Archive for 2011
SERIES: Why I Do What I Do – Part 3 – Belief
Welcome to the latest series on JosephSangl.com – Why I Do What I Do
In this series, I am going to share with you WHY I have chosen to invest my life, time, and effort into this crusade to help people accomplish far more than they ever thought possible with their personal finances.
Part Three Belief
I BELIEVE that people can win with their money! Not just some people – ALL people! I believe that when the fundamental rule of INCOME – OUTGO = EXACTLY ZERO (It’s EZ!) is applied to one’s financial situation, it can help people truly understand their true financial situation and enables them to take their next steps.
I reject the fact that some people will always be poor. I reject the belief that generational poverty must continue on and on and on.
The tools work. Preparing a plan and following it will change a person’s life! When there is GIVING, SAVING, and SPENDING in a plan, financial freedom is on its way. When a person begins winning with their money, it leads to tremendous financial confidence which equips individuals to take calculated risks that can lead to even more success.
I believe in people so much that I included the following phrase at the end of every chapter of I Was Broke. Now I’m Not. – Pssst – I believe in you!
Read the entire series (available after 2/20/2011)
SERIES: Why I Do What I Do – Part 2 – Passion For People
Welcome to the latest series on JosephSangl.com – Why I Do What I Do
In this series, I am going to share with you WHY I have chosen to invest my life, time, and effort into this crusade to help people accomplish far more than they ever thought possible with their personal finances.
Part Two Passion For People
I love people. Let’s face it – we are all crazy and ridiculous in our own ways. Even more, we have all made financial mistakes. Maybe you’ve financed a new car for more than it was worth (like I did 105-percent financing for my smokin’ hot Chevy Cavalier). Perhaps you spent $60,000 on college for a degree in basket-weaving. A get-rich-quick scheme may have helped you become poor-real-quick. No matter who you are or what age you are, you’ve made financial mistakes. And we all have feelings about those mistakes. For some reason, I love to help people address those issues! Few things are as satisfying to me as helping someone become more productive and profitable with their life. I have clearly recognized that when the finances get in order, so many problems are reduced to oblivion or erased entirely.
This is why I still provide 1-on-1 financial coaching. It is why our team trains financial coaches throughout this nation. I love serving people! I love helping people! When the tears start flowing, when people have their IHHE Moments, and when it is horrible, that’s when there is the opportunity for huge change. And I love it!!!
Read the entire series (available after 2/20/2011)
SERIES: Why I Do What I Do – Part 1 – Calling
Welcome to the latest series on JosephSangl.com – Why I Do What I Do
In this series, I am going to share with you WHY I have chosen to invest my life, time, and effort into this crusade to help people accomplish far more than they ever thought possible with their personal finances.
Part One Calling
I’ve heard it said that when you are called to do something, it starts with a burden that you can not shake. When I became financially free, I realized the overall freedom that it brought to my life. The stress reduction and increased unity in my marriage was incredible! As I shared my story with other people at work, church, and in the community, the response from people was astonishing. It became apparent to me that my lack of financial knowledge was not abnormal – it was in fact normal. I discovered that normal in America is flat-broke and living check-to-check. Normal in America is stowing away your dreams “because they are too expensive ,and we will never be able to do that.”
Yes, I have a degree in Mechanical Engineering from Purdue University. Yes, I have a Masters degree in Business Administration from Clemson University. Yes, I had a personal dream of becoming a Fortune 500 CEO. Yes, I was on my way to accomplishing that goal. Yes, pursuing this calling would require a HUGE paycut. Yes, this calling would require moving 11 hours away.
But I could not shake the fact that people needed help.
And they needed help NOW, not when I retired.
As a Christ-follower, I begged God to secure this calling by granting me perfect peace. The peace that would enable me to clearly explain to people WHY I was leaving my career behind and pursuing this calling. He provided it to me in August 2006. On September 24, 2006, I began pursuing this calling full-time, and I’ve never looked back.
To put it simply, I am able to do what I am called to do. I can say with 100-percent confidence that there really is no greater satisfaction than doing what one is called to do.
Read the entire series (available after 2/20/2011)
I’m Paying What?!?!
WARNING: Participating in the below activity can lead to increased blood pressure, frustration, and possibly anger.
Have you ever given much attention to the deductions from your paycheck?
Here’s what I know. If you don’t personally pay the bill and an expense is paid out of your paycheck before you ever receive it, chances are REALLY HIGH that you will be shocked to discover how much you are really paying!
I challenge you to pull up your paystub from the last paycheck you received in December 2010 and look at how much has been taken out BEFORE you ever received the check.
How much did you pay last year for:
- Federal Income Tax
- Social Security Tax
- Medicare Tax
- State Tax
- Local Tax
- Insurance Premiums
Now take those amounts and divide them by how much you were paid last year. What percent of your pay was taken out to pay for taxes and insurance? After you have taken your heart medicine, would you mind sharing your percentage in the comments?
Pay Frequency – Does It Impact Your Ability To Save?
My first paying job was working for my father when I was about 10 years old. He was a homebuilder and part-time hobby farmer, and I worked a variety of jobs.
One of my favorite jobs was assisting with the framing of a new home. It was incredible to see the skeleton of a home go up so quickly, and the fresh-cut pine lumber smelled incredible. You could see so much progress. Near the top of the list of my least favorite jobs was chopping weeds out of the soybean fields in the heat of summer. Regardless of the task, it was worth it because I was paid money. I was paid upon completion of a specific task or at the end of each week. My twin brother and I managed to save enough money to purchase a Pentax K-1000 35 mm camera (which indicates that I am getting old) and a Honda C70 Passport motorcycle.
When I began work in my first engineering position, my employer paid me every two weeks. Since I was busy spending all the money, it meant that I usually experienced a feast-famine cycle each month. The first paycheck of each month immediately disappeared to pay all of my debt obligations, while the second paycheck presented the opportunity for some fun spending.
In December 2002, I accepted a position with a new employer. This new employer paid on an entirely different pay schedule – monthly. Not weekly, not biweekly or bimonthly. Monthly. My immediate reaction was negative. Was I ever wrong. Monthly paychecks provided us the opportunity to pay our monthly bills all at one time. It also made it much easier to plan our spending with a monthly budget.
WARNING: I am an engineer, and this means that I do ascend into nerd-like behavior at times. This is one of those times. I believe that my money management was absolutely affected by the frequency of my paychecks, and it has caused me to wonder if the same is true for most people.
For instance, what if you were able to be paid yearly? On Jan. 1, you would receive all your pay for the year. Would it cause you to manage your money any differently than you do today?
I believe that it would. I believe that more people would take the opportunity to immediately fund their savings for retirement, college, and other known upcoming expenses – like Christmas, vacations, car replacement and property taxes. It would also require individuals to become excellent planners. Knowing that this money would be needed to fund all expenses for the rest of the year would make a budget absolutely imperative.
Of course, I believe a budget is imperative regardless of pay frequency.
What about you? Would you be more likely to save more if you were paid differently?