Archive for October 2018

The Basics of Oxen

Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest. Proverbs 14:4

This verse had a profound impact on me as I went through my financial freedom journey. From this verse, I realized that I could either live a life with an empty manger or with an abundant harvest and the choice was up to me. In the pursuit of financial abundance, I could choose to rely on myself and my own abilities, or I could acquire oxen to help me. Which do you think I chose?

In my book, Oxen, I have outlined the different types of oxen, how to acquire oxen and how to lead oxen. These principles will help you maximize your financial resources and experience an abundant harvest, just as I did, so that you can fund your biggest and wildest dreams.

Most people earn money by showing up to work and in turn they get paid. If you do not show up to work, you do not get paid. Oxen can allow you to earn money whether you are working or not! There is only so much time in a day and therefore there is only so much work that one person can physically put in. This is why oxen are so important: they allow you to eliminate the time barrier.

Oxen can do things you cannot do. They have the ability to carry a load that you cannot carry and can endure more than you can endure. Oxen can be trained and can work together and accomplish even more. They work rain or shine, night and day so that you do not have to. They can multiply and take you places you may have only dreamed about. Oxen can provide.

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Do you want to learn more about how you can acquire and maintain oxen? You can get my book Oxen for 20% off plus free shipping by clicking HERE.

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Investment Value Calculator Tool

Are you ever tempted to pull money out of your investment accounts? Sometimes it can sound like a good idea to withdraw money from retirement funds or other accounts to pay a debt or even go on a vacation. However, most of the time taking money out of the market is not a good idea! The one thing you will never be able to get back is TIME! If you take money out of an account or wait to start investing, it could be a decision that you really regret in the future when you see the value of your accounts. In most cases, people wish they had started investing sooner. I have never heard anyone say, “I should’ve waited ten more years before I started saving for retirement”.

It can be encouraging to get an idea of what your investments will be worth five, ten, fifteen, or twenty years down the road. I Was Broke. Now I’m Not. has a tool that can help you illustrate just that! The Investment Value Calculator Tool takes the current amount of the investment, the annual rate of return, the amount of time you plan to invest, and your monthly contribution and calculates the value of the investment. It also shows a range of your investment value from five years all the way to sixty years! While, of course, these returns cannot be guaranteed, the tool can allow you to imagine what these accounts have the potential to grow to. This can keep you from making an unwise decision to withdraw funds and can even tempt you to add more money to your accounts! Check it out today!

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5 Year Buckets For Investing

What is the most important thing to do when it comes to investing? START! Often when you are looking at making an investment, it can seem like a daunting task so taking that first leap is the most essential. Once you have taken that crucial first step, it does not have to be a confusing road to making smart investment decisions. It can be as simple as looking at your life (and investments) in five year increments.

The concept of five year buckets is so simple but it is a great way to look at your investments and deciding when to put your money in the market. The principle is this: if you are going to need the money within the next five years, it should not be attached to any investment. This is important because you cannot risk losing the money in the short term because you simply will not have enough time to recover it before you need it. That can put you at the risk of incurring debt when you could have paid for the expense in cash.

If you are looking into the future and decide you will not need the money within the next five years, you should definitely tie it to some sort of investment vehicle, that suits your risk tolerance, or else you will face the next obstacle of inflation. Make sure your money is working for you to at least outpace inflation.

Investing is as simple as deciding to start and then figuring out when you will need the money. If you need it in the short term, now is not the best time to put it in the market. But if you can put the money away for longer than five years, investing is the way to go. There is always a risk associated with investing and the short term can be particularly volatile but, if you make wise decisions, starting to invest will be a decision you will not regret.  

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

 

MONDAY MONEY TIP PODCAST: 5 Basics of Investing

Have you ever felt completely overwhelmed by the thought of investing? Are you confused as to where to start? If so, you’re certainly not alone. In Episode 20 of the Monday Money Tip Podcast, we’re here to give you 5 Basic Steps to Investing that you can implement TODAY! In today’s podcast, you’ll be sure to walk away with more than just one money tip!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

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Email info@iwbnin.com to ask questions or share success stories.

Show Notes

About the Episode:

  • Joe gives some practical ways to start investing.
  • Joe explains the concept of 5 Year Buckets and how it relates to investing.
  • Hear a success story from a couple who is on their way up the I Was Broke. Now I’m Not. Ladder and are beginning their own investments.
  • Joe explains how compound interest doesn’t always have to work against you. It can actually be your new best friend!

Resources
IWBNIN Ladder
5 Basics to Investing Blog
Joe’s Current Investments
The CashFlow Quadrant
The Automatic Millionaire
The Wealthy Barber

Quote of the Day: “OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks.  The others are July, January, September, April, November, May, March, June, December, August, and February.” – Mark Twain