Archive for 2011
A Millionaire Response
Recently, I wrote a post that asked the question “What would you if you had a million dollars?”
A reader who identified herself as “KC” wrote an incredible response that I am sharing today (with her permission, of course).
… I will start out with our story. 10 years ago my husband and I were DEEP in debt. It took some very hard years and tough decisions (ie: no car in a northern city where it can snow any month of the year) and giving up some things that we thought were very important to us but… we are now out of debt and even better, we have that elusive 1 million dollars in assets and cash that you speak of.
What’s different? Nothing really.
Only a few lessons that I’ve learned:
If you didn’t tithe before, it’s unlikely that you will now. If you didn’t help your friends, it’s unlikely that you will now. If you don’t already save your money, it’s unlikely that you will now…
Basically I’m saying that unless you start to cultivate these things now, having a millions dollars isn’t going to change that. Your ‘mindset’ needs the change – and the money won’t change that.
I know some people who have nowhere near the million dollars that you speak of, and yet, they do all of these things and more.
With all due respect, you CAN take only $10 and gift it anonymously to someone who needs it more than you (and there is always someone in that position), you can tithe 10% of your income now, you can put money away for your child’s education now – even if it’s only $5, you CAN do all of these things.
Joe, I can understand the motivation behind your question, however I fear that it makes us forget what is truly possible right in front of us and in the situation that we are in right now.
When we were still climbing out of the deep pit of debt, some friends of ours found themselves in an even deeper pit. We helped them a little, anonymously, out of the little bit of money that we’d managed to stash away (leaving it almost at nil). But when I think back over the years, I recall that one over all of the other times that we have helped someone, that time felt as though we really made a difference to them and it made a difference to us.
Additionally, after achieving this momental moment, I’ve also learned something that I didn’t expect. When you ‘over-assist’ someone and they don’t have the joy of succeeding themselves, they don’t have the same joy in your gift. It feels like handcuffs to them. It creates an indebtedness that doesn’t belong in close relationships.
So… I guess that I am saying that a million dollars is not the be-all and end-all, it is simply one step on the many paths of being human.
– KC
All I could say when reading KC’s response was AB-SO-LUTE-LY and Amen sister!
What do you think?
10 Random Questions To Ask Yourself About Money – Part 10
Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money
These are 10 questions that have personally challenged me in my finances, and I know they can help you too!
Question 10 What is the ONE BIG THING that I need to do with my money right now?
We have spent the last 10 days talking about 10 Random Questions To Ask Yourself About Money. It is my hope that you have been challenged and inspired to take your next big financial step.
ACTION: Take your next step! Write down your goal and establish a date that you want to complete it.
I would LOVE to hear your next step! Would you take a moment to SEND IT TO ME?
10 Random Questions To Ask Yourself About Money – Part 9
Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money
These are 10 questions that have personally challenged me in my finances, and I know they can help you too!
Question 9 Do I know more about reality TV shows than I do about my own financial situation?
I love watching reality shows. My favorite show is The Amazing Race (I want to be on that show!!!). I also like Big Brother, Survivor, and American Idol. When I was B-R-O-K-E, I knew everything there was to know about these shows, but I was broke! How crazy is that?
I spent so much time watching “reality” shows, but my true reality was being completely neglected!
I wonder if the same has been true for you in the past, or if it is true right now?
ACTION: Take a few moments to reflect on your true financial situation. Is it receiving the amount of attention it needs for you to accomplish your plans, hopes, and dreams?
10 Random Questions To Ask Yourself About Money – Part 8
Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money
These are 10 questions that have personally challenged me in my finances, and I know they can help you too!
Question 8 If a financially successful person were to look at the way I spend money, would I be embarrassed at the way I spend money?
I used to be B-R-O-K-E, and I cared a lot about what other broke people thought about me. Guess where that got me? NO WHERE! I decided to look to people who were winning with money and sought opportunities to learn from them. I broke open the Bible and found out it had TONS of wisdom about money in it. This is one of the key reasons that I train 1-on-1 financial coaches around the nation. I wanted to be able to provide free coaching to people so that they could learn from people who are a step or two ahead of them.
ACTION: Today is the day to stop feeling embarrassed or ignorant about money. Find someone you know that is winning with money, and ask them to help you! Ask them to hold you accountable to applying what they teach you. If you are looking for FREE 1-on-1 financial coaching, but don’t know where it is available, send me an email and I will do everything I can to get you connected with a free coaching appointment where there is NO SALES PITCH – only help and hope.
10 Random Questions To Ask Yourself About Money – Part 7
Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money
These are 10 questions that have personally challenged me in my finances, and I know they can help you too!
Question 7 If I were laid off of work today, how many months could my household operate without severe financial troubles?
It is so easy to spend every dime that we earn. There is a lot of shiny stuff that “speaks” to us and says, “Buy me. Buy me.” However, if there is anything that The Great Recession has taught us it is this – “Down turns happen.” and “Lay-offs happen.”
This is why it is so vitally important to make saving a top priority. A good target for an emergency fund is to have six month’s worth of expenses saved. This can seem impossible, but with an intense focus, it can be accomplished by most people within 6 to 24 months.
ACTION: MAKE SAVING A PRIORITY and make it automatic! I personally have a savings account at Capital One 360 Bank. This on-line savings account pays higher interest than my local “bricks & mortar” bank, and it has a great feature that allows me to set up “automatic savings withdrawals” from my bill pay account. This automation provides the discipline necessary for me, a spender, to save.