Posts by jsangl

Welcome to the latest series on the wildly popular website – www.JosephSangl.com!  With this series, I will be sharing how you can  use some of the calculators from the "TOOLS" page to take your financial plan to the next level.

In the last post, I shared how you can calculate the amount you need to save for retirement.

For many people, the number revealed by completing the retirement nest-egg calculation leads to an "Oh Crap" Moment, but it is usually easier to achieve than one would initially think.

Introducing another great tool available via the "TOOLS" link at the top of the page … the Investment Value Calculator.

In the previous post, I calculated that one would need $3,699,458 to receive the equivalent of $75,000 per year upon retirement in 35 years.

The immediate next question is "How much do I need to invest each month to achieve $3,699,458 in 35 years?"

Using the Investment Value Calculator, I can quickly calculate the number. 

If one has not started investing, then $575 needs to be invested every single month with an annual return of 12% to achieve the goal.

Isn't that cool?  I LOVE this stuff!  For just $6,900 per year, one can ensure a secure non-Social Security-reliance retirement!

What is your number?

In the next post, I will be sharing about another tool that shows you how extra money toward your mortgage each month reduces the life of that mortgage! 

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

Welcome to the latest series on the wildly popular website – www.JosephSangl.com!  With this series, I will be sharing how you can  use some of the calculators from the "TOOLS" page to take your financial plan to the next level.

One of the things that I do as part of both of the classes that I teach is to have people calculate how much they will need to retire well.

The calculation usually yields what I call an "Oh crap!" Moment with the majority of folks responding with "YIKES!" and "Oh no!".

I have people calculate this number for the following reasons:

1. Most people have never seen how much they will need to retire well.
2. When people realize how large the number is, it helps them realize how important it is to have a solid plan.
3. It hammers home the point that investing needs to start early and often.

So, how much DO you need for retirement?  Well, it is really simple to calculate with the Retirement Nest-Egg Required Calculator. 

Here are couple of things to note about this retirement calculator

1. This calculation assumes that you will never touch the principal.
2. This calculation assumes that you will give your nest-egg a "cost-of-living-raise" of 4% each year.
3. This calculator adjusts the "annual amount you want" for average annual inflation of 4%.

Below is a calculation I ran for an "annual amount I want" of $75,000.

Note that the calculator shows that with 4% annual inflation, I will need $295,957 per year in 35 years to have the same purchasing power that $75,000 has today.

If I expect my retirement nest-egg to grow at an annual rate of 8%, then I will need $7,398,917 when I retire.  If I expect my retirement nest-egg to grow at an annual rate of 12%, then I will only need $3,699,458.

So …  What's your number?

In the next post, I will share a tool that helps you determine the amount you need to save each month to fully-fund your nest-egg.

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As a staff member of NewSpring Church, I am able to provide FREE one-on-one financial counseling for hundreds of people each year.

Something that has been rocking my world lately through these meetings is the frequency that I hear the following statement …

"My parents – UGH!  They are terrible with their money."

Is that your story?

One thing that I have learned from my hero, Dave Ramsey, is to listen to HOW people say things.  To hear the tone in which it is said.  To listen to what is being left unsaid.

What do I hear?  Regret.  Disappointment.  Sadness.  Shame.  Discouragement.  Frustration.  Anger.

Here is what I can say for certain.  HOW you manage your money WILL impact your children!

Proverbs 22:6 comes to mind – "train a child in the way he should go …"

So does Proverbs 13:22 – "A good man leaves an inheritance for his children's children …" 

Are you ashamed of your parent's financial management?  Resolve to break the cycle with your family.

Are you ashamed of your own financial management?  It's time to have your IHHE Moment and change the story!

You CAN do this!  I believe in you.

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