Monday Money Tip: Separate Business and Personal Accounts

One of the top mistakes that small business owners can make is to intermingle their business expenses with their personal accounts. In today’s edition of Monday Money Tip, I’ll be sharing the reasons why you should separate these accounts.

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Joseph Sangl’s Current Investments – 2016

Anyone who has hung around the I Was Broke. Now I’m Not. team for long has surely heard the following statement:

“There is no HARVEST if you do not INVEST.”

And it is true. A farmer knows this intuitively. A harvest is impossible without investing seed into the ground.

The same is true for your finances. If you do not invest money, there is no chance of an abundant harvest.

In fact, one of the most common questions we receive is: “What investments do you recommend?

My answer is always, “I don’t recommend specific investments. I can only tell you the investments I own, and they have worked well for me. The investments you choose are up to you.”

Occasionally, I update everyone on the investments I currently hold. Below is a chart of the current investments we hold. If it is publicly-traded, I have included the ticker symbol. Click on the chart itself (or HERE) to see a larger version.


It’s crazy that yet another year has passed and if you look at my 2015 update, you will see several investment changes. This is due to several trades in individual stocks as well as the continued acquisition of real estate and growth of our business holdings. You can click the pie chart below to see a larger version.


My views of the investing market place:

  1. Stock Market turmoil  I believe the stock market will continue to experience a “roiling effect” due to the continued re-balancing of oil supply, China economic transition, political election cycle of the United States, as well as P/E (Price-to-Earnings) being appropriately priced. Until real sustained economic growth is proven over several consecutive quarters, it is difficult to see rapid growth of stocks.
  2. Dividends rule – Right now, there are many companies who have chosen to increase their dividends because company leaders apparently see few opportunities to better use the money.
  3. Entrepreneurial spirit  Individuals who choose to grow will be the ones who experience substantial and sustained growth of their investment portfolio. There are fewer “passive” growth opportunities right now than in the past ten years. Those who choose to lean into “risk” will be the ones rewarded with returns.

I welcome your thoughts on the investing market place as well. What do you think? What are your strategies?

Read previous installments of Joe Sangl’s “Current Investments” posts HERE.

Our Top-Viewed Monday Money Tip: Paying Off Debt

Today’s featured Monday Money Tip is our most-viewed tip: The Debt Snowball Technique

It is how I eliminated my debt, and it can work for you too!

You can receive all of my Monday Money Tips via email by registering here today:

The Stock Market Is CRAZY – What Do I Do?

The stock market has been experiencing crazy swings since the start of 2016. In fact, the Dow Jones Industrial Average is down more than 10% since the start of the year.

This can cause a lot of alarm for investors. Particularly those who are very close to retirement or who have already retired.

What should a person do in this situation? Sell it all? Buy a bunch of gold and silver? Do nothing at all?

I determine my approach by asking several questions:

  1. When do I really need the money I’ve invested?  This is a great question each investor should ask. Since I have no need for my invested money at this time (it’s for my children’s college and retirement), I’m able to wait out a downturn.
  2. Do I have the ability to “time” the market?  Not really. I can anticipate some changes, but I have no control of global macro economics. With the market being flooded by oil and other commodities, various hostilities between strong nations, credit markets being squeezed, and natural economic cycles, there are definitely pressures on commercial growth.  But I can’t time the market. I suspect you are also challenged to do so.

Then I remind myself of various statements of wisdom that have informed my investing during my life. Here are a few:

  • “October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain
  • “Emotional people buy high and sell low. Smart investors buy low and sell high.” – Unknown
  • “You never truly lose until you sell.” – Unknown

So what have I done during this challenging time? The same thing I did in 2008 – continue the course. I continued to invest in stocks (they were on sale!) and other assets (like businesses and real estate) to diversify my portfolio.

This approach has worked well for me for 20 years.

What is your approach?

Registration now OPEN! Core Coaching Program

Registration for the I Was Broke. Now I’m Not. Core Coaching Program is officially open!

We’ve already had several people register for this 14-session training program. We’re excited to help them take their financial knowledge to an entirely new level!

