Your Level of EXPECTATION determines your level of PREPARATION

I’ve run across an amazing statement that has greatly impacted me over the past month. Here it is:

Your level of EXPECTATION determines your level of PREPARATION.

It is so true.

  • If you are excited about going on a date with your spouse, you will PREPARE for it. You will plan the location, activities, and food. You will clean up and dress up. You will be on time. Conversely, if you aren’t excited about it, you won’t spend any time preparing for it and will be content with the “Where do you want to go? I don’t know. Where do YOU want to go?” type of approach.
  • If you are pumped about starting a new business, you will PREPARE for it. You will have a detailed business plan that includes pro-forma income statements, executive summaries to present to potential investors, a SWOT Analysis, and be actively learning everything you need to know about the product or service you will offer, necessary suppliers, and your future customers. If you don’t expect to really start a business, you will be content with saying, “I really want to start a business one day.” And that “one day” will never happen.
  • If you expect to win with money, you will PREPARE for it. You will prepare and live by a written monthly budget. It will be your top priority to give, save, and invest money. You will be extremely cautious with debt. You will devour books, blogs, and seminars about investing, saving, and maximizing your overall portfolio. If you don’t really expect to win with money, you will be content with saying, “I just need to make more money to succeed.”

Hear me clearly on this: Your level of EXPECTATION determines your level of PREPARATION.

NEXT STEPS

  1. Review your calendar and checkbook. Do they reveal activity that shows you are truly preparing to accomplish your expected goals?
  2. What is one change you can make today that will begin to make a difference in your life tomorrow?

How To Teach Investing To A 3 Year Old

We tend to make investing more difficult than it really is. The goal of any investment is to make money.

Here’s a simple way to teach investing to a 3 year old.

  1. Select their favorite cereal
  2. Ask them, “Do you like this cereal?”
  3. Desired Response: “Yes!”
  4. Then ask, “Do you think other little boys and girls like this cereal?”
  5. Desired Response: “Yes!”
  6. Do you think there will be MORE little boys and girls in the future or LESS?
  7. Desired Response: “MORE!”
  8. Then maybe we should own part of the company that makes this cereal. Would you like to own part of the cereal company?
  9. Desired Response: “Yes!”
  10. Purchase stock (using your favorite stock trading company) – Maybe General Mills (GIS) or Post Holdings (NYSE: POST)
  11. Better yet, purchase a mutual fund that owns cereal companies within it

I’ve done this with my daughter when she was 3. I’ve continued the conversation. As a teenager, she is an informed investor who I’m proud to say is becoming a financially confident leader.

How To Have The BEST Financial Year of Your Life – Last Chance is TONIGHT!

Last night was an INCREDIBLE moment as a huge number of people gathered together for the “How To Have The BEST Financial Year of Your Life” LIVE On-Line Event! I delivered a special presentation – one I’ve never delivered before in a public setting. My goal was to equip people to have the most prosperous year they’ve ever experienced!

If you weren’t able to join us last night, I have GREAT NEWS: You can join me TONIGHT! That’s right – I’m teaching it again one more time. I really hope you will be able to be a part of this special teaching.

Here’s what you will learn during this event:

  • THREE KEYS to make 2014 the best financial year of your life!
  • Practical next steps you can put into place IMMEDIATELY
  • A MAJOR ANNOUNCEMENT regarding the launch of I Was Broke. Now I’m Not. Core Coaching Program – Wave 2

Will you be joining us? Just complete the simple REGISTRATION LINK below! NOTE: Be sure to select the “Tuesday, January 14th” event so that the proper login information is sent to you!

= A LIVE ON-LINE EVENT =

How To Have The BEST Financial Year of Your Life

NOTE: Be sure to select the “Tuesday, January 14th” event so that the proper login information is sent to you!

TONIGHT! Live On-Line Event “How To Have The BEST Financial Year of Your Life!”

