Archive - January, 2011

Just Make It This Week

Many people who have been living paycheck-to-paycheck are overwhelmed by the situation.   They may not have the financial knowledge to get out of the horrible financial spiral OR even if they do have the knowledge, they are intimidated as to where to even get started.

Just make it this week.

Every journey begins with a first step.   Maybe what you need is to set a goal of making it ONE WEEK.

Just ONE WEEK of …

You CAN do this.   And it starts with making it just this week.

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Today’s TV Appearance – Your Carolina WSPA

WESKAM ifs

I was honored to be a guest on Your Carolina this morning to talk about What Everyone Should Know About Money Before They Enter The Real World, the book I have written for high schoolers and 20-somethings – those young people who are just getting started out on their money journey.

You can watch that appearance HERE.

Copies of the book can be purchased HERE.

Protect Your Financial Future – Establish Strong Savings

One of the most important things that Jenn and I did to gain financial freedom was to begin thinking about and planning for the future.

It was a recognition of these basic FACTS:

  1. The future is coming.
  2. Life will happen.
  3. It will cost money

Based on these facts, we could choose 1 of 2 responses:

  1. Have zero money saved and use debt to pay for those life events OR
  2. Save money in advance and use that money to pay for the life events

Prior to December 2, 2002, we chose Option #1.   Every single time the car broke down or needed tires, we used debt to pay for it.   When we had to go to the doctor, we financed it.   Vacations?   All of them went on the credit card.   Christmas – all of that went on the credit card – with the excuse that we would use our tax refund to pay it off.   Never happened.

Option #1 is rife with stress, frustration, and anxiety.   Always fearing the next big calamity.   I am so glad that we have chosen Option #2 for the past 8+ years.

GOAL: Save at least $2,500 in a basic emergency fund.

EXTENDED GOAL:   Save at least $10,000 in a fully-funded emergency fund.

Have YOU protected your financial future?   Are you preparing for it by saving?   Share your story in the commments!

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IHHE RANT: Don’t Do As I Do. Do As I Say!

Everyone has met that one person who tells everyone how they should do something or how they should live their lives, but then that same individual goes out and ignores all of their own teaching!

It’s the PE Teacher who is completely out of shape.   It’s the messy parent telling their kid to clean their room.   It’s the person who tells their family to stop their crazy spending even when they themselves are so broke that when they go to Kentucky Fried Chicken, they have to lick other people’s fingers!

It’s the proverbial hypocrite.   Of course, we all have been a hypocrite at one point in time of our life or another, but I’m talking about consistently making the statement, “Don’t do as I do.   Do as I say!”

  • Americans You want the country to have a   balanced budget?   You want the National Debt to stop rising?   IT STARTS BY LIVING IT IN YOUR OWN LIFE!
  • Parents You want your children to prosper in life and manage their money well?   IT STARTS BY LIVING THE PRINCIPLES IN YOUR OWN LIFE!
  • Business Owners You want your business to prosper?   You want your employees to manage the business money well?   IT STARTS BY DOING THE SAME IN YOUR OWN LIFE!

I know I have more than enough times in my life where I have not lived out everything I say I value, but man I am SO GRATEFUL that my bride and I got on the same page financially and took the necessary (and tough) steps to achieve financial freedom.

And here’s the GREAT NEWS – You CAN do it too!   That’s why I’ve written all of the books and studies.   It’s why I’ve written like crazy on this website for the past five years.   It’s why we travel and teach over 50,000 people each year.   However we can help you, we want to do it!

How about making 2011 the year of, “Do as I do. Because doing so set me free!

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I’m Paying What?!?!

WARNING:   Participating in the below activity can lead to increased blood pressure, frustration, and possibly anger.

Have you ever given much attention to the deductions from your paycheck?

Here’s what I know.   If you don’t personally pay the bill and an expense is paid out of your paycheck before you ever receive it, chances are REALLY HIGH that you will be shocked to discover how much you are really paying!

I challenge you to pull up your paystub from the last paycheck you received in December 2010 and look at how much has been taken out BEFORE you ever received the check.

How much did you pay last year for:

  • Federal Income Tax
  • Social Security Tax
  • Medicare Tax
  • State Tax
  • Local Tax
  • Insurance Premiums

Now take those amounts and divide them by how much you were paid last year.   What percent of your pay was taken out to pay for taxes and insurance?   After you have taken your heart medicine, would you mind sharing your percentage in the comments?

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SPECIAL OFFER! Good for 3 days only!

We have a bundled offer in our on-line store called, “One of everything from IWBNIN!”, and it is priced at $64.99.   And that price is WRONG!   We’re going to be changing it in 3 days.   But until then, we are going to leave the price at $64.99.

This offer includes:

  • I Was Broke. Now I’m Not. Leadership Kit
    • Copy of I Was Broke. Now I’m Not.
    • I Was Broke. Now I’m Not. Group Study Guide
    • I Was Broke. Now I’m Not. 6-session DVD Lessons
    • $49.99 value
  • What Everyone Should Know About Money Before They Enter The Real World
    • Perfect book for high-schoolers and 20-somethings
    • $12.99 valu
  • Funded And Free
    • Great book for church, non-profit, and business leaders
    • $19.95 value

That is a total value of $82.93 for $64.99!   If you are looking to launch 2011 right – this is a great place to start.

