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Archive - August, 2007

Why I believe Dave Ramsey’s team is winning in their crusade

August 14, 2007 in Financial Hero with 5 Comments

I had a great time meeting Dave Ramsey this past Monday, and for the rest of the week I am sharing some thoughts about my visit there.

Here are some reasons I believe Dave Ramsey's team is winning in their crusade to help people achieve Financial Peace.

Intense focus. There are nearly 200 staff members working on Dave's team. I didn't see any of them standing around. They were all at work and focused on accomplishing their individual tasks.
Team. I am sure that Dave mentioned the word "team" at least 25 times during the radio show and my visit with him. Great leaders realize early and often that a team can accomplish far better and longer-lasting results.
Prayer. Ten minutes before the show goes live, Dave and his team gather together to pray for the show. To pray for blessing. To pray for the callers. To pray for changed lives. Every Wednesday, the entire Lampo team gathers for all-staff devotionals.
Pay for performance. As Dave has said many times - "Your raise is effective when you are."
Organized. Dave has his calendar put up on the wall so that everyone understands what is next and upcoming. That ensures that each experience is outstanding. I know my experience was!
Inspiring work. To borrow a word from the great theologian, fisherman Bill Dance, - "Dad-gummit" - this is an awesome crusade to be a part of! The staff gets it, is on board with it, and is flat out getting it done.

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

Dave Ramsey Statements

August 14, 2007 in Finance with 0 Comments

I had a great time meeting Dave Ramsey this past Monday, and for the rest of the week I am sharing some thoughts about my visit there.

While sitting in the studio while Dave was live on The Dave Ramsey Show, I wrote down some great things that Dave said.

"A broke finance professor is like a shop teacher with missing fingers."
"Talent is cheaper than table salt. Work hard and even without talent, you will beat out 95% of those with talent and no work ethic."
"FOCUS is very important! Narrowing your focus gets things done."
"A GOOD car is a Get Out Of Debt car. A G-O-O-D car."
"I did a detailed autopsy on the death of my finances."
"Prayer matters. A lot."

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

I met Dave Ramsey yesterday!

August 14, 2007 in Financial Hero with 12 Comments

Yesterday, I got the chance to live out a dream ... Jenn and I were in Brentwood, TN and we were able to meet Dave Ramsey, sit in the studio during The Dave Ramsey Show, and then were able to tour the offices of Financial Peace Plaza.

It was an awesome experience! I am going to take the rest of this week to share about my visit with Dave and his team.

For now, since it is 1:33AM and I have just arrived back home from the trip, I will just admit to being a bit of a tourist - so here are a couple of photos taken with my crummy digital camera.

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

EPIDEMIC ALERT! HUGE Financial Ignorance

August 13, 2007 in Finance with 4 Comments

The office of www.JosephSangl.com is declaring an official financial ignorance epidemic!

The epidemic is one of HUGE proportions. To combat this epidemic, one needs to understand the symptoms.

Primary Symptoms - Financial Ignorance Epidemic

Fancy car, fancy house, fancy clothes BUT no cash in the bank, not giving money away, and not saving money
Not investing in the company's 401(k) - not even the minimum amount to obtain the FREE match money
Spending money without first developing a plan for how it should be spent
If married - not working together on the finances
If single - not having someone to hold them accountable
Uses phrases like "we invested in new furniture" and "we saved $2,000 by spending $35,000 on this new car" (and "I know that God will take care of us" (after purchasing yet another car using money that they do not have!)
Their children have no concept of money management
Highly susceptible to "get-rich-quick" schemes/scams
Believe that it is too late to win with money
Too prideful to ask for help with their finances

Here are just a few of the things that the office of www.JosephSangl.com is doing to combat this horrible illness.

Articles posted every single weekday that help educate persons with practical tools that will set up a person to win financially. (Maybe you would like to SUBSCRIBE?)
Teaching the Financial Learning Experience at NewSpring Church and also taking it on the road. (Maybe you would like to have Joe teach the Financial Learning Experience at your church or business? Contact Joe HERE)
Offering FREE TOOLS that Joe actually used to become debt-free and still uses to maximize the use of every single dollar! (Maybe you would like to visit the FREE TOOLS page?)

Perhaps you know someone who has this terrible illness. Perhaps YOU are that someone! Either way, what are you doing to help eradicate this epidemic?

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

Dave Ramsey, Roundtables, Teaching, Counseling

August 10, 2007 in Event, Financial Hero with 2 Comments

I am PUMPED about the next three weeks!

