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10 Random Questions To Ask Yourself About Money – Part 10

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 10  What is the ONE BIG THING that I need to do with my money right now?

We have spent the last 10 days talking about 10 Random Questions To Ask Yourself About Money.  It is my hope that you have been challenged and inspired to take your next big financial step.

ACTION:  Take your next step!  Write down your goal and establish a date that you want to complete it.

I would LOVE to hear your next step!  Would you take a moment to SEND IT TO ME?

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 9

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 9  Do I know more about reality TV shows than I do about my own financial situation?

I love watching reality shows.  My favorite show is The Amazing Race (I want to be on that show!!!).  I also like Big Brother, Survivor, and American Idol.  When I was B-R-O-K-E, I knew everything there was to know about these shows, but I was broke!  How crazy is that?

I spent so much time watching “reality” shows, but my true reality was being completely neglected!

I wonder if the same has been true for you in the past, or if it is true right now?

ACTION:  Take a few moments to reflect on your true financial situation.  Is it receiving the amount of attention it needs for you to accomplish your plans, hopes, and dreams?

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 8

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 8  If a financially successful person were to look at the way I spend money, would I be embarrassed at the way I spend money?

I used to be B-R-O-K-E, and I cared a lot about what other broke people thought about me.  Guess where that got me?  NO WHERE!  I decided to look to people who were winning with money and sought opportunities to learn from them.  I broke open the Bible and found out it had TONS of wisdom about money in it.  This is one of the key reasons that I train 1-on-1 financial coaches around the nation.  I wanted to be able to provide free coaching to people so that they could learn from people who are a step or two ahead of them.

ACTION:  Today is the day to stop feeling embarrassed or ignorant about money.  Find someone you know that is winning with money, and ask them to help you!  Ask them to hold you accountable to applying what they teach you.  If you are looking for FREE 1-on-1 financial coaching, but don’t know where it is available, send me an email and I will do everything I can to get you connected with a free coaching appointment where there is NO SALES PITCH – only help and hope.

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 7

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 7  If I were laid off of work today, how many months could my household operate without severe financial troubles?

It is so easy to spend every dime that we earn.  There is a lot of shiny stuff that “speaks” to us and says, “Buy me.  Buy me.”  However, if there is anything that The Great Recession has taught us it is this – “Down turns happen.” and “Lay-offs happen.”

This is why it is so vitally important to make saving a top priority.  A good target for an emergency fund is to have six month’s worth of expenses saved.  This can seem impossible, but with an intense focus, it can be accomplished by most people within 6 to 24 months.

ACTION:  MAKE SAVING A PRIORITY and make it automatic!  I personally have a savings account at Capital One 360 Bank.  This on-line savings account pays higher interest than my local “bricks & mortar” bank, and it has a great feature that allows me to set up “automatic savings withdrawals” from my bill pay account.  This automation provides the discipline necessary for me, a spender, to save.

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 6

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 6  Who can I bless today with a financial gift?

During a recent one-on-one financial coaching appointment, I was stunned by a line item that the couple had included in their budget.  It was called their “RAK” fund.  When I inquired about it, they responded, “That is our Random Acts of Kindness fund.”

How awesome is that?!?!

We all know someone who is doing better than us, but if we take a moment to think about it, we can also think of someone who is not doing nearly as well.  By making generosity become “the way you do things”, you will literally change your life as you help someone else get a hand-up (not a hand-out).

ACTION:  Take a moment to think of someone who could be blessed greatly by a financial gift, and then make it happen!

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 5

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 5  If I died today, would those who depend upon me be able to prosper?

Would your income be replaced?  Would your family know your final wishes?  Is there a written plan?

Here is a fundamental fact: You ARE going to die!

Unfortunately, some people die way too prematurely.  Since we all probably know of an instance where someone has experienced such a tragedy, it is wise and prudent to prepare appropriately.

A good plan includes:

  1. A great financial plan that includes a budget with savings, investing, and clear spending (ensures clarity)  (Click HERE to get our free budget tools)
  2. Life insurance (replaces your income)  (Click HERE to get free on-line quotes from AccuQuote)
  3. A written will (provides your wishes)  (I like the on-line will forms that you can get at LegalZoom.com)

ACTION:  Review your financial plan and ensure that it includes each of the components above.  If an area is lacking, take steps to address IMMEDIATELY!

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 4

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 4  How much money do I use each month to service debt?

Most people have no idea how much money TOTAL is being sent to lenders each month.  They know their car payment to the penny, of course, but they have never taken the time to add up all of the debt payments to understand their total debt payments.  For the average family, it is $500 – $1,250 per month in non-house debt payments and $1,250 – $2,000 (or more) in total debt payments.  The question that wrecked me was: “What else could I do with this money?

ACTION:  If you have debt, take a few minutes to add up all of your debt payments (car, truck, house, credit card, student loan, furniture, personal loan, etc.)   Ask yourself the critical question: “What else could you do with that money?

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 3

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 3  Do I add value to my workplace?

This question can take one aback at first.  I have found that many people have never asked themselves this question, nor have they thought of their employment this way.  The fact is this: If we do not bring more value to our workplace than the amount of money our employer pays us, then we are not going to be employed long-term!

Here are just a few ways that employees add value:

  • Produce a product or deliver a service that the customer pays for
  • Sell products or services
  • Identify and deliver cost-saving opportunities for the company
  • Maintain accurate records and information such that wise decisions can be made based on clear information
  • Negotiate agreements with suppliers that result in savings for both parties

Employees that can clearly substantiate their value to their employer have a much better opportunity for promotions and pay increases – which can help the budget substantially!

ACTION: Take a few moments to write down the ways that you bring value to your employer.  Do your best to write down the actual value where possible.

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money – Part 2

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 2  Do I go to work just for a paycheck, or am I doing what I LOVE to do?

Life is too short to spend just working for a paycheck.  If you are just working for a paycheck, don’t quit today, but start taking the necessary actions to change your life in the future.

Here are some things I did to ensure I could pursue my dreams:

  1. I went to college and got Bachelor’s degree in Mechanical Engineering (from my beloved Purdue University!)
  2. After working for a couple of years and realizing that engineering was not what I wanted to do the rest of my life, I went to Clemson University and obtained a Master’s degree in Business Administration
  3. I sought out opportunities to work in areas of companies that allowed me flexibility to grow my skills – leadership, technical, social, and business skills.
  4. My bride and I became debt-free (except for the house) and this gave us financial margin to pursue a dream

NONE of these decisions were EASY.  NONE of them were free.  I paid ENORMOUS amounts of money and time to pursue these dreams.  As a result, I am able to do what I love to do.

Here’s the TRUTH:  You can do this too!

ACTION:  Identify the key steps you need to accomplish to pursue your dreams – WRITE THEM DOWN – and then develop a plan to accomplish them.

Every race starts with one step.

Read entire series (available 8/19/2011)

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10 Random Questions To Ask Yourself About Money

Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money

These are 10 questions that have personally challenged me in my finances, and I know they can help you too!

Question 1  Do I really need everything that I pay for every month?

Many people have signed up for a service in the past that they no longer use.  In fact, many people have monthly charges that they do not even realize they are paying because it is embedded in their credit card bill or telephone bill.  For others, it is a gym membership they no longer use.  You might even be paying insurance premiums for a vehicle, boat, or motorcycle that you have sold, but failed to stop coverage.

ACTION: Take a few minutes when you are doing your bills this month and review your bills for any recurring fees.

Read entire series (available 8/19/2011)

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