Archive - September, 2008

Marching To Debt Freedom – Couple #3 – Month 09

September 11, 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.

Good things this month

We transferred JC Penney balance which was 21.99% to a 2.9% on Discover AND we transferred Chase that was 26% to a Juniper Mastercard at 7.9%.  We were VERY excited about those transfers.

It is also very encouraging to see the balance on the National City card come down!! It won't be long until that one is GONE!

Challenges this month

Challenges this month have been the rising cost of gas and food, but we have just budgeted a little differently in some areas and made it work out fine!  Again, this month I have to say THANK GOODNESS for the budget form!!! We were able to pay cash for all back to school items this year and MAN! Does that ever feel good!!!

Updated Debt Freedom Date …


Month By Month Progress …


Sangl Says ...

It is so nice to see Couple #3 reap the rewards of the hard work they put forth to restructure their debt.  Look at the tremendous progress they are making.  Instead of twenty percent of their payments going toward principal and eighty percent to banks, they have switched it around.  Now, over 80% of all of their payments are going toward principal reduction!  AWESOME!

Readers ...

If you have debt, have you considered restructuring it?  This can really help your debt freedom march gain a ton of traction and speed up your journey to ZERO DEBT!  I encourage you to read the series of posts I wrote called Restructuring Debt.

My book, I Was Broke. Now I'm Not, is available via AMAZON.COM, BORDERS.COM, and PAYPAL.  You can read the Introduction HERE.  In this book, you will learn exactly how Jenn and I became debt-free in just fourteen months.

Debt Freedom March – Couple #2 – Month 12

September 10, 2008 in Couple #2, Debt Freedom March with 2 Comments

Introduction

This couple is THROUGH with debt!  They announced that they were breaking up with debt in October 2007.  They have agreed to share their Debt Freedom March with everyone in the hopes of inspiring others to do the same!

Here is this month's update.

We didn't put $1000 on Vehicle 1 last month which is why it only went from $3500 to $3000.  We used that money for a few other things we wanted to do.  
 
Everything is going GREAT!!!!  We are still sticking to our cash envelopes and are looking forward to paying off Vehicle 1 soon!

Here is their updated Debt Freedom Date calculation …

Month By Month Progress …

Sangl Says

This is the one year anniversary of Couple #2's Debt Freedom March and look at how much debt they have paid off!  They started out in the $70,000 range and are now in the $40,000 range.  They have paid off $24,410 in ONE YEAR!

I am so excited for Couple #2.  They are being blessed financially and instead of running out and blowing all of it, they are using it as an opportunity to completely change their entire financial future! 

Readers …
Couple #2 is on a roll.  You can do the exact same thing!  Pull up the Debt Freedom Date Calculator (Excel) and put together your own Debt Freedom Date!
 
If not now, when?
 
My wife and I became debt-free (except for the house) in just fourteen months, and I share exactly how we did it in I Was Broke. Now I'm Not.
 

What Part Of This Do We Not Understand?

September 9, 2008 in Finance with 0 Comments

I read THIS ARTICLE today on CNN.com.

I am reminded yet again of why I am on this crusade.

In the United States, we are being taxed at the highest levels ever YET the government (people that WE elect) are spending it even faster.

Guess what?  Whether you are dealing with four dollars, four million dollars, or four trillion dollars the fact remains that INCOME - OUTGO = EXACTLY ZERO.

Why don't we have a balanced budget that also has debt reduction in it?

I thought about this question for a few minutes, and here are some reasons I believe we do not have a balanced budget.

  • It is hard to tell ourselves "No."
  • It is even harder to tell others "No."  Especially people we care about.
  • There are a lot of good causes out there, and we want to fund all of them.
  • Elected officials who cut spending for their district run a high risk of being run out of office.
  • The "I'm going to put America on a budget." campaign speech is about as appealing as the spouse who announces "We're going on a budget."  Instead of thinking "financial freedom" (that's what I think of when I hear the word "budget"), most people think "NO!", "No Fun!", and "Boring" and believe that it will be incredibly restricting, constricting, and beans & rice all of the time.
  • Many people do not typically think toward the future.  It takes time, effort, and organization to think about the future implications of such financial management.  Many Americans are hugely short of time, effort, and organization.
What are you thoughts?