Just today I received the following note on Facebook: “My wife and I took your program 2 years ago. We began tithing. God opened doors to more over time and has allowed us to pay down debts.

That fires me up! And it is what the Core Coaching Program is all about – taking your finances to another level.

If you are serious about taking your money and financial education to another level in 2016, click HERE to learn more and register.

Registration closes January 31st – or when 100 people have registered, whichever occurs first.

Final Notes About Tonight’s Online Event (Last Chance To Register!)

Tonight is the night! The “How To Make This Year The BEST YEAR YET” live online event will begin promptly at 8:00 PM Eastern Time (7PM Central/5PM Pacific).

It’s free but you must be registered to be a part of this event.

Here are the final details:

  1. The event is overbooked – so log in early! We’re attempting to accommodate everyone who is registered, but our software provider only allows 500 live connections at one time. We recommend logging in about 15 minutes early to be absolutely certain you secure your spot!
  2. I will be speaking for about 45 minutes. This will allow time for around 15 minutes of Q&A at the end.
  3. Print out your Listening Guide. Each participant should have received an email with the Listening Guide attached (if not, we will provide a link before the event begins). Make sure to print out this guide because it will help maximize your experience during this event.
  4. I Was Broke. Now I’m Not. Core Coaching Program (CCP) – Wave 6 registration will open up. At the end of this online event, I will share information about the CCP and provide an opportunity for you to register for this year-long financial transformation experience.

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How To Have Your BEST (Financial) YEAR YET

One of the top New Year Resolutions people “resolve” to do is related to the improvement of one’s finances. Common resolutions include: “pay off debt”, “save money”, and “budget consistently”.

Hopefully, you’ve made a financial resolution for 2016. I know I have!

It is important to take steps toward your resolution as soon as possible to prevent old money habits and hangups from thwarting your goal.

One way to take a positive step forward is to participate in our upcoming live online event this Thursday night at 8:00 PM EST! I’m going to be sharing some key tips you can employ to ensure you have the BEST YEAR YET.

It’s going to be a gathering of hundreds of like-minded people. I promise you this: you will laugh, you will be challenged, and I’ve actually employed each tip in my own life and experienced positive results.

It’s FREE, but you do need to register. Once you’ve registered, all the details will be emailed to you, plus we’ll send you a reminder shortly before the event begins.

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  • EVENT: How To Make This Year The BEST YEAR YET
  • DATE: Thursday, January 14th
  • TIME:  8:00 PM EST
  • DURATION:  60 minutes (45 minutes teaching + 15 minutes Q&A)
  • COST:  Free
  • REGISTER:  Click HERE to reserve your spot. Space is limited to the first 500 people who sign in on the night of the event.

Core Coaching Program – Wave 6 – Enrollment Launching Next Week!

I’m so excited to officially announce that enrollment will open up for the I Was Broke. Now I’m Not. Core Coaching Program next Thursday!

This program is not for everyone. It is specifically designed for people who are serious about taking their financial education to another level in 2016. It has 14 video lesson experiences, homework, and tests. And we grade the tests.

If you are absolutely serious about changing your financial life in 2016, take a few minutes to read about the program (I’ve included lots of information below). Then, if you feel like this is the year to take charge of your financial future, click the link to register.


Created by Joseph Sangl
Joe is a leading financial teacher, author, and speaker and the founder of I Was Broke. Now I’m Not. This program is transforming the lives of tens of thousands of people by helping them start living their fully funded life.


  • Being able to dream – and make those dreams become reality
  • Paying all of your bill and still have money left over!
  • Positioning yourself to pay cash for your child(ren)’s college
  • Making the decision to become a stay at home parent
  • Having a nice home – without a mortgage
  • Being able to work your dream job – even if it paid less money

What is the Core Coaching Program – Entire Program?

