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Archive - August, 2008

SERIES: Restructuring Debt – Part One

August 13, 2008 in Restructuring Debt, Series with 2 Comments

Welcome to the latest series at JosephSangl.com - Restructuring Debt

I am excited to embark on this series of posts because interest paid toward debt is one of the largest obstacles to gaining traction for one's own Debt Freedom March.

Part One - Know What You Are Paying

I have said and will continue to say that I believe that the top causes of financial failure are disorganization and the lack of a plan. If you want to gain the maximum traction on your Debt Freedom March, you need to pay the minimum interest possible.

In many of my financial counseling appointments, we add up the amount of interest that is being paid each year, and it SHOCKS the ones who have been paying it! There is something about SEEING IT ON PAPER that really connects us to the fact that paying interest is not a healthy financial plan.

I have developed a tool to help you easily calculate the amount of interest you are paying every month and year. The [download#70#nohits] is an Excel spreadsheet tool that will help you organize your debts and clearly understand the amount of interest that is being paid on the debt.

The form is very user-friendly. All you have to do is enter the debt name, the balanced owed, the monthly payment you are actually paying, and the annual interest rate of the debt. Below is an example.

In this example, you can see that this person has four debts totaling $44,650. The big issue is that $4,317 is being paid in interest every year. In fact, only 53.6% of the monthly payments is being applied to principal reduction.

Now that we are organized it is time to look for ways to reduce/eliminate the interest being paid. That will be covered in Part Two of "Restructuring Debt"!

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Great Leadership Book – Tony Morgan

August 12, 2008 in Tools with 0 Comments

If you are a leader or are developing yourself to be a leader, I highly recommend you jump over to Amazon.com and pre-order Tony Morgan's new book - Killing Cockroaches. Tony serves as the Chief Strategic Officer on the Strategic Management Team here at NewSpring Church, and he is freakishly smart when it comes to leadership and strategy. As a plus, he is a funny. I would also subscribe to his website. His blog is on my short list of every day must-reads.

Oh, and this other no-name guy named Andy Stanley wrote the foreword for Tony's book.

Watch a GREAT introduction to Tony's book by clicking on the YouTube video below

While you are at it, you might want to pick up Tony's other three books on strategy that he co-authored with Tim Stevens.

Find other great resources at the I Was Broke. Now I'm Not. Amazon.com Resource Center.

Debt Freedom March – Couple #2 – Month 11

August 10, 2008 in Couple #2, Debt Freedom March with 1 Comment

Introduction

This couple is THROUGH with debt! It has now been eight months since they announced that they were breaking up with debt. They have agreed to share their Debt Freedom March with everyone in the hopes to inspire others to do the same!

Here is this month's update.

We are still on the wagon, just very busy. Everything is still going well. We are still using our cash envelopes ...and loving it!! We have really gotten the hang of things and luckily we don't have a whole lot of ups and downs. Everything is running steady and smooth. Our upcoming goal is paying off vehicle #1. It won't be long!!! The most exciting thing for us right now is seeing our balances (debts) get lower and lower. One vehicle balance is less than $4,000 and the other just dropped below the $20,000 mark. Seeing little accomplishments like those keep us going. We are seeing the light at the end of the tunnel, and it is very exciting.

Here is their updated Debt Freedom Date calculation …

Month By Month Progress …

Sangl Says ...

Couple #2 is in a time of financial blessing, and they have decided that they are going to manage it to the very best of their ability. In just 10 months, they have reduced their Debt Freedom March by 16.9 months. At this rate, they will be be 100% debt-free in just 16.1 months!

Vehicle #1 will be gone just in time for Christmas! There is nothing like a paid-for car. The $1,000/month payment will then be applied to the SC Student Loan. Too bad for SC Student Loan. They expected that Couple #2 would be paying toward that loan for the next ten years. Instead, it will be gone in the middle of 2009.

Simply awesome.

Readers ...

Couple #2 is on a roll. You can do the exact same thing! Pull up the [download#4#nohits] and put together your own Debt Freedom Date!

If not now, when?