I’m so thrilled to be hosting “How To Have The BEST Financial Year of Your Life” (a special LIVE On-Line Event) tonight and also on tomorrow night!

I’ve prepared a special presentation – one that I’ve never delivered before in a public setting – just for this event. My goal with this event is to help YOU have the most prosperous year you’ve ever experienced!

Here’s what you will learn during this event:

  • THREE KEYS to make 2014 the best financial year of your life!
  • Practical next steps you can put into place IMMEDIATELY
  • A MAJOR ANNOUNCEMENT regarding the launch of I Was Broke. Now I’m Not. Core Coaching Program – Wave 2

I’ve invited 33,475 people to this event. To accommodate as many people as possible, we are offering this event LIVE on two consecutive nights (see below details). You can register for either night, and I will be teaching it LIVE tonight AND tomorrow night. We’ve even changed up the times to serve various time zones and busy parents who might have trouble participating while their children are still up.

Will you be joining us? Just fill out the simple REGISTRATION LINK below!

= A LIVE ON-LINE EVENT =

How To Have The BEST Financial Year of Your Life

 

Monday Money Tip: Income – Outgo = Exactly Zero

I love it when my week starts off right! The Monday Money Tip was created as a weekly service to provide people just like you with a practical and simple money tip – right at the start of the week so that you can take action with it!

Register HERE (it’s free) to receive this weekly tip in your email box bright and early on Monday morning!

Small Business Success Tips – Importance of Financial Margin

Every person who begins a small business usually does so because of a passion. They pour enormous amounts of energy, time, and money into making the dream become a success – both in its mission and financially. They dream of the day when the business is profitable.

Then, with hard work, determination, stout decisions, and some luck, the dream comes true! The business becomes profitable.

This is when a massive and critical decision is made that could ultimately dictate the entire future of the company: Should we SPEND all of the profits (to grow the business or on other personal dreams) or should we SAVE the profits?

Or is there an appropriate balance between SPENDING and SAVING?

I encourage you to chose to build FINANCIAL MARGIN by SAVING the majority of the first profits of the company! While I know you see incredible future opportunity that could potentially be realized by reinvesting (spending) the money back into the company, I believe financial margin is far more important to long term success of the company.

A great way to describe this savings is an “Obstacles & Opportunities Fund” (O & O Fund). Having this account fully funded allows you to encounter obstacles head on without it impacting your daily operations (not so fun) and to take advantage of tremendous opportunities when they appear before you (a lot more fun).

It is appropriate to place 4 to 6 weeks of operating expenses in a beginner O & O Fund. Long term, it is desirable to have at least 12 weeks of operating expenses.

Here’s what financial margin provides to you as the business owner:

  1. Long Term and Strategic Focus  When you are strapped for cash, all of your time will be consumed with tactical decision-making. You will constantly be plagued with liquidity and working capital issues.
  2. Happy Suppliers  Margin allows you pay bills on-time and early. Clients who pay on-time and early receive preferential treatment over slow-paying ones.
  3. Happy Customers  Companies that are strapped for cash can be tempted to cut corners which can lead to service or quality issues.
  4. Happy Employees  There is nothing that will make your best employees run for the exits like missed payroll. Margin ensures this isn’t EVER a problem.
  5. Restful Sleep  You will sleep better when you know the bills are paid and you are prepared for unplanned obstacles.
  6. Investment Opportunities  When you have financial margin, you will see opportunities you would NEVER see if you were broke. It’s an amazing phenomena I’ve witnessed many times.
  7. Better Profit Margins  Broke companies who are strapped for cash put valuable products and services on sale or issue major discounts for early payment – all done to generate immediate cash to solve cash flow problems. It is literally equivalent to mortgaging the future. Companies with margin won’t engage in such behavior – because they don’t have to!

It’s never easy to force your organization to save. There will always be competing priorities. Chose to make Financial Margin the top priority.