  •  12 months of life changing video coaching lessons taught by Joseph Sangl and IWBNIN Team Members – delivered via on-demand videos online
  • A fired up and exclusive group of people who are committed to completing the entire IWBNIN Core Coaching Program

 Each coaching module includes:

  • A coaching video and accompanying listening guides
  • An eBook so you can easily share the information with your family
  • A downloadable .mp3 audio file so you can listen throughout the month on your mobile player
  • A plethora of additional resources, next level tools, and Money FAQ

Every member receives:

  • Access to a “member’s only” area – complete with login and password
  • Monthly budget reminders
  • Monthly saving tips
  • Next level tools
  • Book reviews of great personal and small business finance books
  • Exclusive contact form to receive priority response time status from IWBNIN team

We want to be very clear with you.

Joining the IWBNIN Core Coaching Program is a 12-month commitment. Over 12 months we are going to invest in you and treat you like family. We don’t offer a “cancel anytime” option because, frankly, it isn’t best for your finances as this isn’t a microwave approach.

We want you to know what you’re getting into, and we want to serve you well through the year.

This purchase from I Was Broke. Now I’m Not. comes with our 14-day money-back guarantee. After 14 days, your purchase is final.

This means you join today and get to try out the program for 14 days. If you decide the program is not a good fit for you, you can ask for your money back within the 14 days. From that point forward, you are committed to finishing and graduating from the program.

The Core Coaching Program can help you:

  • Achieve your dreams without living in financial worry
  • Accomplish far more than you ever thought possible both in life and your personal finances
  • Live Happier than ever before by living a fully funded life
  • Become Free by breaking the chains of debt

The Core Coaching Program CAN and WILL help you achieve each of these goals listed above! ARE YOU IN?


4 Painful (very painful!) Financial Lessons I’ve Learned

I’ve learned some painful lessons in my financial journey. Some of them were very painful! I’m going to be sharing about some of those painful lessons in my upcoming live event one week from today (more about this event below), but here are four of the most painful lessons I’ve learned.

4 Painful Financial Lessons I’ve Learned

  1. Don’t “Go it alone” without seeking financial counsel. Have you ever faced a major financial decision but chose not to seek wisdom from people who’ve “been there – done that” before? I know I have. And I’ve paid stiff penalties that would have been completely avoided if I had only gotten over myself and asked for help. I’ve found that PRIDE is the greatest reason I’ve attempted to “go it alone” without seeking wisdom from others on financial decisions. And we all know where pride leads us …
  2. Listen to my bride when making a major financial decision. Perhaps the only thing worse than losing money on an investment is facing the “I told you so” greeting from one’s beautiful spouse. When my bride has a negative “feeling” about an investment, it is like 5-alarm fire bells going off saying “RUN AWAY FROM THIS DECISION!”
  3. Pray for God’s guidance. If a major financial decision is so hurried that my family and business teams can’t pray about it, then we’ll let the opportunity pass on by. I’ve made some hurried decisions before without praying about them. Some worked out okay. Others were complete and utter flops. I’m completely convinced that prayer is an essential part of financial decision making.
  4. Always have a plan. And a back-up plan. And probably another one. Rarely do plans come together exactly as we mapped them out. New information becomes available, laws and regulations change, other parties in the deal change their minds, etc. I’ve learned that it is best to approach any and all financial decisions like Muhammad Ali approached boxing when he famously said, “Float like a butterfly, sting like a bee. The hands can’t hit what the eyes can’t see.”

Those are four of the most painful financial lessons I’ve learned. I wouldn’t trade any of the experiences, however, because they’ve allowed me to become a much more savvy financial manager and leader.

It is my passion to help you win in your money journey too! That’s why I’m offering a free online event just one week from today. The details are below. If you want to make 2016 the best year yet, I encourage you to register now. REGISTRATION IS REQUIRED.

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  • EVENT: How To Make This Year The BEST YEAR YET
  • DATE: Thursday, January 14th
  • TIME:  8:00 PM Eastern Time
  • DURATION:  60 minutes (45 minutes teaching + 15 minutes Q&A)
  • COST:  Free
  • REGISTER:  Click HERE to reserve your spot. Space is limited to the first 500 people who sign in on the night of the event.

