Monday Money Tip: No Means YES

In today’s Monday Money Tip, I’m sharing about the financial truth that saying “no” right now can allow you to say “yes” to more important things later.

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How to Make a Difference – Part 5

I am passionate about helping others accomplish far more than they ever thought possible with their personal finances.

I’ve committed my life to traveling and sharing this passion but I need your help to reach others with the simple message that:

  • God owns it all
  • We are managers
  • INCOME – OUTGO = EXACTLY ZERO

So with this series, I am going to challenge you to teach one person this simple message during the next month.

PART ONE  Who are you going to teach this to?

PART TWO  What is the best setting for teaching?

PART THREE  Prepare for your meeting

PART FOUR  Set up the meeting

PART FIVE  Have the meeting

Remember, authenticity speaks volumes.  Teach them the tools you have actually used.  Offer to help them put together their first budget.  Point them to the free tools on our website (HERE).  Help them calculate their debt freedom date.

Encourage them!  Pray with them!  Offer to meet with them again.  Follow up with them.

I can not wait to hear how your teaching goes!

How to Make a Difference – Part 4

I am passionate about helping others accomplish far more than they ever thought possible with their personal finances.

I’ve committed my life to traveling and sharing this passion but I need your help to reach others with the simple message that:

  • God owns it all
  • We are managers
  • INCOME – OUTGO = EXACTLY ZERO

So with this series, I am going to challenge you to teach one person this simple message during the next month.

PART ONE  Who are you going to teach this to?

PART TWO  What is the best setting for teaching?

PART THREE  Prepare for your meeting

PART FOUR  Set up the meeting

Of course, this conversation could happen spontaneously which would be terrific.  But if it does not, take the time to set up the meeting.  In Part 2, you thought about the best setting for a meeting to occur.

It is important that you are clear about what you want to discuss.  It is also extremely important that you let them know that you are not wanting to tell them about all of the bad decisions they are/have been making when it comes to money.

The invitation needs to be born of your own authentic desire to help others learn these principles that have had such an impact on your own finances.

Here are some ways to phrase it …

  • “I have had my finances rocked lately – in a good way!  I would love the opportunity to show you what I been able to do to take my finances to the next level.  I am not going to sell you anything.  I am just so excited about what has happened!”
  • “Remember how broke I was?  Well, I am getting un-broke and I can’t believe how straight-forward and easy it really is.  I would love to have you over for dinner to show you the free tools I am using.”

How awesome is it when you can help someone and there is no sales-pitch at the end of it?  Just a genuine desire to help them learn a tool/tip or two that can help them too!

How to Make a Difference – Part 3

I am passionate about helping others accomplish far more than they ever thought possible with their personal finances.

I’ve committed my life to traveling and sharing this passion but I need your help to reach others with the simple message that:

  • God owns it all
  • We are managers
  • INCOME – OUTGO = EXACTLY ZERO

So with this series, I am going to challenge you to teach one person this simple message during the next month.

PART ONE  Who are you going to teach this to?

PART TWO  What is the best setting for teaching?

PART THREE  Prepare for your meeting 

First, I want you to know that if you are taking this challenge, I have an assumption that you are applying these tools/principles. You can not fake authenticity. The best teachers I ever learned from are the ones who are actively thinking about and applying the knowledge they have.

Since you are indeed applying these principles and tools, then it is important that you provide some transparency to the individual you are teaching. Of course, it is not necessary for you to reveal all of your personal financial picture. Where it makes sense, show them a copy of your budget, debt freedom date calculation, before/after insurance quotes, and retirement calculations.

Have samples of these readily available before the meeting so that you will have them available should the opportunity present itself.

Maybe it would be worthwhile to take a few moments to brainstorm some key financial decisions you have made that have impacted your life – both good and bad.

 

How to Make A Difference – Part 2

I am passionate about helping others accomplish far more than they ever thought possible with their personal finances.

I’ve committed my life to traveling and sharing this passion but I need your help to reach others with the simple message that:

  • God owns it all
  • We are managers
  • INCOME – OUTGO = EXACTLY ZERO

So with this series, I am going to challenge you to teach one person this simple message during the next month.

PART ONE  Who are you going to teach this to?

PART TWO  What is the best setting for teaching?

In part 1, you chose one person that you were going to teach these financial principles to.  Now, it is important to determine the best setting for teaching to ensure that they will be receptive to the information you are sharing.

If you attempt to teach this to your son while he is playing in a high school basketball game, the chances are pretty good that he will foul you.

Here are some ideas: coffee house, your house, their house, break room, church, or library.

Now I am a huge fan of moving to action points.  I am not a big fan of “talk-talk-talk”.  So I like to meet in places that have wireless internet so I can pull up the FREE TOOLS on our website and walk them the tools that can help them.