Here’s my guarantee: If you apply the principles and tools I teach in these materials, you will exit 2011 better than you started.

To sweeten the deal even more, I’ve instructed our team to provide free shipping when the promo code “FREESHIP” is used.

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Financial Learning Experience Heads To PromiseLand San Marcos – San Marcos, TX

Personal Finance Reset Button

I am FIRED UP to be at PromiseLand San Marcos in San Marcos, TX this weekend!!!

On the agenda:

  • Train a ton of financial coaches
  • Teach during weekend services
  • Help a bunch of people gain freedom as I teach the Financial Learning Experience

To find out more  information  click here.

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Pay Frequency – Does It Impact Your Ability To Save?

My first paying job was working for my father when I was about 10 years old.   He was a homebuilder and part-time hobby farmer, and I worked a variety of jobs.

One of my favorite jobs was assisting with the framing of a new home.   It was incredible to see the skeleton of a home go up so quickly, and the fresh-cut pine lumber smelled incredible.   You could see so much progress.   Near the top of the list of my least favorite jobs was chopping weeds out of the soybean fields in the heat of summer.   Regardless of the task, it was worth it because I was paid money.   I was paid upon completion of a specific task or at the end of each week.   My twin brother and I managed to save enough money to purchase a Pentax K-1000 35 mm camera (which indicates that I am getting old) and a Honda C70 Passport motorcycle.

When I began work in my first engineering position, my employer paid me every two weeks.   Since I was busy spending all the money, it meant that I usually experienced a feast-famine cycle each month.   The first paycheck of each month immediately disappeared to pay all of my debt obligations, while the second paycheck presented the opportunity for some fun spending.

In December 2002, I accepted a position with a new employer.   This new employer paid on an entirely different pay schedule – monthly.   Not weekly, not biweekly or bimonthly.     Monthly. My immediate reaction was negative.   Was I ever wrong.   Monthly paychecks provided us the opportunity to pay our monthly bills all at one time.   It also made it much easier to plan our spending with a monthly budget.

WARNING: I am an engineer, and this means that I do ascend into nerd-like behavior at times.   This is one of those times.   I believe that my money management was absolutely affected by the frequency of my paychecks, and it has caused me to wonder if the same is true for most people.

For instance, what if you were able to be paid yearly? On Jan. 1, you would receive all your pay for the year.   Would it cause you to manage your money any differently than you do today?

I believe that it would.   I believe that more people would take the opportunity to immediately fund their savings for retirement, college, and other known upcoming expenses – like Christmas, vacations, car replacement and property taxes.   It would also require individuals to become excellent planners.   Knowing that this money would be needed to fund all expenses for the rest of the year would make a budget absolutely imperative.

Of course, I believe a budget is imperative regardless of pay frequency.

What about you?   Would you be more likely to save more if you were paid differently?

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Strategies For Saving Money BIG-TIME

I am a HUGE fan of savings accounts.   I am an even HUGER (I made up that word) fan of savings accounts with money in them!

Here are some proven strategies for piling up HUGE CHUNKS of money in your savings account:

  • Save the “magic month” paycheck If you are paid weekly, you normally receive four paychecks a month, but there are four months each year where you receive FIVE paychecks.   Budget and live your life on four paychecks per month and you will be able to save the extra paycheck every three months!     Paid bi-weekly?   Budget and live your life on two paychecks per month, and you will be able to save the extra paycheck during those two magic months each year that you get three paychecks.
  • Save the TAX REFUND As a spender, I know that the word “fun” is right in the middle of the word refund.     However, maybe the right thing for you to do this year is SAVE your tax refund.
  • Automatically send 10% of paycheck to savings If the money makes it home in the paycheck, it is at risk of special magic disappearing acts – even for the most conservative of people.   Set it and forget it.   You won’t regret it.
  • Save the BONUS Don’t spend it – just this once.   Put it into savings.   It is amazing how great it feels to be able to say, “NO!”, to yourself and put your BONUS into the savings account.   It gives you the feeling that you truly are in control of your money!
  • Sell something The old RC airplane in the garage just needs to go.   So do the bikes that you don’t ride.   So does the boat you use once per year – it’s cheaper to rent one when you need it.   Put the money into savings.   You will end up with an cleaner and neater garage and attic and a plump savings account!

How have YOU saved money BIG-TIME?

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One More Chance! On-Line Financial Coaching Training THIS SATURDAY

I am excited about our next on-line financial coaching training this coming Saturday!   You have one more chance to register.

We held our information meeting today.   If you weren’t able to attend, you can watch/hear that presentation HERE (or click on the embedded video below) to hear all about the training.   It lasts just over 15 minutes, and will tell you everything you need to know about what is included in this training.

If you are ready to say, “I’m in!”, and want to participate this Saturday, then you can register and pay HERE.

Again, here are the details of the training:

DETAILS

On-Line Financial Coaching Experience

DATE:   Saturday, January 15, 2011

TIME:   9AM – 3PM

WHERE:   ON-LINE!