5 Tips To Win With Your Money in 2016

Every single day, I wake up thinking about how to help people prosper with their finances. It’s for this reason that I’m hosting a free online event called “How To Make This Year The BEST YEAR YET” on Thursday, January 14th, at 8:00 PM Eastern Time. I’ll share more details below, but first I want to share a few tips to help take your money to another level in 2016 (I really like #3 the most!).

  1. Prepare a budget each month – and follow it! We all know that a budget is helpful, yet so few people actually take the time to prepare one each month. If you truly want to maximize each and every dollar in 2016, commit to prepare a budget each month before the month begins. Give every dollar a name. Give some. Save some. Invest some. Spend some. It really works!
  2. Focus on paying off your smallest debt. If you’re caught up in a wave of debt, it can seem overwhelming to tackle all of them at once. Instead of putting “a little extra” toward each of your debts, pay the minimum payment for each debt except the smallest one. Use all of your extra money to focus on eliminating that one debt. You will be surprised at how quickly that debt will disappear, and you will gain huge momentum toward liberating your life from unhealthy debt.
  3. Use your tax refund to launch something! Too many people spend their entire tax refund on the most urgent item in front of them – a debt, or maybe even a trip. But what if you decided to use the money to launch something new – a product you’ve created, a new business, or investment opportunity? You could utilize the money to catapult yourself to financial freedom!
  4. Sign up for a financial conference or class.  Financial education is vital to your financial success. Sign up for a real estate investment course, a stock investment conference, or an online financial education course (like our IWBNIN Core Coaching Program)
  5. Set a saving/investing goal and ask someone to hold you accountable.  It is one thing to have a goal. It is quite another to tell someone that goal and invite them to hold you accountable to reach it! For instance, I’ve set a goal to run 400 miles in 2016. I want you to hold me accountable to it. You can do so by being my friend on the Runkeeper app (it’s one of my favorite apps!).

Employ these tips, and it will help springboard you to financial success in 2016!

Now, about the upcoming online event, here are the details:

  • EVENT: How To Make This Year The BEST YEAR YET
  • DATE: Thursday, January 14th
  • TIME:  8:00 PM Eastern Time
  • DURATION:  60 minutes (45 minutes teaching + 15 minutes Q&A)
  • COST:  Free
  • REGISTER:  Click HERE to reserve your spot. Space is limited to the first 500 people who sign in on the night of the event.

3 Financial Steps You Can Take RIGHT NOW To Help Launch 2016

“You never have to recover from a great start.”

This is a great quote that can apply to your financial journey for 2016! While we’re still a couple of weeks away from the new year, you can take steps right now to launch into 2016 with a financial fury!

5 Financial Steps You Can Take RIGHT NOW

  1. Open a 529 College Savings Plan for each of your children (or grandchildren)  One of the greatest blessings a child can receive is a college education free from the burden of student loans! Plus there are usually tax incentives for investments into your state’s plan!
  2. Open an online Savings Account (and start saving for Christmas 2016!) I am a big fan of online savings banks, and have held my savings there for years.
  3. Increase contributions to the retirement account (401k, 403b, 457, TSP, SEP-IRA, IRA, Roth-IRA, TFSA, RSP)  Even a 1% increase can completely change the trajectory of your financial future!

These three steps could be completed in less than 30 minutes. Why not do it now?



I’m so excited about what is continuing to happen through the I Was Broke. Now I’m Not. Team! We have an amazing team that is so passionate about helping people accomplish far more than they ever thought possible with their personal finances. We’ve seen our dream literally become a reality and EXPLODE (in an incredible way!) before our very eyes!! Over the years, our team has been given the opportunity to teach and speak to literally tens of thousands of people.

With this incredible growth comes the need for great people to help steward this tremendous effort. That’s why we are currently hiring a RESOURCE SALES CONSULTANT. This is a full time position that is located in our Anderson, South Carolina office.

Learn more about this job HERE.

If you feel this role would be an incredible fit for you:

  • Send your resume to:
  • Tell us why you would be an incredible fit for this role and our team
  • Include as many specific skill sets and abilities that you posses that would allow you to excel in this role


Challenge: Learn New Things

I love to learn new things!  If I learn something new every single day, then my life is very good.