On Monday, August 13, I will meet Dave Ramsey in Brentwood, TN.

On Thursday, August 16, I will host my first ever personal finance counseling roundtable at NewSpring Church in Anderson, SC. There are still three spots open for this. If you are interested in attending, please click HERE.

On Saturday, August 25, I will be teaching the Financial Learning Experience at Word of Faith Christian Ministries in Dayton, Ohio. Click HERE for more information. For all of the folks reading this blog who are near Dayton, I would love to meet you then!

And on every Sunday, Monday, Tuesday, Wednesday, and Thursday, Financial Counseling continues at NewSpring Church. If you are interested in setting up a financial counseling appointment, contact me HERE.

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

I’m selling HOPE!

August 9, 2007 in Dreams, Hope with 4 Comments

When I meet with people to help them come up with a plan to win with their finances, I turn into a salesman.

What am I selling? HOPE

How are sales? THROUGH THE ROOF!!!

Every week during my classes, counseling sessions, and speaking engagements I see HOPE reappear! It PUMPS ME UP because I know that HOPE is what will inspire one to sacrifice some fun things now to achieve lifelong dreams.

It excites me because I know that a person with HOPE will be able to plow through some tough times and hard decisions to free themselves financially and go do exactly what God put them on earth to do - regardless of the income potential!

Here are some results of some recent HOPE sales:

A person saw that they could be debt-free twelve months sooner if they just sold a car - so they went and sold it!
A person saw that they could save $600/year on car insurance - so they went and got better insurance!
A couple recently sat in my office and talked about finances TOGETHER for the first time EVER!
A couple had never been able to give to their local church like they wanted to. From the month that they met with me, they have been able to give like they have always wanted.
A couple saw that they could be debt-free more than two years sooner if they just sold their cars - so they went and sold them!
A young couple getting ready for marriage saw how powerful compound interest was and went and set up their Roth IRA investments with automatic monthly contributions!

Folks, HOPE is there! If you do not have HOPE, I assure you that there is a way to win with your finances! It may not be easy. It may not be fun. It may not be appealing. But for those who have decided to tackle it head-on - they are winning and I am PUMPED UP!

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

Investing – FUN with mutual FUNds

August 8, 2007 in Investing with 9 Comments

Anyone who reads this blog with regularity knows that one of the key reasons I want you to become debt-free is so you can invest more! Investing means that Jenn and I will be able to achieve many of our hopes and dreams! It means that our current sacrifice will allow us to purchase financial freedom for our future! (Perhaps the number of "!" indicates my level of excitement about this!!!

Well, one of the most common questions I receive is "What mutual funds do you recommend?"

My answer is always, "I don't recommend mutual funds. I can only tell you what ones I own. What you choose is up to you."

So today, for those inquring minds who want to know, I am publishing some of the mutual funds/investments that I own.

As I prepared this list, I realized several things:

We have too many accounts. We have a rollover 401(k), rollover 403(b), 529, Roth IRA, 401(k), and a SIMPLE IRA.
I am OK with some risk, but for some reason or other I have purchased some bond funds. Maybe that is part of my inner-security needs bleeding out ... ?
I can't tell you exactly why I own all of these funds - that CAN'T be good. I really hold to the belief that I should not own anything that I can't tell you exactly why I own them.

Do you have any funds that you really like that you think I should be considering?

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

Home Purchasing Tips

August 7, 2007 in Investing with 6 Comments

Purchasing a home can be a HUGE task - especially for a first-time homebuyer.

In hundreds of financial counseling sessions, I may not have seen it all, but I have seen a lot. So here are some tips to make your home purchase a winner.

Don't buy a house that has a total house payment (principal, interest, insurance, taxes) greater than 25% of take-home pay. The bank will lend you far more than 25%, but trust me. If you go purchase a house that has a payment of more than 25%, you will start really feeling a pinch on your overall lifestyle. Your entire existence will be focused on making the house payment.
Put down at least 5% of the purchase price. Even better, make that 20%. You can purchase a house with 0% down or 3% down, but to obtain a conventional mortgage with the best rates, you will need to put down at least 5%. However, if you do not put down at least 20%, you will have to pay PMI (private mortgage insurance) and that will cost you $500 to $1,000 or more more year!
Buy a house that is at the average or lower of the other houses in the neighborhood. This allows better opportunity for your house to increase in value. When you are the largest and most expensive house in the neighborhood, you stand a good chance of have a decreased growth rate in your home's value.
Wait overnight before signing a contract on a house. You will think more clearly about a house when you have slept on the purchase decision. It also puts separation between you and the emotion of the house. This allows you to make sure it is a good financial decision.
If you are not convinced that you will be in the house for two years or longer, consider NOT purchasing a house. Renting is so much easier in short-term situations. Yes, you might have to pay to break a lease, but it is WAY easier than preparing a house to sell, actually selling it, and then closing on it.

