Archive for August 2010

SERIES: Wagon Staplers – Part Three – Accountability

In this series, I will be sharing some key wagon staplers – tools that I believe are essential to keeping one stapled to the wagon – because we all have the potential to fall off the wagon – these wagon staples’ will help keep you on the wagon even in your moments of weakness!

Part Three Establish accountability AND embrace it!

If you are wanting to lose weight and get into shape, accountability to someone else is essential.   When you know that your accountability person will be at the gym at 5AM waiting for you, the chances are much greater that you will show up!   The same is true for your finances.   When you know that you will have to drive that 100%-financed car over to your friend who is holding you accountable, you are much less likely to buy a car with 100% financing!   Even more so when that person holding you accountable is your bride!

If you are married, it should be obvious that your spouse would be your number one accountability to your financial plans!   They know your weaknesses the most, AND they can really help you stick to the plan.

It is important that the person who is going to hold you accountable also possesses the following characteristics:

  • Winning with their own money!
  • Not trying to sell you anything!
  • Available to you – so that when you are making a major financial decision, you can have ready access to their thoughts!

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SERIES: Wagon Staplers – Part Two – Budget

In this series, I will be sharing some key wagon staplers – tools that I believe are essential to keeping one stapled to the wagon – because we all have the potential to fall off the wagon – these wagon staples’ will help keep you on the wagon even in your moments of weakness!

Part Two Have a budget AND follow it!

There is nothing more important to remaining on the wagon than to prepare a written plan for every single dollar you are expecting to receive.   Whether you choose to plan your spending every week, once a month (my favorite!), or once per quarter – the importance of this activity simply can not be overstated!

I have discovered a key fact that the following formula is true for every single one of us:

INCOME – OUTGO = EXACTLY ZERO

Regardless of whether one earns $400/month or $40,000/month, you will not prosper if you spend more than you make.

The act of planning forces one to recognize that this fact is true and helps staple us to the wagon!

Application in my own life – I have prepared a written spending plan with my bride every single month since July 2003.   I can not imagine operating my life without this plan.   It has allowed me to fire myself from Corporate America and pursue this dream of helping others accomplish far more than they ever thought possible.   It has brought a new level of unity to my marriage.   Our planning has ensured that our children’s college is funded and that we will be able to retire well someday.

Helpful tools and resources

  • We have some AWESOME & FREE budget tools located HERE.
  • Book: I Was Broke. Now I’m Not. – my story and I teach the exact tools that my bride and I used!

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SERIES: Wagon Staplers – Part One – Intro

“They keep falling off the wagon.”

Surely you have heard this statement made before.     It can refer to relapses related to an addiction or failing to uphold an exercise plan or diet.

Falling off the wagon.

I see it occur far to often when it comes to personal and business finances.   People know what they need to do, but they fail to follow through.   They might even know that their actions will result in great anguish and stress, yet they choose to continue.

Falling off the wagon leads to pain, heartache, frustration, stress and can have long-lasting consequences.

In this series, I will be sharing some key “wagon staplers” – tools that I believe are essential to keeping one “stapled” to the wagon – because we all have the potential to fall off the wagon – these “wagon staples’ will help keep you on the wagon even in your moments of weakness!

This should be a great series, and I look forward to the conversation!

Read the entire series

Read recent posts by Joe

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