby Step 2: The Debt Snowball Method appeared first on MoneyPlan SOS.

Jun 12 2013

19mins

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Rank #7: What happens to my credit score after paying off debt?

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#143: What happens to my credit score after paying off debt? In this episode I share survey results that show debt-free people aren't worried about their credit score. FICO says what's in your credit score FICO says your credit score is based on the length of credit, new debt, the variety of debts, how much debt you owe, and your payment history on debts. In short, you need to borrow money for a long time. More than likely you will end up paying interest. I'd rather be paid interest than paying it. What is not included in your credit score What is not included in a credit score is your age, sex, religion, and where you live. These things are left out due to consumer protection laws that were passed to keep lenders from being biased or discriminatory.  The problem with a traditional credit score is that it is selective on what to include in the calculation of your credit score and is not a fair representation of your full financial picture. Why wouldn't these things be included when calculating your ability to repay a loan? How long you have been with your current employer How much you make How much you having in savings How much you have in assets that you own Your payment history on non-debt items like rent, cell phone, or your cable bill FICO is not supposed to factor those things in but those who promote "building your credit score" make it sound as if the credit score is the most important thing you should concentrate on.  I disagree. It is a distraction. Results from my debt free survey I asked individuals to respond to a quick 8 question survey: Of the 83 Respondents 66 Married (80%) 1 Widowed 6 Divorced 10 never married 100% have been approved for a credit card. No surprise there. 11 of 83 respondents (13%) never taken out a car loan. 77% (64 respondents) say they do not have any outstanding consumer debt, 26 are completely debt free. Of the 26 completely debt free respondents, 9 stated their debt free date was over 5 years ago. All of them had a score greater than 700 except for 1 who said his score was ZERO. Only 2 of the 83 respondents who have paid off all their consumer debt indicated their score was 699 or less. Are they worried about their credit score? 8 of the 9 replied “No” to being concerned about their credit score and two of them actually responded with “Not At All” concerned. Only one was concerned about his Property and Casualty insurance rate being effected by a non-existent score. As I explain in the podcast recording, this really shouldn't be a reason to stay in debt or build your credit score. [Tweet "People who get out of debt do not care about their credit scores"] Why should they? They don't need a score to tell them they are winning with money. Other credit score promoted excuses: I need a score to rent an apartment: Devin Czech asked landlords if he could rent from them even though he doesn't have a credit score or credit history. The responses are very encouraging: http://payczech.blogspot.com/2014/01/renting-with-no-credit.html Employers look at credit scores: An employer can pull your credit history before offering you a position in their company. However, if they use your SCORE as a determining factor then I would question their hiring practices.  I would further go to say any employer who does not hire someone simply because they don't have a credit history is not a very good employer. Yes, bad credit is an indication of past financial problems but having no credit history is an indication that you've stayed out of debt and are financially responsible. Who wouldn't want to hire you? The bottom line? Losing your credit score is a good thing Your score will drop or disappear when you pay off debt. There are alternatives to qualifying for a home loan using services like eCredable (use promo code SOS for a free membership). The everyday American is the lowest common denominator when it comes to knowledge about credit scores - and they are the target as well. For more information, visit the show notes at https://moneyplansos.com/what-happens-to-my-credit-score-when-i-pay-off-debt-mpsos143/

Feb 06 2014

22mins

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Rank #8: YNAB vs EveryDollar Comparison

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#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/

Apr 16 2015

53mins

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Rank #9: About Financial Advisors, Dealing with Compliance, and Average Joe comes out of the basement

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#84: Joe Saul-Sehy is a recovering Financial Planner. Currently, he is the co-host of the 2 Guys and Your Money podcast, COO & chief bottle washer at TheFreeFinancialAdvisor.com, and was the Channel 7 WXYZ-TV "Money Man" in a previous life. He joins us today to talk about Financial Advisors and Compliance.  For more details, visit https://moneyplansos.com/sos084-advisors-compliance-and-average-joe-comes-out/

Nov 15 2012

29mins

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Rank #10: No More Mortgage (We're Counting the Days!)

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#88: ONLY 38 MONTHS LEFT ON OUR MORTGAGE! What happens when I throw a little bit extra every month towards the principal? The scales tip towards our debt free date, that's what! UPDATE: We paid off our house in December 2015. For more information, visit the show notes at https://moneyplansos.com/sos088-no-more-mortgage-counting-the-months/

Dec 14 2012

19mins

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Rank #11: The Real Cost to be a Stay At Home Mom

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#119: Our culture is so material-driven that it keeps many of us in jobs we hate, stressed out to the point that it is unhealthy, and disconnected from our own families.  The position of “Stay At Home Mom” has been eliminated in order to achieve the “American Dream”. When we get out of high school and [...] Find out more by visiting http://stevestewart.me/the-real-cost-to-be-a-stay-at-home-mom

Aug 08 2013

26mins

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Rank #12: Dave Ramsey's New FPU Program (revised 2012)

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#64: Dave Ramsey announced changes to the Financial Peace University (FPU) course in a live webinar on June 5th, 2012. Not only have the videos been re-recorded but the curriculum has some exciting new changes. For more, visit the list at https://moneyplansos.com/sos064-dave-ramseys-new-fpu/

Jun 06 2012

18mins

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Rank #13: Earn Points and Rewards WITHOUT Credit Cards

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#51: I earn hotel stays, free gift cards, and even flights across the country without having a single credit card. How? Listen to find out. COMPLETE LIST at https://moneyplansos.com/sos051-earn-points-and-miles-without-credit-cards/

Feb 24 2012

23mins

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Rank #14: How Credit Cards Make Money - ON YOU!

