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10 Random Questions To Ask Yourself About Money – Part 4

August 11, 2011 in 10 Random Money Questions with 0 Comments

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

August 10, 2011 in 10 Random Money Questions with 0 Comments

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

August 9, 2011 in 10 Random Money Questions with 0 Comments

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:

I went to college and got Bachelor’s degree in Mechanical Engineering (from my beloved Purdue University!)
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
I sought out opportunities to work in areas of companies that allowed me flexibility to grow my skills – leadership, technical, social, and business skills.
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

August 8, 2011 in 10 Random Money Questions with 0 Comments

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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If I Had A Million Dollars

August 5, 2011 in Dreams with 11 Comments

“What would you do if you had a million dollars?”

It’s a great question for anyone to ask themselves – because if you apply the tools and principles taught in I Was Broke. Now I’m Not., you will have a million dollars one day!

Today, I would love for you to share with us all: “What YOU would do if you had a million dollars.” – SERIOUSLY – I want to hear from you!

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5 Good Reasons To Spend Money

August 4, 2011 in Budgeting with 2 Comments

I am a “spender” by nature so I am always looking for reasons to spend money. Of course, my monthly budget helps ensure that my spending is well under control, but I do enjoy spending money as much as the next person. After all, money is called currency because it is supposed to flow (like the current of a river). With that said, here are 5 Good Reasons To Spend Money. This should be fun!

5 Good Reasons To Spend Money

To transition to a lower cost service. It might cost a connection fee to change to an alternative cable TV provider, but if it lowers the monthly ongoing cost of that service, it is worth spending the money!
To increase the value of something that will be sold. When preparing to sell a house, it can be helpful to spend money to upgrade the kitchen or master bathroom as it can increase the overall value of the home.
To increase the likelihood of selling something. If the car will not run, it will sell for a lot less. A lot of times, it can be worth it to spend the money to bring the car to full operating strength.
To generate future profits. If money can be spent to start a business that will generate future profits, it can be well worth it!
To free up time to produce additional income. If you can use time that you usually spend mowing your lawn to generate additional income that is greater than the amount spent for the lawn service, it can be worth it!

BONUS: To brighten someone’s day. If you see someone in need and you have money available to help – do it! There is nothing as rewarding as being able to bless someone else.

What reasons would you add?

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Some Of My Dumbest Financial Moves

August 3, 2011 in Finance with 7 Comments

I thought I would share a few of the dumbest financial moves I have ever made. As I wrote these, I experienced some feelings of frustration, regret, pain, a distress that I felt when I was totally broke.

Financing a new car with 105-percent financing (I even financed the sales tax)
Financing a used truck with 100-percent financing
Financing another used truck with 100-percent financing
Operating our finances without a written plan (budget)
Preparing a budget, but failing to follow it
Buying a “fixer-upper” home and seriously underestimating the costs – time and money
Buying the stock of a company that was free-falling (Conseco) – it went on to be zero value
Paying full price for a new home – without negotiating anything down
Loading up credit cards and paying the minimum balance for several years
Spending every dime I made without saving anything (no margin = guaranteed financial failure)

Care to share some of yours?

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You Can Not Win Financially If You Do Not Save

August 2, 2011 in Saving with 1 Comment

I have never met ANYONE who has won with money that did not save substantial money and maintain significant financial margin.

When I was broke, I never had any money. I thought I was broke because I did not have any money. The truth was I was broke because I had never prioritized saving!

The day that I decided to save money every single time I received money was the day that we truly started winning financially.

If you are broke and think it’s because you don’t have money try making SAVING a top priority that happens every time you receive money. Watch what happens!

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Sangl Home Pay-Off Spectacular – August 2011

August 1, 2011 in Home Pay-Off Spectacular with 3 Comments

Every month there will be an update of Joe & Jenn’s Home Pay-Off Spectacular!

Her’s this month’s update!

Total Squares: 2,426

Paid-For Squares: 952 971

Squares Remaining: 1474 1455

% of House Owned By The Sangl’s: 39.2% 40.0%

% of House Owned By Wells Fargo: 61.6% 60.0%

Here is the updated Sangl Home Pay-Off Spectacular (click to view large size)

For the 5th month in a row, we have been blessed with the opportunity to send in multiple payments! This FIRES ME UP! I like to look at it this way: If the interest rate is 5%, then this means we save $50/year for each $1,000 we send in early. On the first $1,000 we sent in, it means we have avoided paying that 5% interest for 30 years – a savings of $1,500 in interest!!! In other words, we saved $1,500 by sending in $1,000! What a deal! We have only 25 more squares to pay off in our sun room.

How are you doing on YOUR house payoff spectacular?

If you do not have one, you can get one here => Pay Off Spectacular – House.

Read previous Sangl Home Pay-Off Spectacular Updates

Personal Finance App For Apple AND Droid

July 30, 2011 in Resources, TOOLS with 4 Comments

I am FIRED UP to announce that the I Was Broke. Now I’m Not. App is now available for APPLE and DROID!

