“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?
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!
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!
It is available FREE right HERE!
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?
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!
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,
I know that I am simple man, but INCOME – OUTGO = EXACTLY ZERO works with $1,000 or with $14,000,000,000,000!
When we travel the nation to teach the Financial Learning Experience, we encourage people to call us when they achieve debt freedom. We’re getting these calls more and more, and I just wanted to share one of those calls with you.
Listen to the call HERE (takes only 4 seconds!)
It’s that simple – and it feels really cool to YELL once you’re debt-free!
When YOU achieve debt freedom, will you call us? Just yell – no names or anything. We’ll celebrate knowing another person has achieved such a monumental moment!
What do the following companies have in common?
- Apple (AAPL)
- Fastenal (FAST)
- Panera Bread Corp (PNRA)
- Texas Instruments (TXN)
- Bed Bath & Beyond (BBBY)
Besides being TOTALLY UNRELATED organizations, they are all 100-percent DEBT-FREE! Google was 100-percent debt-free until 2010 and Microsoft was 100-percent debt-free until 2009. Each company possesses more than enough cash to eliminate the debt without any financial margin issues.
Take a good look around at America’s businesses – they are almost ALL carrying some debt.
YouTube is incredible. Anybody can post a video with the potential for anyone in the world to watch it.
For example, the below video (can’t see it – click HERE) has had over 50 MILLION views. 50,000,000!
Now, I love kitty cats. My family has two of them. Here is an alarming fact, however.
Watching kitties will make us smile for a few minutes, but failing to learn how to win with our finances can make us frown for decades.
So … watch the kitty video, smile, and then start learning about how to make your money work for you to fund your dreams so that you can smile for decades! A good place to start is the “How Do I Budget Series” HERE.
I am constantly looking for 0% APR Balance Transfer Credit Card offers so that people with high interest credit card balances can restructure that debt to 0% interest. This allows ALL of the monthly payment to be applied directly to the principal balance of the loan.
Credit card lenders have begun really offering better terms recently as they have extended the 0-percent terms and lowered transfer fees. The best offer(s) I’ve currently located are listed below.
Click HERE to apply on-line in just a couple of minutes!
Information provided via FlexOffers.com and is deemed correct when posted. IWBNIN does not collect private information nor does it share information. Disclosure.
The US National Debt has increased by $91,092,718,497 since our last update in June 2011. This increase comes as the debate in Washington rages on whether or not to raise the US Debt Limit.
National Debt as of 7/18/2011
Moving politics aside, action needs to be taken. Our nation MUST gain control of the debt before it becomes completely out of control. Over the next several weeks, I will be sharing some of the lessons I believe individuals can learn from our country’s debt issues.
I was driving through a severe storm recently (the one pictured was one I experienced recently while in Erie, PA), and it was incredible, scary, awesome, and fearsome – all at the same time!
Here is the order of events:
- We saw the storms coming in the distance
- We were warned by a “Severe Thunderstorm Warning” for our county.
- The winds picked up a little
- We heard thunder grumbling in the distance
- We saw lightning and then thunder
- MAJOR wind arrived (40 to 50 mph)
- MAJOR lightening/thunder/wind/rain arrived
- Heavy rain continued for about 30 minutes
- Light rain continued for another 30 minutes and then the storm passed by
- The sunlight returned with the Earth having received a good washing
The storm knocked down lots of limbs, some power lines, and a few trees.
It made me think – what would happen to all of the dead limbs if storms did not happen? The tree would be left holding up all of that dead weight.
It makes me thankful that I experience financial storms from time to time. It helps me re-evaluate what is important to me and my family. It helps us get rid of dead weight – costs that are no longer necessary or are merely “wants” instead of “needs”.
YOU can share! I’ve experienced many financial storms, and I am sure you have too! I would love to hear about some of the financial storms you have experienced and how you came out better because of it! Share in the comments below!
TRUTH: We can either despise the storm or welcome it knowing that we will be better in the future because of it.
There are many great blogs and websites out there, but there are a few that I have chosen to read every single day. I believe that consistent reading of these sites has helped me grow as a leader, business owner, and individual.
Personal and Business Finances Sites/Blogs
News and Sports
Communication and Schedule Management
Some of you may be thinking, “Does he really type all of those web site addresses in every single day?” The answer is NO – I use the multi-tab feature of my web browser (I like Firefox and Google Chrome). When I open my browser, these websites automatically load. I spend less than 15 minutes of each morning catching up on what is news.
I would love to hear about the sites you visit on a daily basis – share them with me in the comments!
Every month there will be an update of Joe & Jenn’s Home Pay-Off Spectacular!
Here’s this month’s update!
Total Squares: 2,426
Paid-For Squares: 932 952
Squares Remaining: 1494 1474
% of House Owned By The Sangl’s: 38.4% 39.2%
% of House Owned By Wells Fargo: 61.6% 60.8%
Here is the updated Sangl Home Pay-Off Spectacular (click to view large size)
I can not tell you how GREAT it feels to smash the mortgage again this month – for the 4th month in a row! In the next two months, we will fully own our sun room and move on to buying squares in the rest of our house.
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
Most people struggle with managing their money well. When asked about the cause of their financial struggles, many reasons are presented, but most of them are inaccurate or misguided. Too little income, high expenses, non-participating spouse, high debt load, health issues, and bad luck are often presented to me as the reason for financial misery.
All of these reasons are SYMPTOMS of a poor financial situation, but they are not the CAUSE.
I truly believe that the number one cause of financial failure is LACK OF VISION.
Proverbs 29:18 KJV says, “Without vision, the people perish.” Observe great leaders and you will realize that they have tremendous vision. Speak with individuals who have won with their own money, and you will realize that they also have a clearly defined vision for their life and finances.
TODAY’S CHALLENGE: Write down your vision for your life and family.
Do it right now! Here are some good starter statements:
- In 20 years, we want to have given away $XX,XXX to the following organizations.
- In 20 years, we want to have traveled to …
- In our lifetime, we want to be able to …
I would be honored if you would share some of your vision statements with me! Send them to me HERE.
As I was walking through a parking lot on a recent trip, my attention was drawn to a gentleman who was walking nearby. He might have been a millionaire, but if so he certainly hid it well. I saw outward signs of poverty. Unclean. His countenance was cast down. No spark in his step and no sparkle in his eye.
For whatever reason, I felt a prompting to give him some money. He had not approached me. He did not ask for it, but I walked over to the man and said, “Let me bless you today”, handed him the money, and turned away.
His surprise was obvious.
I have no idea what he did with the money, but I believe he probably needed that money way more than me.
LIFE LESSON: Living generously is the only way to live.
ACTION FOR TODAY: Find someone that you can bless with a gift of money, service, or time – and do it TODAY!
Have you ever been able to bless someone like this? Share your story with us in the comments!