Archive for 2011
10 Random Questions To Ask Yourself About Money – Part 2
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 2 Do I go to work just for a paycheck, or am I doing what I LOVE to do?
Life is too short to spend just working for a paycheck. If you are just working for a paycheck, don’t quit today, but start taking the necessary actions to change your life in the future.
Here are some things I did to ensure I could pursue my dreams:
- I went to college and got Bachelor’s degree in Mechanical Engineering (from my beloved Purdue University!)
- After working for a couple of years and realizing that engineering was not what I wanted to do the rest of my life, I went to Clemson University and obtained a Master’s degree in Business Administration
- I sought out opportunities to work in areas of companies that allowed me flexibility to grow my skills – leadership, technical, social, and business skills.
- My bride and I became debt-free (except for the house) and this gave us financial margin to pursue a dream
NONE of these decisions were EASY. NONE of them were free. I paid ENORMOUS amounts of money and time to pursue these dreams. As a result, I am able to do what I love to do.
Here’s the TRUTH: You can do this too!
ACTION: Identify the key steps you need to accomplish to pursue your dreams – WRITE THEM DOWN – and then develop a plan to accomplish them.
Every race starts with one step.
10 Random Questions To Ask Yourself About Money
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 1 Do I really need everything that I pay for every month?
Many people have signed up for a service in the past that they no longer use. In fact, many people have monthly charges that they do not even realize they are paying because it is embedded in their credit card bill or telephone bill. For others, it is a gym membership they no longer use. You might even be paying insurance premiums for a vehicle, boat, or motorcycle that you have sold, but failed to stop coverage.
ACTION: Take a few minutes when you are doing your bills this month and review your bills for any recurring fees.
If I Had A Million Dollars
“What would you do if you had a million dollars?”
It’s a great question for anyone to ask themselves – because if you apply the tools and principles taught in I Was Broke. Now I’m Not., you will have a million dollars one day!
Today, I would love for you to share with us all: “What YOU would do if you had a million dollars.” – SERIOUSLY – I want to hear from you!
Some Of My Dumbest Financial Moves
I thought I would share a few of the dumbest financial moves I have ever made. As I wrote these, I experienced some feelings of frustration, regret, pain, a distress that I felt when I was totally broke.
- Financing a new car with 105-percent financing (I even financed the sales tax)
- Financing a used truck with 100-percent financing
- Financing another used truck with 100-percent financing
- Operating our finances without a written plan (budget)
- Preparing a budget, but failing to follow it
- Buying a “fixer-upper” home and seriously underestimating the costs – time and money
- Buying the stock of a company that was free-falling (Conseco) – it went on to be zero value
- Paying full price for a new home – without negotiating anything down
- Loading up credit cards and paying the minimum balance for several years
- Spending every dime I made without saving anything (no margin = guaranteed financial failure)
Care to share some of yours?
I Need To Make More Money!
“I need to make more money!”
As I travel this nation teaching and coaching people to win with their money, this is one of the most common beliefs that people have about their financial situation. They truly and genuinely believe that more money is the answer to their current financial predicament.
While it is certainly true that more money would be a blessing and ease financial hardship, the question every one of us most answer is: “Am I managing my current income well?”
If the answer to this question is “yes”, then more income will most certainly be a blessing. If the answer is “no”, more income will probably lead to more of the same pain – only with more shiny stuff.
For me, managing money well includes the following components:
- Give at least 10-percent of my gross income away – FIRST
- Save at least 10-percent of my gross income for known upcoming expenses (like annual insurance and Christmas)
- Invest at least 10-percent of my gross income in long-term retirement accounts
- Invest at least 5-percent of my gross income for my children’s college, weddings, etc
- Pay all of my bills early
- Maintain a healthy cash margin so that obstacles and opportunities can be faced without financial collapse
- Staying in tune with my surroundings so that I can identify opportunities to bless someone or for investment
- Teaching my children how to win with their money
- Communicating with my spouse to ensure we are on the same page
- Prayer about all financial decisions
- Seeking wisdom for all financial decisions that I am unfamiliar with or that are larger than normal
What are some things you do to ensure that you are managing your money well?