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Monday Money Tip: Separate Business and Personal Accounts

One of the top mistakes that small business owners can make is to intermingle their business expenses with their personal accounts. In today’s edition of Monday Money Tip, I’ll be sharing the reasons why you should separate these accounts.

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Core Coaching Program – Wave 6 – Enrollment Launching Next Week!

I’m so excited to officially announce that enrollment will open up for the I Was Broke. Now I’m Not. Core Coaching Program next Thursday!

This program is not for everyone. It is specifically designed for people who are serious about taking their financial education to another level in 2016. It has 14 video lesson experiences, homework, and tests. And we grade the tests.

If you are absolutely serious about changing your financial life in 2016, take a few minutes to read about the program (I’ve included lots of information below). Then, if you feel like this is the year to take charge of your financial future, click the link to register.

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Created by Joseph Sangl
Joe is a leading financial teacher, author, and speaker and the founder of I Was Broke. Now I’m Not. This program is transforming the lives of tens of thousands of people by helping them start living their fully funded life.

Imagine…

  • Being able to dream – and make those dreams become reality
  • Paying all of your bill and still have money left over!
  • Positioning yourself to pay cash for your child(ren)’s college
  • Making the decision to become a stay at home parent
  • Having a nice home – without a mortgage
  • Being able to work your dream job – even if it paid less money

What is the Core Coaching Program – Entire Program?

  •  12 months of life changing video coaching lessons taught by Joseph Sangl and IWBNIN Team Members – delivered via on-demand videos online
  • A fired up and exclusive group of people who are committed to completing the entire IWBNIN Core Coaching Program

 Each coaching module includes:

  • A coaching video and accompanying listening guides
  • An eBook so you can easily share the information with your family
  • A downloadable .mp3 audio file so you can listen throughout the month on your mobile player
  • A plethora of additional resources, next level tools, and Money FAQ

Every member receives:

  • Access to a “member’s only” area – complete with login and password
  • Monthly budget reminders
  • Monthly saving tips
  • Next level tools
  • Book reviews of great personal and small business finance books
  • Exclusive contact form to receive priority response time status from IWBNIN team

We want to be very clear with you.

Joining the IWBNIN Core Coaching Program is a 12-month commitment. Over 12 months we are going to invest in you and treat you like family. We don’t offer a “cancel anytime” option because, frankly, it isn’t best for your finances as this isn’t a microwave approach.

We want you to know what you’re getting into, and we want to serve you well through the year.

This purchase from I Was Broke. Now I’m Not. comes with our 14-day money-back guarantee. After 14 days, your purchase is final.

This means you join today and get to try out the program for 14 days. If you decide the program is not a good fit for you, you can ask for your money back within the 14 days. From that point forward, you are committed to finishing and graduating from the program.

The Core Coaching Program can help you:

  • Achieve your dreams without living in financial worry
  • Accomplish far more than you ever thought possible both in life and your personal finances
  • Live Happier than ever before by living a fully funded life
  • Become Free by breaking the chains of debt

The Core Coaching Program CAN and WILL help you achieve each of these goals listed above! ARE YOU IN?

 

Short-Term Urgent OR Long-Term Significant

I’ve noticed a trend in my life, and perhaps you have seen it as well in your own life.  It seems that things which are short-term urgent tend to trump items which are long-term significant.

Here are two common examples:

  1. Purchase a video game for our child (who already has 85 games) but there is no money saved for his college education
  2. Spend our money at yet another expensive restaurant (only to be hungry again 3 hours later), but refuse to save money for the health insurance deductible even though we know that we WILL get sick someday

This issue is best defeated by having a monthly budget (short-term plan) as well as a fully thought out “Plans, Hopes, and Dreams” list (long-term plan).

When you know the actual dream that is being sacrificed when faced with a short-term urgent item, there is a much greater likelihood that you will overcome that temptation.

QUESTION: What is the one short-term urgent item in your life that seems to keep destroying your finances and erodes your ability to fund your long-term dreams?

Is This Costing You?

Do you understand insurance? Life insurance? Auto Insurance? Health Insurance? I know that it is certainly not the most interesting subject in the world, but if you do not take the time to truly understand these products, it will cost you big time.

