Archive for August 2018

The Cost of College

It is no secret that college is expensive.  There is tuition, books, room and board, food, and transportation costs.  If you are someone who plans on helping your children pay for college, these expenses can add up quickly.

The average cost of college for a four-year degree for an in-state student is $9,410.  So for four years, you are looking at roughly $40,000 in JUST tuition and fees!  Another important thing to note is that these price points are for the 2017-2018 school year.  So if you have a newborn, odds are that by the time they are planning to go to college these costs will have risen significantly.  

If you want to help your child pay for a portion of their college, or even all of it, the most important thing you can do is start early and consistently save.  Do some research about the costs of different colleges that your child may attend. After you have picked up your jaw from the floor in shock of how much it is going to cost, take some time to use our Investment Value Calculator Tool.  You can figure out how much money you will need to save each month in order to hit that goal by the time your child goes to school.  Open a 529 plan and automate your investments.  

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The Importance of Keeping the End Result in Mind

Have you discovered the beauty of the “Reminders” feature of your iPhone? It is a wonderfully helpful tool as it has helped me remember to complete many tasks that I would have completely forgotten otherwise. This “reminders” feature allows something that has escaped my mind to be brought back into clear and immediate focus.

Perhaps we should do this for the bigger aspects of our life!

Do you understand how important it is to keep the end result in mind? It is a helpful and healthy exercise to regularly think about the reasons for your activity. This is because those reasons can easily slip your mind thus creating the need for reminders.

Keeping the end in mind allows you to sustain the mundane, humdrum, boring, drip-drop activities that individually mean little but collectively add up to a lot!

A practical example in my own life
Over 18 years ago, my bride and I welcomed a baby girl into our life. As she gave her first few cries of life, it was a notification that she was probably going to college! An 18 year notice that went by so quickly, it is hardly believable.

I had graduated from college with a mountain of student loan debt and credit card balances. My new bride had student loan debt. It was our desire that our child(ren) wouldn’t have to start out life with a pile of debt. With this commitment, we had an “End Result in Mind” – To help our child(ren) graduate debt-free.

Then we took action by establishing a 529 college savings plan for her and set up an automatic monthly contribution of $100 per month.

And then we went through the humdrum, the mundane, the month-after-month steps of contributing $100 per month. Then we paid off our non-house debt.

Keeping the “End Result in Mind”, we increased our contribution to $200 per month.

And started another trot down the boring, monotonous, plodding activities of life. Month after month after month after month …

The stock market collapsed in 2008, but we kept the “End Result in Mind” and continued the journey. Month after month after month after month after month. Facing down one financial challenge after another, we kept the “End Result in Mind” and continued to contribute. We went through financial challenges too numerous to list them all, but here are a few. IVF. Broken downstairs heat pump. Broken upstairs heat pump. Dead hot water heater. New roof. Multiple surgeries (and accompanying insurance deductibles).

Yet, we never lost sight of the goal. Honestly, at times it felt like college was something mythical and too far into the future to be worrying about, but our feelings lie to us. In spite of the challenges, we never missed a single month of contributing to the college fund.

THEN IT BECOME A REALITY!

I found myself carrying a futon into my daughter’s college dorm room as she begins her freshman year. It was all done with a smile because persistence has allowed it all to be done without the incurring of debt. None. Zero.

If you are the parent of youngsters, I encourage you to define your “End Result” you need to keep in mind, and then take action by contributing to a 529 college savings plan!

Never underestimate the power and importance of keeping the end in mind.

One last note: Retirement today kind of feels like college expenses seemed like 18 years ago …

Successfully Manage Money with a Non-Participating Spouse eBook

I encounter so many people who struggle with their finances because they have a spouse that doesn’t want to participate.  They do not like to talk about money and refuse to believe that they need a budget. Financial matters can become really tricky when you feel like you cannot get on the same page as your spouse.  It can almost seem impossible.

I am here to tell you, fear not!  I have gotten so many questions regarding the subject of a non-participating spouse so I have compiled my thoughts into an eBook.  In this quick and easy read, there are explanations for why your spouse is reluctant to participate when it comes to money and some things that you can do to combat this without actually being combative.  While your spouse may never be as enthusiastic as you on the topic of finances, it is possible to bring it to their attention and find a way to work together to accomplish your plans, hopes and dreams.

You can get access to Successfully Manage Money With Non-Participating Spouse HERE for the low price of $2.99.  

Complete the budget challenge and walk away with…

Hopefully by now you have heard that we are about to launch the first ever, I Was Broke. Now I’m Not. Budget Challenge.  If not, keep reading because it has the possibility to change your life! We know that the majority of people do not follow a budget for a multitude of reasons and we are here to help!  Our goal is to help you to master your finances and get one step closer to accomplishing your plans, hopes and dreams.

During this 40 day challenge, you will receive daily budgeting tips and teachings as we help you prepare and follow a working budget.  We will hold live calls once a week and you will get direct access to the I Was Broke. Now I’m Not. team.

Now, I am sure you will make the right decision and join us during our first challenge.  But if you need a little more convincing, here are a couple of things that you will walk away with upon completion:

  • You will have taken the first step in taking control of your money
  • A reduction in your financial stress level
  • Progress towards your plans, hopes and dreams
  • Tips on how to work with your spouse on your financial goals
  • How to deal with your financial anxiety
  • Learn to manage adjustments to your budget throughout the month

These are just a few of the things that this budget challenge will help you do.  Our goal with this challenge is to help you stop feeling stuck and gain control of your money, once and for all.  

We do not know when we will be able to offer this challenge again so make sure you do not miss out!  This challenge will launch tomorrow so there is still time for you to make this commitment to yourself.  Give your budget one more shot. You can join the 40-Day Budget Challenge by registering HERE.  

MMT PODCAST: How to Handle Marriage & Money

It’s time for the latest episode of the Monday Money Tip Podcast! This week, we are on Episode 17 of our podcast and we have important tips for you regarding Marriage and Money. We will be talking more about how to handle your finances when you have a non-participating spouse. In addition, we have some other information about the costs of raising a child.

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

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Email info@iwbnin.com to ask questions or share success stories.

Show Notes

About the episode:

  • Joe shares staggering statistics about the cost of raising a child to age 18.

  • Hear a success story about a couple who was ready to throw in the towel but remained faithful during their process.
  • Megan has some quiet ways that you can win with your money even with a non-participating spouse.
  • Get some tips from Joe about good ways that you can talk to your spouse about your hopes and dreams.

Resources:
Successfully Manage Money With A Non-Participating Spouse eBook

Quote of the Day:
“I can do all things through Christ who strengthens me.” – Philippians 4:13

Links
MMT Podcast Episode 2 – Known, Upcoming Expenses
Cost of Raising a Child
Saving Spectaculars