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Debt Free WOO-HOO! Call

When we travel the nation to teach the Financial Learning Experience, we encourage people to call us when they achieve debt freedom.  We’re getting these calls more and more, and I just wanted to share one of those calls with you.

Listen to the call HERE  (takes only 4 seconds!)

It’s that simple – and it feels really cool to YELL once you’re debt-free!

When YOU achieve debt freedom, will you call us?  Just yell – no names or anything.  We’ll celebrate knowing another person has achieved such a monumental moment!

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10 Reasons I Love Debt Freedom

10 Reasons I Love Debt Freedom

  1. I remember what it was like to be in debt
  2. I do not mail all of my money off to a bank every month
  3. Able to give more money away
  4. Able to save more money
  5. Able to spend more money
  6. Equipped to absorb "life happens" events – like surgery, unexpected Baby Sangl miracle, appliance failure, and car breakdowns
  7. Able to focus on the long-term with our decision-making
  8. Less STRESS!
  9. We earn money with our money instead of paying others for money we have borrowed
  10. Having to pay cash forces us to wait – which forces us to demand a deal for all of our purchases

Would you add any reasons?

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Debt Freedom March – Couple #2 – Month 12

Introduction

This couple is THROUGH with debt!  They announced that they were breaking up with debt in October 2007.  They have agreed to share their Debt Freedom March with everyone in the hopes of inspiring others to do the same!

Here is this month's update.

Since the last update in September, another $8,600 has bit the dust!
 
Overall, we really have control over our budget.  Still doing a GREAT job with the cash envelopes and we DO NOT live pay check to pay check at all!!  :)  Actually, neither one of us know it is pay day until the deposit slip comes in the mail.  It is a wonderful feeling.

Here is their updated Debt Freedom Date calculation …

 

 Month By Month Progress …

Sangl Says

Couple #2 have torched over $33,000 in debt in less than two years!  They are ON IT!  They have backed off on the debt pay-off plan for a little while because they are replenishing their emergency fund and their new baby fund!  Exciting times for Couple #2!

Readers …
Couple #2 is on a roll.  You can do the exact same thing!  Pull up the Debt Freedom Date Calculator (Excel) and put together your own Debt Freedom Date!
 
If not now, when?
 
My wife and I became debt-free (except for the house) in just fourteen months, and I share exactly how we did it in I Was Broke. Now I'm Not.
 

You Can Not Borrow Your Way Out Of Debt

I have seen so many people attempt to borrow their way out of debt.  I have personally tried to borrow my way out of debt.  The problem is that it does not work!

Here are some ways I see people try to borrow their way out of debt:

  • Debt Consolidation Loan  Roll all of the credit cards into a single loan.
  • Home Equity Loan  Roll all of the credit cards and car payments into a single loan using home equity.
  • Loan From The Parents  Roll all of the debt into a single loan from Mom and Dad.

I have never seen it work because these "solutions" only address symptoms!  You must address the root cause of what created the debt in the first place.

Iit is necessary to change spending behavior and money management behavior. 

I have seen a lot of people use the crutch of "it is medical bills" and expect to receive a free pass on the debt.  That is so frustrating because in nearly all cases, the reason the medical bills exist is because the individual or family opted out of carrying health insurance.

I have seen a lot of people use the crutch of "I lost my job" and expect a response of "Oh, that makes your debt OK."  BUT it would have never happened if they would have made an emergency fund of three to six months of expenses their top priority instead of a house, cars, furniture, and numerous other "gotta-have-it" purchases.

You simply can not borrow your way out of debt.  It requires a written plan and a ton of focus.  You can start your journey by reading THIS SERIES and preparing your own written spending plan using the FREE TOOLS

Related Resource

Financial Counselor Training – Will You Be There?

I am PUMPED to be carrying the crusade throughout the nation in 2009!  One of my highest priorities is training and equipping financial counselors where ever I go.  Why?  Because it allows this crusade to reach even more people!

