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Ways To Eliminate The Mortgage More Quickly – Part 5

March 23, 2010 in Eliminate The Mortgage with 0 Comments

Grocery bill (use coupons!)
Dining out
Clothing
Spending money
Magazine subscription
Insurance premiums

Less payments toward these bills means more money for payments toward mortgage elimination!!! Read the entire series HERE Read recent posts

Ways To Eliminate The Mortgage More Quickly – Part 4

March 22, 2010 in Eliminate The Mortgage with 0 Comments

Send in one extra payment when you receive a tax refund or profitability bonus
- Since this money is not part of the normal budget, it is can be easier to send this money immediately toward the mortgage.
Set up 1/2-payments to be made every two weeks
- Since there are 26 two-week periods in a year, this means that 13 full payments will be made each year. Presto! An extra payment!
Send in 1/12 (8.3%) extra on each monthly payment.
- 1/12th payment/month X 12 months = 1 full payment per year

Use the Early Pay-Off Calculator located HERE to run some numbers for your mortgage and become debt-free sooner! Read the entire series HERE Read recent posts

Ways To Eliminate The Mortgage More Quickly – Part 3

March 16, 2010 in Eliminate The Mortgage with 1 Comment

Welcome to the latest series at JosephSangl.com - Ways To Eliminate The Mortgage More Quickly. It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich! Part 3 Pay 10% extra each month Whatever your monthly payment is, add 10% and you will eliminate 7 years or more from a 30-year fixed rate mortgage! For instance, if your mortgage payment (including escrowed taxes and insurance) is $1,000, you would send in an extra $100 per month - $1,100/month. Example If you have a $150,000 5.50% fixed-rate mortgage with a monthly payment (including escrow) of $1,000 with $852 being applied to principal and interest each month (the other $148 being applied to taxes and insurance). If you send in $1,100 each month, there is now $952/month being applied to principal and interest. This will reduce a 30-year note to a 23 year 4 month note! Use the "Early Pay-Off Calculator" located HERE to run some numbers for your mortgage and become debt-free sooner! Read the entire series HERE Read recent posts

Ways To Eliminate The Mortgage More Quickly – Part 2

March 10, 2010 in Eliminate The Mortgage with 0 Comments

Welcome to the latest series at JosephSangl.com - "Ways To Eliminate The Mortgage More Quickly". It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich! Part 2 Lower The Interest Rate One key way to eliminate a mortgage is to have an excellent mortgage interest rate. Mortgage rates are at historic lows. CNNMoney's website has an excellent calculator that one can use to evaluate different refinancing alternatives to see which one is best for your situation. It can be obtained HERE. Just lowering the interest rate by 1% on a $100,000 mortgage will nearly $1,000/year! That, my friends, will spend just like money and I would much rather apply that money toward principal reduction or funding a dream than sending it as a gift to my mortgage lender! We have an "Early Pay-Off Calculator" located on our NextSteps site (HERE) that will show you how much more quickly you can pay off your loan if you obtain a lower interest rate. This can seem very basic, but it is easy to get caught up in the day-t0-day bustle of life and miss one of the key ways to eliminate the mortgage more swiftly! Read the entire series HERE

One key way to eliminate a mortgage is to have an excellent mortgage interest rate. Mortgage rates are at historic lows. CNNMoney's website has an excellent c

Thisalculator that one can use to evaluate different refinancing alternatives to see which one is best for your situation. It can be obtained at http://money.cnn.com/tools - click on mortgage refinance calculator.

Ways To Eliminate The Mortgage More Quickly – Part 1

March 8, 2010 in Eliminate The Mortgage with 0 Comments

Welcome to the latest series at JosephSangl.com - "Ways To Eliminate The Mortgage More Quickly". It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich! Part 1 Introduction I remember the day that I signed up for my first home mortgage. I financed such a large amount of money that I could not really comprehend the amount. All I knew was that I wanted to purchase a house, and the bank was willing to lend me the money. When I made my first mortgage payment, I realized just how much this debt was going to cost me. Less than two-percent of the payment was applied to principal balance reduction. The rest of the payment went to make other people and businesses wealthy - banks, insurance companies, and the government. What I discovered was that if I paid the scheduled payments on my first house for the entire thirty year term, I would end up paying more in interest than I paid for the house. Ridiculous! I set out to find ways to eliminate the mortgage more quickly so that more of my money would be applied to the principal balance. This will be fun! Read the entire series HERE

I remember the day that I signed up for my first home mortgage. I financed such a large amount of money that I could not really comprehend the amount. All I knew was that I wanted to purchase a house, and the bank was willing to lend me the money. When I made my first mortgage payment, I realized just how much this debt was going to cost me. Less than two-percent of the payment was applied to principal balance reduction. The rest of the payment went to make other people and businesses wealthy - banks, insurance companies, and the government.