Your financial manager will thank you. And then you will thank me when you are able to jump on a major opportunity – all because you chose to build financial margin.

You’re welcome. :)

NOTE: Welcome to the “Small Business Success Tips” series here at the wildly popular JosephSangl.com! Click HERE to access all previous tips in this series.

Are You A Leader?

You are a leader.

Did you know that?

You might be the leader of a business, charity, church, school, club, or a family.

The titles vary. Here are a few:

  • Father
  • Mother
  • Parent
  • Husband
  • Wife
  • President
  • CEO
  • CFO
  • COO
  • Pastor
  • Dean
  • Teacher
  • Owner
  • Board Member
  • Director

I’m convinced that if I were to look at each of the roles I serve in through a leadership lens, I would be more effective.

For example, it is common for me to share, “I’m the father of three children.” What if I said (and acted upon) the statement, “I’m leading three children.”?

It moves the statement from passive to active. You see, saying “I’m a father” only shares a historical fact. Stating “I’m leading” shares the need for ongoing attention and action!

It makes sense, doesn’t it? By saying, “I’m leading three children,” it indicates that I’m:

  • Actively involved
  • Required to set the example
  • Teaching them
  • Equipping them to become productive citizens!

Instead of saying, “I’m the CEO of I Was Broke. Now I’m Not., LLC,” it is much more weighty to say, “I’m the leader …”

Who and what are you leading?

NOTE: This post was written as part of the “Leadership” series here at the wildly popular JosephSangl.com! Click HERE to access all previous tips in this series.

Will Your Child Live A Prosperous Life?

Every parent wants their child to thrive in life – relationally, spiritually, physically, and financially! We want them to make a difference!

New parents would never say, “I really hope my child experiences tremendous financial hardship and maybe even bankruptcy.”

Yet many newborns grow into adults who experience tremendous financial hardship and, yes, even bankruptcy!

So what can a parent do to help their child thrive financially?

  • Give them money to start life out with?
  • Pay for their entire college education?
  • Buy them the latest and greatest technology?

All of these things can help a child grow up into a financially-savvy adult, but I believe there is one key factor that dominates all others when it comes to ensuring a child is equipped to win with money.

One Key Factor:  The parents live it themselves!

When parents model strong foundational financial principles for their children, it is the strongest form of teaching one can ever deliver!

Children learn most by imitating their parents! Think about it: If you are being silly and stick french fries up your nose at McDonald’s – your children will do it too. If you slam doors when you are angry, don’t be surprised when your child does it too!

So let’s get to some practical thoughts on this:

  1. You want your child to learn to save? Save money every single time you are paid. Take your child to the bank (even though it might not be as convenient as using the Internet or an app) and deposit the money. When your child receives money as a gift, challenge them to save some of the money into a piggy bank or clear jar – so they can visually see it accumulate.
  2. You want your child to be generous? Give money away every single time you are paid. Better yet, put the money in your children’s hands and have them donate it for you. Donate time at a great charity in your town and serve those who are less fortunate. Again, when your child receives money as a gift, challenge them to give some of that money away.
  3. You want your child to invest? Invest money ever single time you are paid – even if it is just a few dollars. Show retirement plan quarterly statements to your children.
  4. You want your child to budget? Prepare and live by a written budget that you prepare before each month begins! When your child receives any money, help them develop a written plan for each dollar they have received. Show them the power of “giving every dollar a name.”

I know some parents might ask, “When is the right time to share financial information with my child?”

It’s a great question. I’ve chosen to veer towards teaching them even when it makes their eyes twirl – and then I back down because I don’t want them to associate finances with feeling miserable.

