Life is Life!

Are you tired of renting? Are you ready to own a home? Do you even know where to begin to look for a home? Do you know how to figure out what you can even afford when it comes to mortgage payments?

Buying a home for the first time is equally exciting and terrifying. When you're unsure of where to go and who to trust, shopping for a home - arguably the biggest expense you'll ever have - is intimidating.

Joining us on the show today is Daniel Lehman, a published financial author, and Vice President of Mortgage Lending for Synergy One Lending in San Diego. He is very active in the Military and Veteran communities, serving as a board member for the San Diego Financial Literacy Center which enhances the financial IQ of San Diego County residents with a focus on youth, military, and veteran families.

A growing icon in the mortgage education space, Daniel teaches workshops spanning San Diego County to educate veterans and agents about the VA home loan benefit. Additionally, he hosts the “Military Mondays” radio show Monday evenings at 7pm PST on channel 1170AM KCBQ which aims to educate, empower and engage the San Diego Military and Veteran communities.

Comments, questions or suggestions for the show? Email us at [email protected].

Want to learn more about Daniel Lehman or possibly work with him? Check out his contact information here.

To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.

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Fifty percent of marriages end in divorce. While we don't always plan for our own marriage to fail, life happens.

In our latest podcast, we're joined by Laurie Itkin, a financial advisor, wealth manager, and certified divorce financial analyst. She's the author of the best-seller "Every Woman Should Know Her Options: Invest Your Way to Financial Empowerment," and a frequent and beloved volunteer with the San Diego Financial Literacy Center.

Comments, questions or suggestions for the show? Email us at [email protected].

Want to learn more about Laurie Itkin? Visit her website, check out her book, "Every Woman Should Know Her Options," or follow her on Twitter.

To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.

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Marriage and Family Therapist Ed Coambs, MA, MBA, LMFTA, CSAT-C, CFP, who also specializes in financial therapy, joins us to discuss financial infidelity: What is it? How does it affect a marriage? And what can you do if financial infidelity happens to you?

When we keep financial secrets from our spouse or significant other, we are guilty of financial infidelity. But according to a new study, only 52 percent of individuals believe their significant other is totally honest with them when it comes to money.

Given that 50 percent of marriages end in divorce, and financial issues are the leading cause for separations in the nation, we asked Ed to share some insight with us on what happens when financial infidelity occurs: Are our relationships completely doomed when our spouse makes a purchase without our consent? What if they're earning more than they lead us to believe? We chat about all of this and more - along with how our childhood and emotional money baggage plays a role in our spending and saving habits!

Comments, questions or suggestions for the show? Email us at [email protected].

Want to learn more about Ed Coambs? Visit his practice website or check out this blog on financial infidelity from DebtWave Credit Counseling.

To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
 

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We're joined on the show by Sarah Arevalo, DebtWave Credit Counseling's Quality Assurance and Compliance Administrator, who's also married to our beloved co-host Felipe, to chat about the cost of having a baby!

Wait, should I save money before getting pregnant?
Americans often severely underestimate just how much it costs to raise a baby in the first year.

According to a Business Insider article from July 2018: The average cost to have a baby in the US, without complications during delivery, is $10,808— which can increase to $30,000 when factoring in the care provided before and after pregnancy.

• 36% think it costs between $1,001-$5,000 to raise a baby during its first year
• 18% think it costs $1,000 or less

Half of all hopeful parents — and 48% of all Americans — think diapering items, including diapers and wipes, are one of the biggest expenses of the first year of a baby’s life. However, we estimate this expense at $743 for the first year — less than nearly all other cost categories in the analysis. 

By contrast, only 37% correctly believe child care is one of the biggest expenses. Full-time care in a center costs an average of $8,059 for the first year of life — more than any other expense analyzed.

How much will it cost for you to have a child? Check out Nerd Wallet's baby calculator.

For parents concerned about baby recalls, you can find info on the US Consumer Product Safety Commission's Twitter account or their website.

Comments, questions or suggestions for the show? Email us at [email protected].

To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.

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You may have heard of credit scores before but do you know what a credit score really is? On top of that, how exactly is a credit score determined? And does anyone other than me really care what my credit score is anyway?

