In I Was Broke. Now I'm Not (you can read the intro HERE), a key principle that I share is the following fact:


I am debating holding a free seminar in Washington DC about this fact (maybe my representative will invite me).  It seems that we have COMPLETELY neglected it!

This is a not a political statement.  This is purely a statement of fact.

I submit my evidence:

  • The national debt (which continues to increase – view it LIVE)
  • Unfunded Social Security (My Social Security statement says that I can expect to only receive 70% of the stated benefits)
  • Tax revenues are way down so the "fix" is to raise taxes – not cut programs
  • When the OUTGO is clearly more than our INCOME, we have decided that this is not OK.  The cure?  Spend nearly $2 TRILLION dollars – using debt!

I am a simple person.  This means I have to look at this in a simple way – using my own life as a learning tool.

Simple lessons I have learned …

  • When I run short of funds, I have to stop spending or I will incur debt!
  • No matter how much money I have, I possess an uncanny ability to spend ALL of it.
  • When I run short of funds, I have to cut out spending – even on things that I really want!
  • If my OUTGO does not include "saving money for emergencies and known, upcoming expenses), my financial plan will fail when emergencies happen or when the known, upcoming expenses occur.
  • I have NEVER seen my bank account balance go up when I "saved money" at the store.
  • Huge debt is always a recipe for disaster.
  • A balanced budget requires sacrifice and compromise – from me, my bride, and my daughter
  • It is never fun to say, "NO!"  Especially to something we care a lot about.

What are your thoughts?

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1 Comment

  1. Travis on July 21, 2009 at 7:32 pm

    I would agree 100%. I have to say that the budget is our single GREATEST tool while getting out of debt. Still today I would say that doing a budget together is one of our best uses of time. Our budget keeps us from fighting over money and because we bother to really follow it …… We have a plan for tomorrow, while living for today!

    Please please…. This stuff is not easy, but it gets easier the more you do it.

    On a side note…. Joe, my pastor is away for a couple of weeks. He tweeted about being at New Spring last week!! Is that like freaking awesome? I had no idea he knew of NS or Perry. Keep up the crusade and give our best wishes to your bride. Creating a new life isn’t easy work…And I cont to add special prayers for her and the baby.

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