Here’s a good general guide:

  • Age 1 to 2  Let them hold money they have been given. Let them help you put it into the piggy bank you have created. Use money as a basic counting exercise.
  • Ages 3 to 4  Let them cut a small item they want to purchase from a store ad. Help them pay for it with money they have saved. This is also a good time to begin a “chore chart” where they can learn the great “work = get paid; don’t work = don’t get paid” principle!
  • Ages 5 – 6  Expand the chore chart to include more detailed tasks. You can begin showing college savings accounts and investments at this age – just from a demonstration of “what Mommy & Daddy do” I even began bringing my daughter to meet with my financial adviser at this age. I just wanted her to “connect the dots” that her parents seek wisdom from others (this is a very important principle!)
  • Ages 7 – 8  Take your child to the bank and open a basic savings account for them. Teach budgeting basics (Income – Outgo = Exactly Zero; Give|Save|Spend; Spend less than you make; Save money for a rainy day) and require them to plan any money they receive. Let them deposit the money at the bank.
  • Ages 9 – 12  Continue to increase the chore chart. Begin explaining how mutual funds and stocks work. I chose to teach my daughter about mutual funds using companies she was familiar with (the company that makes her favorite cereal).
  • Ages 13 – 18  It is at this state that you can begin a “monthly allowance” that allows you to transfer financial responsibility to your child. This allowance can begin with requiring them to pay for their own school lunch and then increase it to responsibility for all of their clothing, food, and entertainment. The principal is simple: Require a budget before the allowance is distributed. Distribute the money. Conduct a review at the end of each month. Have a “lessons learned” conversation and then start over again the next month. Take your child with you to meet with an investing adviser.

What would you add to this list? What questions do you have?

You’re Invited! Special 2-night LIVE On-Line Event

I’m so thrilled to be hosting “How To Have The BEST Financial Year of Your Life” (a special LIVE On-Line Event) less than 1 week from now!

I’ve prepared a special presentation – one that I’ve never delivered before in a public setting – just for this event. My goal with this event is to help YOU have the most prosperous year you’ve ever experienced!

Here’s what you will learn during this event:

  • THREE KEYS to make 2014 the best financial year of your life!
  • Practical next steps you can put into place IMMEDIATELY
  • A MAJOR ANNOUNCEMENT regarding the launch of I Was Broke. Now I’m Not. Core Coaching Program – Wave 2

I’ve invited 33,475 people to this event. To accommodate as many people as possible, we are offering this event LIVE on two consecutive nights (see below details). You can register for either night, and I will be teaching it LIVE on each night. We’ve even changed up the times to serve various time zones and busy parents who might have trouble participating while their children are still up.

Will you be joining us? Just complete the simple REGISTRATION LINK below!

= A LIVE ON-LINE EVENT =

How To Have The BEST Financial Year of Your Life

 

Monday Money Tip: The Importance of Having a Will

I love it when my week starts off right! The Monday Money Tip was created as a weekly service to provide people just like you with a practical and simple money tip – right at the start of the week so that you can take action with it!

Register HERE (it’s free) to receive this weekly tip in your email box bright and early on Monday morning!

Current Events: United States Government Financial Dealings

If you are a resident of the United States of America, you should be paying attention to the financial dealings of our leaders.

Here’s why: Their financial decisions WILL affect you!

Here are some examples:

  1. Interest Payments  The national debt is just like YOUR debt – there is a BORROWER (the U.S.) and there is a LENDER (U.S. Citizens, Other Countries, and Outside Entities)  Like any debt, interest must be paid. The United States just completed its 2013 fiscal year with interest payments of $415,688,781,248.40!  Here’s a great question to ask: What ELSE could we have done with $415 billion?
  2. Credit Rating Reduction  The U.S. has had its debt downgraded by Standard & Poor’s on August 5, 2011 and Fitch has warned of a possible downgrade in October 2013. This will increase the amount of interest the U.S. will have to pay on new debt issues.
  3. You and I (the taxpayers) will have to pay up (and so will our children and grandchildren) Budget doesn’t force “Income – Outgo = Exactly Zero”  In fact, we PLAN to spend more than we make each and every month/year/decade. This is ridiculous and reflects a lack of financial education. Spending more than I make for months and years would never work for me personally, and it definitely won’t work for our government. I simply do not understand why a “balanced budget” is not a written and followed law.
  4. Your money is devalued  As the government prints more money, it devalues existing money. MANY MANY MANY times in history, this “let’s just print more money” approach has led to hyper-inflation and currency collapse (Argentina 1991 and Mexico 1994 are two examples – Greece, Cyprus, Ireland, and Spain are all experiencing similar issues leading to major devaluation)

