Archive for February 2013

MONEY LIE: I Can’t Give Money Away and Still Make It Financially

Welcome to the “Money Lies” series here on the wildly popular In this series, I will be sharing many common money lies that people believe.

MONEY LIE #6: I can’t give money away and still make it financially.

Yes. You. Can. I’m convinced that my giving keeps me from becoming greedy and a “Me. Me. Me!” person. When my bride and I prepare our monthly budget, we put giving in our budget first. We give far more than 10% of our gross income away. It is our passion to invest in our church and in others. We love helping fund the dreams of others and investing in life change. There was a time when we were broke that we didn’t give much away. Since we weren’t giving and we were broke, we decided to do something different: we began giving – even though we were broke.

It completely transformed our life.

Giving connected us to the fact that we could partner with others to accomplish great things and to fund causes we fiercely believed in. It allowed us to be part of something much greater than ourselves. It made us keenly aware of the need to manage the remainder of our money in a trustworthy manner – or else we couldn’t continue giving!

If you’ve never given, I urge you to begin right away (like NOW!). Here are some practical ways to GIVE and still prosper:

  1. Prepare a written monthly budget and put giving in FIRST (not last).  If you wait to see if something will be left, there never will be anything remaining. It must be a priority.
  2. Determine WHY you are giving.  If you are giving because someone made you feel guilty, your commitment to giving won’t last. You have to KNOW why you are giving – and BELIEVE in what you are giving toward.
  3. Put Giving FIRST and Saving/Investing SECOND.  This is how Jenn and I manage our budget. It ensures that our priorities are always funded before anything else. By the way, we view our saving/investing as a means to give BIG-TIME in the future.

Read the entire series (available after 2/20/2013)

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MONEY LIE: I Can’t Budget

Welcome to the “Money Lies” series here on the wildly popular In this series, I will be sharing many common money lies that people believe.

MONEY LIE #5: I can’t budget.

This is so common. People are busy. They hate math. Their spouse is impatient about money. They have “seasonal, cyclical, or irregular income” and that makes it more difficult to budget.

Here’s the deal. I KNOW it is difficult to prepare a budget. I’ve been told that by many people. They share that it is difficult expecting that to make it okay to not prepare a spending plan. My question is this: “Difficult compared to what? Not budgeting?”

I don’t know all of the reasons that people choose not to budget (and it is a choice), but here’s one thing I will fight about: A BUDGET SET ME FREE!!!!!

  • A budget allowed me to know exactly where every single dollar was going BEFORE I was ever paid.
  • A budget provided choices to me – because I was planning it before I received it.
  • A budget brought my bride and I together and put us on the same financial page.
  • A budget allowed me to pay off all of my non-house debt in 14 months.
  • A budget allowed me to pay off my house in 10 years and 1 month.
  • A budget has allowed me to launch two businesses and purchase another.

In case you can’t tell, I am more than a little passionate about this topic. To put it all into a simple sentence: “You need a budget!”

Here are some practical ways you can make a budget work well for you:

  1. Use a budget tool.  This allows the math to be done automatically for you, and that means you can focus on the financial decisions instead of a facing a terrible math quiz. Use our FREE BUDGET TOOLS – they do all of the math for you!
  2. Build an emergency fund equal to a full month of EXPENSES.  This is EXPENSES – not INCOME! Once you’ve saved enough for an entire month of expenses, you can ignore multiple paychecks each month, and use the Monthly Budgeting Tool instead. And you will rid yourself of a level of stress you didn’t even know you were dealing with!
  3. Be realistic.  If you are just beginning to prepare a monthly budget, it is important to be very realistic on your expenses. Do not tell yourself that you will spend $2.81 on groceries in the next month. That’s not possible, and it sets you up to fail. If you have a household of kids that are involved in 83 activities, don’t put $0 in your “dining out” part of the budget.
  4. Read the “How Do I Budget SERIES”. You can read that HERE. It will really help you as you launch into the wonderful world of budgeting!

Read the entire series (available after 2/20/2013)

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MONEY LIE: I Can’t Save and Invest Money

Welcome to the “Money Lies” series here on the wildly popular In this series, I will be sharing many common money lies that people believe.

MONEY LIE #4: I can’t save and invest money.

This is the lie that keeps people broke for their entire lives. When we are young, we believe we have forever to prepare for retirement. After all, young people and young families need to provide for their household, their children, and are just starting out in life. There never seems to be enough money to put away for a rainy day or for the future.