If I can train just one passionate financial counselor, this crusade has the potential to grow exponentially!  This can NOT be the "Joe-Show".  In fact, a passionate financial counselor has the ability to provide FREE one-on-one counseling to one hundred or more people each year.  That FIRES ME UP! 

With that said, I am EXCITED FIRED UP to offer financial counselor training at the following three locations within the next month.  We would love to see you there!

The Financial Counseling Experience includes:

  • Learn the process used to establish appointments
  • Learn the process used to ensure that counselees show up prepared and ready for a life-changing meeting
  • Learn the process used during the appointment to ensure a consistent counseling experience
  • Apply real-life examples in hands-on activities – there is nothing like practical application
  • Review real-life scenarios in a "what would you do?" shared discussion
  • Be a part of a network of people who are all starting their own financial counseling ministry
  • Be challenged to take the next step and begin a financial counseling ministry at your church!

With the slumping economy, this is THE TIME that The Church should stand up and provide solutions.  WE HAVE THE ANSWER!!! 

Providing FREE one-on-one financial counseling is an incredible way to impact one's community!  Those who attend the FCE will leave inspired, motivated, and equipped to go back to their community and impact it one life at a time.

Click on the event you are interested in to register!













NewSpring Financial Counselor Pays Off House

I recently received the following e-mail from two of our 21 outstanding volunteer financial counselors at NewSpring Church.   They are a married couple who counsel as a team (which happens to make the counseling even more effective).  With their permission, I am sharing their news!

Joe,

I just wanted to take a quick moment to let you know that my wife and I paid our house off this month.  We are completely debt FREE!

We attended your FLE on the 20th of May, 2008 at NewSpring and got "Fired Up" about paying our house off.  Since May we paid off over 12,000 dollars of principal!

The online account statement says "PAID IN FULL!"  Principal balance $0.00

Thanks for getting us fired up!

I have several things to say:

  • Congratulations!
  • I am so glad you are giving of your time and talents at NewSpring Church to help others win with their finances.
  • This is what happens when vision intersects with life.  It creates passion and a drive to accomplish something huge.
  • If you want to receive FREE financial counseling at NewSpring Church, click HERE to fill out the request form.
  • You guys rock!

What are your goals for 2009?

Related posts 

Marching To Debt Freedom – Couple #3 – Month 12

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Thoughts from Couple #3 this month

Couple #3 has taken a new job this month so they are very busy right now.  Below are their updated numbers.

Updated Debt Freedom Date

Month By Month Progress

Sangl says

Couple #3 is going through a job change so things will be interesting over the next several weeks for them.  It is very easy to break the routine of planning one's spending during major life changes so it is critical that Couple #3 makes a disciplined effort to keep up with their plan.  As you can see, the plan is working!

Readers

When you have went through a major job change that required a move, what did you do to maintain sanity in your financial plan?

Read previous updates from Couple #3 HERE

Marching To Debt Freedom – Couple #1 – Month 15

Introduction

Couple #1 is THROUGH with debt!  They have been married for many years and have two children.  They are now over a year into their Debt Freedom March.

Couple #1's Thoughts This Month

The current economic environment is flipping crazy.  I can only think that God had his hand in my wife and I deciding to get out of debt long before this downturn.

  • We paid half the balance of car 2 and owe just $500.
  • We increased the payment on the HELOC to $700.
  • The property taxes are already paid when in years past I would have to wait until my tax check came back.
  • Christmas is bought and paid for and under the tree. Instead of buying useless presents for friends this year, I made gifts out in my shop.

We have a lot to be thankful for.  We have our jobs, we have our health, and we have each other.  May God bless you all as I have been blessed.  Merry Christmas!

Updated Debt Freedom Date

Month By Month Progress

Sangl says

Another excellent month!  Couple #1 has a fully-functioning Known, Upcoming Expenses account that has enabled them to stay the course even in difficult economic times.  If your budget is constantly smashed by things like property taxes, quarterly insurance premiums, vacation, or Christmas, I highly recommend clicking HERE to learn how to set up a Known, Upcoming Expenses account.