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#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

Jun 05 2015

36mins

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Rank #15: Living Without Credit Cards Pt1 - MPSOS017

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#17: Americans are dependent on their credit cards. But you can live without credit cards, it just takes some time and effort. In this episode we talk about the very first action step you need to take. It's the hardest step to take, even though the action is very easy - it's just hard to stick to it. We also discuss a solution or substitution on what to do instead of using plastic by talking about how the envelope system works. Holla From The Impala: Leaving money on the table is NOT smart money management For more information, visit the show notes at https://moneyplansos.com/017-mpsos/

May 19 2011

22mins

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Rank #16: Jeff Rose starts a ROTH IRA Movement

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#56: What do you do when 99% of high school seniors don't know what a ROTH IRA is? You start a MOVEMENT! That's what Jeff Rose did - and I'm part of The Roth IRA Movement. For more information, visit the show notes at https://moneyplansos.com/sos056-jeff-rose-starts-a-roth-ira-movement/

Mar 30 2012

33mins

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Rank #17: Do You Know These 8 Investing Terms?

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#52: 8 terms we need to understand when it comes to investing money. Full list of terms at https://moneyplansos.com/sos052-8-terms-to-understand-when-investing-in-mutual-funds/

Mar 01 2012

27mins

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Rank #18: The Simple Math Behind Whole Life and Term Life Insurance

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#72: There are two primary types of Life Insurance: Whole Life (permanent) and Term Life (temporary). While I can not make a blanket statement to say you should do one and never buy the other, there are a lot arguments that can be made to show that Term Life is the better answer for the general population - and I have the math to prove it! For more information, visit https://moneyplansos.com/sos072-the-math-behind-whole-life-and-term-insurance/

Aug 21 2012

24mins

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Rank #19: Why Credit Cards Are Against My Religion

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#135: Credit cards are against my religion. I shared my beliefs in a webinar on October 3rd. Only a handful of people have watched the video, which I understand; it was an hour long and you have better things to do. But there are other reasons I am bringing this message to you in podcast form today: The Devil doesn’t want you to hear this - credit cards are against my religion.  The Devil is at work There have been quite a few challenges trying to get this message to you:  1.  There were technical difficulties during original Webinar  2.  I’ve had some personal ones to overcome   3.  The delivery system you get this show on in iTunes was not working (with no reason why).  Considering iTunes is still the majority of the MPSOS audience, I take that as an assault on stopping me from giving you this week’s message.  Are Credit Cards evil? No, they are not evil. Electronic payment options are an advance in technology. Just as computers and eye glasses and even the fork was an advancement in technology, electronic payments are a technological progression.  This is not the reason I believe credit cards are against my religion. The problem with Credit Cards People “overexpend” themselves and now they are paying interest. For those who pay off each month there is still evidence that they will spend more than if they pay with cash.  There’s no visible boundary and the human condition is to get what we want instantly. This leads to impulse purchases and the “I want it now” syndrome.  There is less accountability when spouses have their own cards Do you and your spouse have separate checking accounts? Yes? If so, is it the most efficient way to manage your household’s income? Making the claim that your separate account system is working just as well as a couple who has to share the same checking account with 2 debit cards and/or cash envelope system is lying to yourself.  This is also true of having “His and Hers” credit cards on different accounts. Making the decision, and forcing yourselves to comply, to have one single place where all the money is divvied-up is more efficient because both partners have someone to hold themselves accountable to.  One person will feel they “deserve” something and spend more than they would otherwise. Then when the other finds out they feel justified to buy themselves something nice and the cycle continues. Money fights and money problems are the number one cause of divorce The Credit card topic is the one battlefield where spouses can rally together and easily conquer the enemy of overspending and debt. There they find the strength to fight the other money problems like huge student loan debts or medical bills. Avoiding the problems caused by credit cards is an easy battle to win when fighting 6-digit Sally Mae loans or escalating medical bills. Work together in one account with 2 debit cards for the good of your household. If this has shined a light on why you and your spouse can’t seem to get ahead with your finances then good.  We are leading up to the reason why credit cards are against my religion. Credit cards lead to false goals I want you to answer this question out loud. If you are streaming the show via Stitcher in a coffee shop or driving to work or walking the dog, answer this question verbally: What are the benefits of using a credit card?  Did you say any of the following?  • You need a credit card for travel  • Possible discounts on purchases  • I get to use other people’s money (OPM)  • Debit cards aren’t safe  • I get rewards or cash back Which of these lead to accomplishing financial goals? None of them. The barely help you get ahead when accompanied by the “overexpending” that goes on while using credit cards.  Also, many of them are no longer true. Listen to the episode for details. More profit for credit card companies increases credit card offers being sent to your neighbor’s mailbox. The result is more money being taken away from your community via Swipe Fees, and you aren’t able to spend as much time (or money) building God’s kingdom. Jesus died to pay my debts so why should I be indebted to someone else? Call to action: Stop using your credit cards for 3 months and use cash or Debit instead. Take money away from big banks that have no effect on your local economy but harm your neighbors.   For more information, visit the show notes at https://moneyplansos.com/the-devil-doesnt-want-you-to-hear-this-credit-cards-are-against-my-religion/

Dec 05 2013

23mins

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Rank #20: Financial Products that Keep the Middle Class in the Middle-Class

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#59: The path to becoming wealthy is to save, invest, and live on less than we make. Using other people’s money is expensive and is eroding our ability to become financially independent. It's keeping the middle class in the middle class. For more information and a full rundown on everything mentioned in this episode, visit https://moneyplansos.com/sos059-financial-products-that-keep-the-middle-class-middle-class/

Apr 20 2012

29mins

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