The key here is that you know this person.  Choose a spot that will be conducive to their learning style and will enable you to discuss this stuff distraction-free.

You have chosen the person and a spot you want to meet.  Next up, we will talk about preparing for the meeting.

How to Make a Difference – Part 1

I am passionate about helping others accomplish far more than they ever thought possible with their personal finances.

I’ve committed my life to traveling and sharing this passion but I need your help to reach others with the simple message that:

  • God owns it all
  • We are managers
  • INCOME – OUTGO = EXACTLY ZERO

So with this series, I am going to challenge you to teach one person this simple message during the next month.

PART ONE  Who are you going to teach this to?

Take a few minutes to think about who are going to intentionally teach this information to. Who is it?

  • Child
  • Parent
  • Friend
  • Co-Worker
  • Employee
  • Employer
  • Family Member

It would be INCREDIBLE if you would share who are you going to intentionally teach this to during this month!

 

12 Reasons You Aren’t Winning With Your Money

I get the opportunity to travel and speak to different groups of people, in different phrases of life, with different financial struggles. However, they all of one thing in common: they all want to win with their money. The unfortunate reality is that there are a lot of people who aren’t winning with their finances. It can be frustrating and overwhelming. The GOOD NEWS is that you can win with your money. You can become debt free! You can start living your fully funded life.

Here is the list of the top reasons (in no particular order) I see that people aren’t winning with their money. If you currently aren’t winning with your money, read the list below to see if any of these apply to you.

  1. Unwilling to admit there is a problem
  2. Inability to say NO (to themselves, spouse, and/or children)
  3. Shiny Stuff Syndrome
  4. Lack of financial education
  5. Spouses not working together
  6. Lack of giving (rarely do I see selfish people truly win with their money)
  7. No savings (it is impossible to win financially if you do not save)
  8. Unwilling to take risk with any investments
  9. Listening to the wrong (and broke) people
  10. Impulsive spending decisions
  11. Failure to carry health and disability insurance
  12. Unwilling to work for it

Would you add any additional reasons to this list?

Monday Money Tip: 5 Swings of an Ax

In today’s Monday Money Tip, I’m sharing a great parable on the topic of persistence. This parable can be applied to far more than just your finances so be sure to check it out. I truly believe this tip could change your life.

Want to automatically receive a helpful and practical money tip every Monday? Just sign up HERE (It’s FREE)!

Monday Money Tip: A Must Have Helpful Money App – Mint.com

In this week’s Monday Money Tip, I’m sharing about a great money app that I personally use. I’ve found this app very helpful with managing my personal and business finances. Check out the below video for all the details:

Want to automatically receive a helpful and practical money tip every Monday? Just sign up HERE (It’s FREE)!

Ready to Get Organized? Part THREE

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

PART TWO  Prepare a list of all of your financial accounts

PART THREE  Information to include on your Financial Accounts Form

This form is meant to be the be-all end-all location for your entire financial picture. When you are looking for key financial information, you won’t have to go far because it is all contained within this file. When you pass away, it will allow your estate executor to easily understand what they are dealing with.

Here are the key items to include on your Financial Accounts Form.

  • Investment Accounts: Include your 401(k), 403(b), 457, TSP, Roth IRA, IRA, Stocks, Bonds, and Mutual Fund Investments
  • Bank Accounts: Include checking, savings, money market, CDs, and any other accounts held at a bank or credit union.
  • Real Estate: If you own real estate, be sure to list the addresses and the financial status of these holdings.
  • Will: According to LexisNexis and LegalZoom, 55% of Americans do not have a will or other estate plan in place. Have one, and include it’s location and your assigned executor on this document.
  • Power of Attorney: Healthcare POA, Limited POA, or other legal assignments of responsibility should be included in this document
  • Insurance Policies: Include Life Insurance – be sure to include policies provided through your workplace. Also include insurance on key possessions owned.
  • Jewelry (or other valuables): If you have valuable possessions, be sure to list them and their location
  • Safe Deposit Box: If you have one, indicate it on this document and include it’s location.

I know! I know! This can seem overwhelming, but it is absolutely worth the effort to put this together!

 

Ready to Get Organized? Part TWO

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

PART TWO  Prepare a list of all of your financial accounts

If you are a slightly or very disorganized person (like I used to be!), this is probably going to be the most difficult part of the entire organizational process. It is important to gather together your financial statements so you can easily prepare a one or two page document that details your entire picture.

To speed up the process, we have a tool that you can use to consolidate all of your information into one place. You can download a copy below:

Financial Accounts Form (PDF) or Financial Accounts Form (MS Word)

Below is a sample of how the information can be written into the file:

In the next step of this series, we will talk about specific types of information that you need to be sure to include on this document.

