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Jan 062013
 
 January 6, 2013  Posted by  Money
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We can all use a little advice when it comes to money. But who can afford to hire a financial adviser to tell us what we need to know? Well, you don’t have to. Instead, you can ask Bill Stanley, aka The Money Coach. His advice is free.

Stanley, a registered investment advisor and College of Financial Planning grad, says he wants to “educate, encourage, and empower families to run their own financial race.” He does not prepare budgets or invest money for you, and he doesn’t sell products. He just answers your questions.

He started his website, MoneyCoachBill.org, in July 2012 and appears regularly on a local morning show in Colorado Springs (some segments are now on YouTube). He also writes personal finance articles on what is now Yahoo! Voices.  Those articles, on every conceivable financial topic, can be found on his site.

He says the topic of most concern to visitors to his site usually involves debt and credit problems. “I would rather give advice that prevents debt issues from occurring rather than trying to pick up the pieces of someone’s financial life,” Stanley says. What’s he telling them?

About credit card debt: “When in a hole (debt), stop digging (spending),” he says.

About retirement: “The biggest secret to retirement is to save early and save a lot. For every day you work, you need to make enough money to pay for that day and a day in the future when you will be retired.”

On credit scores: “The biggest component of your credit score is paying your bills on time.”

On home buying:  “Want to buy a house?  Make more than you spend, have saved enough for a down payment, have a substantial emergency fund, and make sure your credit score is in the 700s.”

On debt:  “Don’t despair if you are in a mess. Read my story of the guy who paid off his $65,000 debt.”

On savings:  “I also do budget counseling for the almost homeless.  First thing I do it make them track every dollar they spend.  Wish more people would do that.”

To get your questions answered free, visit MoneyCoachBill.org.

Linda DuVal

Linda DuVal has lived in Colorado Springs and the Pikes Peak region since 1969. She has been writing about the area for most of that time and is the co-author of the new “Insider’s Guide to Colorado Springs,” from Globe Pequot Press. She was a working journalist with The Gazette – the city’s daily newspaper – for 32 years, covering everything from city council to fashion trends, books and authors to travel and food. She has been a freelance writer since 2004, contributing regularly to newspapers, magazines and online sites. Linda owns and operates Pikes Peak On The Cheap.

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