What is MBR Radio about? What is the difference between a financial coach and a financial advisor? Who is Joey Ruffalo? Joey answers all these questions in this 1st episode of MBR Radio- Money, Business, Reselling. Visit us at : http://www.jrfinancialcoaching.com To schedule a free 15 min call: https://JrFinancialCoaching.as.me/DFRC Instagram: https://www.instagram.com/jrfinancialcoach Show Instagram: http://www.instagram.com/moneybusinessreselling To leave a message for or to support the show: https://anchor.fm/mbrradio
joey ruffalo 0:02
Hey everybody, this is Joey Ruffalo from J.R. Financial Coaching. As you might have heard in that little introduction, I’m a financial coach, small business owner and top rated seller on eBay and Poshmark for over 20 years. I help individuals and small businesses and couples, get on a plan, get out of debt and build wealth. What does that all mean? Why am I qualified to do this? You’re probably asking. I sometimes ask myself that same thing. So let me tell you a little bit about me. Back in 2003, my wife and I started a small business while we were finishing college, and 2007 we’d built that small business to a six figure income. 2007 2008 was also the year of that pesky housing crisis, where we went through a recession and being a service industry, we lost a lot of income. However, we did not spend, like we lost a lot of income we continued to spend like we had the income. We ended up in about $370,000 in debt. And you heard that right $370,000 in debt.
Joey Ruffalo 01:20
I was broke, tired, stupid. And on my last nerve, couldn’t sleep at night, wondering if my car was going to get towed every time I’d heard truck drive through my complex. I always thought it was getting towed. So I’d never got a good night’s sleep and probably three years, two and a half years during that timeframe. One day, driving home, I was listening to the radio, and I heard a guy tell a caller the best way to deal with a creditor is the hang up bottom and I said But answering their calls and talking to them what do you mean hang up on them, you’re not supposed to hang up on them. So I kept listening and listening. And that radio show the Dave Ramsey show. I came home and told my wife about it. I said, Look, you gotta listen to this guy He’s funny. He’s practical its common sense. I haven’t heard anything like it on the radio you got to listen. So the next day come home and she’s I walk in the door, she sitting on the couch, and she goes, I listened to that radio show today and I really liked it. I said good. Well, let’s maybe we can sit down and like think about a plan or maybe get on a budget or figure out our spending. And she looked at me so I already got about four of his books I got to audiobooks and I signed this up for his class Financial Peace University. We go next week we start about fell out of it. Fell where I was standing. So okay. Yes, so I guess we’re gonna I guess we’re going to do this. Well, fast forward to Two and a half years later, and we had gotten out of debt, we had paid everything off. We got everything out zero debt.
Joey Ruffalo 03:08
And I decided at that point, and this is about 2012 13. somewhere in that range, I decided that I wanted to do financial coaching. I wanted to be a coach, I wanted to help somebody, just like I was I wanted to walk beside them, and guide them. Because I was scared. I was alone. I didn’t have anybody except the guy on the radio. I didn’t know who I could call or talk to. I had no idea.
I alienated friends. I had strained family relationships. My parents and I had a relationship that was really tight before all this happened. And then because of the money issues, and some of the ways we had borrowed money from them and got them caught up in some of this stuff. It strained relationships, we did not have a good relationship for several years. They’ll tell you that it was a great relationship. I’ll tell you something different. I’ve always I felt that I did want somebody else going through what I went through, if I could help it. So, did a ton of research figured out the best path for me. And I started down the road to be a certified financial planner. Now I’m not there yet. I’m getting there. So you’re gonna come along with me on this journey while I get there. But in the intern, I have completed my certificate in Personal Financial Planning from UCLA. That was my first step. Ever since I was a kid, I wanted to go to UCLA. Man, it was great to be able to do that there and be part of the Alumni Association. That’s a story for another day. It’s a story about goals and never giving up on your dreams. We’ll get there at some point. After that, I said, You know what, I need a little bit more. What can I do more? So I went ahead and got my MBA in Financial Planning. So I have a Master’s in Business Administration and in my specialization of financial planning. I got that from California Lutheran University. Great program. Great instructors had a really awesome time learned a ton. Now I’m not coming from the financial industry, I didn’t work in a bank. I didn’t work in finance. I didn’t work in corporate America, I’m self employed my whole adult life. And obviously, I made mistakes with money in the past. So I love learning about stuff. So I went ahead and I want to learn everything that I could. So also during that time, I became a Certified Personal Financial Counselor, a Certified Consumer Debt Specialist. And to top it all off, I went through the Dave Ramsey, Master Solutions Financial Coaching program, and I’m now a Ramsey Preferred Coach. On top of that, I’m still in the process of learning. I’m still going through several programs. I’m still updating you as we go along on this ride of where I am. So there’s a lot of stuff in the pipe that I’m looking at to finish going. Working, he said towards my Certified Financial Planner designation, that should be done soon. What I really enjoy doing is helping people get on that foundational ride, so to speak, right building that foundation. So budgeting.
