Finance
10 Signs You’re Becoming Financially Fit
The journey to financial freedom can become laborious at times, and it can be difficult to know whether or not you are really progress. Here are some signs you can use to help determine if you are truly becoming Financially Fit:
- You prepare a monthly budget – every single month!
- You know what “net worth” means – and you track it at least once a year.
- You value saving and investing more than spending.
- You have eliminated all high interest debt.
- You have funded at least one personal dream in the past 12 months.
- You have been labeled as “odd” or “weird” by friends and family because of your focus on taking your finances to another level.
- When a friend shows off their new financed car, you feel sorry for them instead of excited.
- You know the interest rate that Capital One 360 bank, Ally Bank, HSBC, and Emigrant are paying!
- If married, you and your spouse are able to have a productive conversation about money – without arguing!
- You don’t have to check your bank account balance every morning or even think about it on a daily basis because YOU KNOW there is more than enough money in the account to cover the bills. In fact, you know your balance to the penny.
What other signs would you add?
The Importance of a Financial Coach
I recently asked the following question on Twitter (via @joesangl): “What does it mean to be a “COACH”? What does a COACH do?” The responses were awesome and are shared below:
- @Shelton_22: @joesangl A coach must Love, Develop, Motivate, Construct, Encourage, Prepare, and Inspire an individual for the future.
- @peteraug: @joesangl brings out the potential in others
- @CynnamonClinton: @joesangl A coach, teaches, leads, motivates, and instructs based on their own achievements, mastery & experiences!
- @RealAustinHall: @joesangl to lead, motivate, be an example, inspire, encourage, discipline, show compassion, challenge and direct towards a common goal.
- @PaulJolicoeur: @joesangl A coach comes along side, to push you beyond where you thought your limit was!
Every single successful person I know has had someone in their life who provides coaching to them. So-called “self-made” persons KNOW that they have achieved greatness because of the help and coaching of others!
This is why I have three financial coaches.
When I was broke, I realized I was seeking advice from broke friends! It was like accepting long distance running advice from a sumo wrestler.
Proverbs 15:22shares, “Plans fail for lack of counsel, but with many advisers they succeed.”
I was broke, and I knew wisdom was necessary for me to change my financial life. I established desired criteria my coaches should possess:
- They had to love me.
- They weren’t interested in selling me anything.
- They had availability to mentor me.
My financial coaches helped me change my life!
Do YOU have a financial coach?
SERIES: How To Be Broke – Part 05
Welcome to the latest series here at the wildly popular JosephSangl.com! In this series, I will be sharing the top ways that people end up being financially broke. If you want to be BROKE, be sure to follow every single one of these tremendous ideas. On the other hand, if you want to win with your money – do the OPPOSITE of these amazing tips!
Part 05 Spend all of your money.
This is perhaps the greatest tip of all! If you really want to be broke (and remain that way for the rest of your life) then you must spend every single dollar you receive. After all, there are just so many awesome things you can buy with money right now!
To ensure you are prepared to tell crazy financial teachers like Dave Ramsey, Joseph Sangl (me!), and Suze Orman why it is impossible to save money, I have provided some great ways to justify spending all of your money:
- “I saved $50 on this purchase!” (This ensures you SPEND your money to SAVE money – think about it!)
- “I just don’t earn enough money to be able to save or invest.”
- “There will be plenty of time to save money later. I don’t need to worry about that right now.”
- “Compound interest is really confusing. So are mutual funds, 529 plans, 401(k), 457, 403(b), RSP, TSP, SEP-IRA, and Roth IRAs.”
Tell your children that you had to pay for your own college, so they will have to as well. Continue the family legacy of spending every single dime that is earned and leaving no inheritance. After all, we wouldn’t want to “spoil” our children with an inheritance. After all, we worked too hard for that money just to give it to those kids. They can make it on their own.
Apply all of these principles while spending all of your money, and you will be sure to be broke!
QUESTION: What are YOU doing to ensure that you SAVE MONEY every single time you earn money? I recommend making your savings AUTOMATIC by having it drafted from your paycheck directly into a retirement, college savings, or bank savings account!
Read the entire series (available after 11/18/2012)
SERIES: How To Be Broke – Part 04
Welcome to the latest series here at the wildly popular JosephSangl.com! In this series, I will be sharing the top ways that people end up being financially broke. If you want to be BROKE, be sure to follow every single one of these tremendous ideas. On the other hand, if you want to win with your money – do the OPPOSITE of these amazing tips!
Part 04 Let your spouse handle all of the money and money decisions.
This is a great way to become broke! Refuse to participate in any money related decisions. Here is a great list of excuses you can use:
- “My spouse is just so much better with money than I am.”
- “Dealing with money stresses me out and gives me a headache.”
- “They spend most of it so let them deal with it.”
- “As long as I have enough for what I want, do whatever you want with the rest.”
Since we know that financial struggles and divorce are at least first cousins, be sure to shut down when your spouse wants to discuss the finances. Let them carry all of the load themselves. Marriage is grand. Divorce is at least a hundred grand. This is a sure-fire way to ensure you remain broke.
QUESTION: If you are married, do YOU truly work together with your spouse on money related decisions?
Read the entire series (available after 11/18/2012)
SERIES: How To Be Broke – Part 03
Welcome to the latest series here at the wildly popular JosephSangl.com! In this series, I will be sharing the top ways that people end up being financially broke. If you want to be BROKE, be sure to follow every single one of these tremendous ideas. On the other hand, if you want to win with your money – do the OPPOSITE of these amazing tips!
Part 03 Never say NO!
It is no fun to say the word “No!” anyway. We don’t like to say the word to our children, and we definitely don’t like saying it to ourselves! So, stop saying, “No!” Just give in to everything that you, your spouse, and your children want.
- Buy another video game (because they only have 91 already – with three different game consoles)
- Purchase another toy (and watch them play with the box more than the toy itself)
- Buy a new car (even though the other car was just fine – and nearly paid for)
- Go out to eat for the 20th meal this month (at TRIPLE the cost of a home-cooked meal)
- Go to the movies multiple times (at the low low price of a movie ticket – and a big-gulp soda)
On the other hand, let’s use the word “No!” for one thing: Saving for the future. Say “No!” to putting money into the retirement account and college fund. “Just say no!” to saving money for future plans, hopes, and dreams.
Employ these great tips, and you will be on your way to being completely broke!
QUESTION: Did you know that sometimes “No” means “Yes”? Click HERE for a thought that could revolutionize the way you view saying, “No!”
Read the entire series (available after 11/18/2012)