Archive - January, 2013

The Importance of a Financial Coach

I recently asked the following question on Twitter (via @joesangl): “What does it mean to be a “COACH”? What does a COACH do?” The responses were awesome and are shared below:

  • @Shelton_22: @joesangl A coach must Love, Develop, Motivate, Construct, Encourage, Prepare, and Inspire an individual for the future.
  • @peteraug: @joesangl brings out the potential in others
  • @CynnamonClinton: @joesangl A coach, teaches, leads, motivates, and instructs based on their own achievements, mastery & experiences!
  • @RealAustinHall: @joesangl to lead, motivate, be an example, inspire, encourage, discipline, show compassion, challenge and direct towards a common goal.
  • @PaulJolicoeur: @joesangl A coach comes along side, to push you beyond where you thought your limit was!

Every single successful person I know has had someone in their life who provides coaching to them. So-called “self-made” persons KNOW that they have achieved greatness because of the help and coaching of others!

This is why I have three financial coaches.

When I was broke, I realized I was seeking advice from broke friends! It was like accepting long distance running advice from a sumo wrestler.

Proverbs 15:22shares, “Plans fail for lack of counsel, but with many advisers they succeed.”

I was broke, and I knew wisdom was necessary for me to change my financial life. I established desired criteria my coaches should possess:

  1. They had to love me.
  2. They weren’t interested in selling me anything.
  3. They had availability to mentor me.

My financial coaches helped me change my life!

Do YOU have a financial coach?

Read recent posts

5 Reasons Why Budgeting Is Important

“You need a budget.”

Chances are pretty high that you’ve heard that statement before.

If you are a saver, your heart started beating wildly (because you LOVE budgets). If you are a spender (like me), you probably felt the hair raise on the back of your neck and immediately felt flashes of frustration.

So this post is written primarily with the spender in mind. Savers: feel free to print out and show to your spender spouse or friend!

5 Reasons Why BUDGETING Is Important

  1. It maximizes every dollar you earn.  As a spender, I can “accidentally” spend money. Preparing a monthly budget (and an annual budget once each year to cast vision for the future) allows me to know that money is limited and ensures that I maximize every dollar I do receive.
  2. It makes you aware of your impulsiveness.  This is not the most pleasant feeling, but it very helpful to be reminded that it is much easier to remain broke than it is to win with money. My budget ensures that I am continually aware of my impulsiveness and the danger that presents to my long term goals.
  3. You can buy stuff without feeling guilty.  This is probably my favorite reason for budgeting! I used to play a round of golf and feel guilty because I knew it wasn’t in the budget (because we didn’t have a budget). I’ll never forget the day that I was able to just go enjoy a round of golf and KNOW it was in the budget and I had planned for it! It didn’t help my golf score, but it did help me and my marriage!
  4. You have probably married a saver (or if you aren’t married, and hope to be some day, you will most likely marry a saver)  I married a saver. Jenn is a beautiful and amazing bride, but she just does not have any desire to go spend all of our money. So when we didn’t have a budget, I nearly drove her crazy with my random ATM cash withdrawals and surprise expenses. I am certain she was the one celebrating the most when I finally “got it” and began participating in the monthly ritual of planning our spending and following that plan!
  5. Budgeting will fund your dreams faster.  I know that I said #3 is probably my favorite, but I’m taking it back. This one is my favorite! I love funding my dreams. Because of budgeting, my family has been able to give more money away than we ever thought possible. We have been able to take wonderful cash-paid-for-in-advance vacations, pursue our dream of launching this organization, and pay off our house! All in 10 years and 1 month! I can’t WAIT to see what happens in the next 10 years!!!!

There’s my list. What would YOU add to it?

Read recent posts

Winning With Money Requires Practice And Disipline

Several years ago, before my bride and I had children, I took the time to build a radio control airplane from a really basic kit.

It took a LONG time because it was intricate work, but the work produced a really nice airplane with six foot wide wings that would fly really well.

Along came our daughter and time for the hobby disappeared as the necessities of building a career, completing my master’s degree, and life itself. The plane somehow made it through several moves without being totally destroyed.

Now that my son is running around everywhere, he is enchanted by the plane. He always wants to see the plane, touch the plane, fly the plane, fly on the plane, and sit in the plane (not possible – but he’s too young to determine that).

Recently, I pulled it off the shelf to see if I could get the motor to start. It did not. For literally three hours, I tried to fire the engine unsuccessfully. My son became bored and wandered off. He eventually went down for an afternoon nap, and then it suddenly started for me! There was only one issue – the throttle was stuck! There was no (safe) way to turn it off, so I literally held it until the fuel ran out.