OK commentors - What are some tips you want to add?

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

Book Review: The E-Myth

August 6, 2007 in Dreams, Finance with 6 Comments

I was talking to my friend who visited over the weekend and he mentioned this book called The E-Myth.

I borrowed the book from another friend on Monday and completed reading it on Wednesday. It is a great book for small business owners or anyone contemplating starting a small business.

A key reason that this book applies to me is the fact that I really want to help over 100,000 people accomplish far more than they ever thought possible with their personal finances by October 2011. This will require a humongous team effort!

Here are some things I am taking away from this book.

The same thing that prompted me to write THIS is what will enable this effort to reach 100,000 people. I certainly can not do it all!
Great doers don't necessarily make great leaders.
Putting together a structure and a system always trumps "flying by the seat of the pants"
Consistency in the overall "experience" is HUGE
Following the system - everyone following the same system and protocol leads to this consistency
Great people have a vision of their lives that they practice emulating each and every day.
I want to go to the hotel the author mentions in chapter 15.

Well worth the few hour read!

Tony also offers his takeaways from this book HERE.

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

“Gotta-Have-A-House” Fever

August 3, 2007 in Investing with 2 Comments

Ever had "gotta-have-a-house" fever?

This is a condition that affects many people. It causes them to say, "I've got to get a house. I am throwing money away by renting. We've got to get a house."

When you get this condition, you are VERY LIKELY to pay full retail price and make a decision you will later regret.

Anyone can catch "gotta-have-a-house" fever, but for some reason it really infects those who can't afford a house! I'm talking about folks with debt up to the eyeballs, $4.13 in the bank, and behind on half of the bills.

Here are some ways to avoid catching "gotta-have-a-house" fever.

Wait overnight before making a purchase decision
Seek wisdom from someone who really knows about real estate
Pray
Save up 20% for a down payment - when you are really spending YOUR money, it changes the way you think about a purchase!
Buy a house that makes you work on it day and night for five years because it was a ramshackle, low-down, termite-ridden, leaking, rodent-infested, soggy, sloppy, messy, butt-ugly trash hole. This will certainly help make you immune to that type of purchase in the future.

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

I want you to be 100% debt-free

August 2, 2007 in Financial Hero, Hope, Saving with 4 Comments

Anyone who has read this blog knows clearly that I want you to be debt-free - including the mortgage!

Think about that for a minute ... Debt-free INCLUDING the house. How much money goes out to pay debt and the house every month? For the average family it is somewhere between $1,000 and $3,000 every month! What would you do with that money if it did not have to go to service that debt?

A www.JosephSangl.com Financial Hero, David Bach, recently wrote an article on Yahoo! Finance about "How to save big on your mortgage".

In the article, David makes a fantastic statement. David writes ...

I'm often asked if it makes more sense to prepay a mortgage or invest the money in stocks and bonds. Rather than ponder which asset will get you a higher return, I think the better question is which investment decision will free you financially and allow you to retire earlier.

In my 9 years of experience as a financial advisor for Morgan Stanley, the clients who paid their debts off early -- specifically their mortgages -- retired 5 to 10 years before those who didn't.

I ran the calculations for a $150,000 30-year mortgage with 6.0% interest:

I just love the idea of all of us reading this blog being debt-free including the house!

Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

I have a dream …

August 1, 2007 in Dreams with 2 Comments

"I have a dream ..." What an unbelievable start to Dr. Martin Luther King's historical speech.

As I ponder his words, it stands out to me that nearly everything important that happens begins with a dream.

I want to share with you some of my dreams ...

Be the best dad and husband in the entire world!
Have my entire church and our county become 100% debt-free!
Teach this personal finance stuff to 100,000 folks by October 2011!
Teach the Financial Learning Experience in all 50 US States - in the same year!
Start a university
Travel to Australia, New Zealand and all of Europe.
Speak at personal finance conferences with Howard Dayton, Dave Ramsey, Robert Kiyosaki, and David Chilton (I would actually love to set up this conference)
Author a book and sell at least one copy - This one is coming true SOON (at least the "author" part )
Provide my child with a paid-for college education and a paid-for 1st house!