It's Not Rocket Science! Five Questions Over Coffee
Five Questions Over Coffee with Joseph Hadaway (ep. 54)
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Episode notes
Who is Joseph?
Joseph provides personalized financial coaching & planning
Key Takeaways
1. There is no financial education for children. They are poorly prepared for life
2. Einstein said, compound interest is the eighth wonder of the world!
3. The anonymous online advisors of Reddit and Facebook may not have your best interests at heart, you need to be sure you are taking professional advice
Valuable Free Resource or Action
the budget template on https://www.hadawayfinance.com/landing-page
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Transcript
Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast)
SUMMARY KEYWORDS
joseph, budgeting, invest, book, great, spend, landing page, debt, clients, personal finance, budget, chasing, broad base, people, total money makeover, work, barber, money, compounds, moment
SPEAKERS
Stuart Webb, Joseph Hadaway
Stuart Webb
Hi again and welcome to It's not rocket science five questions over coffee. I'm here today with Joseph Hathaway. Joseph does personalised financial coaching and planning. So this is going to be really an interesting discussion. I think it's on everybody's minds at the moment, we're all worrying about how we're going to manage our finances in the future. Joseph is going to give us all those great tips. So hi, Joseph, how you doing?
Joseph Hadaway
Doing? Well, thank you for having me on Stuart.
Stuart Webb
No problem. So So tell me what's the what's the the problem that most of the people you're dealing with, meet when you when you first get involved with them?
Joseph Hadaway
Definitely the problem everyone faces at first is just really where to begin on getting their finances in order. Definitely here in the US, and I've heard in other countries as well, personal finance is not taught it all, in you know, your K through 12. School and your primary schooling. And even in most cases, if you know, go and get a college degree, a personal finance class is not required. So, so many people come out of school out of college, get their first job, second job and how everyone have no idea how to budget, no idea how to invest in the stock market don't really know good debt, bad debt, why can't I just charge everything to my credit card? They, they need help getting some of the terminology and really just knowing where to start?
Stuart Webb
Yeah, schools are great for teaching us quadratic equations, but not what real maths does. Oh, yeah.
Joseph Hadaway
Amen to that. I don't think I've used the quadratic equation once since high school.
Stuart Webb
So So what's the sort of thing that most of these people do without help, which, which gets them or doesn't get them out of trouble?
Joseph Hadaway
Let's say you're most people, I would definitely say you know, they don't budget to say the least is where it comes down to. And that's not free, no lack of training and more so lack of knowledge. And if you don't know where your money's going, you don't track it, you don't know where it's going. And then you can't really control it. Which usually leads on to credit card debt or debt that stays on for years, a lot of debt. And then you know, you get up or an age you get to your 50s 60s looking to retire. And suddenly you don't have enough money because you didn't really invest enough or you didn't know how much you were supposed to invest. And it all it just it compounds and it snowballs.
Stuart Webb
Yeah, compounds is a great word in that case, isn't it? Because the earlier you get these things sorted out, the more time you've got to sort it, but also the interest of savings and planning that builds and builds and builds. So, you know, I'm always talking to young coders who are thinking, you know, retirement years and years and years away, the sooner you plan, the sooner you get in, get into it, the less you have to do it just does it all for you. You just don't have to spend a lot of time worrying.
Joseph Hadaway
Oh, yeah, like Einstein said, compound interest is the eighth wonder of the world. The more time you can leave your money in the market to sit the better.
Stuart Webb
Yeah, absolutely. Right. He was a wise man if he knew a thing or two.
Joseph Hadaway
Well, yeah, that's for sure.
Stuart Webb
So tell me, Joseph, you've got a you've got a great landing page, which I'm just showing on the on the screen now, which is how do we finance.com forward slash landing hyphen page? What's what's on the landing page? What is it that you think would be of great use to the audience watching at the moment,
Joseph Hadaway
so landing pages, I just kind of introduction, the website will get you into my full website. But the main link on there that I recommend to everyone is my free resources tab. And my main free resource being I have a bit of a budgeting, investing debt pay off template, it's the exact same sample that I use for myself, and I've been using for myself for several years now. And it's the exact same template I bring up to my clients when I do coaching calls or coaching sessions. And, you know, I feel and I've heard from others, it's, you know, intuitive enough to figure out what some instructions on there, but it is completely free. And in my and in my opinion, several people opinion, I'm willing to even call it a fact, budgeting is your first step toward financial independence. And my tracker can definitely say it's it's a broad base, but it can definitely get you started.
Stuart Webb
Yeah, that's a great tip. You know, you're absolutely right. Budget is the key thing. You know, if you're your business owner as well, the first thing that I actually say to people is, well, what are your budgeting to spend on something? And the answer is often such such answers as well. We haven't really done a budget where you How can you even know whether or not you're going to be successful? If you don't have to try and budget you don't decide what money you can spend on things. You know, if you don't know how much money you've got, how much you spend on a car, how much do you spend on this? It all just becomes guesswork, and then you suddenly find you've run out before you started.