This App gives you the ability to:

Carry your budget with you
Calculate key financial figures like payments, debt pay-off, investment values, tips, and tithe!
Email a financial question directly to our team!
PLUS WAY MORE!

Here’s the great news – because so many people have invested in this dream to help people accomplish far more than they ever thought possible with their personal finances, we are able to offer this APP for FREE!

Get The Apps:

For Apple – HERE
For Droid – HERE

I would LOVE to hear your feedback on these tools because WE WANT YOU TO WIN WITH YOUR MONEY and want these apps to be the best available!

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VISUALIZE The US National Debt

July 30, 2011 in US National Debt with 0 Comments

Want a GREAT WAY to visualize and more fully understand the US National Debt?

Click HERE (or copy and paste the following link in your browser: http://usdebt.kleptocracy.us/)

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I Need To Make More Money!

July 29, 2011 in Finance with 0 Comments

“I need to make more money!”

As I travel this nation teaching and coaching people to win with their money, this is one of the most common beliefs that people have about their financial situation. They truly and genuinely believe that more money is the answer to their current financial predicament.

While it is certainly true that more money would be a blessing and ease financial hardship, the question every one of us most answer is: “Am I managing my current income well?”

If the answer to this question is “yes”, then more income will most certainly be a blessing. If the answer is “no”, more income will probably lead to more of the same pain – only with more shiny stuff.

For me, managing money well includes the following components:

Give at least 10-percent of my gross income away – FIRST
Save at least 10-percent of my gross income for known upcoming expenses (like annual insurance and Christmas)
Invest at least 10-percent of my gross income in long-term retirement accounts
Invest at least 5-percent of my gross income for my children’s college, weddings, etc
Pay all of my bills early
Maintain a healthy cash margin so that obstacles and opportunities can be faced without financial collapse
Staying in tune with my surroundings so that I can identify opportunities to bless someone or for investment
Teaching my children how to win with their money
Communicating with my spouse to ensure we are on the same page
Prayer about all financial decisions
Seeking wisdom for all financial decisions that I am unfamiliar with or that are larger than normal

What are some things you do to ensure that you are managing your money well?

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HUGE ANNOUNCEMENT

July 28, 2011 in Resources with 5 Comments

If you follow me on Twitter or Facebook, you know that I announced a little while ago that a big announcement was coming. Here it is!

I am PUMPED to announce that I Was Broke. Now I’m Not. has released our very own App for Apple products – iPhone, iPod Touch, and iPad!

We are so STOKED about this! You could even say that we are FIRED UP!

This App gives you the ability to:

Carry your budget with you
Calculate key financial figures like payments, debt pay-off, investment values, tips, and tithe!
Email a financial question directly to our team!
PLUS WAY MORE!

It is available FREE right HERE!

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Top 7 Reasons It’s Hard To Balance The US Budget

July 27, 2011 in US National Debt with 0 Comments

Here are the Top 7 Reasons It’s Hard To Balance The US Budget:

It’s hard to say “NO” to a good program Let’s face it. There are tons of great programs that are funded by taxpayer money.
Genuine disagreement Smart people who are extremely passionate about their work have real differences in their beliefs and ideals.
Ever-changing leadership Leadership changes every election cycle. What was important in the last cycle may not be important during the next.
Politics Ever heard of “We” versus “They”?
We can print more money Fire up the printer, boys! We need more $100 bills!
Others aren’t – Why should I? It’s hard to be a leader who cuts spending when other leaders are continuing to spend at high levels in their own districts.
MANY AMERICANS AREN’T LIVING BY A BALANCED BUDGET THEMSELVES! If Americans don’t live with a balanced budget, they don’t truly know the freedom that is felt when one has a plan that balances!

What additional items would you include?

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US National Debt – My Letter To My Representative

July 25, 2011 in US National Debt with 0 Comments

As the United States faces such a HUGE obstacle of increasing its debt limit yet one more time, I wrote the following letter to my elected representatives. I encourage you to write YOUR REPRESENTATIVE and demand a BALANCED BUDGET!

Dear Representative,
I am writing to encourage you to continue to demand that spending cuts are tied to the national debt increase bill. When my own personal budget is faced with shortages, we do not continue to increase our debt – we choose to cut spending instead. Some of these cuts are not fun, but it is what MUST happen in order for my family to prosper.

The same is true for the United States. Please ensure that the fundamental rule of INCOME minus OUTGO must equal EXACTLY ZERO is applied to our budget. While it is absolutely imperative that the national debt is increased at this moment, it is essential that the necessary steps are put into action to ensure that this is THE LAST TIME that we increase our nation’s debt. I don’t want to hand a financially broken and bankrupt nation to my children. I appreciate your leadership and focus on this extremely important issue.

With the highest regard,
Joseph Sangl

I know that I am simple man, but INCOME – OUTGO = EXACTLY ZERO works with $1,000 or with $14,000,000,000,000!

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