Archive for October 2013

15 Words Drive Us

“To help people accomplish far more than they ever thought possible with their personal finances.”

These 15 words guide everything we do at I Was Broke. Now I’m Not. Because we are so energized by this calling, we believe it is more than a mission statement – it is our passion statement.

To give you a glimpse under the hood of the IWBNIN organization, I thought I would share exactly what we intend to to communicate with this passion statement.

“To help people”

We want to help people. Period. We don’t want to ever be involved in tasks that don’t directly or indirectly help people.

“accomplish”

It is our passion to help people get things done and to accomplish the plans, hopes, and dreams they have for their lives.

“far more than they ever thought possible”

We believe that a great financial education can help people fund huge and seemingly impossible dreams. Without vision, the people perish. Without money, the vision will perish. We strive to equip people to live fully funded lives.

“with their personal finances.”

We are focused on equipping people with their financial educations. It is our calling and passion.

What are the words that adequately describe YOUR “passion statement”? And how many words does it take?

Please share with us!

How To Prepare A Budget That Works

One of the greatest challenges people face with their personal finances is preparing a budget that works.

They either put together a budget that does not work, or they can’t even find time to even prepare one.

Sound familiar? If so, read on to discover some tips to help ensure you are able to prepare a budget that actually works.

  1. Decide to decide  Until you decide that budgeting is crucial to taking your finances to the next level, you will always find a way to avoid this “unsavory” task.
  2. Establish a set time every month  When you put “budgeting” on your to-do list AND on your calendar, you create a “trip point” that ensures you don’t forget this important task.
  3. Be realistic  Don’t be ridiculous with your spending plan. If you say that you are not going to spend money on restaurants this month and only $7.25 on groceries, you are LYING TO YOURSELF. Establish a reasonable budget that includes giving, saving, investing, paying the bills, and some fun.
  4. Prepare the budget BEFORE the month ever begins  If you start spending your paycheck before you plan the budget, you will inevitably practice the ancient art of “making your money disappear.” Choose to prepare a budget about 3 to 7 days before your financial month begins.
  5. Work together  If you are married, work together on the spending plan. Chances are pretty high that one of you is a saver while the other is a spender. Use the word “balance” a lot as you approach your budget.
  6. Keep the end in mind  Remind yourself about the “why.” Why are you preparing a budget? What plans, hopes, and dreams will be more likely to happen as you become a better money manager?
  7. Plan ahead  There are several non-monthly expenses that you know are approaching you. Known Upcoming Non-Monthly Expenses (KUEs) like vacation, property taxes, car repairs, Christmas, special days (like anniversaries, weddings, baby showers, and birthdays) are approaching. Save for them monthly so that they do not derail your budget.

Employ these 7 tips, and your budget will begin to be the financial tool you need it to be: one that helps you fund your plans, hopes, and dreams.

NOTE: The I Was Broke. Now I’m Not. Core Coaching Program (IWBNIN CCP) is a 12-month intensive personal finance equipping course. The last round of the IWBNIN CCP sold out in just 15 minutes! To be among the first to be notified when this program is relaunched, visit HERE to be placed on the list.

Favorite Money Quotes

Here are a few of my favorite quotes about money:

  • “Live like no one else so later you can live like no one else.” – Dave Ramsey
  • “If you aim at nothing, you will hit it every single time.” – Zig Ziglar
  • “You can either play now and pay later, or you can pay now and play later. The choice is yours.” – John C. Maxwell
  • “The question is not, ‘Can I afford this?’ The better question is, ‘How can I afford this?'” – Robert Kiyosaki
  • “Early to bed, early to rise, keeps you healthy, wealthy and wise.” – Benjamin Franklin
  • “Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.” – Charles Dickens
  • “What good will it be for someone to gain the whole world, yet forfeit their soul?” – Matthew 16:26 (The Holy Bible – NIV)
  • “Act your wage.” – Dave Ramsey
  • “The principles of money are basic: Live on less than you make and save money for a rainy day.” – Anonymous
  • “People buy things they cannot afford to impress people they don’t even like.” – Attributed to various people
  • “Your pay raise becomes effective when you are.” – Anonymous

For more great money quotes, visit this great page.

Do YOU have any favorite money quotes? Please share them in the comments!

How To Make Your Budget Balance To Exactly Zero

The majority of people struggle to prepare and live by a budget. They KNOW a budget can be very helpful, yet they choose to operate their finances without one. For those who attempt to prepare a budget, it can be difficult making INCOME minus OUTGO equal EXACTLY ZERO (TM). In reality, there are only a few solutions available when attempting to achieve “Exactly Zero.”

How to make INCOME – OUTGO = EXACTLY ZERO:

  1. Increase INCOME
  2. Decrease OUTGO
  3. Combination of #1 and #2
  4. Sell something

Of course, HOW to get each of these implemented is the challenge each of us faces.

QUESTION: How have YOU been able to apply each of these within your own budget?

NOTE: The first wave of participants in our new I Was Broke. Now I’m Not. Core Coaching Program has launched! We’re planning another massive launch in January 2014. Space is limited so if you want to be part of this life-changing program, take one minute and put your name on the “first to contact” insider list today. Click HERE (or copy & paste the following link in your favorite browser: http://iwasbrokenowimnot.com/ladders/ )

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