Finance

Why is DAVID CHILTON a www.JOSEPHSANGL.com Financial Hero?

My dad gave my twin brother and I a book when we were around twelve years old.  The book's title?  The Wealthy Barber 

This book is written as a fictional novel set in the Detroit area.  The book is very easy and quick to read.  The primary lesson learned in this book is the POWER of Compound Interest.  I remember setting that book down at around twelve year's of age and saying, "If a barber can be a millionaire, then I will be too!"  AT AGE 12!!!

Why should DAVID CHILTON be your Financial Hero? 

• David's book teaches the concept of compound interest in a fun, easy read.  You can buy a copy and have your children read it as they enter the teenage years.  After they have read it, a great opportunity will be available for you to discuss the power of compound interest and investing.
• The Wealthy Barber also shows the power of developing a sound business plan and shows it in action through a single lady, a married couple, and a bachelor.  In other words, anyone can do this!
• I personally have ordered copies of this book ten at a time that I have handed out to friends of mine.  The lesson of compound interest needs to be KNOWN by all people!

David, you are an official www.JOSEPHSANGL.com Financial Hero!  At age 12, my world was rocked through your book!  My financial future was forever changed by learning the POWER of compound interest so early in life.

Want the book?  Get it HERE.

Read about other www.JosephSangl.com Financial Heroes!

A new category of posts starts TODAY.  This category titled "Financial Hero" will be used to share about people that are my Financial Heroes and why they have become a Financial Hero to me.  Enjoy!!!

Why is DAVE RAMSEY a www.JOSEPHSANGL.com Financial Hero?

Dave rocked my world in December 2002.  I had been terrible at managing our short-term money.  We had always contributed heavily to retirement, but our short-term savings hovered continuously at around $4.13.

Dave's 7 Baby Steps changed the way I look at money forever.  I printed out these 7 Baby Steps and put an "expect-to-accomplish" date next to each one.

Jenn and I became debt-free (except for the house) in just 14 month's time.  We are now at Baby Step 6 and making HUGE strides toward Baby Step 7.

Why should DAVE RAMSEY be your Financial Hero? 

• Dave Ramsey will tell you like it is.  He speaks at a level that you and I can understand.  Dave also is on over 300 radio stations every day for three hours which really helps you learn more about personal finance through the experiences of others!  You can listen to him on-line anytime HERE.
• Dave has excellent resources available for you to learn more about your finances.  I recommend that everyone take Financial Peace University, a 13-week life-altering class.  You can find a class near you by clicking HERE.
• Dave's book, Financial Peace, Revisited, is my personal favorite book that he has written.  He has also recently released The Total Money Makeover.  These books should be mandatory reading in high school.  He also wrote an earlier, less-known book called More Than Enough that was good, but I would read the other two books first.
• Dave is real and authentic.  He has lost and won with money and is an excellent communicator.
• Dave is also crazy about teaching our kids this stuff.  So much so that he has written a line of children's books.  They are filled with very creative drawings and have actually been given out by the millions as part of the Kid's Meal Program at Chick-fil-A!

Dave, you are an official www.josephsangl.com Financial Hero!  You ROCK!

While I was updating my address for my Skymiles account at Delta Airlines, I noticed that the miles I had were going to expire in a couple of weeks.

Well, I had tried to use these miles a couple of years ago for a trip for my sister-in-law.  Although seats were available on the plane, Delta would not allow me to use the free ticket on the flight.  They did offer a flight that was two MONTHS later, however.  FRUSTRATING …

Anyway, my miles were due to expire, so I decided to cash them in on a few free magazine subscriptions.  It only takes 300 to 500 miles to get a year's subscription to most magazines.

So I did what anyone with expiring miles would do … I got a subscription to EVERY SINGLE ONE of the the 32 magazines available!

Allure, Daily Variety, Glamour, Details, Latina, …  The list goes on!  The order was placed around Christmas so now all of the magazines are arriving.  In PILES.  Piles and piles of magazines are showing up daily.

I finally got around to looking at a few of the magazines last night.  What a load of JUNK!  I was reminded again of how crazy this world is!  There is a jacket that looks like it was thrown into a trash bin and washed in a septic tank – all for $3,000!  For a mere $1,000, I can buy a purse that looks like it was made from a dog’s hide.

The marketing for some of this stuff is crazy!  Another article mentions in passing that the cost of the meal for three people was $930.  A mortgage payment for a single meal.  It is written to sound cool, but I want to throw up.

I walked away from reading these magazines reminded once again of how the hooks are into the wealthy.

Let me tell you this – just because you have $1,000,000 in the bank does not mean that you are doing well!  If you are making $300,000 per year, a $1,000,000 should be a mere start!  You should have more like $4,000,000!  Are you managing your money well?  Or are you spending it like you’ve got it?

Is excess is OK?  Are $930 meals acceptable?

Time for some more budgeting/saving tips:

• Coupons.com has a lot of great coupons that you can print out
• MyCoupons.com has a lot of great information on deals that are being found at various stores
• Buy off-brand items.  Yes, some will taste like sawdust, but others are identical to the name brand.  If you have an ALDI grocery store in your area, it is worth the drive to purchase groceries there.  We save at least $50 a month by buying our essentials there – milk, bread, canned foods, eggs …  As a side note, their eggs can be somewhat non-uniform – I get double-yolk eggs, oblong eggs …  It is really interesting.
• Try to go a week without going to the grocery store.  Put together meals from stuff that is in the cupboards!  You will enjoy some concoctions that you have not had in awhile (or never), AND you will be able to save a week's worth of grocery money to put toward your emergency fund!
• Have the kids mow the lawn and do the landscaping instead of paying someone else to do it.  Pay your kids and teach them how to save/give/spend out of that money!  Can you spell, "LEARNING OPPORTUNITY"?
• Cut all of your kids hair.  It will save many families $20 – $40 per month!
• CONSIGNMENT stores/Goodwill/Salvation Army.  You can find some great deals on clothing there!
• Shop your insurance for quotes.  Get at least three quotes and obtain one of them from an independent insurance agent.  You may be able to save $100 – $500/year on your insurance!
• Take a low-budget vacation instead of that $3,000 one.  You will find that you will have just as much fun, and you may be able to save $2,000 – $2,500 toward debt reduction, emergency fund, or retirement fund!
• Sleep on major purchase decisions.  This will really help you to avoid "impulse" purchases like a new car, a pricey vacation, a new plasma TV, etc.
• Get rid of the home telephone.  Many people have so many cell phones that the home phone is becoming obsolete.  For basic home telephone service you will pay $25/month, and it will not come with the basic features that a cell phone has – free long distance, caller-id, call waiting, voice mail, camera, text messaging, games, etc.
• Get rid of the movie channels on cable.  It is loaded with a bunch of trash movies anyhow, and it leads to a loads of wasted time.

I would love to hear more ideas on how you can save money.  You leave a comment or contact me HERE.