Marching To Debt Freedom – Couple #1 – Month 12

September 9, 2008 in Couple #1, Debt Freedom March with 5 Comments

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

This month went to plan. It is great to see these balances going down.  On the other hand, it is difficult for expenses to go up so much.  It seems as though all of our extra spending money is going in the tank and into the grocery cart, but I can't complain.  I feel very lucky.  We have a house that is not in foreclosure, and we have two great jobs with benefits and insurance.  We are so blessed.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says

Couple #1 is now twelve months into their debt freedom march.  What a fantastic year it has been!  They have paid off $21,801.  This is what can happen when one is intensely focused on debt freedom and recognizes what life will be like when there is ZERO DEBT.

When Couple #1 started out, they had $35,695 in non-house debt.  They now have only $16,000 of non-house debt remaining.  Outstanding!

Couple #1 is doing a great job of sticking to their debt freedom march.  There are times that it seems almost unattainable, but it IS attainable and it IS so worth it!

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.

Receive each post automatically in your E-MAIL by clicking HERE.

I Am Thankful

September 8, 2008 in Finance with 1 Comment

For the past several weeks, I have had an overwhelming sense of thankfulness.  I am so blessed that it is hard to put it into words.

Here are some random things for which I am thankful:

  • My healthy family
  • The opportunity to run a marathon - not everyone has the health to even attempt one
  • An emergency fund and the peace it brings to my family
  • Great friends - I have met so many cool people through this crusade to help others with their personal finances
  • HOPE
  • Opportunity
  • My friend who was diagnosed with cancer has been given a clean bill of health
  • Being able to participate in life-changing work and the FLE, FFE, IWBNIN, Money Help, and other resources that help make the life-change possible.
  • Volunteers who help me with this crusade.  There are literally dozens of people who make this thing work.
  • NewSpring Church
  • Two paid-for cars that run well.
  • A wife who participates in the budgeting process.

As I look at this list, I realize that many of them are interconnected.  Many of them could not exist alone.  But I can tell you this, as I wrote this list, my heart overflows with thankfulness, and I am overwhelmed.  I simply can not believe I get to do this stuff for a living.

If you were to take three minutes to write down what you are thankful for, what would you write?

Great Quote: Shane Duffey

September 6, 2008 in Finance with 1 Comment

I don't know if this was original or not, but in NewSpring's creativity meeting the other day Shane Duffey (Pastor of Creativity) said the following statement.

"The answers are there.  We just have to go find them."

AB-SO-LUTE-LY!  After teaching thousands of people about finances and answering thousands of questions like "What should we do with (insert tough financial decisions here)?", I can honestly say that the answers are there.  We just have to go find them.

Well said, Shane. 

Shane has a blog where he writes about other great leadership stuff.  If you are interested in leadership principles and church strategy, you should READ IT and SUBSCRIBE TO IT. 

Feels Like I Am Mowing The Lawn

September 5, 2008 in Home Pay-Off Spectacular with 0 Comments

As I look at my Sangl Family Home Pay-Off Spectacular, I get the very real feeling that I am mowing my lawn.  (Click on the image below to see the actual spectacular.)


I am working along the outside perimeter of the house to ensure that we own at least all of our exterior walls.   It makes me feel like I am mowing the lawn.  I always start by mowing the outside perimeter and then work toward the center.  I am certain that this is a mental game that I play, but here is why I mow my lawn with this technique (and color in the squares on the Sangl Family Home Pay-Off Spectacular).

  • I want the longest and hardest part to be done first.
  • As I work toward completion, the time to complete each complete pass is shorter.
  • This method helps me see that I am making progress with every pass that I make.

Have you ever mowed your lawn for months or years with a small push mower and then had the opportunity to mow it with a riding mower that had a 48" deck?  All of the sudden, the push mower seems totally puny and inferior.  That is EXACTLY what it has felt like to slow down on our mortgage pay-off for the past six months.  It felt like I had to jump off of the riding mower and start push mowing again.  I am PUMPED to know that we are again back on the riding mower starting this month!

What techniques are you using to color in your Spectaculars?

If you do not have a Pay-Off or Saving Spectacular, click HERE to peruse the different ones available here at JosephSangl.com!

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Another Debt Freedom Story!

September 4, 2008 in Debt Freedom March, Debt Reduction, Hope with 0 Comments

I was pumped to read that a fellow blogger, Chris Hotz, has become debt-free except for the house!

Here are some items that stood out to me ...

  • "It took us 3.5 years." (this stuff takes time - most important things do)
  • "Freaking awesome."
  • "In a few years we won’t have a mortgage payment either."
  • "It’s worth the time, the effort and even the sacrifice to be able to say “We’re DEBT FREE!”"