If you tell yourself this money lie, there never will be enough money to save or invest. If this is you, TODAY is the day you stop believing the lie and begin funding the future! Here are some practical steps you can take toexplode your financial future:

  1. Understand compound interest.  Compound interest is what will allow an investment of $100 per month to reach $1,176,477 in just 40 years! If you just save a little ALL of the time, you will end up with a LOT at the end of your time! Use our “Investment Value Calculator” to see how much you could save!
  2. Take advantage of retirement plan matching.  If you work for another company or organization, there’s a good chance your retirement plan contributions are eligible for matching contributions from your employer. Whether it is a $0.50 per $1.00 match or a full “dollar for dollar” match, it is FREE money! Visit your Human Resources Department TODAY to ensure you are receiving the full company match.
  3. Make saving and investing MONTHLY (at least) and AUTOMATIC.  If you have to rely on yourself to write a check each month, your savings plan could be in great danger! Make it automatic – have it deducted from your paycheck before you ever receive it or have it zapped out of your bank account at a predetermined date each month.

You will be on your way to becoming a wealthy individual who will be able to live a life of generosity like you’ve never dreamed!

Read the entire series (available after 2/20/2013)

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MONEY LIE: I’ve Made Too Many Financial Mistakes to Win with Money.

Welcome to the “Money Lies” series here on the wildly popular In this series, I will be sharing many common money lies that people believe.

MONEY LIE #3: I’ve made too many financial mistakes to win with money.

This is one of the most common lies that people tell themselves. The believe that because they’ve … (insert financial mistake here – declared bankruptcy, had their car repo’d, run up a pile of medical bills without health insurance, are way upside down on a home, had a business fail, etc.) … then it is not possible for them to win with money.

Let me respond to this with one word: “FALSE!”

You CAN win with your money – regardless of financial mistakes you’ve made. Don’t let past mistakes and your current situation control the rest of your life!

Here’s what I know to be TRUE: If you deal with the issues NOW, the problems you are currently facing won’t even be able to be seen in your rear view mirror two years from now.

Many people respond to me with a statement that starts with “But Joe …” and then they provide all of the reasons (excuses) why they can’t make progress.

If you’ve been believing this Money Lie, then here are some practical steps you can take to begin winning again:

  1. Clarify your actual financial situation.  Many people who believe this money lie become overwhelmed, throw their hands up in the air, and give up. As a result, they no longer have a firm grasp on the truth of their financial situation. Here are two tools that can help big time: Budget & Debt Freedom Date Calculator. They are both FREE right HERE. A budget will help you understand your monthly situation. The debt freedom date calculator will help you understand your overall financial indebtedness.
  2. Have “I CAN DO THIS!” printed on a card and put it where you can see it.  I encourage you to put Philippians 4:13 on it as well.
  3. Make a decision to “make tough decisions” and TELL SOMEONE about the decision.  There are few things in life that will help you get tough decisions implemented like implementing accountability with someone you love and trust.
  4. Gain wisdom.  Get wisdom from people you know that have won with money. Buy books from all the financial teachers (at least the ones that have actually won with their money – there are quite a few broke financial advisers out there). Read one book per month on personal finances for the next year. Start with I Was Broke. Now I’m Not. (mine – it’s how I won with money). Then read Dave Ramsey’s Financial Peace, Revisited.  After you read those two, send me an email and ask for the next reading assignment – I have a list of more than 40 books you need to read!

Read the entire series (available after 2/20/2013)

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MONEY LIE: My Spouse Will Never Work With Me On Our Finances

Welcome to the “Money Lies” series here on the wildly popular In this series, I will be sharing many common money lies that people believe.

MONEY LIE #2: My spouse will never work with me on our finances.

This is a tough one. The “non-participating spouse” is a very real concern that many people have. They believe their spouse will never work with them on their finances. The really believe it, but it is a LIE! So many people have shared this issue with me, and have asked me to help them. As I dig into each situation, however, I usually discover that this lie has run really deep and has blinded people to real things they can do to get on the same financial page.

Here’s the TRUTH: Your spouse WILL work with you on your finances.

The key is to find out WHY they aren’t currently interested. Here are some great questions to ask:

  1. Why do they say they aren’t interested?
  2. What are their “money wounds” – the things that have happened in their financial past? Understanding their past can be very helpful toward fixing the future. Did they grow up in utter poverty? Or maybe with excess wealth? Have they experienced bankruptcy? Maybe their parents had a very dysfunctional relationship regarding their finances.
  3. Have you done anything to betray their financial trust?

Here are some practical steps you can take to involve your spouse in financial decisions:

  1. Write down your plans, hopes, and dreams and share them with your spouse.
  2. Ask your spouse to take some time to write down their plans, hopes, and dreams and share them with you.
  3. Write down the cost of each one and ask the question of your spouse: “If we keep going the same financial direction, will we be able to fund these dreams?”


  1. Badger, yell, holler, or scream at your spouse
  2. Issue “Do this … or else!” commandments
  3. Demean your spouse
  4. Make this a four-hour long discussion

I’ve found that connecting the “non-participating” spouse’s plans, hopes, and dreams to financial decisions is a very effective way to gain their participation.

Read the entire series (available after 2/20/2013)

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