When my son awakened, I told him that I had managed to fire it up so we needed to go outside. He lost his mind in excitement. We ran outside, and it would not start. NOTHING I tried worked. I eventually put the plane back up in the garage.

The next day, I woke up with aching legs and arms from attempting to start the stupid airplane (if you’ve ever experienced starting an RC airplane with a chicken stick, you know what I’m talking about). The stiffness helped me realize I had done about 400 squats and 2,000 reps of “chicken stick motions.”

There’s a financial lesson to be learned here. Many times, we will start off our financial journey with a dream, a budget, and detailed plan to accomplish it. Everything goes well as long as you continue to dream, budget and plan. But eventually, time can cause our enthusiasm for important things like budgeting and planning to wane.

So we stop.

We put away the tools.

Time passes. A lot of time passes, and one day we discover the need to utilize the tools again. But when we pull out the tools, we’re rusty. It doesn’t operate like it used to.

No matter how much effort we put into it, it just won’t seem to work anymore. You discover the “throttle is stuck” on an expense, and it is going to require some work to turn it off! You may not be able to get your spouse to participate.

It is for this reason my bride and I:

  1. Put together a budget EVERY MONTH – planning our spending BEFORE the month and the bills arrive. This is EVERY MONTH, not every now and then!
  2. Share our dreams with each other – and keep a list. This allows us to remind ourselves and each other WHY we are doing the discipline of planning and budgeting.
  3. Save money EVERY MONTH – we know we simply cannot prosper if we don’t save!
  4. Give money away EVERY MONTH – we truly believe we are blessed to bless others!
  5. Invest money EVERY MONTH – we can’t fund huge dreams without the assistance of compound interest!

Take a few minutes to think about the disciplines and practices you need to pull back out and start up again, and be sure to recognize that you are going to have a few “stuck throttles” and “misfires” as you get back in the groove of discipline.

In the meantime, I’ll be out in the garage firing up my RC airplane.

Read recent posts


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

But there is MAJOR NEWSregarding this series: TODAY will be the last installment in this series because …


Way back in December 2002, my bride and I decided to change our financial life. We set a goal to pay off our house by January 2014. We were able to beat our goal by an entire year.

Because of that decision, we get to experience the JOY of paying off our house!

Here’s this month’s update!

Total Squares:  2,426

Paid-For Squares:  1,913  2,426

Squares Remaining:  513  0

% of House Owned By The Sangl’s:  78.9%  100.0%

% of House Owned By Wells Fargo:  21.1%  0%

Here is the updated Sangl Home Pay-Off Spectacular (click to view large size)

Just look at that! The entire house is completely filled in!!!

We’re experiencing a range of emotions:

  • Excitement!
  • Relief
  • An overwhelming sense of blessing

I’ve written this in nearly every “Sangl Home Pay-Off Spectacular,” but I want to say it again: YOU can do this too!

Start your own home pay-off spectacular using our free tool here => Pay Off Spectacular – House.

Read previous Sangl Home Pay-Off Spectacular Updates

Read recent posts

You Can Win With Money!

This post is for everyone who is struggling with money woes.

You CAN win with money! Even if the bills are piling up, and it seems impossible for you to ever make it back to “break-even,” let alone prospering.

If you make right decisions now, your current financial situation will be ancient history two years from now. Don’t let your current financial situation dictate your dreams to you. Instead, let your dreams guide your financial decisions!

No one wants to make tough choices like selling a vehicle, changing housing situations to lower the rent or a mortgage, cutting cable, or telling our children that they can’t participate in an activity they love. It’s awful and dreadful.

But I will tell you that it is worth it!

It was on December 2, 2002 that I made a decision to change my financial life.

  1. It required difficult decisions. We made them.
  2. It required budgeting. We broke out the calculator.
  3. It required giving up some personal dreams. We did so with sadness.
  4. It made us weird. Many of our friends and family thought we had lost our minds.

You can win with money. In fact, I believe YOU are just one or two major financial decisions away from turning your entire financial life around! You probably already know the decisions you need to make. I encourage you to make them.

It. Is. So. WORTH. IT!!!!

Read recent posts

United States Federal Debt – “Interest”-ing Facts

Here are some facts I found interesting about United States Federal Debt.

