Posts by jsangl
Cash For Clunkers Program
The Cash For Clunkers program has been a huge hit with dealers and has caused a lot of nervous consumers across the line and decide to spend some money. I know several people who have personally participated in the deal, and I believe that it has truly stimulated the economy.
But I am not sure that it is a great deal for the consumer.
The situation creates high demand at the dealership. This can lead to a dealer who is unwilling to negotiate since the consumer is already receiving a rebate. The program has no defined end date (instead the program's web site currently states November 1st or a vague "when the money runs out" deadline that is not measurable by the consumer). This creates an "I have to buy it right now or else I will miss out on a great deal" mentality.
If the vehicle is financed, this "deal" still has the potential to wreak havoc on a person's financial future!
I have seen several deals and NONE of them have "Wowed" me. What about you?
Personal Discipline
Personal discipline. Do you have it? Or do you lack it?
Signs of personal discipline in personal financial management:
- Waiting at least overnight before making a large purchase decision
- Balanced checkbook
- Monthly spending plan
- Saving every paycheck
- Giving every paycheck
- Organized financial documents – including insurance EOBs
- Credit cards paid off in full every month
- Regularly obtain credit report to ensure it is accurate
- Married couples – both know where the money goes and how much they have saved
- Singles – established accountability
Signs of poor personal discipline:
- Overdrafts
- Disorganized records
- Late payments
- Credit cards balances not paid off every month
- Spouses not working together
- Impulsive spending decisions
- Little or no saved money
- No giving
What would you add to either list?
Book Review: Church Giving Matters
A friend of mine recently released his first book, Church Giving Matters, and I wanted to say CONGRATULATIONS to him publicly. His name is Ben Stroup, and he is passionate about the topic of giving.
I was provided the huge honor to preview this book, and I believe that Ben is dead on with his observations of giving within the local church.
This book was written for church leaders and every leader who reads it will be challenged to view their role in a new light. Ben has been the pastor of a small rural congregation while also leading LifeWay's Giving Envelope Service.
It was also just announced that this book has sold 6,000 copies in the first ten weeks! Outstanding – especially when one considers that less than three percent of books ever sell more than five thousand!
Here is what I love about Ben – he is all about providing PRACTICAL information that is RELEVANT and can be IMMEDIATELY APPLIED. If you have ever participated in any event I am a part of, you KNOW how much I value PRACTICALITY and RELEVANCY.
If you are a church leader, you would do well to PURCHASE BEN'S BOOK.
How Much Money Do You Need To Retire Well
Do you know how much money you will need to retire well (independent of Social Security)?
There are many ways to calculate an estimate, but I really like the Retirement Nest-Egg Required calculator that we have placed in the FREE TOOLS section.
To calculate your number, you will need to know two numbers:
- The annual amount you want to live on at retirement (in today’s dollars)
- The number of years until you retire
Suppose one wants $50,000/year (today’s dollars) during retirement and plans to retire in thirty years. Punch the numbers into the Retirement Nest-Egg Required calculator and this is what you will see:
Because inflation erodes the spending power of money, the annual amount we want must be adjusted. Using an assumed inflation rate of 4%, one will need $162,170/year in thirty years to have the same spending power of $50,000 today.
At different rates of return, you can see different amounts that need to be saved. Eight percent is a common rate of return on investment that financial planners use.
What is your number? Are you going to achieve it?
SERIES: Save Money On Groceries – Aldi
Welcome to the latest series from the I Was Broke. Now I'm Not. Team – Save Money On Groceries
Ready to save $100 – $200 every month on groceries? Read this series, and we will show you how!
Aldi Grocery Store
Aldi is the cheapest grocery store I have ever found. It is first-quality, top-notch food, and I LOVE shopping at this store! It is about 10% – 33% cheaper than the next cheapest grocery store.
I buy cereal, milk, bagels, bread, eggs, cheese, fruit, vegetables, meat, canned foods, and many other products at this store, and I have been very satisfied!
I can only hope that Aldi has a store near you. You can click HERE to see if they do.
Do you shop at Aldi? If so, share your stories!