I love the fact that I can offer all of the personal finance tools in the TOOLS section for FREE!
Let me share some facts that BLOW MY MIND about the tools offered on this site. In the last SEVEN days:
- The Monthly Budget Form (Excel) has been downloaded 234 times
- The Weekly Budget Form (Excel) has been downloaded 152 times
- The Debt Freedom Date Calculator (Excel) has been downloaded 68 times
- The Financial Planning Checklist (Word) has been downloaded 37 times
- The TOOLS page has been viewed on 685 times
The reason this pumps me up so much is because I KNOW that someone's finances have been drastically altered – simply by applying these simple tools to their money! I KNOW that because of this, marriages are being taken to the next level, relationships between parents and children are being restored, and people are going to be freed up to go do exactly what God has put them on this earth to do!
I AM PUMPED UP!
In this weekend edition, I thought I would share some of the recent financial happenings in the Sangl Household:
- My ING Direct On-Line Savings Account lowered its interest rate to 4.30% due to the Fed's lowering of rates. That's OK because it is still way better than the 0.20% interest and the minimum balance required by my old bank. You can open your ING On-Line Savings Account and receive $25 FREE if you fund your account with at least $250. NO MORE "FREE $25 LINKS LEFT" – BUT you can still get a great account that is paying 4.20% interest with a minimum balance of $1 by clicking the link at the top right of this page or by clicking HERE.
- We've decided that the home mortgage needs to leave. The Sangl Home Pay-Off Spectacular will be making an appearance on the blog on Monday, October 8th. You will all get to hold Jenn and me accountable as we pound the home mortgage to a nice big ZERO!
- My Health Savings Account (HSA) is about to take a beating from the surgery that I had in June. The final bills are rolling in. It is AWESOME to know that we already have the money in the account in advance!!! This is what prevents debt from happening in the Sangl household.
- Our daughter was inspired by the "Snake Who Ate Christmas" sale on Ebay. She has produced at least twenty drawings that she now wants to sell on Ebay. Can someone tell me how to explain to a seven-year-old that it is highly unusual for sketches like "Snakey-Snake" to sell at all – let alone for $20.50?
In this series of posts, I am sharing some different ways that I am teaching my daughter about money.
I have more influence on my daughter's money management skills than any other. What I teach her will have a direct impact on her life and generations to follow!
Live it out loud. My goal is to show Melea that everything I am teaching her is relevant and can be practically applied to her life.
A $18 lesson at age five can prevent an $18,000 lesson at age 20. Which one would you choose?
I have negelected my parental duties if I don't teach Melea the lessons I teach thousands of others every year!
Step FIVE: This is a PROCESS not a one-time conversation.
This is not a one-time conversation. Learning is a process. It happens over time. With multiple conversations. With both good and bad attitudes. In different situations. It is intentional.
What Jenn and I have taught Melea so far has been intentional. We plan on keeping it that way. As we approach the next 11 years of her life with us, Melea will be taught many more financial and life lessons.
To wrap up this series, I thought I would share some of the lessons that are upcoming for her. Some are new and some are continuations of lessons already in progress.
- God is the owner. We are managers. We are teaching Melea that everything we have is from God. Luke 16:10 resounds through my head. There is a good potential for Melea to be left with a great inheritance (something the Bible says we should do – Proverbs 13:22 says that "a good man leaves an inheritance for his children's children". If we don't teach her to be a great manager, her life could be ruined by the inheritance!!!
- Giving and saving are top priorities. This lesson is already in process, but it will continue to be reinforced. There is nothing more satisfying than giving to a worthy cause and saving money for God-given hopes and dreams.
- The fundamental business concept of "profit". It is amazing how many business owners forget this concept! Melea will know this concept forward and backward!
- It is OK to wait to make a purchase. Debt is not worth the immediate gratification. The gratification will go away, but the debt will visit monthly. This WILL make me turn in my grave!
- Learn the most powerful word in the English language – NO! Already in progress on this lesson! It is so important to have self-control.
That's it! I hope that this series has helped you gain a few ideas on training your children about money.
Question Of The Day: What ideas have you put into practice as a result of this series?
Another story of life-change was released on the podcast today! Have you listened to the Podcast from Joe? To subscribe to the podcast using iTunes, click HERE. If you do not have iTunes, you can download an mp3 by clicking HERE.
In this series of posts, I am sharing how Jenn and I are training Melea to manage money well.
It is MY responsibility to train my daughter. Not the schools (although they could at least teach a few classes about it!) and definitely NOT the marketers!
It is MY responsibility to live out what I teach my daughter. No one has more influence on my daughter's education than Jenn and I!
Melea has to learn the lessons – both good and bad – about money. The sooner she starts learning the bad ones, the sooner she will adopt the good ones!!!
Step FOUR: Teach the Key Principles!
Anyone who has taken the Financial Freedom Class that I teach knows the Four Key Principles by heart. They are taught at the beginning of every single class – all five of the sessions. You can actually watch me teach these four key principles at NewSpring Church (High-speed internet only – does not work well with Amish internet!)
KP #1: There is POWER when you work TOGETHER on finances. Melea's husband (hurts me to even write this – I am going to go cry now!!!!) will know how to manage finances, and they will work together to win! The preacher pronounces you "as one" and that applies to finances as well.
KP #2: Avoid the DEBT TRAP. Debt is a wealth-killer! I remember the day that Melea borrowed a dollar from Grandma to buy something at Wal-Mart. I said, "Oh my, Melea, you are in DEBT! You are in DEBT to Grandma!!!" She got so wigged out that she almost cried! You may think I am mean. I would say it is CRUEL to let her think debt is her friend or good!!!!
KP #3: Have a PLAN for your life. This creates the REASON for you to plan your finances! Melea has a plan for her life already. She wants to be a veterinarian, move to San Diego, work for the San Diego Zoo, and live in the round hotel. Now, this might change (I will have a lot of frequent-flyer miles if this holds up!), but she has a plan!
KP #4: Have FUN managing money TOGETHER! It is not all about investing every single dollar. It is not all about living in a refrigerator box. The whole reason that we all want to win with money is so we can accomplish our God-given hopes and dreams! I teach this to Melea every single day. By the way, forsaking a high-paying corporate job to go to work for a church and moving nine hours away from family is a pretty good way to show her that God-given hopes and dreams can be accomplished! Look at what this crusade is helping folks do!!! FUN!
Question Of The Day: Have you had a conversation about money with your kids this week?
The "Snake Who Ate Christmas" has been delivered to the purchaser. Thanks to all who participated in the auction! $20.50 was donated to NewSpring GameTime.
If you click on the picture, you will see that I even included my autograph on the back of the drawing. If you all had known that I would actually autograph it, I bet you would have bid at least $0.05 more!!!
Thanks to all who submitted questions. This was too much fun!!!!