Ready to Save TONS OF MONEY?

One of the most popular questions I receive is: “How can I save some money?”

It is a great question. In fact, we’ve offered savings tips in live online events, blog posts, and on our “Next Steps” page on a regular basis. Our help is received with great enthusiasm! As well it should, because who doesn’t like learning ways to save money?

Recently, we conducted a 40-day Budget Challenge. It was an amazing journey that people from around the world embarked upon together. It turns out that we share common financial issues when it comes to budgeting!

We also learned once again that everyone loves to save money. It caused us to ask the question, “How can we help a lot of people save tons of money?” Our answers to this question led to the creation of our first-ever SAVINGS CHALLENGE!

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In this 20-day challenge, we’re going to share 20 specific ways (one per week day) most people can save a lot of money in their budget. In fact, many who embark upon this challenge will save a minimum of $1,000 in their annual budget.

That is a lot of money!

I told our team I want to enable as many people as possible to be a part of this challenge. As many people as possible.

When you CLICK HERE to see the price, I think you’ll agree that it is priced way too cheap. But, hey, this is a savings challenge so I wanted you to start it out with some nice savings. If you’re one of the first people to register, you’ll be able to register at the ridiculously low price.

20-Day I Was Broke. Now I’m Not. Savings Challenge

  • When does it start? It will kick off on Thursday, November 1st and last the entire month!

  • How does it work? You will receive special teaching each weekday of the challenge! These tips will be sent to your inbox first thing in the morning, but you can watch them whenever is convenient for you on our membership site.

  • Can I get real help from the IWBNIN team? Absolutely! Our team is always here to answer any questions you may have. Upon registration, you will receive a special email address that will link you directly to an IWBNIN team member.

  • How much does it cost? This challenge is only $7.00!

OXEN: The Key to An Abundant Harvest

There was a point in my life where I came to the realization that I needed to find oxen in my life and start getting my money to work for me. From an average bank balance of $4.13, I have since acquired multiple oxen and experienced a truly abundant harvest. In my book, Oxen, I share these principles along with step-by-step instructions so that you too can win with your money. Check out this excerpt from my book and make sure you grab a copy for yourself. 

“Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest.” Proverbs 14:4

Imagine a farmer who was responsible for farming a full section of 640 acres, which is one square mile of land. Imagine if he decided to “do it all on his own” and attempt to plow all the ground without oxen. It doesn’t matter how strong and energetic the farmer is, it would be an impossible task. For me, just hoeing a small garden in my backyard wears me out! The farmer might be able to do enough work to produce food for the family to eat, but the potential for an abundant harvest would be impossible. 

Don’t miss the point here because it is vital to understanding oxen ownership. A farmer knows it is impossible to reap an abundant harvest without oxen. The same is true for all of us even if we aren’t farmers. 

If I continued managing my money without the help of financial oxen, the opportunity for an abundant harvest would be greatly limited. After all, there was only so much I could accomplish on my own. Like most people, I was working a “Work, get paid. Don’t work, don’t get paid.” job. Even if I worked twelve hours every day, there was a limit to how much I could earn on my own. My earnings would allow me to feed my family, but without a serious change to the way we managed our money, the income would probably only be enough to maintain our household. We would continue to be stuck in the “empty manger” cycle cleaning out the manger each month and then standing around waiting for the next paycheck to arrive. The worst realization of all was knowing that even if I worked the next fifty years of my life, my income would cease the moment I chose to retire. It became imminently clear that I needed oxen in order for my family to experience abundance. 

Is This Mutual Fund a Good Investment?

Many people are hesitant to begin investing because they think that it is some incredibly complicated venture that is only for the uber wealthy. I am here to tell you that it is not that difficult and you can (and should!) get started today at some level. 

Most people feel this apprehension towards investing because they do not really know how to tell if they are making a sound investment. There is some research that you can do to make this decision. In fact, I have a process that I go through when deciding if a mutual fund, specifically, is a good investment. Here are the questions I ask when I get ready to make an investment: 

  1. Do I like the product or service they are delivering? Do my children like it? I want to like a product that I am going to invest in first and foremost. If I like a product there is a good chance other people will like it as well. The same holds true for if I dislike a product or service.  

