Archive for June 2010

“I Don’t Like Getting Charged Overdraft Fees”

During breakfast this morning, I was reading Sports Illustrated and ran across a bank advertisement that had a person saying the following:

I don’t like getting charged overdraft fees.

My coffee is expensive enough already.

“The price on the menu read $3, but it read $38 on my bank statement.   So I switched to a [insert bank name] account.   Even if I’m short on funds, [insert bank name] won’t let me use my debit card to accidentally overdraft.   So my coffee never costs a lot more than it should.”

Wow!   I know that coffee is priced high at Fourbucks, but I can’t imagine living in a world where I must worry about overdrafting my bank account with a simple purchase of a cup of coffee.   EXCEPT FOR THE FACT THAT I LIVED THIS WAY FOR YEARS!

I would like to offer a better solution:

  • Establish a margin in your bill pay/spending account of several hundred dollars.   This will prevent overdrafting altogether!
  • Buy coffee with cash so that you can not possibly overdraft!   Cash purchases provide a 100% disconnect from overdrafting (or overspending) the bank account.

And, of course, prepare a written spending plan and force INCOME – OUTGO to equal EXACTLY ZERO!

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Greatest Thing I’ve Learned From … Jeffrey J. Fox

Welcome to the latest series here at JosephSangl.com – Greatest Thing I’ve Learned From …   In this series, I am going to be sharing the greatest things I’ve learned from financial and leadership experts.   I hope you enjoy the series and will join in the conversation to share your favorite learnings from these leaders!

Greatest Thing I’ve Learned From … Jeffrey J. Fox

I was introduced to a book written by Jeffrey J. Fox when I was an up-and-coming manager for a Fortune 500 company and had just been promoted to the next position (in the next facility, in the next town, …)   The book was titled How To Become CEO – The Rules for Rising to the Top of Any Organization.   My current leader gave me this book, and it greatly affected me.

I know that I have the greatest “thing” that I have learned, but this one requires a couple of “things” I have learned.

Avoid Staff Jobs, Seek Line Jobs

In other words, Fox was saying, “Do work that helps the company make money.”   It is a lot harder to be fired when you have a definitive and tangible link to helping a company make money.   This increases your value and positions you for growth.

Send Handwritten Notes

Be personable.   Be real.   Let people know when they do great work.   A handwritten note trumps verbal praise, congratulatory emails, and bonuses – combined.   When was the last time you received a handwritten thank you?   When was the last time you sent one?

Jeffrey J. Fox has written several books similar to this one.   Have you read any of them?   What are your thoughts?

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CNNMoney Article: Financial Abuses Of Deadbeat Parents

As I always do, I began the morning by reading thirty or so websites (it is how I make sure I am LEARNING something every single day).   I ran across THIS ARTICLE from CNNMoney.   You should read it – especially if you have deadbeat parents/siblings/children.

Here are some of the statements made by writer Blake Ellis that stand out to me:

  • When a parent uses their own child, the risk of prosecution is lower because of the family ties. Talk about ultimate manipulation!
  • If a parent has a child’s social security number, they can do almost anything — no matter how young the child is — because a credit check does not reveal a person’s age. Unbelievable.
  • Because of the availability of personal information to close family members, more than half of identity theft cases are typically committed by parents. Another potential result from being a poor manager of money – robbing from one’s own children.

Let’s be clear here – it is THEFT.   Parents are ROBBING THEIR CHILDREN because they are mismanaging their own finances.   Don’t believe it can ever happen to you?   You would be surprised what people will do when they become financially desperate.

Have you known someone who has experienced this?   What was it like?

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Greatest Thing I’ve Learned From … David Chilton

Welcome to the latest series here at JosephSangl.com – Greatest Thing I’ve Learned From …   In this series, I am going to be sharing the greatest things I’ve learned from financial and leadership experts.   I hope you enjoy the series and will join in the conversation to share your favorite learnings from these leaders!

Greatest Thing I’ve Learned From … DAVID CHILTON

I was around 12 years old when my dad gave me a copy of David Chilton’s book, The Wealthy Barber.     It taught me one of my life’s greatest lessons – the POWER of compound interest!   Now, I know I was a little on the “nerdy” side as a kid, but this book actually kept my attention.   So much so that when I obtained my first full-time job, I immediately raced to the benefits person and set my 401(k) contribution to the maximum allowed.   I have NEVER regretted that decision.   I also learned the negative side of compound interest, but it took a little first-hand experience with that for me to fully grasp that lesson (which I share in I Was Broke. Now I’m Not.)

David Chilton is also a JosephSangl.com Financial Hero.

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