Ready to Get Organized? Part ONE

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

Let’s face it. We are all extremely busy. The last thing we need to do is initiate another paperwork process just for the sake of what “might” happen. I believe, however, that this process is an extremely valuable step toward maximizing one’s financial potential. If you take the time to complete the steps in this series, you will discover areas where your financial plan is lacking AND also where you are winning (which is very satisfying to see).

Here are some reasons to get organized financially:

  • Control: It is hard for the finances to run out of control when you are focusing this intently on your financial affairs
  • Improved financial focus: We tend to improve that which we focus our attention on
  • We will die someday: Our family will appreciate a clearly organized set of financial affairs

Organization and a great financial plan are two of the key reasons that Jenn and I have been able to experience financial freedom!

Is It Worth It?

Is it worth it?

I had a person express to me the importance of them receiving a paycheck because they are living paycheck to paycheck.

This individual has been working over 20 years and is still living paycheck to paycheck.

WOW!

Is everything they have purchased with their money been worth living paycheck to paycheck for 20 years? Balancing each week to pay the bills without bouncing a check?

OUCH!

If you keep doing what you are currently doing, are you going to look back in 20 years and still be living paycheck to paycheck? 10 years from now? 5 years from now? 1 year from now?

Really?

You see, I believe that for more than 95% of Americans the issue is NOT income. It is OUTGO! I believe that you can change your financial future. I believe that I can NOT change your financial future. You will change your financial future only when you have committed yourself 100% to the goal of living beyond the life of “paycheck-to-paycheck”.

I can help teach you. I can help educate you. I can plead with you. Your spouse can beg you. Only you can do it!

Looking for a next step? Check out my latest book for all the details – HERE.

Fun Summertime Activities For FREE (or close to it)

Well we’re getting ready to say goodbye to spring and hello to summertime! That means heat, no school, and lots of free time. In this tight economic time, a lot of people are getting very creative about how they spend their time and money. Let’s face it, we all want to have fun – even more so when the money is tight and times are stressful! Here are some ways that I have seen people having fun and it is costing them NOTHING (or next to it).

  • Start a blog
  • Listen to a podcast
  • Play a board game, card game or any kind of game
  • Check out the community calendar
  • Library visits – just to peruse the books, magazines and check out free movies
  • Bake a new dish using stuff that is already in the pantry and freezer
  • Clean up the yard
  • Learn a new skill (maybe how to change your car’s oil)
  • Start a DIY project
  • Start a new workout routine
  • Attack one room in the house and reorganize it
  • Volunteer at a local community center, food pantry, or animal shelter
  • Take the train downtown to people watch – I LOVE doing this in Chicago!
  • Catch up on some old shows with Hulu.com
  • Take time to pet and play with the dog and cat
  • Go on a hike or a walk
  • Pick-up basketball games at the local park

These are a few ideas. What are your favorite things to do that cost little or no money?

 

4 Benefits of Having Financial Margin – Part 4

Margin is an alternative way to communicate “space.” Remember when the English teacher ruined your life by announcing that you must hand write a two page composition? She would say, “Be sure to avoid writing in the “margins.” In other words, it was important to maintain appropriate spacing. The same is true for your finances. Financial margin creates space in your life. During this series, I’ll be focusing on the real and emotional effects of living WITH and WITHOUT financial margin. Ready?

PART ONE – LESS STRESS

PART TWO – FREEDOM

PART THREE – IMPROVED RELATIONSHIPS

PART FOUR – FILL UP THE TANK
There are so many benefits to having financial margin, but one of the greatest is the ability to just “fill up the tank.” Let me explain.

When there is no financial margin, it may not be possible to drive to the gas pump and fill up the gas tank. Lack of margin means that one has to put $16 in one time and $37 the next. Whatever money is available goes into the gas tank. This can be very costly – especially in time costs!

When you are not filling up the tank every time, you lose time because:

  • You have to fill up more often
  • You have to waste time figuring out how much can be spent this time

For many people, it also costs more money because more visits to the gas station equal more trips into the convenience store to buy super-overpriced soda and snacks!

When you have margin, you can just “fill up the tank.”

Here are other ways this applies to having financial margin:

  • You can buy the proven name-brand appliance instead of the el-cheapo model
  • You are in the position of power so you are not subject to obtaining financing and buying the junk they are trying to sell you
  • Pawning, short-term financing, and other highly expensive ways to obtain money become completely unnecessary

To me, the sacrifices to obtain financial margin are worth it just to “fill up the tank” every time!

Looking for more information on creating financial margin? Check out this resource (HERE).

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