Joey Ruffalo 06:22
I hate the budget too. Don’t worry. It’s not something I enjoy, its not something that my clients enjoy, but it’s something we have to do. That’s the brick. The foundation you put your bricks out when you build your house, right. So the budget comes first we do a budget. And then we get on a plan. We work the baby steps that Dave Ramsey baby steps, right? We get on those. So baby step one, do a quick refresher Baby Step One is save $1,000 emergency fund, Baby Step Two, pay off all your debts smallest to largest, Baby Step Three is build that emergency fund up to three to six months of your expenses. Baby Step Four. Save 15% of investment Baby Step Five, save for your kids college. Baby Step Six, pay off the house, Baby Step Seven, get incredibly wealthy and live and give like no one else, right? So this is the steps to work out. I love baby steps. 123. Right. I love changing people’s lives the direction. My mantra is things change when things change, right? So if you are going down a path, that’s not the right path, you got to change the way you’re doing them. When you change the way you’re doing things, it’ll change your path. So things change when things change, things stay the same when they stay the same, right? That’s exactly what I really want to get into is telling you the difference between a financial coach and a financial advisor. Right? We all have heard about financial advisors, the guy that does your investments for you, I got my investment guy, my investment advisor, But what is a a financial coach, what’s a financial advisor? So the main difference between two of them is really quite simple. Financial Advisor focuses on your money’s behavior. How you Your Money behaves puts it in stock market controls, it figures it out how the money behaves, right? a financial coach focuses on your behavior with money. How do you behave with the money in your hands? Are you a spender? Are you a saver? Do you have inherited money scripts from when you were a kid and how it affects the way you perceive and use money? Okay, so those are two different things. So financial coach gets how you handle money, your behavior with money an advisor focuses on your money’s behavior. Now you need both of those people. Some people are both some people one or the other. But you need both in your life, right? You need to figure out how you spend money, what your behaviors like, and then give it to somebody who could help you figure out the money’s behavior in the marketplace.
Okay, so that’s the main thing between the two of them.
Joey Ruffalo 08:54
Again, financial coach focuses on your behavior with money. a financial advisor focuses on Your money’s behavior little different. So that’s what I am. I’m a financial coach. I’m going to be a financial advisor at some point in time. But right now I’m a financial coach. I hope to incorporate both of these elements into working with clients.
Joey Ruffalo 09:14
But that’s who I am. So future episodes, what is MBR? radio? What is money business reselling all about? Okay? MBR radio is basically money, business. And recently, all three aspects that I love to talk about. Talking about money, talk about debt, getting out of debt, getting on a budget, building wealth, love business and love talking about business starting businesses, running businesses, pain points, procedures, policies, anything we can get going to get a business up and running, and kind of chugging along that path to success, and reselling. reselling is a great tool. I’ve been reselling online since 2000. I’m on eBay poshmark, all these major sites, top rated seller because I take that seriously as a business. So I use those business acumens. Business policies and procedures and drop it right into my reselling business. I use all that to make additional sources of income, additional streams into my of income. So it’s perfect. So we’ll talk money. We’ll talk business. We’ll talk reselling. Sometimes we’ll talk all three. Sometimes we’ll just talk one. We’ll have special guests, and special themed episodes. So hope you guys enjoy this. Hope you guys come along and listen as we go. I appreciate you guys following and talk to you soon.
Transcribed by https://otter.ai