Read Previous Monthly Updates For Couple #1 HERE

Marching To Debt Freedom – Couple #1 – Month 14

Introduction

Couple #1 is THROUGH with debt!  They have been married for many years and have two children.  They are now over a year into their Debt Freedom March.

Couple #1's Thoughts This Month

It was a good month.  We are upping the payment on the HELOC and are close to paying off car 2.  With the financial world blowing up around us, it is such a great feeling not to have to make payments on all of that debt!

Updated Debt Freedom Date

Month By Month Progress

Sangl Says …

Couple #1 is making huge strides toward debt freedom.  It takes time, but it is awesome to see the progress being made!

Readers …

How is your Debt Freedom March progressing?   You can get started on your own Debt Freedom March HERE.

Read Previous Monthly Updates For Couple #1 HERE

Marching To Debt Freedom – Couple #3 – Month 11

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Thoughts from Couple #3 this month

It is nice to see our balances decreasing as well as our years 'til Debt Freedom!  It seems like it will take forever, but we will get there.  It is also nice to see gas prices coming down.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says

Couple #3 is closing in on one full year of attacking their debt.  It was a rough start since the interest they were paying toward debt was very high.  They restructured their debt by surfing their debt to low and zero percent balance transfer credit cards.  Now, the pay-off is here!  They are averaging around $1,600 of debt elimination each month.

Yes, they could spend that $1,600/month elsewhere, but they have had their IHHE Moment.  They have reduced their debt by over $10,000!  Outstanding! 

Readers

Have you started your March To Debt Freedom?  You CAN do it!

Read previous updates from Couple #3 HERE

Marching To Debt Freedom – Couple #3 – Month 10

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Good things this month

We are seeing balances come down due to making higher payments (National City) and lower or no interest on the others!  YEAH!!!!

Challenges this month

Still gas prices … BUT we have restructured our schedules to only run errands once a week if possible and it has really helped out! 

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

You can see the progress being made by Couple #3 now!  There were several months where the debt was being restructured by transferring credit card balances to 0% and low interest rate credit cards.  Now that all of that money is going directly to the principal, look at how swiftly they are dropping!!!  Couple #3 dropped their debt by a huge amount last month!  Outstanding.

Readers …

Are you paying high interest on your credit cards?  Move the balances to zero percent and low interest cards!  That can really help one gain traction toward debt freedom.  There are several 0% balance transfer credit cards available on the Next Steps page.

My book, I Was Broke. Now I'm Not, is available via AMAZON.COM, BORDERS.COM, and PAYPAL.  You can read the Introduction HERE.  In this book, you will learn exactly how Jenn and I became debt-free in just fourteen months.

Marching To Debt Freedom – Couple #1 – Month 13

Introduction

Couple #1 is THROUGH with debt!  They have been married for many years and have two children.  They are now over a year into their Debt Freedom March.

Couple #1's Thoughts This Month

I am so thankful for your help and encouragement in these tough times. If we were carrying our previous levels of debt it would be stressful to say the least. We are seeing our 401k shrivel but we all know that will return with time and stability. I only hope Americans now see that being in debt is dangerous combination of timing and chance.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says …

Another boring month of debt reduction … :)  Couple #1 has figured this thing out.  They have a plan that is working, and that means more debt has left.  Way to go!

Readers …

How is your Debt Freedom March progressing?

In my book, I Was Broke. Now I'm Not., I share the story of my Debt Freedom March and teach the exact tools that Jenn and I used to become debt-free.  You can do it too!  You can read the book's introduction HERE.

Receive each post automatically in your E-MAIL by clicking HERE.

Marching To Debt Freedom – Couple #3 – Month 09

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Good things this month

We transferred JC Penney balance which was 21.99% to a 2.9% on Discover AND we transferred Chase that was 26% to a Juniper Mastercard at 7.9%.  We were VERY excited about those transfers.

