Finance
5 Reasons To Lead A Personal Finance Study – Part 3
In this series, I am sharing five reasons to lead the I Was Broke. Now I’m Not. personal finance study at your church or business.
Part 3 We are passionate about helping others. (We bet you are too!)
We are PASSIONATE about helping people win with their personal finances. You will see evidence of our passion in every aspect of this study. It is the passion of every IWBNIN team member to help others accomplish far more than they ever thought possible. It is what drives everything we do. It is why we travel all over the nation teaching tens of thousands people live every year. It is why we have put forth the effort to write books, classes, studies, messages, and speeches. It is why we train financial counselors who are equipped to provide FREE 1-on-1 financial counseling to people throughout their communities. It is why we offer our financial tools for FREE. It is why we created the Next Steps website.
We KNOW that when we help a family or individual improve their financial situation, we are helping them fund their future hopes, plans and dreams.
You can be a part of this effort by leading the I Was Broke. Now I’m not. Group Study. You can learn more about the study and purchase kits HERE.
5 Reasons To Lead A Personal Finance Study – Part 2
In this series, I am sharing five reasons to lead the I Was Broke. Now I’m Not. personal finance study at your church or business.
Part 2 This study is PRACTICAL and the TOOLS ARE FREE.
I graduated with a degree in mechanical engineering from Purdue University, but the real truth is that most of the teaching was pretty far up in the clouds. It was not immediately clear to me how all of my classes in Thermodynamics, Heat & Mass Transfer, Statics, and Kinematics were able to be applied in “the real world.” There is no doubt that ALL of these subjects DO matter – a lot – but they were not always taught in the most practical way.
I resolved to myself back then that whatever I taught, I would seek to teach it at a level where everyone would not only “get it”, but they would be able to easily apply it.
That is how this study has been designed. The feedback from thousands of people tells us that we have hit our goal. Allof the tools taught are offered free via our Next Steps website (HERE). We have even created a website for the I Was Broke. Now I’m Not. Group Study to guide people through each session (HERE).
You can learn more about the study and purchase kits HERE.
5 Reasons To Lead A Personal Finance Study – Part 1
Here are five reasons to lead the I Was Broke. Now I’m Not. personal finance study at your church or business.
Part 1 People are hurting and looking for answers.
The collapse of the housing and stock markets in late 2008 have had an impact on millions (should I say billions?) of people. People are dealing with HUGE financial issues such as:
- Reduced pay
- Lay-off
- Large debts
- House worth less than is owed
- Car worth less than is owed
- Divorce
- Medical bills
- Past due taxes
People have realized that the old way of managing money can be improved. They are looking for this type of teaching. By leading a group, you are helping invest in a life skill that can help someone achieve dreams that they previously thought were unachievable.
SERIES: Fundamental Rules Of Money Management V
In this series, I have been sharing some thoughts on some fundamental rules of money management that are time-tested and known to be true. If applied, these rules can help you take your finances to the next level.
Rule #5 If it sounds too good to be true, it is most likely a scam.
Call me cynical, but most “too good to be true” and “get rich quick” ideas are great ways to throw money away. It would be better to just set fire to your money. I remember a day several years ago when this “great deal” presented itself to me. “All you need is $1,000,” I was told. Once I would turn in my $1,000 (it was required in cash – hello? – can you smell the scam cooking?), I would secure a slot. Once eight other people gave $1,000 under my slot, I would receive $8,000. Little did I know that I was being introduced to a pure form of a Ponzi scheme.
It seemed like everyone was jumping in. I know several of my co-workers did. It was a “hurry, hurry, hurry” mentality. “If you don’t jump in NOW,” I was told, “you will lose the opportunity.” This was back when I was busy writing the “I Was Broke” part of I Was Broke. Now I’m Not. so I did not even have $1,000 if I wanted to participate.
You already know what happened. The folks running the scheme took all of the money and vanished from town – never to be heard from again.
Here is what I have discovered – when you are B-R-O-K-E, you are way more susceptible to get-rich-quick schemes and scams.
Be calm. Be patient. Use the real power of compound interest to fund your hopes, plans and dreams.
SERIES: Fundamental Rules Of Money Management IV
Welcome to a new series on the wildly popular JosephSangl.com! In this series, I will be sharing what I believe are Fundamental Rules Of Money Management. I look forward to reading your thoughts on this topic!
Rule #4 You must have margin.
I have lived with no money in the savings account. When I was in that situation, I was very aware that it was not the best situation. It was clear that $0 in savings left little room for financial emergencies to occur, but I was unaware of the full implications of zero saving until I finally had a healthy savings account.
A healthy savings account provids margin. It allows you to think beyond today and tomorrow. Margin allows you to consider a business decision, career path, or even moving without seizing up due to making this statement to yourself, “That will cost money. Money that I do not have.” Financial margin allows you to absorb unexpected financial events (like refrigerator, hot water heater, or car failure) – without incurring new debt.
Margin also allows you to take advantage of unexpected financial bargains.
To me, financial margin equals to less stress, peace, a calm wife, and freedom.