Posts by jsangl

Welcome to the latest series here at JosephSangl.com – “Greatest Thing I’ve Learned From …”   In this series, I am going to be sharing the greatest things I’ve learned from financial and leadership experts.   I hope you enjoy the series and will join in the conversation to share your favorite learnings from these leaders!

Greatest Thing I’ve Learned From … DAVE RAMSEY

It was December 2, 2002 that I experienced my IHHE Moment (I Have Had Enough Moment) and determined to change my financial future.   One of my brother’s had mentioned this guy named Dave Ramsey, so I bought his book, Financial Peace Revisited.

The greatest thing I learned in that book were Dave’s 7 Baby Steps (HERE).   They provided a terrific roadmap for me to walk out of my financial mess and into financial freedom.

I actually printed out the 7 Baby Steps and we (my bride and I) wrote down a goal date to achieve each one.

Thanks Dave – that’s why you are one of my Financial Heroes!

What is the greatest thing YOU have learned from Dave Ramsey?

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Over the past year, I have had the incredible honor and privilege to speak at several conferences where Dr. John C. Maxwell has been the keynote speaker.   The conferences have been called Stewardship Challenge and they have been presented by Injoy Stewardship Solutions, a premier capital stewardship campaign company.

I thought I would take a few posts to write a few of the thoughts he shared that impacted me greatly.   I trust they will be helpful to you as well.

Part Three My greatest challenge I have as a leader is leading myself.

This is an INCREDIBLE statement – especially when you consider the source.   Dr. John Maxwell is a man who has accomplished more than most people could in twenty lifetimes, yet he still makes this statement.   It caused me to pause and take note.   If the man known as a “leadership GURU” is saying that his biggest challenge is leading himself, why on Earth would it be any different for me?

It is hard to lead oneself!   It is so much easier to just give in to impulsive wants and ignore tough decisions that need to be made.   It requires enormous effort to focus on continuous learning, especially as one begins to enjoy some success.

It reminds of the statement, “What got you here won’t get you there.”

Let’s zoom in on the financial implications:

• It’s easy to see the financial misbehavior of others – tough to see it in our own life
• It takes effort to learn excellent money management – time & effort
• It is easier to be broke and complain about what one can’t do because of being broke than to exert the effort necessary to become financially equipped to fund one’s plans, hopes and dreams

Your thoughts?

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Every month there will be an update of Joe & Jenn’s Home Pay-Off Spectacular!

Here’s this month’s update!

Total Squares:   2,426

Paid-For Squares:   847 852

Squares Remaining:   1579 1574

% of House Owned By The Sangl’s:   34.9% 35.1%

% of House Owned By Wells Fargo:   65.1% 64.9%

Here is the updated Sangl Home Pay-Off Spectacular

Another five squares paid off this month.   We continue to pay extra each month, but are mostly focused on rebuilding our emergency fund.   We do have another fund of cash that we are building to make lump sum payments toward the house as long as other emergencies do not arise that require the use of that money.   I would not be surprised if we were able to make some large payments toward the house toward the end of the year.   Exciting!

How are you doing on YOUR house payoff spectacular?   If you do not have one, you can get one here => Pay Off Spectacular – House.

Read previous Sangl Home Pay-Off Spectacular Updates

Pardon me while I rant for a moment …

I encounter numerous people who believe that their financial situation is solely an income issue.   In nearly every case, they are wrong.

For example, Eddy Curry is an NBA basketball player who has reportedly made $57,267,294 in his career and is being paid $11,276,863 this season alone.   He is in financial trouble.   According to THIS ARTICLE from the NY Daily News, Eddy has defaulted on a $570,000 loan with 85% interest.   Read that again.   A huge loan for 85% interest.

Call me crazy, but this is not the result of an income issue.

While Eddy’s situation is an extreme case, I know many people who make ordinary amounts of money who genuinely believe that the answer to their financial struggles is more money.

Two cases in point:

Individual lost job and is in the financial ditch

• They worked for 20 years and managed to save up exactly $0.
• They earned $25,000/year for 20 years – that is $500,000, yet they managed to save exactly $0.
• I wonder what their situation would have been if they had saved up $10,000 or $20,000 of that money over that 20 year period
• If one saved $19.23/week for 20 years, they would have $20,000 – with no interest growth!
• CONCLUSION: NOT an income issue.   Definitely a planning/saving issue.
• SOLUTION:   Make SAVING a top priority!

Individual makes good money, but has no extra money.

• Their non-house debt load is $600/month in payments (car, student loan, credit card, and furniture)
• If they eliminated the debt, it would equal about $800/month in a gross income pay raise!
• That is $9,600/year
• CONCLUSION:   NOT an income issue.   Definitely a planning/spending issue.
• SOLUTION:   Plan every dime earned.   Refuse to sign up for more debt starting immediately.

Here is how to win with what you have:

• PLAN every dime
• GIVE some
• SAVE some
• INVEST some
• SPEND some

Thoughts?

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For those of you who regularly read this blog, you know that I don’t normally do this, but today is an exception.

I want to tell you about a new thrift store in downtown Anderson, SC (my hometown).   It is called Remnants and is located on Main Street just one block south of the courthouse.

Proceeds from the Thrift Store benefit Shalom House Ministries – a women’s addiction recovery center.   They are doing ASTOUNDING work that I believe in greatly.

They are accepting donations of the following items (and other similar type items):

• Dress clothes
• Shoes
• Household goods
• Furniture

Donations are accepted on Tuesdays and Thursdays from 11:00 AM until 3:00 PM.

Thanks for allowing me to take a post to talk about Shalom House.

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