It is also very encouraging to see the balance on the National City card come down!! It won't be long until that one is GONE!

Challenges this month

Challenges this month have been the rising cost of gas and food, but we have just budgeted a little differently in some areas and made it work out fine!  Again, this month I have to say THANK GOODNESS for the budget form!!! We were able to pay cash for all back to school items this year and MAN! Does that ever feel good!!!

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

It is so nice to see Couple #3 reap the rewards of the hard work they put forth to restructure their debt.  Look at the tremendous progress they are making.  Instead of twenty percent of their payments going toward principal and eighty percent to banks, they have switched it around.  Now, over 80% of all of their payments are going toward principal reduction!  AWESOME!

Readers …

If you have debt, have you considered restructuring it?  This can really help your debt freedom march gain a ton of traction and speed up your journey to ZERO DEBT!  I encourage you to read the series of posts I wrote called Restructuring Debt.

My book, I Was Broke. Now I'm Not, is available via AMAZON.COM, BORDERS.COM, and PAYPAL.  You can read the Introduction HERE.  In this book, you will learn exactly how Jenn and I became debt-free in just fourteen months.

Debt Freedom March – Couple #2 – Month 12

Introduction

This couple is THROUGH with debt!  They announced that they were breaking up with debt in October 2007.  They have agreed to share their Debt Freedom March with everyone in the hopes of inspiring others to do the same!

Here is this month's update.

We didn't put $1000 on Vehicle 1 last month which is why it only went from $3500 to $3000.  We used that money for a few other things we wanted to do.  
 
Everything is going GREAT!!!!  We are still sticking to our cash envelopes and are looking forward to paying off Vehicle 1 soon!

Here is their updated Debt Freedom Date calculation …

Month By Month Progress …

Sangl Says

This is the one year anniversary of Couple #2's Debt Freedom March and look at how much debt they have paid off!  They started out in the $70,000 range and are now in the $40,000 range.  They have paid off $24,410 in ONE YEAR!

I am so excited for Couple #2.  They are being blessed financially and instead of running out and blowing all of it, they are using it as an opportunity to completely change their entire financial future! 

Readers …
Couple #2 is on a roll.  You can do the exact same thing!  Pull up the Debt Freedom Date Calculator (Excel) and put together your own Debt Freedom Date!
 
If not now, when?
 
My wife and I became debt-free (except for the house) in just fourteen months, and I share exactly how we did it in I Was Broke. Now I'm Not.
 

Marching To Debt Freedom – Couple #1 – Month 12

Introduction 

Couple #1 is THROUGH with debt!  They have been married for many years and have two children.  They are now ELEVEN months into their Debt Freedom March.

Good/Bad This Month

This month went to plan. It is great to see these balances going down.  On the other hand, it is difficult for expenses to go up so much.  It seems as though all of our extra spending money is going in the tank and into the grocery cart, but I can't complain.  I feel very lucky.  We have a house that is not in foreclosure, and we have two great jobs with benefits and insurance.  We are so blessed.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says

Couple #1 is now twelve months into their debt freedom march.  What a fantastic year it has been!  They have paid off $21,801.  This is what can happen when one is intensely focused on debt freedom and recognizes what life will be like when there is ZERO DEBT.

When Couple #1 started out, they had $35,695 in non-house debt.  They now have only $16,000 of non-house debt remaining.  Outstanding!

Couple #1 is doing a great job of sticking to their debt freedom march.  There are times that it seems almost unattainable, but it IS attainable and it IS so worth it!

Readers …

How is your own Debt Freedom March progressing?

In my book, I Was Broke. Now I'm Not., I share the story of my Debt Freedom March and teach the exact tools that Jenn and I used to become debt-free.  You can do it too!  You can read the book's introduction HERE.

Receive each post automatically in your E-MAIL by clicking HERE.

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