COST: $295 – includes all materials

You can send questions to me via email at joe@iwbnin.com.

IHHE RANT: This Won’t Work For Everyone

Occasionally I use a post to vent a frustration or two.   This is one of those occasions.

I love traveling this nation helping people become financially free and fund their dreams.   It is my calling.   It is AWESOME when I hear people say that they have become debt-free.   It is even MORE AWESOME when someone tells me that they have been able to fire themselves from their J.O.B. and go do that “one thing” that they have been called to do.   YES!

BUT …   there is that occasional person who says, “This will not work for me.   Living by a budget is too hard.”   Hmmmmm.   Let’s think through this.   The person is stone broke.   They don’t two nickels to rub together.   But living by a budget is too hard.

I think living BROKE is too hard!   The STRESS.   The EMERGENCIES. The TEARS.   It is just not worth it.

I’ll take my budget and its financial freedom.

Can I get a witness?!

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The Crusade is Making a Saturday Stop in Oxford, AL

I’m FIRED UP to be at Word Alive Church (Oxford, AL) this weekend!

Me and the team are going to be:

  • Training Financial Coaches
  • Teaching the Financial Learning Experience  (8:30AM on Saturday – YOU should come if you are in the area!)
  • Meeting a whole bunch of awesome people!!!!
  • Helping a lot of people improve their finances in a HUGE life-changing way!

FIRED UP!

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The Crusade is Heading to Fairfax, VA the Weekend!

I’m FIRED UP to be at Fair Oaks Church (Fairfax, VA) this weekend!

Me and the team are going to be:

  • Training Financial Coaches
  • Speaking during the weekend services
  • Teaching the Financial Learning Experience  (1:00PM on Sunday – YOU should come if you are in the area!)
  • Meeting a whole bunch of awesome people!!!!
  • Helping a lot of people improve their finances in a HUGE life-changing way!

FIRED UP!

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Become A Trained Financial Coach!

FCoachingE

One of the biggest reasons the crusade is able to help people accomplish far more than they ever thought possible is because we have trained Financial Coaches all over the country.   When we partner with a church or organization for a live event, we teach valuable principles and tools that equip people and provide them with hope and inspiration.   But at the end of the day, we have to travel back home.

It is the Financial Coaches we train that provide the ongoing 1-on-1 help and assistance people need for their individual financial situations.   Helping people put together a plan and showing them HOW they can win with their money is the most important thing, and Financial Coaches make it possible.

You might be interested in becoming a financial coach as well, but haven’t had the opportunity to go through our live training.   The reason is usually we either haven’t been to your area or your church hasn’t launched a financial ministry yet.   It might be that your church has been waiting for someone like you to step up and start the financial ministry!

Do you want to be a vital part of this crusade to help others win with their money?   Are you winning with the management of your own personal finances, and are passionate about helping others accomplish the same?   We are PUMPED to introduce you to possibly the most life-giving and joy-filled opportunity you may ever find:

Become trained to be a financial coach!

For only the second time EVER, we are making it possible for the right people to become a part of the crusade no matter where they live!   The Financial Coaching Experience will be taught LIVE ONLINE on SATURDAY, January 15th, from 9AM to 3PM Eastern Time!   If you are interested in this opportunity, fill out the application form below to be signed up for an on-line (of course!) informational meeting where we will share the details of the training and answer any questions you may have.

This is a LIMITED OPPORTUNITY because we can only train ten people at a time.   Fill out the form below NOW to reserve your spot in the informational meeting being held on-line next Tuesday, January 11, at 11:00AM Eastern Time.

DETAILS

On-Line Financial Coaching Experience

DATE:   Saturday, January 15, 2011

TIME:   9AM – 3PM

WHERE:   ON-LINE!

COST: $295 – includes all materials

REQUIREMENTS:

  • Passionate about helping others win with money
  • Winning with your own money
  • Committed to providing financial coaching to those in your community

Training Includes:

  • Step by step process for launching your own financial coaching
  • Hands-on application of the tools with real-world scenarios
  • Access to the I Was Broke. Now I’m Not. Team
  • Access to the tools and documents that can be revised to suit your organization’s needs
  • All necessary materials
  • The opportunity to network with others who are becoming financial coaches
  • A Certificate of Completion


First Name
Last Name
Email *

Can’t see the form?   Click HERE to access it directly on the web.

Already KNOW that you want to participate?   You can register NOW by clicking below (or by clicking HERE):

FCEScriptRegisterButton

US National Debt – January 2011 Update

One of the most compelling reasons for why we do what we do here at IWBNIN is the SOARING US National Debt.   Every month, we are going to highlight (lowlight) the increase to OUR national debt.   Then, we’re going to challenge everyone to do something about it.

National Debt as of 1/04/2011

$14,003,420,744,930

By the time this post was completed, the national debt increased by an additional $1 million.

If WE do not live our lives within our means – WE will never be able to hold our leaders accountable to do the same. I’m looking for some people who will commit to live within their means, save for a rainy day, refuse unending government handouts, and become wholly self-sufficient.   Who’s in?

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