Rules I follow when purchasing insurance:

  • Do not just “take an insurance agent’s word for it!” Truly seek understanding of the product! If you understand it, you will be able to make a good purchase that you will KNOW is a good purchase.
  • Understand what’s being offered  If you are speaking with an insurance agent, and you start feeling like you are being “sold” on a product – LEAVE IMMEDIATELY!!! Use Donald Trump’s words – “You’re fired!” Complete with the New England accent if you wish. You do not need to be sold on an insurance product, you need to understand the insurance products. Once you understand the products, you will be able to make a sound decision.
  • Obtain at least three quotes from three different companies. Ensure that at least one is an independent company that is able to surf your insurance needs among many different companies. Competition makes prices go down. When prices go down, you will get to keep more of your money. I use US Insurance Online to obtain dozens of quotes without calling anyone – they call and email me quotes from multiple insurance companies! Click HERE for a list of all the companies that I recommend.
  • Do not cancel an existing insurance product until you have obtained a replacement. Do not cancel your auto insurance before you have obtained auto insurance from another company. Do not cancel your life insurance before you have obtained alternative life insurance from elsewhere. A gap in coverage is ripe territory for Mr. Murphy to show up.
  • Do not allow your insurance to be combined with another financial product. For example, cash value life insurance is both life insurance and an investment in one product. The problem with these types of products is that the fees are tremendous. Purchase your investments and insurance separately.
  • Send out your insurance every two years for new quotes. You want to ensure that your rates are remaining competitive with the open market.
  • Ask for a better deal. Insurance is a service product. Prices of service products are negotiable.
  • Be extremely careful when purchasing insurance from a family member or a good friend. You may have your judgment impaired because you really want to please and help them.

Again, insurance may be a boring subject but you can save a lot of money on insurance by employing these tips!

Interested in learning more about Insurance? Check out my latest book, I Was Broke. Now I’m Not. 

The Definition of Investing

I recently conducted a survey and received hundreds and hundreds of responses. One of the questions I asked was:

Which financial topic do you struggle with most? 

One of the top responses was Investing.

With phrases like mutual funds, ETFs, stocks, bonds, brokers, margin accounts, rate of return, yield rate, P/E, market capitalization, and current ratio, it can literally feel as if investing is another language!

I know the feeling as I’ve been there! Because of the results of this survey, I am tasking the I Was Broke. Now I’m Not. team to aggressively address this issue. We are hard at work developing resources that are going to help take people from clueless to financially confident and competent investor! We are also focusing on the topic of investing for the whole month of October!

First, let’s start by presenting a working definition of “investing.”

Investing  Using your money and possessions to create more money and possessions.

The goal for any investment is to gain more in return. There are countless ways to do this and we’ll dive more into this over the month.

Top 10 Reasons I Invest

  1. I want to start a college
  2. I want to visit New Zealand and Australia
  3. Canadian Fishing Trips need to become an annual event
  4. I want to visit China when I am 90
  5. I want to own a 200 acre farm complete with horses, chickens, pigs, cows, and lots of gardens
  6. I want to give $1,000,000 away at one time to a cause I care deeply about
  7. My dad gave me a book when I was twelve called “The Wealthy Barber” by David Chilton.  The facts are so obvious – those who invest: win; those who do not: whine
  8. I am on a crusade to help others with their finances, and it will require substantial cash to take it to the world!
  9. To pay for my children’s education – all of it – even through doctoral school
  10. To be free of the bondage of debt and to pursue exactly what God has put me on earth to do – 100% of the time!

Want to learn more about investing? Check out the IWBNIN website HERE.

Monday Money Tip: Two Ways to Produce Income

In this Monday Money Tip, I share two key ways to produce income – one of which is less utilized, but has the greatest potential to help you build wealth! This is worth the few minutes necessary to watch it.

Want to automatically receive a helpful and practical money tip every Monday? Just sign up HERE (It’s FREE)!

We’ve Heard From You – Here’s Our Response!

Last Monday’s live online event, Thriving: From Struggling to Surplus, was so much fun & the response has been absolutely sensational. If you were unable to attend, you can watch the replay HERE.

During this event, we announced that we’ve made changes to the Core Coaching Program! The past few years we’ve offered four waves of the CCP and we’ve continued to hear two KEY themes:

  1. “I’m not ready to learn about INVESTING yet because I’m still trying to figure out BUDGETING.”
  2. “I would love to be a part of the CCP, but I’m just trying to keep my head about water. I’m STRUGGLING.”

That’s when this thought hit us: “Everyone has a next step, but not everyone’s next step is the complete CCP!

So our team went to work, and we’re really fired up to share that we now have three CCP options: CCP-STRUGGLING, CCP-STABLE, and CCP – Complete.