Read Previous Updates For Couple #2

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Marathon = 26.2 miles = Personal Finances

August 8, 2008 in Finance with 3 Comments

If you have been following me on my Twitter posts, you know that I have been talked into running a full marathon again.

Perry was unwilling to run again. He might be the smart one in this deal.

A full marathon. That is 26.2 miles of non-stop running. It is four months of training runs including individual runs of 14, 15, 16, 18, and 20 miles each.

My last marathon was two years ago in San Diego. This one is in Houston. In January.

As I trained for my last marathon, I did a series of posts relating how a marathon was similar to management of my personal finances. You can check out those posts HERE.

The biggest benefit of running a marathon? The fact that I can eat whatever I want and STILL lose weight.

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Marching To Debt Freedom – Couple #3 – Month 08

August 7, 2008 in Couple #3, Debt Freedom March with 2 Comments

Introduction

This couple has been married for many years and have one child. They have HAD IT with their debt and have been marching toward debt freedom since November 2007. They are THROUGH with credit cards.

This month's update

We have still increased our payment on the National City card and are determined to get it paid off SOON! We absolutely could not do this without the budget/budget form. It is AMAZING how much that tool helps us! (Get your own budget form HERE)

Struggles? Hmmm... Nothing specific really.

We have transferred two of the credit cards a couple days ago that will show up on the next month's sheet and that what went well! :) More on that one next month!

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

When Couple #3 started out, they had an incredible level of high-interest debt. The high interest was absolutely crushing their efforts to become debt-free. They have taken the first few months of their Debt Freedom March to restructure their debt such that they can make tremendous strides toward their goal of ZERO debt. Nearly all of the debt has been restructured at this point, and you can see that fact very clear through their progress in just one month. They are sending the same amount toward their debt each month, but now it is nearly all going toward the principal balances.

Watch out Franklin Financial, National City, and JC Penney!

Readers

Do you have high interest debt that is crushing your attempts to lower your debt? Restructure it! A series on restructuring debt will be appearing soon on this wildly popular website known as JosephSangl.com!

Help Is Available!

If you have tried to put together a budget that works and it just is not working, I want you to know that help is available. We provide FREE one-on-one financial counseling here at NewSpring Church - both the Anderson and Greenville campuses. There are about fifteen incredible volunteers who are passionate about helping others win with their money. You can request an appointment by clicking HERE. We even provide a limited number of on-line appointments too!

You might consider picking up a copy of I Was Broke. Now I'm Not. In this book, I spend four chapters telling my family's story of walking out of debt and into financial freedom. In the final nine chapters, I teach the practical tools that we used! It is a fast read at 121 pages, and it might just change your life!

Marching To Debt Freedom – Couple #1 – Month 11

August 6, 2008 in Couple #1, Debt Freedom March with 1 Comment

Introduction

Couple #1 is THROUGH with debt! They have been married for many years and have two children. They are now ELEVEN months into their Debt Freedom March.

Good/Bad This Month

We are really struggling with the economy right now. We are in sales and am currently way below last year's figures. For the first time in twenty years, we laid off people in our home office. Things are really scary. On the bright side, we are not carrying near as much debt as this time last year so we are not creating new debt which to me is the most important thing. I thank God for all we have and pray for those who are struggling way more than my family. Thanks for all of your help and wisdom.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says

Another debt has left Couple #1's household! The American Express has been kicked out forever. Nice!

Here is what is so incredible - Couple #1 began attacking their debt just eleven months ago, and they have paid off $20,462! Way to go Couple #1 - I can't wait to see where you guys stand at the end of your first full year of attacking your debt!

Readers …

How is your own Debt Freedom March progressing?

In my book, I Was Broke. Now I'm Not., I share the story of my Debt Freedom March and teach the exact tools that Jenn and I used to become debt-free. You can do it too! You can read the book's introduction HERE.

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I Can Not Believe This!

August 4, 2008 in Finance with 3 Comments

I had an amazing Monday.

First, I had an incredible weekend teaching the Financial Learning Experience and the Financial Counseling Experience at NewSpring Church. Then, I got to hear Perry deliver an amazing message on Sunday.

