How To Destroy Your Finances – Part One

Welcome to the latest series at the wildly popular JosephSangl.com – “How To Destroy Your Finances”

In this series, I will be sharing methods proven to cause financial pain and agony. Use these methods if you want to live with piles of stress and harm your relationships.

Part One   Refuse to work with your spouse on money decisions.

Whenever your spouse wants to talk about money, choose to throw a fit. Stomp away. Huff and puff. Pout. Make outrageous statements like, “You’re just trying to control me!”

When your beloved hands you cash envelopes for impulsive spending categories like “spending money” and “entertainment”, spend it right away. Then go to the ATM and pull more money out without telling them. When they want to speak with you about your “unauthorized withdrawal,” tell them that it’s your money because you worked for it and that you will spend it “any ole way I want to.” If possible, say this with the highest level of sarcasm possible.

Choosing to ignore your spouse when it comes to money is one of the surefire ways to destroy your finances. And most likely your marriage. Which could lead to divorce proceedings. And that will ensure any remaining money is spent.

Of course, if you don’t want to destroy your finances, it would be ideal to work together with your spouse. It’s one of the top ways I began winning with money. I share my story in my book, I Was Broke. Now I’m Not.

Monday Money Tip: The Catalyst For Changing Your Financial Situation

To launch this week off right, this Monday Money Tip is focused on perhaps the most important moment for any major change in financial behavior – the I Have Had Enough Moment (IHHE Moment).
 

 
Have you had your IHHE Moment with your money? If you are serious about transforming your financial future, check out our 12 month I Was Broke. Now I’m Not. Core Coaching Program. Learn more HERE.

How Budgeting Equals Fun

It is the passion of the I Was Broke. Now I’m Not. team to help people accomplish far more than they ever thought possible with their personal finances. These 15 words drive everything we do.

Many people hear me excitedly teach about budgeting, and they think that I am excited about the budget.

They say things like, “That dude is crazy about budgeting!” and “Joe is FIRED UP about budgeting!”

But they are mistaken. What I’m really excited about is what budgeting allows me to accomplish in life.

I want to provide well for my family. Budgeting is the key.

I enjoy giving money away to causes my family is passionate about. Budgeting makes this a priority.

I want to launch businesses that help people. Budgeting has allowed us to do this!

I want to go to plays, concerts, and special events. Budgeting has made it happen.

Without instituting a monthly budget way back in 2003, I believe I would be totally broke today.

Budgeting = Fun

I love my budget.

Do you have a budget? Grab one of our FREE BUDGETS.

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My book, I Was Broke. Now I’m Not., will teach you how to implement monthly budgeting – even if your income is crazy. Check it out and purchase a copy HERE.

Taking A Financial Leap

I’ve seen this cycle in most people’s financial lives:

  1. Face a large financial decision.
  2. Make the large financial decision.
  3. Absorb the results of the large financial decision (whether good or bad)
  4. Live for awhile
  5. Return back to #1 and repeat the process

Many people start out life in the “real world” by making the large financial decision to go to college. And they use student loans to pay for it.

Once the decision is made, they absorb the results make the necessary adjustments and live with them for awhile.

Before they know it, they are back to #1 – pondering the idea of purchasing a home, having a child, starting a business, moving to another city, etc.

Most of us want “guarantees” so we will know our financial decision will work out. However, at some points in life, we must make a decision without having all of the answers. We take the financial leap.

How have you seen this process at work in your life? Have your financial leaps always worked out? If not, would you share some of the lessons you’ve learned from those moments with us in the comments?

My book, I Was Broke. Now I’m Not., is focused on helping people win with their money. Check it out and grab your copy HERE.

Monday Money Tip: Pay Off Debt Swiftly With The Debt Snowball Technique

To launch this week off right, I wanted to share the process I used to eliminate all of my non-house debt in just 14 months and my house mortgage in 10 years. The great news is that YOU can do this too!

In the I Was Broke. Now I’m Not. Video Teaching Kit, I teach more tips about debt elimination as well as many other key tools that can help you live a fully funded life. I encourage you to check it out HERE.

Can’t see the video? Simply copy and paste the following link in your favorite browser: https://www.youtube.com/watch?v=xbyAkBz_BU0

Research – Why Do You Give?

“Why do you give?”

This question is something I’ve been thinking about for awhile. While I know the reasons my family gives money away, I would rather hear from you!

Would you take a quick minute to share your thoughts on the subject with me? I’d be so grateful, and I’ll also be sharing the results of our survey in a later post!

Can’t see the survey? Simply copy & past the following link in your favorite browser: https://docs.google.com/forms/d/1JoFFaW0XGcCsR9QkavMVi1h1obU9PVZSVI9rEqiuEFM

Never Say “We Can’t Afford That”

“We can’t afford that.”

I hear people say this phrase all the time. Many times, it is said with great intentions. However, this statement has significant power over future decisions.

It starts out when we are children. We want something so we demand it from our parents. Their response? “We can’t afford that!”

And we think, “Oh. We can’t afford that.”

We begin to connect the dots that things we really want are too expensive and not attainable.

