Savings Accounts With Online Banks – Why You Should Consider Using One

To be very clear, I am talking about banks that exist almost exclusively “online” – not banks that have a website.

Some great examples of these banks include:

  1. Capital One 360 Savings Account
  2. Discover Bank Savings Account
  3. Ally Bank Savings Account

I have used these type of banks for many years, and I love them!

5 Reasons I Love My Savings Accounts with Online Banks

  1. High Interest  These banks pay interest equivalent to a 30-month CD, but none of the CD restrictions exist (early withdrawal penalty, terms, etc.) As of this writing, these accounts are paying interest between 0.75% and 0.90%. That’s WAY BETTER than the 0.01% that most local banks are paying on simple savings accounts!
  2. No Minimum Balance  While most of these banks require a small minimum amount to open an account, they do not have a minimum balance requirement going forward.
  3. Sub-Accounts  These banks allow you to create “named accounts” within the main account so you can better track your savings for various items. For instance, I have sub-accounts named: “Business Operating Reserves”, “Christmas”, “Vacation”, “Property Taxes”, “Life Insurance”, and “Emergency Fund”  When I log in to my account, I can instantly see how much I have saved for each of these items.
  4. Customer Service  I’ve experienced nothing but the best service from my online banks. They have to, really. After all, they don’t have local branches so the only way they can attract and retain customers is by serving each customer extremely well.
  5. No Fees  I’ve never been charged a fee by my online bank. Not once.
  6. BONUS  Automatic savings – you can create automatic transactions that draft money from your regular bill paying bank account on a frequency that works best for you. I have established automatic monthly drafts so I don’t have to “feel like it” to ensure I save money each month!

I encourage you to click on the links for each of the banks, choose the one that suits you best, and get your savings automated!


Upcoming Speaking Events – Will You Attend One?

Here is my schedule for the next several weeks. I would love to be able to see you at one of these events!

October 5, 2014 (Sunday)  Newhope Church  Durham, NC

October 15, 2014 (Wednesday)  FBC North Brentwood  North Brentwood, MD

October 19, 2014 (Sunday)  The Bridge Church  Goldsboro, NC

October 22, 2014 (Wednesday)  Calvary Baptist Church  Lubbock, TX

October 29, 2014 (Wednesday)  Bethany Baptist Church  Lindenwold, NJ

November 9, 2014 (Sunday)  Crosspoint Church  Morehead, KY

November 16, 2014 (Sunday)  Rehoboth Open Bible Church  Brooklyn, NY

November 23, 2014 (Sunday)  Christ’s Church of the Valley  Royersford, PA

I’m FIRED UP for the opportunities I have been given to teach about practical personal financial principles and tools. We are establishing a great line-up of events for 2015. If you want to provide practical financial teaching to your church or business, start the conversation by CONTACTING OUR TEAM.

Monday Money Tip: Core Principle #4 – Have Fun Managing Money

Many people believe that budgeting requires the elimination of all fun from their life. They believe that anyone who focuses on eliminating their debt will be forced to eat spam and sardines every single day. It just isn’t true, and in this Monday Money Tip, I will show you how to have fun managing your money.

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Monday Money Tip: Core Principle #3 – Have A Plan For Your Life

Nothing is more powerful than setting a goal and pursuing it. Think about it: EVERY great accomplishment happened because someone first dreamed of it and then made a decision to move. This Monday Money Tip can be life changing!

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Monday Money Tip: Core Principle #2 – Avoid The Debt Trap

Keeping bad debts in your life can rob people of their dreams. In this tip, I share the importance of avoiding the debt trap.

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Monday Money Tip: Core Principle #1 – Power In Partnerships

There is unbelievable power in partnerships. The partnership between you and your spouse. Business partnerships. Community partnerships. In this tip, I share how these partnerships can help you accomplish far more than you ever thought possible with your personal finances.

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15 of My Greatest Money Decisions

I’ve spent some time pondering the money decisions I’ve made since my “I Have Had Enough Moment” on December 2, 2002. Below is a list of several key moments that have helped me move into a fully funded life.

