Archive for January 2012

Great Personal Finance Website – MyMoneyBlog.com

I am going to be sharing my favorite personal finance websites through this new monthly series here at the wildly popular JosephSangl.com.

January’s Featured Website – MyMoneyBlog.com

Here are the reasons I love his site:

  • He is smart.  Crazy smart!
  • He has focused on personal finances for YEARS and his content has never “dulled out”
  • Relevant content to those interested in maximizing their money
  • He has established clear and concise goals for his Emergency Fund, Home Pay-Off, and Investments (and he is achieving them …)

This is one of the few blogs on my daily reader.  It would benefit you to do the same!

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Featured Tool Of The Month: Mini-Budget

It is so important to PLAN the spending of each and every dollar earned.  Planning is THE REASON why my family started winning with money.

TOOL OF THE MONTH: MINI-BUDGET

The Mini-Budget was created for two specific uses:

  1. Planning the use of non-normal or unusual found money – such as tax refunds, bonuses, inheritance money, or money received by selling something
  2. Planning a major expenditure – such as a kitchen refurbishment project, daughter’s wedding, or finishing the basement

This budget tool is unique because it has THREE different budget forms.  This is because I have found that it is essential to think through the alternative ways to spend the money.  The first way that comes to mind is usually the most immediate or urgent use, BUT it is not always the best or most impactful use.

Let’s look at an example.  Suppose you were receiving a $2,500 tax refund. Your first thought was to put all of the money toward an existing credit card balance.

This, of course, is a decent way to spend the money.  But is just one way.  There are several ways this money could be utilized, and that is why there are THREE budgets placed next to each other in this tool.

What if this money were being planned by a person who had ZERO SAVINGS?  Another way to spend the money would be to put all of the money toward their Emergency Fund.

Another way would be to place some money in savings, some in FUN, and some toward the credit card balance.

Which way is the best way?  I don’t know which would be right for this person, but I am confident that the first scenario would not be the best!  The challenge of spending the money three different ways on paper before it is spent for real can really help you maximize your money.

QUESTION: How are YOU going to use this tool?

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Biblical Financial Lessons – Proverbs 21:5

Welcome to a new series that will be appearing on a weekly basis here at JosephSangl.com – “Biblical Financial Lessons”.

I believe that the Bible is the best money book ever written, and I really want to take some time each week to share the money lessons I have learned from the Word.

Proverbs 21:5  The plans of the diligent lead to profit, as surely as haste leads to poverty.

This verse is the guiding principle of every financial decision I make.

There are two potential outcomes that exist in this verse:

  • Profit
  • Poverty

I may not know anything about you, but I do know this – you would choose profit over poverty every single time.  We all want our lives to be profitable.  This verse provides the map for a profitable life.

Look at the verse again. It shares two key principles that will help each of us have profit.

It states that “the PLANS of the DILIGENT” leads to profit.  We must have a plan.

Let me ask you a question – “Do YOU have a plan?  For your life?  For your marriage?  For your MONEY?

Having a plan is not enough, however.  We must be diligent in following the plan!  Diligence means that we are steadfast, consistent, persistent, disciplined, focused, and willing to persevere in spite of difficult circumstances.

Let’s break this down into practical terms and circumstances.  Planning with diligence means that we …

  • Have a budget and actually follow it
  • Have a life plan and pursue it daily
  • Life purposefully instead of lazily
  • Refuse to listen to the critics and continue to relentless pursue our dream

Questions:

  1. Do you have a long-term financial plan?
  2. Do you have a monthly budget?
  3. Do you follow your monthly budget?
  4. Is your life leading to profit or poverty?

What is ONE THING you could do today that would make a difference tomorrow?

Read the series

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U.S. National Debt Update

The US National Debt has increased by $505,581,392,352 since our last update in September 2011.  Another quarter and we have dropped another $500 billion in the hole.

National Debt as of 1/13/2012

$15,227,955,687,201

Our nation’s leaders will soon be entering into the same conversation that they had just a few short months ago – because we are about to hit the debt limit AGAIN!

As was known by EVERYONE at the time we increased the debt limit, issuing the equivalent of another credit card to pay the bills of another credit card did not work.

My question is this:  At what point in time will this type of spending stop?

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Improving 0% Interest Balance Transfer Credit Card Offers

As regular readers of JosephSangl.com know, I am passionate about connecting people to ways to lower the interest rate on existing credit card debt.  This is why I was so excited to see that credit card providers have begun offering 0% Interest Balance Transfer offers with no transfer fees!

We have updated the online offers that we have found HERE (https://www.iwasbrokenowimnot.com/0-credit-cards/).

If you have existing credit card debt that you are paying a ton of interest on, this is a great way to reduce that interest to ZERO!

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