  1. 1835  The last time the U.S. federal government was “debt-free.” That’s a LONG TIME to be in debt!
  2. Prison  People used to go to PRISON for not repaying debts. It isn’t possible to put a government in prison.
  3. It’s been worse  The U.S. was in more debt (as a % of GDP) at the end of World War II than it is right now. There’s hope!
  4. Zombie Debtor  A British term for people who make “interest-only” payments.
  5. $52,203  Amount of debt owed by each U.S. citizen if the debt were split equally.
  6. $50,100  Average amount of debt currently owed by each U.S. citizen – including mortgage, credit cards, student loans, vehicles, etc.

Which one of these do you find most compelling/interesting?

Read recent posts

U.S. National Debt Update – January 2013

The US National Debt has increased by $198,438,256,931 since our last update on November 11, 2012.  Another two months, and the United States has dropped another cool $198 billion in the hole.

National Debt as of 1/14/2013


That is an increase of $3.101 BILLION PER DAY since our last update 64 days ago.

Our debt continues to spiral out of control like a person who is on a crazed spending spree. That NEVER turns out well!

I continue to stand by the following statements.

Whether we choose to address this problem as a nation or not, we WILL have to deal with it. We are really being faced with one of two decisions:

  1. Face the problem now by making some really tough choices  Like reducing some great programs or potentially eliminating some of them. NONE of us like to reduce spending. It is NO FUN. It STINKS. But we all have faced this in our personal finances before. Of course, we want to let our children participate in any activity they enjoy, but sometimes we have to say NO because of the costs! Of course, many people would love to have a huge house with every amenity known to mankind, but sometimes it is just not possible to carry the financial burden required to maintain it!
  2. Let the problem fester until we are FORCED to make the tough choices  Whenever I personally have let the clock run out on tough financial decisions, I have found that my options have been severely reduced and the pain is much greater. I’ve always found myself saying, “I wish I had made this decision sooner.” (NOTE: This is where Greece, Ireland, Spain, and several other countries are at this point. Decisions are being made that they no longer have full control of)

I wonder which decision the American citizens will make.

Read recent posts – Another Way To Save!

I have been using since 2010 (November 8, 2010 to be exact), and it has given me back $283.42 of my on-line purchases.

Here’s how it works:

  1. Create an account at
  2. When you are going to shop on-line, visit the website and in the search window at the top of the page, type in the on-line retailer you are going to be shopping with (like,,, etc.)
  3. It will generate a link for you to click on to begin shopping.
  4. Shop on-line (using promo codes from sites like, of course 🙂 )
  5. That is all there is to it!!!

Here’s how this gets you money back:

  1. Stores pay commissions to websites for generating traffic to their on-line site
  2. chooses to share some of that revenue with you and me!
  3. When you click on the link provided by, it “sets a cookie” on your computer that communicates to the on-line retailer that generated traffic for them.
  4. When you purchase something, the retailer pays a commission to
  5. pays you a portion of that commission!

Awesome! SIGN UP here and start getting some of your hard-earned money back!

Read recent posts

Chuck Norris Approved Budgets

There’s a good chance that you’ve heard one or two “Chuck Norris” jokes. Jokes like “Chuck Norris threw a hand grenade and 5 people died. Four seconds later, the grenade exploded” and “Chuck Norris wears a live rattlesnake for his belt.”

We decided to come up with some fun ones for I Was Broke. Now I’m Not.

  • Our budgets are Chuck Norris approved. Put your money in the budget, and it HAS to behave!
  • Chuck Norris told us to GET FIRED UP. We’ve been FIRED UP ever since.
  • Interest rates ask Chuck Norris for permission to be increased.
  • Compound Interest is the 8th wonder of the world. Chuck Norris said so.
  • Joe Sangl wrote “I Was Broke. Now I’m Not.” Chuck Norris wrote “I Break.”

That was FUN! Any others you can come up with?

Read recent posts

THIS WEEKEND: Excited To Serve Central Christian Church In Las Vegas, NV

I’m so excited to be able serve Central Christian Church and Pastor Jud Wilhite again this weekend in Las Vegas, NV! I am going to be speaking as part of their “Resolutions” series – focusing on wholehearted change.

I’ll be sharing how my bride and I were able to keep our resolution of escaping financial bondage and how we walked into financial freedom. You will be able to catch the service LIVE on Sunday, 1/6/2013, at 7:30 AM, 10:00 AM, 12:00 PM, 2:45 PM, and 7:30 PM (All times Eastern Time).

You can view a list of our team’s upcoming events HERE.