Joseph Hadaway
That's an absolutely great way of putting it to think so. Sorry, if you're not tracking it, you can't control it, because you don't know where it's going. Yeah,
Stuart Webb
absolutely. Right. Okay, so was there a particular book or concept which really sort of brought you to the realisation of how this have budgeting was so important? to you and your clients.
Joseph Hadaway
Oh yeah, definitely. The first person to help me out a first person to get me listening is Dave Ramsey course got a great podcasting like number two, three in the world. And on top of that his book The Total Money Makeover. My preachings aren't exactly the same as Dave's, but he'll definitely get you started. He's definitely great for helping people and he's done quite a lot. And then as I got a little more into it, I also highly recommend never the name of the book. It's the millionaire barber or the rich Barber. It's by David Chilton. Yeah, absolutely phenomenal book budgeting, investing, and it tells it all on a storytime. So it never gets boring to read.
Stuart Webb
Yeah, no, it's good. It's good to get some of those stories out, particularly if you're going to be dealing with sort of younger people, you know, just coming out of the colleges they need, they need books that are sort of going to be easily digestible only. And that I think, is a really good one. Really good one to recommend because you need that sort of story format don't like,
Joseph Hadaway
oh, 100% it's extremely easy to read, provides great tips. I mean, whether you're a barber or you're a doctor, you need a budget, you need to invest all the same.
Stuart Webb
Yeah, terrific stuff. Joseph, this is this has been been a great start to our budgeting discussion. But I guess there's a particular question right at the moment that you're itching for me to ask you. And, you know, as I always say, these things, I've asked the four questions before now I need to take a break and sit back. So what's that fifth question you would have liked me to have asked you, whilst we've been talking that you're really itching? And then you know, obviously, once you've asked the question, the easy thing for me to do is make sure that you answer it as well.
Joseph Hadaway
Oh, yeah, of course, you know, I get this question asked a lot to myself and interviews and even just one on ones with clients is I what separates me and other people such as myself, from online from you know, I guess in your kind of here are slash Reddit, Wall Street, that's kind of people. And, and the difference is myself and several other people in my local community, not local, excuse me, online community. We do this, we do this all day, we legitimately want what is best for you and what is best for your money. And we try to share advice that works on a broad base level, unlike you know, some other people who may not be as qualified, whether that be through degrees experience, work, whatever it may be, who end up on say, you know, Reddit or Facebook group and are chasing your meme stocks and your meme coins. They're chasing me, they don't really have your best interests at heart. Nor do they have the same experience that someone like myself and several other in our community do.
Stuart Webb
Yeah, it's an interesting point you bring up there, which is, you know, sometimes you don't know, online, exactly what they're trying to push and why they're trying to push it. And you know, that can lead you to me making some fairly risky decisions based upon no real evidence, isn't it? That's the thing, which you've got to be so careful to avoid nowadays, it's just chasing after that thing that you think sounds good. But hey, how do you tell the rubbish from the not rubbish? Yeah, how do you how are you sure, it's only by getting some really trusted information from some trusted people that you know, are trying their best to get the word out for working for you, which is, which is going to help you sort of grow your capital?
Joseph Hadaway
Oh, yeah, definitely agree there. And I think, you know, separating the rubbish from the not rubbish is an absolutely perfect way of putting it. Because I mean, I personally, I'm not the only product, I'm pushing as myself. You know, whatever you invest in is all on you. I see no kickback from that.
Stuart Webb
And, and you're, and you're doing it, because you've got that insight, that knowledge that you've brought from your professional life, which actually makes sure that people are making the right sort of decisions for their money.
Joseph Hadaway
Oh, definitely. Yeah, I've got several years experience in this and doing nothing but sitting down and helping clients. I tell people, I'm here for a purpose, not for profit. And that purpose is to help you win with your money.
Stuart Webb
I love that message. That's a terrific one. Joseph, this has been really great. Thank you so much for spending a bit of time with us. Oh, thank
Joseph Hadaway
you very much for having me on.
Stuart Webb
No problem. So listen, everybody, I'm just going to suggest to you that if you would like to be able to sort of see the information that people like Joseph bring to us here, it's not rocket science, five questions of coffee. If you get onto this, this newsletter list, you will get notifications not only when there's these, these come out, but also you'll be able to see the results of it when they're broadcast as our podcast. So I really encourage you to get on to TCA dot FYI, forward slash subscribe. Also rate and support and rate us in the Apple Store and subscribe to us there. Joseph, thank you so much for being with us today. Really appreciate it very much. I hope you have a really great time
Joseph Hadaway
saying to you Thank you for having me on.
Stuart Webb
No problem at all.
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