You can read Chris's entire post about it HERE.

Way to go Hotz Family!

Calling for NewSpring VOLUNTEERS!

September 3, 2008 in IWBNIN with 0 Comments

Beginning the week of September 28th, NewSpring Church will be launching a TON of new home groups using the I Was Broke. Now I'm Not. Home Group Study.  Of course, this will be at both the Greenville and Anderson campuses.

Ask yourself these questions:

  • Do you have a passion for helping others win with their finances?
  • Do you love helping others move from being hopeless to hopeful with their money?
  • Do you love being a part of life-change?

If this is you, then we need your help in leading one of these new home groups!

Specifically, this is what we are asking for:

  • A six-week commitment to lead the IWBNIN Home Group Study
  • A six-week commitment to host this study at your house
  • The six-week commitment is from September 28 thru November 7th

Here is what we will provide you:

  • Training for the class
  • Materials for the class
  • NewSpring will manage the sign-ups and home group assignment process 

It would be fantastic if you wanted to lead the group beyond the six-week commitment, but it is not required. 

This is YOUR CHANCE to be a part of this crusade to help others accomplish far more than they ever thought possible with their personal finances.  I know that this will require a sacrifice of your time, effort, and schedule, and I am so thankful for your consideration for being a part of this!

Interested?  Fill out the contact form HERE. 

NOTE:  You do NOT have to be a financial expert to lead this study.  You do not have to be a millionaire or debt-free either, but you must be passionate about taking finances to the next level.

Important Reminders

September 3, 2008 in Finance with 1 Comment

In keeping with the completely PRACTICAL nature of this website, I thought I would provide some important reminders.

  • Christmas is 113 days away
  • Car tires wear out
  • Water heaters fail
  • Kids grow
  • Debt freedom is worth every sacrifice it took to achieve
  • Third-graders will enter college in ten years
  • Wives appreciate nice anniversary gifts - especially the years that have multiples of 5
  • Property taxes are known, upcoming expenses for those who own property
  • Income is necessary to make Income - Outgo = Exactly Zero
  • Payday loans are destructive to one's finances
  • Purdue University did not lose a football game last week
  • It is now three days into September.  Did you prepare a written budget BEFORE the month began?

What other reminders do you have?

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You CAN Be Debt Free!

September 2, 2008 in Hope with 4 Comments

Pardon me while I rant for a moment ... 

For some reason, I have been encountering a lot of people lately who simply can not believe that they can become debt free.

They present numerous reasons as to why they can not become debt free - income, uncooperative spouse, children, huge home mortgage, student loans, interest rates on various loans, and the fact that it takes too long.

I agree that all of these reasons can create obstacles to achieving debt freedom, but NONE has the ability to prevent you from becoming debt free.  ALL of them can be addressed.  ALL of them might require tough, hard, and gut-wrenching decisions, but it is worth it to become free from debt!

If freedom from debt is your goal, you CAN do it!  I believe that one of the most important things one can do when launching their Debt Freedom March is to prepare a written spending plan every single month.

If today is the day that you are going to start planning your spending, I recommend that you read the series of posts I wrote titled "How Do I Budget?".

Chances are that if you have already launched your March To Debt Freedom, you have encountered the naysayers who say it is not possible.  Stick with it!  It is so worth it.

In summary, let me just say that I have been Debt-Free (except for the house) and LOVING IT since February 2004.

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Sangl Home Pay-Off Spectacular – September 2008

September 1, 2008 in Home Pay-Off Spectacular with 0 Comments

Every month there will be an update of Joe & Jenn's Home Pay-Off Spectacular!

Here's this month's update!

Total Squares:  2,426

Paid-For Squares:  752 756

Squares Remaining:  1674 1670

% of House Owned By The Sangl's:  31.0% 31.2%

% of House Owned By Wells Fargo:  69.0% 68.8%

Here is the updated "Sangl Home Pay-Off Spectacular" (Click on the picture to view the larger, cleaner version)


Next month, we are ramping up on the payoff spectacular again.  After several months of backing off the attack on our mortgage, it looks like we will be able to sustain larger payments for the forseeable future.  I am PUMPED to be able to start coloring in more squares every month!

At least eleven squares are going to be colored in this coming month due to the FNBO Direct semi-finalist prize money!

How are you doing on YOUR house payoff spectacular?  Don't have one?  Get yours here => Pay Off Spectacular - House.

Read previous Sangl Home Pay-Off Spectacular Updates 

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