What I discovered was that if I paid the scheduled payments on my first house for the entire thirty year term, I would end up paying more in interest than I paid for the house. Ridiculous! I set out to find ways to eliminate the mortgage more quickly so that more of my money would be applied to the principal balance.

SERIES: Fundamental Rules Of Money Management VI

February 26, 2010 in Fundamental Rules Of Money Management with 0 Comments

In this series, I have been sharing some thoughts on some fundamental rules of money management that are time-tested and known to be true. If applied, these rules can help you take your finances to the next level. Rule #6 Your business idea has a much better chance of succeeding when there is a strategic plan and a financial plan. As a financial counselor, I routinely meet with small business owners who started their own businesses. Some of them have been wildly successful. Others have not had the success that they had expected and desired. There are always a few exceptions, but it has become very apparent to me that individuals who take the time and effort to prepare a strategic business plan AND a "Seed Fund" for their idea have a better chance at succeeding. A strategic plan includes developing critical milestones that must be achieved and establishing detailed action steps necessary to achieve them. It should also include financial targets that must be achieved for the business to be considered a successful effort. Having some money available to start the business with is essential as well. I have seen too many good business ideas fail before they could mature simply because the business was too highly leveraged with debt. And of course, one should always remember Warren Buffets number one rule of money management - "Don't lose money." Read recent posts

How To Maximize Your Tax Refund

February 15, 2010 in Best Utilize Your Tax Refund with 0 Comments

It was a couple of years ago that I wrote THIS SERIES about maximizing your tax refund. I even agree with what I wrote two years ago. It is a good sign when you still agree with your own self! Here is the summary (and the entire series is HERE):

If you are receiving a tax refund, it is worth the 15 minutes to read this four part series! Read recent posts

5 Reasons To Lead A Personal Finance Study – Part 5

January 8, 2010 in IWBNIN Group Study with 0 Comments

In this series, I am sharing five reasons to lead the I Was Broke. Now I'm Not. personal finance study at your church or business. Part 5 Schools Are Not Teaching It Enough Most people I meet had "one or none" classes that taught personal finances. I personally had one class and it was called "Home Economics". It was about the home economy, but we only learned how to make no-bake cookies (which we didn't even put in the oven!). I am guessing that you would not be excited about leading a group study about calculus or geometry, but helping people with such a practical and potentially life-changing skill set is tremendously rewarding! We can complain all we want about the schools not teaching it, but that does not address the fact that most of us are not still in school and need to learn it now. Thank you so much for reading this series! You can be a part of this effort by leading the I Was Broke. Now I'm not. Group Study. You can learn more about the study and purchase kits HERE. Read entire series Read recent posts

5 Reasons To Lead A Personal Finance Study – Part 4

January 7, 2010 in IWBNIN Group Study with 0 Comments

In this series, I am sharing five reasons to lead the I Was Broke. Now I'm Not. personal finance study at your church or business. Part 4 You will learn as much from the participants as they learn from the study! As we developed the I Was Broke. Now I'm Not. Group Study, we had several thousand people participate in it. I personally sat in on the group discussion, and each time I was BLOWN AWAY by the knowledge shared! I learned money saving tips. People shared financial victories that they had experienced. They also shared failures (which we can ALL learn from). As a leader of a group, you will learn tips that you can apply to your own financial situation and that is what makes it so AWESOME! Every time I have led a group, I have walked away saying, "I hope they got as much from this study as I learned from them!" You can be a part of this effort by leading the I Was Broke. Now I'm not. Group Study. You can learn more about the study and purchase kits HERE. Read entire series Read recent posts

5 Reasons To Lead A Personal Finance Study – Part 3

January 6, 2010 in IWBNIN Group Study with 0 Comments

In this series, I am sharing five reasons to lead the I Was Broke. Now I'm Not. personal finance study at your church or business. Part 3 We are passionate about helping others. (We bet you are too!) We are PASSIONATE about helping people win with their personal finances. You will see evidence of our passion in every aspect of this study. It is the passion of every IWBNIN team member to help others accomplish far more than they ever thought possible. It is what drives everything we do. It is why we travel all over the nation teaching tens of thousands people live every year. It is why we have put forth the effort to write books, classes, studies, messages, and speeches. It is why we train financial counselors who are equipped to provide FREE 1-on-1 financial counseling to people throughout their communities. It is why we offer our financial tools for FREE. It is why we created the Next Steps website. We KNOW that when we help a family or individual improve their financial situation, we are helping them fund their future hopes, plans and dreams. You can be a part of this effort by leading the I Was Broke. Now I'm not. Group Study. You can learn more about the study and purchase kits HERE. Read entire series Read recent posts

