Joe Sangl’s Favorite Financial Tools

SERIES: Joe Sangl’s Favorite Financial Tools – Early Pay-Off Calculator

Welcome to the latest series at JosephSangl.com – Joe Sangl’s Favorite Financial Tools

In this series, I will be sharing the tools that I love the most.   There are several reasons I love these tools, but mostly I like them because they literally helped me change my life!

Part TwoEarly Pay-Off Calculator

The early pay-off calculator is a HOPE-GENERATOR!   Do you want to get FIRED UP?   Do you want to see the answer to the question, “What if?”   Use the Early Pay-Off Calculator to answer the question!

I have found that the Early Pay-Off Calculator is most impactful when used to calculate how much more quickly a home mortgage would be paid off if one were to begin paying extra principal each month.

As example, consider a \$150,000 home mortgage financed for 30 years at 5% annual interest.   The principal and interest payment would be \$805/month.

• Pay just \$905/month (\$100 extra), the early pay-off calculator shows that the mortgage would be eliminated in 23.5 years (6.5 years sooner)
• Pay \$1,000/month (\$195 extra), the mortgage pay-off would occur in 19.7 years
• What if one were able to make two payments per month (\$1,610/month)?   Pay-off would occur in 9.8 years!

Don’t think it is possible to make two payments per month?   Think again!   Most people could make two, three, or even four payments per month if they eliminated all of their other debts!   I challenge you to pull up the Early Pay-Off Calculator, punch in your numbers and discover why this tool will be one of your favorites too!

TOOL:   Early Pay-Off Calculator

RESOURCE: My book, I Was Broke. Now I’m Not., is a great resource to help you attack debt and make it leave your life!

Read the entire series (available after 6/17/2011)

SERIES: Joe Sangl’s Favorite Financial Tools – Monthly Budget

Welcome to the latest series at JosephSangl.com – Joe Sangl’s Favorite Financial Tools

In this series, I will be sharing the tools that I love the most.   There are several reasons I love these tools, but mostly I like them because they literally helped me change my life!

Part One – Monthly Budget

Preparing a monthly budget each month BEFORE the next month actually began has been the single largest reason that Jenn and I started prospering with our money.

Our monthly budget applies the basic rule of “Spending less than we earn.” It is a key hallmark of the Financial Learning Experience that I teach and all of our resources – the basic formula of:

INCOME – OUTGO = EXACTLY ZERO

We ensure that the “outgo” includes giving money away, saving, investing, and paying our bills.

Every. Single. Month.

Not just once every now and then.   EVERY. SINGLE. MONTH.   We prepare a monthly budget and then we do something completely crazy: we follow it!

Do surprises show up? Absolutely.   Do we have to make adjustments?   All of the time.

BUT the budget helps us stay on course.   We have realized that our budget is the engine that makes our financial vehicle run with power!   The finely tuned budget ensures that our life hums with funded dreams, giving, and peace.   It can do the exact same thing for you!

TOOL: Monthly Budgets

RESOURCE: My book, I Was Broke. Now I’m Not., is a great resource to help you prepare a budget that actually works.

Read the entire series (available after 6/17/2011)