Finance
Lost It All
I recently listened to a keynote speech delivered by Dr. Kevin Elko.
He made a passing statement that really caught my attention. In fact, three days after hearing it, I am still thinking about it and have even dreamed about it!
Here is the statement:
“If you lost everything you had today and got it back tomorrow, tomorrow would be the greatest day of your life!”
THAT is so true! We can get so focused on what we do not have that we totally forget what we do have!
It has really challenged me to continually align my focus on being thankful for what I do have. I hope it does the same for you!
Financial Infidelity
As a financial teacher, I am seeing an issue that is extremely alarming: Financial Infidelity
According to Investopedia, financial fidelity is defined as “when couples with combined finances lie to each other about money. For example, one partner may hide significant debts in a separate account while the other partner is unaware. Another common example is when one partner makes large discretionary expenditures without discussing the matter with their partner.”
It happens more than you think …
It all starts out so innocently. “I will use this credit card just this once to pay the bills, but I won’t tell my spouse because she is so stressed anyway.” Fast forward two years, and there is a hidden credit card with a $20,000 balance. Or a $480,000 balance. I’ve seen both. And the spouse did not know about either.
I’ve heard people explain how their financial infidelity occurred. Common reasons are:
- I pay the bills, and I just could not say no to my spouse – even though we did not have enough money.
- I wanted to protect my spouse – they were under so much stress from their work anyway.
- My spouse won’t ever allow any fun or any of my hobbies into the budget, so this was the only way I could make that happen.
- I earned the money so I deserved to spend it how I wanted to.
- My spouse is HORRIBLE with money, so I had to keep the savings account secret or else it would have been spent!
If you are making huge financial decisions without telling your spouse, it needs to be addressed. It will not get better on its own. The credit card will not be paid off before it’s discovered.
One thing I know is this: spouses who have experienced financial infidelity describe feelings very similar to marital infidelity. Hurt. Confusion. Anger. Frustration. Sadness. Betrayal.
Make it right.
SERIES: Why I Do What I Do – Part 4 – Need
Welcome to the latest series on JosephSangl.com – Why I Do What I Do
In this series, I am going to share with you WHY I have chosen to invest my life, time, and effort into this crusade to help people accomplish far more than they ever thought possible with their personal finances.
Part Four Need
Let me ask you two questions:
- How many classes on money management did you have while in school?
- Did your parents actively teach how to manage money?
For the vast majority of people, the answers are “ZERO” and “NO”. Sure, we may have heard someone say, “Spend less than you make”, but most of us were not taught the PRACTICAL 1-2-3, a-b-c methods necessary to win with money. There is a tremendous need for practical financial teaching. I submit as my evidence:
- US National Debt is over $14.1 trillion
- 2011 Bankruptcies: 1,641,250
- Inordinate STRESS about money
- DIVORCE over money (repeatedly the top reason given for divorce)
Even more importantly, there are not enough teachers out there helping people learn how to manage their money in a way that helps them achieve their plans, hopes, and dreams. I decided to do something about it. It’s why I do what I do! Our team can’t sit idly by the wayside HOPING that people are being taught.
It is why I believe that this crusade to help people win with their money has completely exploded! People desperately want and need help. It is why I have developed resources to help YOU teach others too! The DVD-based I Was Broke. Now I’m Not. Group Study is the perfect tool to teach people in your church, workplace, or community group! In fact, we have a special bundle package called “Start Your Group NOW!” that includes materials for ten families and a leadership kit.
We LOVE helping others teach others. If you are interested in starting a group, check out the group study links to learn more – and then call us [864] 332-4151 or email us joe@iwbnin.com and we’ll help you get started!
Read the entire series (available after 2/20/2011)
SERIES: Why I Do What I Do – Part 3 – Belief
Welcome to the latest series on JosephSangl.com – Why I Do What I Do
In this series, I am going to share with you WHY I have chosen to invest my life, time, and effort into this crusade to help people accomplish far more than they ever thought possible with their personal finances.
Part Three Belief
I BELIEVE that people can win with their money! Not just some people – ALL people! I believe that when the fundamental rule of INCOME – OUTGO = EXACTLY ZERO (It’s EZ!) is applied to one’s financial situation, it can help people truly understand their true financial situation and enables them to take their next steps.
I reject the fact that some people will always be poor. I reject the belief that generational poverty must continue on and on and on.
The tools work. Preparing a plan and following it will change a person’s life! When there is GIVING, SAVING, and SPENDING in a plan, financial freedom is on its way. When a person begins winning with their money, it leads to tremendous financial confidence which equips individuals to take calculated risks that can lead to even more success.
I believe in people so much that I included the following phrase at the end of every chapter of I Was Broke. Now I’m Not. – Pssst – I believe in you!
Read the entire series (available after 2/20/2011)
SERIES: Why I Do What I Do – Part 2 – Passion For People
Welcome to the latest series on JosephSangl.com – Why I Do What I Do
In this series, I am going to share with you WHY I have chosen to invest my life, time, and effort into this crusade to help people accomplish far more than they ever thought possible with their personal finances.
Part Two Passion For People
I love people. Let’s face it – we are all crazy and ridiculous in our own ways. Even more, we have all made financial mistakes. Maybe you’ve financed a new car for more than it was worth (like I did 105-percent financing for my smokin’ hot Chevy Cavalier). Perhaps you spent $60,000 on college for a degree in basket-weaving. A get-rich-quick scheme may have helped you become poor-real-quick. No matter who you are or what age you are, you’ve made financial mistakes. And we all have feelings about those mistakes. For some reason, I love to help people address those issues! Few things are as satisfying to me as helping someone become more productive and profitable with their life. I have clearly recognized that when the finances get in order, so many problems are reduced to oblivion or erased entirely.
This is why I still provide 1-on-1 financial coaching. It is why our team trains financial coaches throughout this nation. I love serving people! I love helping people! When the tears start flowing, when people have their IHHE Moments, and when it is horrible, that’s when there is the opportunity for huge change. And I love it!!!
Read the entire series (available after 2/20/2011)