Slowly, over time, we allow this thinking to rob us of the ability to dream. Instead of asking, “What if?” We say, “We can’t afford that.”

But it is not true.

Somebody was able to afford it. Somebody purchased it. Somebody funded their dream of sending their children to college. Somebody was able to purchase a nice reliable vehicle. Somebody was able to start up a business. Somebody decided to dream again, and went to work to make it become reality.

An alternative to “We can’t afford that” is “HOW can we afford that?”

MAJOR ANNOUNCEMENT  The words “We can’t afford that” are not allowed to be spoken or written on this blog OR in my family OR among my team.

The following statements are better (and still allowed):

  • We will need to save up for that
  • We will start saving for that in our budget each month
  • We need a miracle from God to pay for that

Financial Oxen are the best way to fund big-time dreams. I’ve written all about birthing and acquiring them in my book, OXEN – The Key To An Abundant Harvest.

Monday Money Tip: With Money, Sometimes “No” Means “Yes”

In today’s Monday Money Tip, I share the financial truth that saying “no” right now can allow you to say “yes” to more important things later.

Would you take a quick moment to share the Monday Money Tip with your Facebook friends and family? Just click the “share” button on THIS WEBSITE.

Can’t see the video? Simply copy and paste the following link in your favorite browser: https://www.youtube.com/watch?v=zfhskVcfHYM

Great Graduation Gift Idea – Money Book

weskamgsYou might think a book focused on teaching money tips would be a terrible graduation gift idea, but consider the following about the graduate in your life:

  1. They won’t remember most of their graduation gifts.
  2. They probably haven’t had a single class about managing and winning with money.
  3. If the graduate is your child, lack of financial prowess could result in them moving back into your house.
  4. They’ll probably listen better to someone else teach about money (even though I’ll teach them what you’ve been trying to tell them – something about that parent-child relationship makes them close their ears!).
  5. This is a gift that can help them fund all of the big time dreams in their life!

I encourage you to get your copy of the book (and its related study) today. Most orders ship the same day they are ordered!

Kids & Money Tip: Dreams Should Drive Financial Decisions

NOTE: This is an except from my book for young people – What Everyone Should Know About Money Before They Enter The Real World. It is written for young people just beginning their money relationship. You can learn more and purchase this book and its related study guide HERE. By the way, this book makes an excellent Graduation Gift!

What do you want to accomplish during your lifetime? What have you been put on earth to do?

As you embark into life in the real world, there is no doubt that you have been asking yourself these questions. Sometimes these questions can cause one to feel overwhelmed or fearful. Other times, these questions can fill one with hope and joy. You may be experiencing all of these feelings.

Every person has hopes and dreams they want to achieve. I believe every person has been put on earth for a specific purpose, and I want you to accomplish your hopes and dreams. Most people, however, do not have a written plan for how they are going to achieve their dreams. In fact, more than 50 percent of people who attend one of our personal finance teaching experiences have never written their hopes and dreams on paper. This is very sad.

Henry Ford once said, “Fail to plan. Plan to fail.” This is an incredibly true statement.

I clearly remember the day I was teaching the Financial Learning Experience in a small town. I asked everyone in the room to write their hopes and dreams on paper. When they had finished this task, I asked them this question – “If this is the first time you have ever written down your hopes and dreams in your adult life, please raise your hand.”

As usual, more than half of the room raised a hand, but one person’s hand caught my attention more than the others. It was a man who was over 70 years old and still working a full-time factory job to produce an income for his family. He was working because he had to. I wonder if he would still be working full-time at 70 if he would have written down his hopes and dreams on paper when he was 18.

You have huge potential. What do you want to make sure you accomplish during your lifetime?

You see, it is these dreams which should drive your financial decisions. Not the other way around!

ACTIONS:

  1. Have the young person in your life ask some adults in their life, “What are your dreams?”  Once they have asked several of them, determine how many of those adults are truly allowing their dreams to drive their money decisions and how many are stuck allowing their current financial situation to drive (or prevent) their dreams.
  2. Grab a copy of the book and study it together to help the young person in your life prevent financial mistakes.

Is Your Budget Prepared For Next Month?

It’s the last day of another month.

Here are some questions I challenge you to ask yourself:

  • Did I prepare a budget for this month?
  • If so, how did this month’s budget go?
  • What did we learn about our spending and income that needs to be incorporated into future budgets?
  • Have I prepared a budget for next month?

In a recent survey we conducted, 60% of respondents said they do not prepare a budget every month. 60 percent. No wonder people are struggling with money! Money is difficult enough with a budget – let alone attempting to operate without one.

We asked survey participants “What is the biggest challenge you face in preparing a budget every month?” and received amazing feedback which is shown in the below chart.BudgetingSurveyChallenges

I found it very interesting that ZERO PEOPLE said “I don’t believe in budgeting.” Yet, 3 out of 5 people end up not budgeting every single month.