I really want to challenge you to learn something new every day too. Here are some things I have learned that may help you out:

  • Insurance rates are much cheaper when bundled (auto & home; home & life; etc.) and for most people who have priced theirs out within the past couple of years, the savings could be $200 or more per year.
  • When you go to a dentist or doctor, you can negotiate the charges.  It is a service!!!  Many times, you can obtain a substantial discount on the amount you owe after insurance has paid its portion.  I have saved 10% twice and 6% once, each saving me $100s of dollars!
  • Use cash envelopes for spending categories that you tend to impulse on – groceries, dining out, clothing, spending money, entertainment.  We budget a set amount, pull it out in cash, and refuse to approach the bank again for the rest of the month.  When the money runs out, we’re done for the month!  It ensures you will NEVER overspend your budget!
  • Buy off-brands at the grocery store.  We have saved over $200/month since going to a cash envelope for groceries and purchasing the off-brands.  Off-brand milk tastes just like name-brand milk.  Off-brand Cheerios taste just like Cheerios.  Off-brand Froot-Loops taste just like Froot Loops.  Off-brand fritos taste just like Fritos.  I’m sticking with my Heinz ketchup, however.
  • Wait overnight on any purchase greater than $200.  I have not regretted this at all.  I have waited overnight on every large purchase, and it has really cooled the jets on some deals I might have made in the past.  This is a great way to avoid buyer’s remorse!  Wait.
  • Garage sales, yard sales, rummage sales, jockey lot sales, e-bay – are all great ways to find a great deal.
  • Fund some FUN with your tax refund.  I always make sure that we fund our summer vacation with our tax refund.  This ensures that I am going to follow the budget!  If my budget did not allow me to have fun, then it is quite likely that I would not be teaching this stuff!  I would certainly be less passionate about it.
  • Ask.  If you are going to spend a large sum of money on something, ask around for it first.  Somebody might have the very thing you are going to purchase and will sell it for pennies on the dollar or even give it to you!
  • Swap labor.  Help you friend or neighbor on their project and then have them help you out with yours.  No money.  Friendships are built.  Can you say WIN-WIN?

Can someone teach me something new today?  Add a comment below!

The Details Behind Term Life Insurance Application Process

Many people may know that they need term life insurance, but they do not clearly understand how the process works.  In the presence of unanswered questions, many people make a choice (a poor one) to do nothing.  My hope is that this post will help answer your questions about the term life insurance application process!

Acquiring term life insurance generally follows the following steps.

  1. Find term life insurance that fits your needs.
  2. Request and fill out an application (can obtain from your insurance agent or do this ONLINE)
  3. A nurse contracted by the life insurance company will contact you to set up an appropriate time for a health analysis (usually involves a blood test and a basic physical).
  4. Your application is either accepted or denied.
  5. If accepted, you will be provided your actual premium rate cost and the policy will go into effect once payment is made.

NOTE #1: Smoking and weight issues do not necessarily mean that you can not obtain life insurance, but it usually results in higher premiums due to increased health risks.

NOTE #2:  I carry 10 times my annual take-home pay in term life insurance in 20 or 30 year level term coverage.  For example, if a person makes $30,000 in annual take-home pay, then that would be $300,000 in term life insurance coverage.

Short-Term Urgent OR Long-Term Significant

I’ve noticed a trend in my life, and perhaps you have seen it as well in your own life.  It seems that things which are short-term urgent tend to trump items which are long-term significant.

Here are two common examples:

  1. Purchase a video game for our child (who already has 85 games) but there is no money saved for his college education
  2. Spend our money at yet another expensive restaurant (only to be hungry again 3 hours later), but refuse to save money for the health insurance deductible even though we know that we WILL get sick someday

This issue is best defeated by having a monthly budget (short-term plan) as well as a fully thought out “Plans, Hopes, and Dreams” list (long-term plan).

When you know the actual dream that is being sacrificed when faced with a short-term urgent item, there is a much greater likelihood that you will overcome that temptation.

QUESTION: What is the one short-term urgent item in your life that seems to keep destroying your finances and erodes your ability to fund your long-term dreams?

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