You can learn all about these new options and register HERE! (Limited spots available!)

**The first 100 registrants for the CCP-Stable program who pay in full will also receive a copy of my book, I Was Broke. Now I’m Not. Registrants of the complete CCP will receive this book as well as a copy of OXEN: The Key to an Abundant Harvest.**

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3 Places to Save Money on Groceries – CouponMom.com

Food consumes 15-20% of the average American’s household gross income. With such a large spending category, it is helpful to understand some key ways to manage these costs while still being able to purchase enough food (and hopefully even healthy ones too). In this series, I’m discussing three specific places that can save your grocery bill money. So, are you ready to save $100 – $300 every month on groceries?

#3 – CouponMom.com 

If you are not using CouponMom.com, there is a high chance that you are way overpaying for your groceries.

In our Financial Learning Experience events, I have the opportunity to share some money saving ideas.  Of course, I always wish I had ten or eleven hours to share as many of them as possible, but there is not enough time. One that I ALWAYS mention however, is CouponMom.com.

Here is how it works:

  1. Obtain Sunday newspaper coupon booklets (issued by SmartSource, RedPlum, and P&G)
  2. Mark the date issued on the coupon booklets – do NOT cut the coupons
  3. Sign up to CouponMom.com (click HERE to sign up – it is FREE!)
  4. Every week, go to CouponMom.com and pull up your store’s deals under the “Grocery Deals By State”
  5. CouponMom.com will tell you which coupon booklets to cut coupons from and how to use them to obtain an average of 50% to 85% OFF!

It sounds too good to be true, but I use this myself!  I KNOW it to be true!  For example, this week I went to Publix (grocery store near my house) and had a bill of $69.00.  I received $33.98 OFF after using my coupons.  This was not for useless junk that I will never use.  This is for cereal, pickles, ice cream, vitamins, toilet paper, paper towels, and many other products that I would purchase anyway.

Have you used this service?  If so, share your victory stories!  If not, get started and save a ton of money.

3 Places to Save Money on Groceries – Southern Savers

Food consumes 15-20% of the average American’s household gross income. With such a large spending category, it is helpful to understand some key ways to manage these costs while still being able to purchase enough food (and hopefully even healthy ones too). In this series, I’m discussing three specific places that can save your grocery bill money. So, are you ready to save $100 – $300 every month on groceries?

#2 – SouthernSavers.com

Add this website to the ones you check every single day. This website is written by a stay-at-home mom so you KNOW that she will share some incredible deals!

You will find INCREDIBLE deals for at least fourteen grocery stores, coupons, and saving tips.

All of the members of the I Was Broke. Now I’m Not. team are crazy about this site.

You can check it out HERE (you should go ahead and SUBSCRIBE).

Have you used Southern Savers? Share your story!

3 Places to Save Money on Groceries – Aldi

Food consumes 15-20% of the average American’s household gross income. With such a large spending category, it is helpful to understand some key ways to manage these costs while still being able to purchase enough food (and hopefully even healthy ones too). In this series, I’m discussing three specific places that can save your grocery bill money. So, are you ready to save $100 – $300 every month on groceries?

#1 – Aldi Grocery Store

Aldi is the cheapest grocery store I have ever found. It is first-quality, top-notch food, and I LOVE shopping at this store! It is about 10%-33% cheaper than the next cheapest grocery store.

I buy cereal, milk, bagels, bread, eggs, cheese, fruit, vegetables, meat, canned foods, and many other products at this store, and I have been very satisfied!

I can only hope that Aldi has a store near you.  You can click HERE to see if they do.

Do you shop at Aldi?  If so, share your stories below!

Monday Money Tip: How to Save Money on Groceries

Welcome to another addition of Monday Money Tip! In today’s tip, I’m sharing several key ways you can save money on your groceries. This tip can help you free up cash to buy more groceries or save, invest or give more money.

Want to automatically receive a helpful and practical money tip every Monday? Just sign up HERE (It’s FREE)!

I Can’t Do This! I Have Had Enough

If you have attended one of our Financial Learning Experiences or heard me speak, chances are pretty high that you’ve heard me talk about IHHE Moments – I Have Had Enough Moments.

I Have Had Enough … of those who say, “I can’t do this!”