5 Reasons To Lead A Personal Finance Study – Part 2

January 5, 2010 in IWBNIN Group Study with 0 Comments

In this series, I am sharing five reasons to lead the I Was Broke. Now I'm Not. personal finance study at your church or business. Part 2 This study is PRACTICAL and the TOOLS ARE FREE. I graduated with a degree in mechanical engineering from Purdue University, but the real truth is that most of the teaching was pretty far up in the clouds. It was not immediately clear to me how all of my classes in Thermodynamics, Heat & Mass Transfer, Statics, and Kinematics were able to be applied in "the real world." There is no doubt that ALL of these subjects DO matter - a lot - but they were not always taught in the most practical way. I resolved to myself back then that whatever I taught, I would seek to teach it at a level where everyone would not only "get it", but they would be able to easily apply it. That is how this study has been designed. The feedback from thousands of people tells us that we have hit our goal. Allof the tools taught are offered free via our Next Steps website (HERE). We have even created a website for the I Was Broke. Now I'm Not. Group Study to guide people through each session (HERE). You can learn more about the study and purchase kits HERE. Read entire series Read recent posts

5 Reasons To Lead A Personal Finance Study – Part 1

January 4, 2010 in IWBNIN Group Study with 0 Comments

Here are five reasons to lead the I Was Broke. Now I'm Not. personal finance study at your church or business. Part 1 People are hurting and looking for answers. The collapse of the housing and stock markets in late 2008 have had an impact on millions (should I say billions?) of people. People are dealing with HUGE financial issues such as:

Reduced pay
Lay-off
Large debts
House worth less than is owed
Car worth less than is owed
Divorce
Medical bills
Past due taxes

People have realized that the old way of managing money can be improved. They are looking for this type of teaching. By leading a group, you are helping invest in a life skill that can help someone achieve dreams that they previously thought were unachievable. Read entire series Read recent posts

Discipline Is Just As Important As The Plan

December 18, 2009 in Discipline with 2 Comments

Discipline matters just as much as the plan. It does not matter how good the plan. If the discipline is not there to do the work, the plan becomes useless scribbles on some paper. It is so easy to be UNdisciplined. Think about it. How difficult is it to be ...

Physically out of shape (round is A shape, but it is not IN-shape)
Overweight
Spend money we don't really have
Spend money without a plan
Lazy
Spiritually unconscious
Ignore family
Selfish

I wrote a book titled I Was Broke. Now I'm Not. Writing the "I Was Broke" part was EASY. The hard part was taking the necessary steps so that I could write the "Now I'm Not." part. Why don't we see books titled, "How to be B-R-O-K-E. Ideas for spending all of your money (and then some)"? It is because many people do not need a guidebook for accomplishing this. It always falls back to discipline. So let' start a discussion about that topic ... Read the entire series Read recent posts

SERIES: Fundamental Rules Of Money Management V

November 15, 2009 in Fundamental Rules Of Money Management with 0 Comments

In this series, I have been sharing some thoughts on some fundamental rules of money management that are time-tested and known to be true. If applied, these rules can help you take your finances to the next level. Rule #5 If it sounds too good to be true, it is most likely a scam. Call me cynical, but most "too good to be true" and "get rich quick" ideas are great ways to throw money away. It would be better to just set fire to your money. I remember a day several years ago when this "great deal" presented itself to me. "All you need is $1,000," I was told. Once I would turn in my $1,000 (it was required in cash - hello? - can you smell the scam cooking?), I would secure a slot. Once eight other people gave $1,000 under my slot, I would receive $8,000. Little did I know that I was being introduced to a pure form of a Ponzi scheme. It seemed like everyone was jumping in. I know several of my co-workers did. It was a "hurry, hurry, hurry" mentality. "If you don't jump in NOW," I was told, "you will lose the opportunity." This was back when I was busy writing the "I Was Broke" part of I Was Broke. Now I'm Not. so I did not even have $1,000 if I wanted to participate. You already know what happened. The folks running the scheme took all of the money and vanished from town - never to be heard from again. Here is what I have discovered - when you are B-R-O-K-E, you are way more susceptible to get-rich-quick schemes and scams. Be calm. Be patient. Use the real power of compound interest to fund your hopes, plans and dreams. Read entire series Read recent posts

SERIES: Fundamental Rules Of Money Management IV

November 4, 2009 in Fundamental Rules Of Money Management with 0 Comments

Welcome to a new series on the wildly popular JosephSangl.com! In this series, I will be sharing what I believe are Fundamental Rules Of Money Management. I look forward to reading your thoughts on this topic! Rule #4 You must have margin. I have lived with no money in the savings account. When I was in that situation, I was very aware that it was not the best situation. It was clear that $0 in savings left little room for financial emergencies to occur, but I was unaware of the full implications of zero saving until I finally had a healthy savings account. A healthy savings account provids margin. It allows you to think beyond today and tomorrow. Margin allows you to consider a business decision, career path, or even moving without seizing up due to making this statement to yourself, "That will cost money. Money that I do not have." Financial margin allows you to absorb unexpected financial events (like refrigerator, hot water heater, or car failure) - without incurring new debt. Margin also allows you to take advantage of unexpected financial bargains. To me, financial margin equals to less stress, peace, a calm wife, and freedom. Read entire series Read recent posts