  1. Deciding to prepare a budget
  2. Contributing the maximum amount to my employer’s 401(k) (back when I was an employee)
  3. Working together with my bride to fund our dreams
  4. Diversifying my investments within the stock market
  5. Diversifying my investments beyond the stock market – land, businesses, etc.
  6. Making giving a top priority – to my church, people in need, and other causes my family chooses to support
  7. Automating my investments into a 529 college savings plan for my children
  8. Seeking wisdom from financially savvy leaders – both personally (local business leaders) and via financial teachers (Dave Ramsey, David Bach, Robert Kiyosaki, etc.)
  9. Tracking net worth on a monthly basis
  10. Building and keeping financial margin
  11. Establishing accountability for wise financial decision making
  12. Eliminating debt
  13. Starting a small business
  14. Purchasing a small business
  15. Relentless pursuit of more knowledge – living the life of a continual learner

Of course, there are many more decisions and moments that have helped me financially, but these particular have helped me tremendously.

What are the greatest money decisions you’ve made?

Ready to take your finances to another level? Check out the “Ultimate Financial Book Bundle Special” – where you can purchase a copy of each of my money books at a special bundle price!

Money is a JOURNEY. Not a MOMENT.

I’ve experienced the following scenario more times than I can count:

Excited person approaches me: “I’m so ready to change the way I manage my finances. I can’t wait to get started. What are some key things I need to do?”

My response: “For me, preparing a list of my plans, hopes, and dreams was my first step. It provided the fuel to make the tough changes in the way I had been managing money. Then I began preparing a written budget – a spending plan – every single month before each month began.”

Less excited person responds: “Oh. Okay.”

You see, in this moment, the person has realized the following truth:

“Money is a JOURNEY. Not a MOMENT.”

This is perhaps the greatest challenge we will face when dealing with our money. Maybe it’s because it is the absolute opposite of poor financial behavior.

For example, when I wanted a new car, I was able to purchase it within a day – and signed up for four years of debt payments. It was a moment. I got what I wanted, and it happened nearly immediately.

However, when I decided to eliminate my debt, it was not a moment. It was a journey. I got what I wanted – eventually instead of immediately. After lots and lots of intense focus, effort, and preparing and living by monthly budgets that reflected my desire to kill my debt.

If you want to truly make your money work for you and prosper, it will require a journey. Not just a momentary desire, feeling or decision.

Monday Money Tip: The Importance of Written Plans, Hopes, and Dreams

In today’s Monday Money Tip, I share about the importance of having written plans, hopes, and dreams. I hope it inspires you to take some time TODAY to write down some of your life’s dreams.

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Hire Me As Your Money Coach

In case you haven’t heard, registration is now open for the I Was Broke. Now I’m Not. Core Coaching Program (CCP) – my coaching program that includes 14 sessions taught over a year.

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Over the past 12 years, my finances have changed dramatically. From having an average bank balance of $4.13 at the end of every month to owning several businesses. From attempting to teach myself financial principles to teaching hundreds of thousands each year.

It is my passion to help people accomplish far more than they ever thought possible with their personal finances. While I travel all over the U.S. and Canada teaching people about money, I’ve never lost my core passion to help people one-on-one – coaching them through their money journey.

When you sign up for the CCP, you are hiring me to be one of your money coaches. (You do have a money coach, right?) I have personally written each experience, and I teach every one of them. When you have a financial question, there’s a good chance I will be personally responding to it.