I have spoken to or with tens of thousands of people regarding the topic of personal finances.  Without fail from every single event, I have received the phone call, e-mail, or comment that basically says this:

That is easy for you to say.  You have no debt.  You have income.  This will not work for me because of…

I have had enough!  No more! The FACT (regardless of how one feels about a situation) is that you CAN win with your money.  You CAN become debt-free.  You CAN save for retirement.  You CAN own a house some day.  You CAN pursue a dream.

To those who would say, “Joe, you have no debt.”  I would respond by asking them if they have ever read my book, I Was Broke. Now I’m Not.?  I was up to my eyeballs in debt!  While I pursued debt freedom, my wife had to have not one, but two major surgeries with huge deductibles that we had to pay.  Since we have become debt-free, we have experienced other surgeries, failed heat pumps, a fixer-upper house, a failed transmission, and many other expenses.  If we could endure this and become debt-free, so can you!

To those who would say, “Joe, you have income.”  This is true.  My hero, Dave Ramsey, has said it many times.  There is a good place to go when you are broke – to work – it is a sure-fired moneymaking scheme!  I have always worked.  Always.  I might even be called a workaholic, but the fact is that I will not accept unemployment.  I have spent the time and money to obtain an undergraduate degree.  Once I earned a job in the workplace, I spent the time and money to obtain a graduate degree – all while working a full-time job, being a husband, and becoming a father for the first time.  But I will tell you that I have worked jobs that were horrible too.  I have cleaned confinement hog buildings and “maintained” the hogs (no further details here – but it was awful) – all for minimum wage.  I have cleaned horse stalls and green broke race horses.  I was trampled by one, stepped on a nail while climbing the fence, and scooped horse dung all day long – for a few cents more than minimum wage.  I worked at Taco Bell.  I worked in a smoking hot steel mill.  If I could do this, so can you!

You CAN do this!  No matter what your doubters say.  No matter what your family says.  No matter the frustrations of accomplishing it.

STOP saying you CAN’T do it, and START saying that you WILL do it.

Have you had your IHHE moment? Tell me about it below.

12 Reasons You Aren’t Winning With Your Money

I get the opportunity to travel and speak to different groups of people, in different phrases of life, with different financial struggles. However, they all of one thing in common: they all want to win with their money. The unfortunate reality is that there are a lot of people who aren’t winning with their finances. It can be frustrating and overwhelming. The GOOD NEWS is that you can win with your money. You can become debt free! You can start living your fully funded life.

Here is the list of the top reasons (in no particular order) I see that people aren’t winning with their money. If you currently aren’t winning with your money, read the list below to see if any of these apply to you.

  1. Unwilling to admit there is a problem
  2. Inability to say NO (to themselves, spouse, and/or children)
  3. Shiny Stuff Syndrome
  4. Lack of financial education
  5. Spouses not working together
  6. Lack of giving (rarely do I see selfish people truly win with their money)
  7. No savings (it is impossible to win financially if you do not save)
  8. Unwilling to take risk with any investments
  9. Listening to the wrong (and broke) people
  10. Impulsive spending decisions
  11. Failure to carry health and disability insurance
  12. Unwilling to work for it

Would you add any additional reasons to this list?

Ready to Get Organized? Part THREE

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

PART TWO  Prepare a list of all of your financial accounts

PART THREE  Information to include on your Financial Accounts Form

This form is meant to be the be-all end-all location for your entire financial picture. When you are looking for key financial information, you won’t have to go far because it is all contained within this file. When you pass away, it will allow your estate executor to easily understand what they are dealing with.

Here are the key items to include on your Financial Accounts Form.

  • Investment Accounts: Include your 401(k), 403(b), 457, TSP, Roth IRA, IRA, Stocks, Bonds, and Mutual Fund Investments
  • Bank Accounts: Include checking, savings, money market, CDs, and any other accounts held at a bank or credit union.
  • Real Estate: If you own real estate, be sure to list the addresses and the financial status of these holdings.
  • Will: According to LexisNexis and LegalZoom, 55% of Americans do not have a will or other estate plan in place. Have one, and include it’s location and your assigned executor on this document.
  • Power of Attorney: Healthcare POA, Limited POA, or other legal assignments of responsibility should be included in this document
  • Insurance Policies: Include Life Insurance – be sure to include policies provided through your workplace. Also include insurance on key possessions owned.
  • Jewelry (or other valuables): If you have valuable possessions, be sure to list them and their location
  • Safe Deposit Box: If you have one, indicate it on this document and include it’s location.

I know! I know! This can seem overwhelming, but it is absolutely worth the effort to put this together!

 

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