Archive for 2011
Companies That Are Debt-Free
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.
0-Percent Balance Transfer Credit Card
Updated 5/23/2016
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 located on the I Was Broke. Now I’m Not. page (HERE).
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Financial Storms Are Necessary
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.
SERIES: Joe Sangl’s Favorite Financial Tools – Early Pay-Off Calculator
Welcome to the latest series at JosephSangl.com – Joe Sangl’s Favorite Financial Tools
In this series, I will be sharing the tools that I love the most. There are several reasons I love these tools, but mostly I like them because they literally helped me change my life!
Part Two – Early Pay-Off Calculator
The early pay-off calculator is a HOPE-GENERATOR! Do you want to get FIRED UP? Do you want to see the answer to the question, “What if?” Use the Early Pay-Off Calculator to answer the question!
I have found that the Early Pay-Off Calculator is most impactful when used to calculate how much more quickly a home mortgage would be paid off if one were to begin paying extra principal each month.
As example, consider a $150,000 home mortgage financed for 30 years at 5% annual interest. The principal and interest payment would be $805/month.
- Pay just $905/month ($100 extra), the early pay-off calculator shows that the mortgage would be eliminated in 23.5 years (6.5 years sooner)
- Pay $1,000/month ($195 extra), the mortgage pay-off would occur in 19.7 years
- What if one were able to make two payments per month ($1,610/month)? Pay-off would occur in 9.8 years!
Don’t think it is possible to make two payments per month? Think again! Most people could make two, three, or even four payments per month if they eliminated all of their other debts! I challenge you to pull up the Early Pay-Off Calculator, punch in your numbers and discover why this tool will be one of your favorites too!
TOOL: Early Pay-Off Calculator
RESOURCE: My book, I Was Broke. Now I’m Not., is a great resource to help you attack debt and make it leave your life!
SERIES: Joe Sangl’s Favorite Financial Tools – Monthly Budget
Welcome to the latest series at JosephSangl.com – Joe Sangl’s Favorite Financial Tools
In this series, I will be sharing the tools that I love the most. There are several reasons I love these tools, but mostly I like them because they literally helped me change my life!
Part One – Monthly Budget
Preparing a monthly budget each month BEFORE the next month actually began has been the single largest reason that Jenn and I started prospering with our money.
Our monthly budget applies the basic rule of “Spending less than we earn.” It is a key hallmark of the Financial Learning Experience that I teach and all of our resources – the basic formula of:
INCOME – OUTGO = EXACTLY ZERO
We ensure that the “outgo” includes giving money away, saving, investing, and paying our bills.
Every. Single. Month.
Not just once every now and then. EVERY. SINGLE. MONTH. We prepare a monthly budget and then we do something completely crazy: we follow it!
Do surprises show up? Absolutely. Do we have to make adjustments? All of the time.
BUT the budget helps us stay on course. We have realized that our budget is the engine that makes our financial vehicle run with power! The finely tuned budget ensures that our life hums with funded dreams, giving, and peace. It can do the exact same thing for you!
TOOL: Monthly Budgets
RESOURCE: My book, I Was Broke. Now I’m Not., is a great resource to help you prepare a budget that actually works.