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Money Plan SOS

Updated 8 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
Cover image of Money Plan SOS

Money Plan SOS

Updated 8 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: 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 #2: 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 #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: 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 #5: 5 Things To Do If You Are Falling Behind

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#4: There are 5 things that need to be in place before paying off debt and saving for the future: Get on the same page with your spouse or accountability partner Commit to never borrow money again.  No more debt Prepare a written budget or spending plan TEMPORARILY stop saving money Get CURRENT on the necessities and bills/payments For more information, visit the show notes at https://moneyplansos.com/004-mpsos-if-you-are-falling-behind/

Jan 08 2011

28mins

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Rank #6: 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 #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: When To Push Pause On Dave Ramsey's Total Money Makeover

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#79: Pregnancy, layoff, or move to another state: These are all situations where you would press "PAUSE" when working Dave Ramsey's Baby Steps. For details, visit http://moneyplansos.com/sos079-when-to-push-pause-on-your-total-money-makeover/

Oct 11 2012

24mins

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Rank #9: 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 #10: Baby Step 3: Save 3-6 Months of Expenses

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#113: Baby Step 3: Save 3-6 Months Of Expenses. Dave Ramsey's third Baby Step is to create a fully-funded emergency fund equal to three to six times your average monthly expenses. Why? Emergencies come in many shapes and sizes Car troubles (repairs, accidents, and what I call "beater replacement") House repairs (roof, HV/AC, fence damage) Unemployment [...] The post Baby Step 3: Save 3-6 Months of Expenses [podcast] appeared first on MoneyPlan SOS.

Jun 21 2013

20mins

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Rank #11: Top 5 Ways To Pay Off Your Mortgage Early

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HAPPY APRIL FOOLS DAY! I'm not here in this episode - I've commandeered three other shows that are not my own. Here's where I am today: Starve The Doubts where I turn the tables on Jared Easley and interview him on his own show! On the Cash Car Convert (usually by James Kinson) I talk about getting out of the car payment business. While Joe is in taking over my show I am also taking over the Stacking Benjamins show.  You can click on any of the links above for their (or should I say “my”) shows. If you would like to read the backstory of why I took over 3 shows in one day and why I'd NEVER do it again, read this.   Never has the show brought on more guests, more topics, and more laughs in the show. There were so many people on this show that there wasn't enough room for Steve. What you will get from this show Pirates take over the show. Arggggggghh Average Joe Money and OG talk about Forbes Billionaire List Helicopter parents crash kids' job interviews The Roundtable talks about Groupon and Living Social: Are online deals a good deal? And finally, a classic Top 5 list. Top 5 ways to pay off your mortgage early OG's Top 5: 5) Don't take out a mortgage so big to begin with 4) Refinance to a lower interest rate 3) Round up your monthly payments 2) Make a 13th payment every year (extra payment) 1) Sliced fruit (just kidding). It's "Get a 15 year mortgage" Average Joe's Top 5: 5) Shorten the term of your mortgage 4) Use your tax refund to pay down your mortgage 3) Round up your monthly payments, don't round down 2) Switch to bi-weekly payments 1) Place your extra money in an S&P 500 mutual fund, then apply it when the mortgage reaches the amount invested Cast members for Episode 150: Special thanks to the following cast members who made this April Fools Day podcast hilarious (in order of appearance): Average Joe Money from StackingBenjamins.com OG from StackingBenjamins.com Paula Pant from AffordAnything.com Len Penzo from LenPenzo.com Miranda Marquit from PlantingMoneySeeds.com Disclaimer Steve Stewart does not agree with the Roundtable's advice of opening up a credit card for free airline tickets - regardless of paying them off every month or not. These "free" tickets or cash-back rewards are being paid for by the credit card company who in turn gets the money from those who do not pay off their balances, do not make their payments on time, or are over their limits. Be responsible for yourself AND your Brothers.   For more information, visit the show notes at https://moneyplansos.com/top-5-ways-to-pay-off-your-mortgage-early/

Apr 01 2014

59mins

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Rank #12: Real Life Case Study with Don Current

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#3: A Real Life Case Study with Don Current of Current Finances.   Don is also a Dave Ramsey Trained Coach who “Helps You Take The Worry Out Of Money”. He is our guest coach on this episode where we discuss the financial challenges of a couple who wants to change their financial life. For more information, visit the show notes at https://moneyplansos.com/real-life-case-study-w-don-current/

Dec 23 2010

59mins

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Rank #13: Getting Ready For Zero Debt with Ready for Zero

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#99: UPDATE! Ready for Zero has retired, but the idea they put forth changed my mind about the Debt Avalanche. Ben from Ready For Zero (now owned by Avant) joins me in a conversation about the #1 reason a Debt Avalanche method could actually work better than the Debt Snowball. For more details, visit http://moneyplansos.com/sos099-getting-ready-for-zero-debt

Feb 27 2013

26mins

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Rank #14: 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 #15: 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 #16: Get Out Of Debt with the Debt Movement, Interview with Financial Soldier Jeff Rose

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#91: Financial Soldier, Jeff Rose, is starting another movement. He is leading the Debt Squad into a battle with debt and we are taking no prisoners. In this interview he shares how he came up with the idea, the goal, and what he expects will happen in the next 90 days. The Debt Movement [...] For more information, visit the show notes at https://moneyplansos.com/sos091-get-out-of-debt-with-the-debt-movement-interview-with-financial-soldier-jeff-rose/

Jan 02 2013

27mins

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Rank #17: 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 #18: 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 #19: 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 #20: Steve Stewart's Absolute Simplest Budget That Works

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#5: I’ve boiled the process down to the simplest elements and have come up with a signature process that will Show how far your money can truly go Foster communication between you and your partner/spouse Expose your true priorities – to yourself! For more information, visit the show notes at https://moneyplansos.com/005-mpsos-the-absolute-simplest-budget-that-works/

Jan 19 2011

30mins

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