Why Do I NOT Do The Things I Know I Should Do? Romans 7:15
Romans 7:15 – 15 “I do not understand what I do. For what I want to do I do not do, but what I hate I do.”
Paul shares his thoughts on his struggle with not doing the right thing and doing the wrong thing.
This is a problem everyone faces – especially in the following areas of personal finances.
- Budgeting We know that we should prepare a monthly written Give/Save/Invest/Spend plan, but for some reason we don’t allocate the time and effort required to make it happen.
- Giving We know that we should give, but we fail to do so when it comes time to write the checks or pay the bills on-line for the month.
- Saving We know that we should be saving money. After all, the children are growing like weeds, and it seems like they will be headed to college tomorrow! The car has special “rattling” sounds, yet we have not saved any money to repair or replace it.
- Investing We know that we should be investing to fund our big-time dreams and prepare for retirement. After all, our bodies are creaking, and it seems to take much longer to get rolling each morning. Yet, we choose to invest little to no money to cover our living expenses and live life to the fullest during our retirement years.
- Wills/Estate Plan We know that we will die someday, but we choose to ignore that reality by failing to have a written will and estate plan.
- Insurance We know that we are going to get sick one day. Yet, we choose to not have health insurance. We know that law requires us to carry insurance for our cars and that we will probably be in a wreck someday, yet some still choose to drive without auto insurance.
- Debt We know that substantial debt can delay or completely prevent the funding of our future plans, hopes, and dreams, yet we choose to “sign the line” anyway.
The LIE that we tell ourselves is this: “Things will be okay. After all, we have made it this far living this way.”
If that is you, let me ask you a few questions:
- Are things REALLY okay?
- Are your dreams fully funded?
- Are you living the life you dreamed of when you were young?
- When was the last time you really allowed yourself to dream?
What do you need to do?
Savings Tip – Fast From Something
Here’s a savings tip that be a lot of fun and a serious challenge if taken seriously – Go on a spending fast and give or save the difference.
It’s a simple concept. Stop spending money on a specific item for period of time, and deposit the money that would have been spent on that item into savings or give that money away.
Here are some examples:
- Stop buying soda (or pop or Coke or whatever you call it) and redirect the money to savings
- Refuse to purchase any new clothes for an entire year and redirect the money to savings
- Eliminate the daily $4 coffee drinks (gasp!) and redirect the money to savings
- Park the car and ride a bike to work for a month and redirect the money to savings
A young lady I met a year ago embarked on a journey just like this. Her name is Sarah, and she resolved to “not buy anything new for 365 days.” Her year-long quest began on March 21, 2011, and she is about to finish her journey. On March 21, I will be posting the blog post that I asked her to write. You won’t want to miss it.
QUESTION: What will you choose to go on a spending fast for? What will you do with the money that would normally have been spent on that item?
I’ll reveal my spending fast goal next week.
Could You Handle $1,000,000?
If you were blessed with $1,000,000 RIGHT NOW, could you handle it well?
Chances are high that if you can’t manage your current income well, you wouldn’t be able to handle $1,000,000 well.
I’m convinced that if I had been blessed with $1,000,000 before I made major changes to my finances in December 2002, I would have blown through all of it and all I would have now is some rusty stuff and an ocean of regret.
Think about this for a minute:
- If you don’t prepare and follow a budget with your current income, you won’t with $1,000,000 either.
- If you choose not to consistently give now with your current income, you won’t with $1,000,000 either.
- If you choose not to consistently save now with your current income, you won’t with $1,000,000 either.
Money just amplifies current behavior.
What changes do you need to make now to prepare to manage the $1,000,000 with excellence?
Are You Enslaving Your Children? – II Kings 4:1
This is a series that appears on a weekly basis here at JosephSangl.com – “Biblical Financial Lessons”
I believe that the Bible is the best money book ever written, and I really want to take some time each week to share the money lessons I have learned from the Word.
Debt Enslaving Children
II Kings 4:1 The wife of a man from the company of the prophets cried out to Elisha, “Your servant my husband is dead, and you know that he revered the Lord. But now his creditor is coming to take my two boys as his slaves.”
In this incredible story, a man has passed away while still having young boys in the house. Apparently, this man had incurred substantial debts, and his untimely death placed the family into a financial tailspin. The situation is so terrible that the creditor is going to take the two boys as slaves to repay the debt.
No one prepares to die before they grow old, but we see obituaries of young people all of the time. It’s awful. Without a plan, this situation can literally enslave the family just as is recorded in this story.
It’s time for you to ask yourself two questions.
1. Has your debt situation become so bad that it has enslaved you and your family?
- Are you BOUND to your job because you have to receive the paycheck?
- Are you doing things at work that you are morally or ethically against, but your financial situation has prevented your standing up for what you believe?
- Do you have a second job or demand overtime just to pay the bills?
- Are your children paying a tremendous price because of your financial situation?
If so, it is time to calculate your Debt Freedom Date and start the journey toward freedom! Being a slave to debt is a terrible way to live life!
2. Would your family prosper even if you die prematurely?
- Do you have substantial savings that would sustain the family over a two to three month period?
- Do you have life insurance that is equal to 10-times your annual take-home pay?
I have met with families after the untimely loss of a spouse. I have seen families that had no plan and were enslaved. It was a terrible moment, as I watched the family move toward poverty overnight. On the other hand, I have met with families that had planned appropriately, and they were able to focus solely on grieving.
Biblical Financial Lessons – Proverbs 15:22
This is a series that appears on a weekly basis here at JosephSangl.com – “Biblical Financial Lessons”
I believe that the Bible is the best money book ever written, and I really want to take some time each week to share the money lessons I have learned from the Word.
Proverbs 15:22 Plans fail for lack of counsel, but with many advisers they succeed.
Have you ever attempted to accomplish something that was HUGE for you, yet failed in spite of all of the planning? First, let me welcome you to the club! Second, let me ask you a question – Did you have a set of mentors to help you?
Perhaps one of the top things I have learned as I have launched a couple of businesses and purchased another is this – “I do not know everything!” The act of ASKING FOR HELP and ASKING FOR WISDOM from people who have “been there – done that” has been so rewarding.
My mentors have helped me in the following ways:
- Helped me identify potential major issues
- Asked me great questions that forced me to really evaluate WHY I was even considering the initiative
- Provided connections to other people that had experience with what I was attempting
- Prayed with me, for me, and for the initiative
- Provided key steps for me to take to safeguard against or avoid pitfalls
- Shared options with me that I would have never even thought of (this was HUGE)
QUESTION: Do you have a set of mentors? Who could you ask TODAY to begin coaching/mentoring you?