The 14 Core Lessons of the Core Coaching Program include:

  1. The Path The I Was Broke. Now I’m Not. Financial Freedom Ladder
  2. Dreams How to accomplish far more than you ever thought possible
  3. Budgeting How to budget in a way that actually works
  4. Saving Money 3 things everyone must save for
  5. Debt How to attack your debt and achieve financial freedom
  6. Investing All the way from investing “basics” to “advanced” investing
  7. Insurance Protecting your financial progress
  8. Comprehensive Financial Plan The most in-depth financial planning lesson you’ve ever received
  9. Net Worth How to calculate, track, and increase your net worth
  10. Children & Money Parents love this practical teaching that helps them prepare their children to win money.
  11. Wills & Estate Planning No one likes to think about it, but the day is coming for all of us. This lesson will equip you to have a rock solid end-of-life plan.
  12. Oxen Study #1 – Identifying Oxen Based on Joe’s book, Oxen, this coaching session will transform the way you think about money and help you identify incredible financial opportunities that could be right in front of you!
  13. Oxen Study #2 – Birthing, Acquiring, and Leading Oxen This session will equip you to acquire “oxen” that will carry your financial burdens for you!
  14. Next Level Thinking In this incredible final coaching session, Joe will share how he was able to transform from “broke thinking” to “financially free living.”

 Upon successful completion of the program, you will even receive a graduation certificate!

If you are serious about taking your finances to another level and want to receive encouragement and accountability along the way, join the I Was Broke. Now I’m Not. Core Coaching Program.

NOTE: Only 150 spots were available for the CCP, and many of those have already been taken. Click HERE to learn more and to get started!

Monday Money Tip: Company Stocks Explained

In this tip, I share information about the most basic of investments – company stocks. Stocks are foundational components of the Stock Market, and it is vital to understand how they work!

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Monday Money Tip: Mutual Funds Explained

One of the most confusing aspects of money is investing. We routinely hear people discuss things like compound interest, mutual funds, stocks, bonds, ETFs, and real estate, but many end up more confused than ever! In today’s Monday Money Tip, I explain exactly how mutual funds work. This tip will allow you to have more financial confidence and encourage you to grow in your money journey.

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Money Saving Idea: Have High Interest Debt? This Solution Can Fix It!

When I embarked upon my journey to eliminate my high interest debt, I was disappointed with my initial progress. When I sent a large payment to my debt, the balance owed did not seem to go down very much. I soon realized that the interest rates I was being charged were incredibly high.

For example, a $7,000 debt balance with a 19.99% interest rate generates an interest rate charge of around $116.61 per month. In other words, I would have to pay $116.61 every month just to keep the balance the same.

That’s when I discovered the power of using 0% Balance Transfer Credit Cards. I applied for one of these cards in under 5 minutes. My application was accepted and suddenly my interest rate was zero percent for a long time into the future! Even though I was charged a small transfer fee, this simple transaction positioned me to eliminate my debt very quickly because ALL of my payment was now being applied to reduce my debt balance!

In the previous example, nearly $2,000 in interest would be paid if only the minimum payments were paid over the next 18 months. This can be avoided by using a 0% Balance Transfer Credit Card!

I encourage you to use a 0% offer you’ve received in the mail, or here’s one I’ve found that is 0% for 18 months on Balance Transfers:
Discover it® – 18 Month Balance Transfer


College Students and Money: A Special LIVE On-Line Event THURSDAY August 14, 2014 at 8PM ET

I’m FIRED UP to be teaching a LIVE On-Line Event titled “College Students & Money” on Thursday evening at 8:00 PM Eastern Time. In this one hour on-line event, I will be speaking to college students and their parents about the financial challenges facing college students today. Even more, very practical tips and tools will be shared that can help your college student thrive financially – both during and after college. If you have a college student (or soon will have one), you won’t want to miss this event.

EVENT TITLE: College Students & Money

  • DATE Thursday, August 14th 8:00 PM Eastern Time (7:00 PM Central; 6:00 PM Mountain; 5:00 PM Pacific)
  • COST No cost
  • LENGTH 60 Minutes (40 minutes speaking – 20 minutes Q&A)
  • REGISTER Click HERE or copy & paste this link in your favorite browser:


Monday Money Tip: How To Pay Off Student Loans Faster

In today’s tip, I share how you could eliminate your student loans even faster! While you may believe you will still be paying on your loans in your 40s – or even later, it doesn’t have to be the case. I was able to eliminate all of my student loan debt in my 20s by using these techniques!

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