And then Monday showed up. As I walked out of the door, I saw a FedEx envelope wedged in the door. It said it was from "First National Bank". I was not expecting anything from FedEx, especially from a bank. Then I noticed that it was from First National Bank of Omaha. FNBO. As in FNBO Direct. As in the on-line savings account provider that is currently paying 3.50% interest.

Let me set this up before I tell you what was in the envelope.

A couple of months ago, a reader wrote me saying that I should enter a contest being sponsored by FNBO Direct called "Pay Yourself First". All I had to do was prepare a video that shared a major savings obstacle and why I was focused on paying myself first. I did that and uploaded it to YouTube as instructed. A few weeks later, I was awarded a $10 Amazon.com gift card for being one of the early entrants.

Well, here is where Monday and the FedEx envelope rolls in.

The letter inside stated that I have been selected as one of the twenty semi-finalists and that I have been awarded $500 for reaching the semi-finalist level! FIVE HUNDRED DOLLARS!!! I am BLOWN AWAY!

From the twenty semi-finalists, FNBO Direct will select five finalists who will compete in a six-month savings journey. FNBO Direct will match the savings dollar-for-dollar up to $5,000! FIVE THOUSAND DOLLARS! Are you kidding me?! I am so blessed. SO BLESSED.

You can check out my YouTube entry HERE. In the video, you will see/hear me mention the Sangl Home Pay-Off Spectacular. I am so focused on eliminating our mortgage that I provide monthly updates on our pay-off spectacular. You can read all of them by clicking HERE.

What a great Monday!

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Financial Counseling Experience – Unbelievable!

August 3, 2008 in Finance with 0 Comments

Saturday was incredible! INCREDIBLE!

We had THIRTY ONE people representing FOURTEEN churches here for the Financial Counseling Experience training. They came from South Carolina, North Carolina, Georgia, and Alabama. The St. Arbucks coffee was fresh (too holy to be Anderson, so we have to import it), the Chick-Fil-A sweet tea had hummingbirds seated on the edges of the cups (that's how you KNOW it is good), and I was able to share the process we have used to provide one-on-one counseling for over 400 people a year here at NewSpring Church.

It is my passion to help others accomplish far more than they ever thought possible with their personal finances so that they can go do EXACTLY what they have been put on this earth to do!

I am so excited about the Financial Counseling Experience because these people have been equipped to start their own financial counseling ministry at their own church or to take their existing financial counseling ministry to the next level.

Here is what really FIRES ME UP - In effect, I was able to teach THOUSANDS of people on Saturday. These people are going to go back to their home church and impact hundreds and thousands of people in their own communities. That FIRES ME UP!

By the way, this would not have been possible without some incredible volunteers who make this financial counseling ministry ROCK here at NewSpring. Josh, Amy, Paul, Amy, Gracie, and Jenn - THANK YOU! You ROCK!

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Financial Counseling Experience

August 1, 2008 in Finance with 0 Comments

I am so PUMPED to be teaching the Financial Counseling Experience TODAY at NewSpring Church! The Financial Counseling Experience is where I train volunteers who have "the knack" and a passion to help people put together a financial plan that works. I will be training folks on the process that we have used at NewSpring to provide one-on-one FREE financial counseling to over 800 people in less than two years.

Since I was conducting the training for our NewSpring volunteers, I decided to invite a few other people from around the area to see if they would be interested in attending. And the response has been ... well ... I will be training around 25 volunteer financial counselors today! And, get this, we will have people representing churches from Alabama, Georgia, South Carolina, North Carolina, and maybe Tennessee!

As I train our NewSpring volunteers, others will be there to take this stuff back to their churches!

All I can say is WOW. I can't believe I get to do this stuff for a living!

By the way, this won't be the last time I conduct this training. If you are interested in starting up a financial counseling ministry at your church and are interested in attending the next Financial Counseling Experience, you can contact me HERE. And of course if you attend NewSpring Church and would love to become a trained financial counselor, I would love to hear from you!

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