Here are some helpful websites that can help one better understand the debt held by the United States:

  • Current U.S. Debt  This is the official debt number from the U.S. Treasury.
  • Monthly U.S. Budget Review  This is the official math from the non-partisan Congressional Budget Office (CBO)
  • U.S. Debt Clock  Provides many different perspectives of the current financial position of the U.S.

Actions YOU can take:

  • Email your elected representatives Tell them you want them to make wise financial decisions that position the U.S. to have strong financial fundamentals: (1) a balanced budget, (2) financial reserves, (3) debt reduction plan, and a (4) economic investment plan
  • Live these principles in your own life  We elect people who are a direct reflection of who we are. Right now, as a collective group, U.S. citizens spend more than they make. Consequently, so does our government. What if we, as a collective group, lived within our means? I believe we would elect leaders who represent those same values. By the way, this is not a Republican versus Democrat issue – it is a “We the people” issue!

My Favorite Thoughts This Year

Every now and then I have a thought that really strikes a chord within me. I usually write it down in Evernote. Here are a few of the personal finance thoughts that resonated with me this year:

  1. “I’ve rarely met a person who felt they could “afford” to save, but a few somehow navigate those feelings & save ANYHOW.”
  2. “I changed my life when I experienced an IHHE Moment – an I Have Had Enough! Moment!”
  3. “My favorite word to use is “Awesome!” My favorite 3 words to use are “I’m fired up!”
  4. “The facts are so obvious – those who invest: win; those who do not: whine”
  5. “It’s not a popular word these days, but “SACRIFICE” (1) gets people’s attention, (2) creates focus, and (3) unites people together!”

What is the financial thought that really stuck with you this year?

How To Have The BEST Financial Year Of Your Life

= A LIVE ON-LINE EVENT =

How To Have The BEST Financial year Of Your Life

SPECIAL INVITATION:  Join Joseph Sangl, founder of I Was Broke. Now I’m Not. for this special LIVE on-line event.

Dear Friend,

Henry David Thoreau once wrote this amazing quote: “The mass of men lead lives of quiet desperation.”

As I’ve traveled the United States and Canada teaching hundreds of thousands of people about winning with money, I’ve seen this to be true about many people’s financial situation. The mass of men are indeed living lives of quiet financial desperation! They are desperate for an answer to their financial challenges. They are sick of living paycheck-to-paycheck. They are exhausted from attempting to “just work more” to satisfy their financial needs. They are skeptical of who they can truly trust when it comes to the money they are actually able to save.

Let me ask you a question: Are you ready to have the BEST financial year of your life?

If your answer is “YES!” you definitely do not want to miss this upcoming special LIVE on-line event!

THIS EVENT WILL HELP YOU KEEP YOUR NEW YEAR’S RESOLUTION!

Every year, one of the top 3 New Year’s Resolutions involves money with goals like: “pay off debt”, “make more money”, and “save money.”

I truly believe you can have the best financial year of your life in 2014, and it is for this reason I’m hosting this event.

SPACE IS LIMITED FOR EACH OF THESE EVENTS  I do need to let you know that space is limited for each of these events. It is available to the first 1,500 people who sign up, and I will be sending this invitation to 33,475 people over the next few days.

Here’s what you will learn during this event:

  • THREE KEYS to make 2014 the best financial year of your life!
  • Practical next steps you can put into place IMMEDIATELY
  • A MAJOR ANNOUNCEMENT regarding the launch of I Was Broke. Now I’m Not. Core Coaching Program – Wave 2

If you are ready to begin living a fully funded life in 2014, you won’t want to miss this special event.