Here are some tips to combat each issue:

  • Not enough time in the day. Be intentional with your calendar. Block out one hour each month to sit down (with your spouse, if married) and prepare a budget. Put a “reminder” notification on the calendar so you will not forget to do this!
  • Don’t make enough money. This is the biggest money lie in the book. Change financial behavior to match your income. As Dave Ramsey says, “Act your wage!” You might have to make sacrifices now, but it will be worth it later when you are able to fund big-time dreams!
  • Spouse won’t participate. This is perhaps the biggest challenge of all. Seek understanding as to why they choose not to participate. Do they carry money wounds and scars from their upbringing? Are there unresolved issues in other areas of your marriage? Life coaching or marriage counseling can be hugely helpful in resolving these issues. One thing that helps my bride and me work well together is the “set meeting” to talk about the budget each month. It allows us to keep very short accounts on any issues because we know we’re committed to sit down again the next month.
  • Too frustrating and emotional. Money is indeed emotional because it is tied to the funding of our plans, hopes, and dreams. I encourage you to prepare a written list of these dreams and ensure you are always in the process of funding at least one of them.
  • Don’t know how to budget effectively. Here is a YouTube video I’ve prepared to help you eliminate this reason. You can do this!

My book and study – I Was Broke. Now I’m Not. – will help you prepare a budget that actually works and helps you maximize your money so you can fund your dreams. Learn more and purchase HERE.

Kids & Money Tip – The Rewards of Saving

One of the greatest lessons I learned from my parents as I grew up was saving money for a dream purchase.

honda_c70_deluxe

 

soybean-field

When my twin and I were just turning into wonderful and perfect teenagers (a fact not exactly verified by our parents), we really wanted to purchase a motorcycle. We lived out in the country, and a motorcycle would be a great way to explore our farm and beyond. Our father came up with a great way for us to earn the money to purchase it.

In one of the farm fields, we grew soybeans. The field was producing a fabulous crop of weeds that year. Dad said he would pay us one penny for every weed we pulled or cut down. We pulled enough weeds to buy the motorcycle. It was a Honda C-70 Passport, and it was awesome! Good planning and hard work – coupled with saving – led to a rewarding purchase.

One of the greatest things you could do for the children in your life is to help them fully grasp this concept as it will equip them with a key skill necessary to live a fully funded life.

NOTE: This is an except from my book for young people – What Everyone Should Know About Money Before They Enter The Real World. It is written for young people just beginning their money relationship. You can learn more and purchase this book and its related study guide HERE.

Monday Money Tip: Cash Envelope System

In today’s Monday Money Tip, I share one of the best ways to control those “impulsive” spending categories of your budget – things like spending money, groceries, restaurants, clothing, and entertainment.

By the way, my bride loves THIS CASH ENVELOPE WALLET offered by Dave Ramsey and his team.

Can’t see the YouTube link? Copy and paste the following link in your favorite browser: https://www.youtube.com/watch?v=PCzTTlMiIuA

DISCLOSURE

Working With The Wrong Tools

IMG_8419One of my favorite things to do is gardening and farming. I grew up on a farm, and I loved everything about it. From raising crops and a huge garden to feeding out cows, chickens, and hogs, I learned a lot about the principles of sowing and reaping. A great joy of mine is to have the opportunity to jump on a tractor (John Deere, of course) and raise some grain on my own farm.

As I was tilling up the soil the other day, I thought, “I’m so glad we have the right type and size of equipment for this task.” I have the right size tractor and tilling equipment, and it made the work easy. How difficult would it have been to till up several acres by hand with a hoe and a rake? Virtually impossible!

My next thought was how this applies to our personal finances. How many people are attempting the equivalent of tilling up a huge field with a rake? Let me connect the principle a little better:

  1. They want to retire someday, but they are not investing and using the powerful tool known as Compound Interest
  2. They want to maximize their money, but they are not utilizing the amazing money tool called a Budget
  3. They want to pay for their child’s college, but they are not capturing the power of the awesome tool called a 529 College Savings Plan
  4. They are sick of living paycheck to paycheck, but they’ve chosen not to utilize the awesome tool called Automatic Saving.

Are you working with the wrong tools?

The I Was Broke. Now I’m Not. Study was created to help you maximize your money and apply the right tools to your finances. Learn more HERE.

Small Business Tip: The Power of Partnerships

If you ever find yourself stuck with a particular aspect of your business, it might be time to find a partnership.

For example, when I fired up I Was Broke. Now I’m Not., I was the developer of all our web resources. I created most of them with Microsoft Word. You don’t even want to know how bad those looked! So I found a couple of web developers and the partnership helped both of us. The web developers made money and the websites helped us get more free financial tools to people and sell more helpful financial resources!

Our organizations have also partnered with companies that provide database management, marketing consulting services, and leadership coaching. They’ve all helped us move our businesses forward.

Great partners bring expertise and focus that may be difficult (impossible?) for your company to deliver.

One last thing:I’ve heard it said before that “Good partners COMPLETE each other. They do not COMPETE with each other.” Be sure your partners aren’t participating in the same business space as you are as it could create unwelcome competition.

Application Questions:

  1. What areas of your business do you feel are STUCK?
  2. What partnership(s) could you form to get UNSTUCK?
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