Yearly Financial Goals

With each passing day, we are getting closer and closer to a new year. A new year brings new goals and resolutions. As you think about the goals you would like to achieve in 2019, I would encourage you to set financial goals as well.

As you think about the financial goals you want to achieve in 2019, you can use our Yearly Financial Goals template to help you plan. All you need to do in order to use this template is print! After printing, simply write down your financial goals for 2019. Then, you can categorize them using the key at the bottom of the document (Earnings, Giving, Saving, Investing, Debt Elimination). The last column of the template allows you to choose a date by which you want to accomplish your goal.

Make sure you take some time this December to plan out your goals for 2019. Once you know what you want to accomplish, write it down! You are way more likely to complete something if you have it in writing. Hang this template up on your fridge so you can see it and you can also see if you’re making progress towards your financial goals.

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How To Have A Debt Free Christmas

What if I told you that you don’t have to go into debt Christmas shopping this year? That you can buy your gifts IN CASH and can avoid those dreaded credit card bills in January? Can you guess how you accomplish this? That’s right, a budget.

Christmas is a known, upcoming, non-monthly expense. That means that we know that Christmas comes on the same day every, single year and we should plan for it accordingly! In the Sangl household, we do this by saving a little bit for Christmas each month.

First, we decide how much we want to spend on Christmas altogether. Then, we create a list of every person or organization that we’re planning on buying a gift for and decide how much we plan to spend on each person. All that’s left to do is make that budget equal EXACTLY ZERO. Once you have your plan put together, you can do your Christmas shopping guilt-free!  

You can download a copy of one of our FREE BUDGET TOOLS HERE.

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For more tips on how to have a debt-free Christmas, check out our full episode of the Monday Money Tip Podcast HERE.

For more information on how to create a Christmas Mini-Budget, check out this related blog post.

Christmas Bundle

What’s better than reading all of my books and getting your financial life in order? Reading all of my books and getting your financial life in order for a fraction of the price! The Christmas season is the perfect time to take a look at your finances and say no to incurring more debt this year!

For the month of December, you can purchase our Christmas Bundle of all three books, for just $48 plus FREE SHIPPING. You will receive a copy of I Was Broke. Now I’m Not. (focuses on fundamental financial principles), Oxen (solely focused on investing), and What Everyone Should Know About Money (designed to help young people prevent money mistakes).

During this time of the year, most people are focused on buying gifts for other people and that is awesome! You should be generous! But, don’t forget about taking care of yourself as well. If you take advantage of this offer, you will be armed and ready to take on the new year and make 2019 your best financial year yet!

Remember, this offer is available throughout the month of December so make sure you check out the store starting December 1st!

Retirement Nest Egg Calculator

Do you know how much money you will need per year in retirement? Do you know how that number will be affected by inflation? I would encourage you to check out our Retirement Nest-Egg Calculator Tool. While it may trigger a shock to your system when you see the numbers, it can help you get into gear to retire well.

This calculator is incredibly easy to use and only needs two pieces of information from you! All you need to do is enter the amount of money you would like annually in retirement and how many years until you expect to retire. After that, the calculator will compute the amount of money that you need to have saved and how different annual rates of return will change that number.

Below you can see a calculation that I ran for an “annual amount I want” of $75,000 if I hypothetically retire in 20 years:

As you use this calculator, keep a couple of things in mind:

  1. The calculator assumes that you will never touch the principal.
  2. The calculator assumes that you will give your nest-egg a “cost-of-living-raise” of 4% each year.
  3. This calculator adjusts the “annual amount your want” for an average annual inflation of 4%.

So, at 4% annual inflation, I will need $164,334 per year in 20 years to have the same purchasing power that $75,000 has today.

The bottom six rows tell you what you need to have in your nest-egg at different rates of annual growth. At 8% annual return, I would need $4,108,356 when I retire. That number drops significantly if I expect growth of 12% and I would only need $2,054,178 when I retire.

These numbers may seem astronomical and you might feel like you will never build a nest-egg of that size. But remember, the power of compound interest can work in your favor! By starting early and investing consistently, you can watch your nest-egg grow to numbers you may have only dreamed of.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

MMT PODCAST: How to Have a Debt Free Christmas

Are you ready to have a debt free Christmas this year? We are already at the end of November and Christmas is less than a month away. During this episode, Joe will share exactly what you can do in order to complete your Christmas shopping without incurring any additional debt. Joe has an update on the U.S. National Debt and we have a success story about a couple who created their first ever budget without an argument.  

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 alarming information about the U.S. National Debt.
  • Megan shares a success story about a couple who created their first ever budget without an argument.
  • Joe explains what you can do in order to have a debt-free Christmas this year.

Resources:
IWBNIN Next Steps
IWBNIN Upcoming Events
Christmas Mini-Budget

Quote of the Day: “Without a PLAN and a PROCESS, you won’t make PROGRESS.” – Pastor Ken Murphy, Cypress Church