Credit Score 101
Your credit score is a statistical number that is used to evaluate a consumer's creditworthiness aka how likely you are to pay debts back on time and in full without anyone having to twist your arm.

Credit scores range from 300 to 850. The higher your score, the more financially trustworthy a person is considered to be. But use caution: just because you have a high credit score today doesn't mean you'll necessarily have a high credit score or even the same credit score a month from now. That's because your credit score is like a living, breathing number constantly adjusting to your financial behaviors.

That's because your credit score is determined by five (5) main factors. They are:

1. Payment History (35%)
   1. Are you paying your bills on time every month?
   2. Have you ever been delinquent?
   3. Were your delinquencies reported to the credit bureaus?
2. Debt-to-Credit Ratio or Amounts Owed (30%)
   1. Are you utilizing more than 30% of your credit limit per credit card?
   2. Are you utilizing more than 30% of your total credit limit?
   3. Using more than 30% of your available credit, whether that be total limit or per card, can have a negative impact on your credit. 
3. Length of Credit (15%)
   1. How long have you had access to credit?
   2. The older your credit history, the better - it shows your ability to pay on time over a longer period of time and that creditors continue to find you trustworthy to lend to.
4. New Credit (10%)
   1. How frequently are you looking for additional lines of credit? Experts recommend applying for new or additional lines of credit once every 12 months. Any more and your credit may take a bigger hit. 
5. Credit Mix (10%)
   1. Having different types of credit such as installment loans like a mortgage and revolving credit like a credit card can illustrate your ability to handle diverse types of financial debts. 

Who cares about my credit score?
Unless you're in the market for a new credit card, a home, or a car, chances are you may not care about your credit score, but that doesn't mean no one else does. 

Those that may review your credit score include:

• Creditors
• Student Loan Providers
• Utility Companies
• Insurance Companies
• Landlords
• Employers
• Collection Agencies
• Government Agencies
• Courts

Where to find my credit score?
Order a free copy of your credit report from Experian, Equifax, and TransUnion each year and review it for errors by visiting AnnualCreditReport.com. 

Comments, questions or suggestions for the show? Email us at [email protected].

To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.

Support the show

You're listening to Talk Wealth To Me, the safe-space money podcast where we discuss anything and everything related to personal finance.

One of the first questions you may be asked when you ask for help with your money - whether that be through a wealth manager, tax preparer, or financial advisor - is whether or not you have a budget.

Myth #1: Budgets are for the Mega-Wealthy
Did you know nearly 93 percent of the public believes everyone should create a budget, but a majority of us are not creating budgets?

Yep, about 63 percent of us are not creating a budget whatsoever. The number one reason why? Most of us don't think we earn enough money to necessitate the use of a budget, but a budget is even more valuable when you have less.

How can that be? When we use a budget, we are tracking our income and our spending to ensure that we are not spending more than we are earning.

Myth #2: Budgets are great for limiting big-ticket spending
You may think if you're not in the market to purchase a home, a new car, boat, or plan a vacation, you don't need to create a budget.

Oftentimes we view those in debt as individuals who were irresponsible with their money and used a credit card to purchase an item out of their price range. But as it turns out, most budget-busters are items that cost on average $20 or less. Why? Because we are not thinking about how these little items add up over time and cost us big time.

You've likely heard the example of getting coffee from a coffee shop in the morning. If you plan to spend $5 on coffee every morning in your budget, you likely won't be surprised by the amount of money you spent on coffee in a month. However, if you think your $5 daily habit isn't that expensive, what do you think about spending $25 on coffee per week or $100 a month? Is it more than you realized you were spending?

Myth #3: I have to cut cable if I'm on a budget
Another myth about budgets is that if we're in debt we can't spend any money on any entertainment. A budget is a PERSONAL decision. Meaning, if you don't drink coffee or you're content with brewing your own at home, you can apply the money you save from coffee toward an HBO or Disney Plus subscription.

The point is that a budget is a personal decision. The only MUST with a budget is that your spending MUST not be greater than your earning. If it is, well, that's a topic for another day.

Comments, questions or suggestions for the show? Email us at [email protected].

To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.

To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.

Support the show