Posts by jsangl

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

What went well this month …

We transferred part of our Bank of America balance to the “Discover – 2” card at a much lower interest rate.  We are trying to eliminate the Bank of America card due to the fact that they are increasing interest rates, even though they have not “attacked” us yet.  We also transferred the 29.9% VISA to a 0% Citi Card.  We are also able to TITHE (give to the church)!  That is so exciting to us!

What were the challenges/struggles this month …

The bonus we were expecting was not nearly what we had hoped for.  We decided to plop it in the Capital One 360 Savings Account and save it for property taxes.

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

Couple #3 transferred a 29.9% balance to a 0% interest card.  That is AWESOME!  The balance on that card was $5,629.  With this one change, they are able to save over $1,600 a year in INTEREST!  That means that nearly $140 of the $205 monthly payment was going toward interest.  It is now going to principal reduction.  WAY TO GO!

Continue working the interest rates to 0% or close to it.  It will really speed up your Debt Freedom March!

Couple #3 has been able to start tithing to their home church as well.  That is AWESOME!  I know that if Jenn and I were not able to give, I would be very unhappy.  I love giving!  There is something so powerful in being able to support someone or something that you really believe in.

I can not wait to see next month’s update!

Readers …

As you can see from Couple #3’s Debt Freedom March, it takes work to get some traction.  Couple #3 is doing the work necessary to take their finances to the next level.  Are you doing the work necessary to manage your money to the ABSOLUTE BEST of your ability?

Read the Debt Freedom March updates for Couple #1 and Couple #2

Want to start your own Debt Freedom March?  Check out the free tools HERE.  My book also teaches you how to use all of the free tools.  You can purchase your copy at AMAZON.COM or via PAYPAL!

Receive each post automatically in your E-MAIL by clicking HERE

Introduction

This couple is THROUGH with debt!  It has now been seven months since they announced that they were breaking up with debt.

Here is this month's update!

What went well this month …
This was a good month.  We stuck to our cash envelopes and, of course, did not add any new debt.  We got money back from our taxes, which we used to PAY OFF OUR LAST CREDIT CARD!!!!  Yes, that's right…no more credit card debt!!!!!!  As Joe suggested, we saved a little of our tax reFUNd for ourselves, and used the rest to pay toward debt.  We had enough money to put an EXTRA $1,000 toward paying off Vehicle #1.  It was a great month!! 

Here is their updated Debt Freedom Date calculation …

Month By Month Progress …

What has kept you on track for seven months?  What motivates you to stick with it?
When we first started this we had meetings with Joe every month or so.  The fact that we had someone holding us accountable for our actions made a difference in the beginning.  Of course, we wanted to do what he said and be able to show him we were making progress each month.  But, as time went by we really got into it.  The fact that we could be debt free in  2 or 3 years (other than our home) was really exciting to us.  Especially since I thought I was going to pay on my student loan for the next 15 years!!  Once we got started there was no turning back.  We love paying for things in cash, we love having a plan (AKA: Known Upcoming Expenses Account) and we love paying off our debt and not adding to it.  It is freeing!!  Our focus starting in April is paying off Vehicle #1.  I think that is key…taking it one month at a time, having a focus and celebrating each feat, no matter how big or small.

One last thing that has help my husband and I stay focused is we are a team.  It takes 100% TEAM WORK!!  When one of us is weak, the other is strong.  We make decisions together and stick to the plan together!!!!

Sangl says …
It is AWESOME to see what is happening in Couple #2's lives!!!  I am BLOWN AWAY every single time I see people "get it" and catch a vision of what life will be like without payments.  In just SEVEN months, this couple has paid off $16,339 in debt AND eliminated ALL OF THEIR CREDIT CARDS!!!  In just SEVEN MONTHS, Couple #2 has reduced their Debt Freedom Date by TEN MONTHS.  They are already THREE MONTHS ahead of plan!  This is typical for folks who say "I HAVE HAD ENOUGH!"  (Their IHHE Moment!)

I would not be surprised to see Couple #2 achieve Debt Freedom twenty months from now.  That would make Christmas 2009 and AWESOME Christmas!  Think about it …  Imagine saying to each other at Christmas, "Honey, I bought you Debt Freedom for Christmas!  We now have over $1,600 a month that we can spend on other cool things like investments, vacations, and giving!"

Start your own Debt Freedom March by visiting the FREE "TOOLS" page or by obtaining a copy of I Was Broke. Now I'm Not on AMAZON.COM, BORDERS.COM, or via PAYPAL.

Introduction

Couple #1 is THROUGH with debt!  They have been married for many years and have two children.  They are now SEVEN months into their march.  Here is this month's update.

What went well this month …

We are working the plan.  I jacked up the emergency fund to $5,000 and payed a little more on some bills.

What were the challenges/struggles this month …

NONE

What has kept you on the wagon for SEVEN months?

I sleep at night.  I owe this to my family.  God has blessed us with so much, and I need to take good care of it.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says …

Incredible progress again this month!  This is outstanding.  By my calculations, this family will be debt-free except for their house (1st Mortgage and Home Equity) in less than TWELVE MONTHS!  That will be INCREDIBLE!