We’ll be offering this special on-line event LIVE on two consecutive nights! Here are the details:

2014BestYearEver

Be sure to reserve your spot by filling out the registration link below:

Can’t see the sign-up form? Copy and past this website to your favorite browser to register on-line: http://iwasbrokenowimnot.com/bestyearever/

Consider inviting:

  • Parents
  • Grown children
  • Siblings
  • Work colleagues
  • Friends
  • Extended family members
  • Church members

Ways to invite:

  • Copy and share the following link on your Facebook page: http://iwasbrokenowimnot.com/bestyearever/
  • Share the following link on your Twitter feed: http://iwasbrokenowimnot.com/bestyearever/
  • Call or text your friends

Let’s transform the way this continent manages money!

Joe

Christmas 2013 Special Offer

Here’s a special offer for this Christmas! All three books I’ve written about personal finances PLUS a bonus audio book of Oxen – first time ever available!

You get all four of these resources for more than 30% off retail! Order by December 20th and receive by Christmas!

IWBNIN-WESKAM-OXEN-DVD

These three books by Joseph Sangl are a perfect 1-2-3 punch to help live a fully funded life!

BOOK: I Was Broke. Now I’m Not.

In I Was Broke. Now I’m Not., Joe shares about his own journey and then teaches the practical tools he used to win with money.

Tools taught in this book include:

  • How to plan for life!
  • How to develop a spending plan that actually works (a budget)
  • Strategies for eliminating debt
  • The date you will become debt-free
  • Amount of money needed for retirement
  • The power of compound interest
  • Investing
  • Insurance

BOOK: What Everyone Should Know About Money Before They Enter The Real World

In What Everyone Should Know About Money Before They Enter The Real World, Joe shares key money principles that every person should learn before embarking on their own journey with money. This book is perfect for students as well as young families facing their first major financial decisions!

Topics include:

  • Planning for life
  • Budgeting
  • Giving
  • Saving
  • Debt (with a specific chapter dedicated to Student Loans)
  • Credit Scores
  • Investing & Compound Interest
  • Insurance
  • Purchasing A Home

BOOK: Oxen – The Key To An Abundant Harvest

In Oxen, the topic moves toward maximizing the money you have! This book provides principles that will help you maximize your financial resources so you can experience an abundant harvest and fund your biggest dreams. You will learn how to:

  • Leverage the power of oxen
  • Identify and acquire oxen
  • Earn income even while you are not working
  • Measure and build net worth
  • Fund your dreams

Oxen is not a theory. It is timeless truth that has been applied by millions to achieve an abundant financial harvest. Your dreams are huge. They can be funded. Oxen will help you do it.

AUDIO BOOK BONUS: Oxen (included with purchase)

As a BONUS, this Christmas Special will include a special AUDIO version of Oxen with author Joseph Sangl as the narrator!

U.S. National Debt Update – December 2013

The US National Debt has increased by $755,668,013,559 since our last update on January 2013.  Another eleven months, and the United States has dropped another cool $755.7 billion in the hole.

National Debt as of 12/02/2013

$17,205,406,679,181

That is an increase of $2.347 BILLION PER DAY since our last update 322 days ago.

BUT – FINALLY – There is SOME good news!

According to the Congressional Budget Office (CBO.gov), the United States has closed the deficit gap by more than 50-percent!

CBOFiscalGov2013

The deficit gap has been closed by several factors, including:

  • Increased tax revenues from a recovering economy
  • Increased tax revenues from new taxes
  • Decreased expenditures – due to sequestration

You can read the CBO’s entire report HERE.

If you aren’t already, I encourage you to become an informed taxpaying citizen. You CAN make a difference in the future decisions that are made regarding the fiscal decisions your elected leaders make.

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