5 Things You Can Do To Save Big-Time Money In 2013

Here are 5 things you can do to save big-time money in 2013:

  1. Have high interest credit card debt? Roll over the balance to a 0% balance transfer credit card. It takes five minutes or less and can change the interest on your credit card debt for a year or longer! Here is my list of great 0% Balance Transfer Credit Card Offers.
  2. Haven’t checked your auto and homeowner’s/renter’s insurance rates lately? Insurance companies tend to creep their rates up over time. Many times you can end up with better insurance for way less than you are paying right now! I like to use an on-line quote site to get quotes. I type in my information one time, and all of the insurance companies start competing for my business! That means lower prices, and I like that!
  3. Have you checked your home mortgage interest rate lately?Rates have fallen to record lows. Chances are pretty good that a simple refinance of your house would allow you to cut 5 to 10 years off of your mortgage while still paying the same payment!
  4. Cut the cable/satellite service for one year. I have done this before, and we discovered our family had a LOT more time to spend together doing something other than staring at the TV. It also helped us save a lot of money!
  5. Establish a savings goal and set up an automatic draft to a bank account that is not immediately accessible. I really like Capital One 360. It is where I keep my savings that I want to ensure I keep my hands off of!

Hope this list helps you have the most prosperous year ever!

Read recent posts

Want To Help People Change Their Life?

Let me ask you a question:

What would it feel like to KNOW that you helped someone change their life?

When you help someone change their life, you enjoy one of the most incredible feelings a person can ever experience!

I have had the incredible privilege of witnessing thousands of people change their financial lives through the I Was Broke. Now I’m Not. Study Kit. This study focuses on helping people implement practical financial tools that are the very foundation for financial success.

Just today, I received another “DEBT FREE!!!!!!” email sharing the following news with me:

I’m not sure, but I think this is the best start to a New Year that I have had in my lifetime. Today I will be heading to the bank to make the last payment on the last of our debts (not including the house), our car!

We began our IWBNIN journey last November with the 6 week class … When we started we had $26,949.82 in debt. We owed money on furniture, medical bills, a credit card, and a car loan. During the last 13 months we have managed to pay off all of that debt, plus we also paid cash for several things that we would have used credit cards on in the past. Things like tires for my wife’s car, a new washing machine when ours was too costly to repair, and our 10 year anniversary. We have also given away more money this past year then ever before! Our son has had to have some medical procedures done over the past month and we will be paying cash for that as well.

Thank you so much for making it so EZ!!! to get out of debt! My family appreciates the effort you put into your ministry! And it is something that I have come to be passionate about as well. I am hoping to start some IWBNIN classes at a new church our family is now attending in the coming year to help spread the word and help others win with money!

Happy New Year and I look forward to seeing you pay your house off in the next month or two!

Sincerely,  [Name Withheld], Monroe, North Carolina

By starting an I Was Broke. Now I’m Not. Study at your church, business, or organization, you will literally be changing people’s lives.

Here are some links to learn more and get started:

As always, you can EMAIL US or CALL US (864.332.4151 8AM to 5PM Eastern Time) with any questions.

Sangl Home Pay-Off Spectacular – January 2013

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:  1420  1913 Squares Remaining:  1006  513 % of House Owned By The Sangl’s:  58.5%  78.9% % of House Owned By Wells Fargo:  41.5%  21.1% Here is the updated Sangl Home Pay-Off Spectacular (click to view large size) As I sharedover the last two months, things were going to get really interesting around the Home Pay-Off Spectacular over these next few updates. We were able to color in 493 squares this month with a payment that was the equivalent of 55 monthly payments! Could we have used our savings for something other than paying down our mortgage balance? Yes, we could have. However, this has been one of biggest goals my bride and I ever established – and we set this goal way back in December 2002 when we experienced our IHHE Moment! We are positioning ourselves to accomplish what once seemed impossible – paying off our house before the age of 40. Let’s see what next month holds! YOU can do this too! Start your own home pay-off spectacular using our free tool here => Pay Off Spectacular – House.

Read previous Sangl Home Pay-Off Spectacular Updates Read recent posts

Happy New Year!

Happy New Year!

The entire I Was Broke. Now I’m Not. team wishes you the best year ever!

Here’s to funding and fulfilling dreams, giving more money away than ever before, and enjoying meaningful time with friends, family, and the new friends we make this year!

QUESTION: We want to know your New Year’s Resolutions (goals)! Would you share them with us in the form below?


Read recent posts