Lowes and American Express are going to be leaving within the next few months and then the dentist is going to be VERY CONFUSED when the office receives a snowball payment of $1,170 ($500 Lowes + $500 AMEX + $170 Braces)!  It is so fun to watch the debts just leave!

Readers …

THIS is what happens when you experience your IHHE Moment and get intensely focused!  This debt does not stand a chance.  I love it!  This stuff works!  I can't wait to receive an invitation to YOUR debt freedom party!

Read Previous Monthly Updates For Couple #1 HERE

Like what you are reading?  Receive each post automatically in your E-MAIL by clicking HERE.

Welcome to the latest series on JosephSangl.com – "Choosing Mutual Funds"

In this series, I will be sharing how I choose mutual funds.  It should be noted that I do not sell investment products nor am I professional in the mutual fund industry.  This is my own personal philosophy for choosing mutual funds.

Part One  What is a mutual fund?

Part Two  Establish investment goals

Part Three  Types of mutual funds

Part Four  Locate mutual funds that meet individual criteria

Part Five  Start Now!

What a great series this has been!  I love talking about investing because it is what allows us all to achieve dreams!  As you might guess, I am FIRED UP!!!

I end the series with Nike's slogan – Just Do It!

I carry this crusade to help others win with their money all over the place, and I still can't believe the number of people that have not begun to invest.  People in their 30s!  People in their 40s!  People in their 50s!  People in their 60s!

So no matter where you are, I have to tell you what Charles Schwab once said …

"The best place to start is where you are with what you have."

It is time to get started.  At least invest enough to get the company's match.  It's FREE money!!!

If you have non-house debt, I recommend that you follow my hero's (Dave Ramsey) 7 Baby Steps.  Click HERE to print your very own copy of his 7 Baby Steps.  Invest enough to catch the free company match and then kill your debt.  Then get a huge emergency fund of three to six months expenses and invest at least 15% of your gross income into tax-advantaged investments.  That is where the real fun begins – when you are able to fund your God-given hopes/plans/dreams!!!

My first book, "I Was Broke. Now I'm Not.", was released on January 20th.  It is available via PAYPAL or AMAZON or BORDERS.

Automatically receive each post in your E-MAIL

Read the entire "Choosing Mutual Funds" series by clicking HERE. 

Welcome to the latest series on www.JosephSangl.com – "Choosing Mutual Funds"

In this series, I will be sharing how I choose mutual funds.  It should be noted that I do not sell investment products nor am I professional in the mutual fund industry.  This is my own personal philosophy for choosing mutual funds.

Part One  What is a mutual fund?

Part Two  Establish investment goals

Part Three  Types of mutual funds

Part Four  Locate mutual funds that meet individual criteria

Once I have determined the category of mutual funds that meet my criteria, it is time for me to review actual mutual funds.  To find the mutual funds, I use a three-part approach.

1. Mutual Fund Screens – I really like CNN's Mutual Fund Screener and Morningstar's Mutual Fund Screener.  For example, I used the CNN screener to select Small Growth Diversified Funds that have delivered an average of 10% annual return OR LARGER for the past 10 years.  It delivered 36 mutual funds that met that criteria!  This really helps me narrow down the search!
2. Review Retirement Plan Mutual Funds – If your employer has a retirement plan such as a 401(k), 403(b), Simple IRA, or TSP then be sure to review the options available.  My employer has a Simple IRA with American Fund investment options.  Usually an employer helps absorb some of the fees or the fees are reduced by the plan administrator.  This can really help preserve financial gains!
3. Seek Professional Guidance – I meet with a financial advisor about once a year.  This professional advice helps me look at my investments with more clarity.

Once I have found funds to look at, I look at the following characteristics of each fund:

• Age of the Mutual Fund  I like mutual funds that are older than me!
• Investment Growth  I look at the 1, 5, 10, and Lifetime track records.
• $ Needed To Start  This is really important for beginning investors.
• The Fund's Objective  This helps me understand the direction of the fund.

I used the CNN screener in part one above and found two funds to use as an example – First American Small Growth Opportunities Class Y Mutual Fund (FIMPX) and Baron Small Cap Fund (BSCFX).

I use the CNN Money Snapshot feature to analyze funds.  Click on the "Stock Ticker" symbols next to each mutual fund above to see the Snapshot for each of the two funds above.

I also like to compare mutual funds to each other using the "Advanced Charts" feature on CNN Money.  You can view the actual chart and details on CNN Money by clicking the below chart.

Looking at the two charts over their lifetimes, which would you choose?  🙂  Hmmmmmm. One thing I always remember is that history is just that: history.  But it is all I have to go on, so that is why I really like mutual funds that have proven track records and have been around longer than I have.  These two mutual funds are not even teenagers yet, so the jury is still out for me (Maybe that's why I don't OWN either of these).

So that is a glimpse into how Joe chooses mutual funds.  Many times it ends up with a dead end, and I go back to the starting point again to get more mutual funds to compare. 

Tomorrow, this series includes with the most important part of the entire process! 

Read the entire "Choosing Mutual Funds" series by clicking HERE. 

Read recent posts 

Automatically receive each post in your E-MAIL