  2. Is the company profitable? Does the company share those profits with shareholders in the form of dividends? I do not typically invest in companies that are not profitable although there are a lot of people that have made a lot of money off of their stock. When I invest in a company I want to see that they can move an idea towards profitability. 

  3. What is the P/E? Once I know if a company is profitable, I next look at the P/E or the price to earnings ratio. This is calculated by finding the earnings per share (the total profits of the company divided by the total number of shares) and the current price of the stock. The P/E is calculated by dividing the price by the current earnings per share. I want to see a P/E that is less than 20 and ideally less than 10. Now, do not freak out about having to calculate this number every time you want to invest. You can simply google the company name followed by P/E ratio and easily find out. 

  4. What is the vision of the company? Do I like the leadership and the direction they are headed? 

To find this information, I typically utilize several different websites including finance.yahoo.commoney.cnn.com, and schwab.com

As you can see, investing does not have to be super complicated or involve a lot of intense research. When picking mutual funds it can be as simple as checking out their products, leadership and vision and then doing a quick check to make sure they are profitable. If you can put a check mark next to those four boxes, you can probably say that you are making a good investment. 

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Do you want to learn more about how you can acquire and maintain oxen? You can get my book Oxen for 20% off plus free shipping by clicking HEREOffer valid through the month of August of 2018

Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

MONDAY MONEY TIP PODCAST: Making a Good Investment

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The Monday Money Tip Podcast is back! Investing can be such a complicated venture so this week, Joe is sharing how he determines if an investment is a good deal or not. For those who are new to investing, Joe has some helpful mobile apps that you can download to learn more of the basics of investing. In addition, Megan shares a success story from someone who went from hopeless on her money journey to hopeful. 

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us! 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website

Email info@iwbnin.com to ask questions or share success stories.

Show Notes

About the Episode:

  • Hear Joe answer the question, “What things do you look at when investing to determine if it looks like a good deal or not?” He explains his process in looking at things such as the companies profitability and price to earnings ratio.

  • Get some important information about mortgage rates and bank savings rates.

  • Megan shares a success story about a person that found hope in their money journey.

  • Joe shares some helpful tools that you can use if you are new to investing and want to learn more before diving in head first.

Resources:
IWBNIN Tools
Online Savings Accounts
Oxen Book
Joe’s Investments

Quote of the Day:
“There is no harvest if you do not invest.” – Joe Sangl

Links
Yahoo Finance
CNN Money
Charles Schwab
Robin Hood
Acorns

The Basics of Oxen

Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest. Proverbs 14:4

This verse had a profound impact on me as I went through my financial freedom journey. From this verse, I realized that I could either live a life with an empty manger or with an abundant harvest and the choice was up to me. In the pursuit of financial abundance, I could choose to rely on myself and my own abilities, or I could acquire oxen to help me. Which do you think I chose? 

In my book, Oxen, I have outlined the different types of oxen, how to acquire oxen and how to lead oxen. These principles will help you maximize your financial resources and experience an abundant harvest, just as I did, so that you can fund your biggest and wildest dreams. 

Most people earn money by showing up to work and in turn they get paid. If you do not show up to work, you do not get paid. Oxen can allow you to earn money whether you are working or not! There is only so much time in a day and therefore there is only so much work that one person can physically put in. This is why oxen are so important: they allow you to eliminate the time barrier. 

Oxen can do things you cannot do. They have the ability to carry a load that you cannot carry and can endure more than you can endure. Oxen can be trained and can work together and accomplish even more. They work rain or shine, night and day so that you do not have to. They can multiply and take you places you may have only dreamed about. Oxen can provide. 

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Do you want to learn more about how you can acquire and maintain oxen? You can get my book Oxen for 20% off plus free shipping by clicking HERE

Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.



Investment Value Calculator Tool

Are you ever tempted to pull money out of your investment accounts? Sometimes it can sound like a good idea to withdraw money from retirement funds or other accounts to pay a debt or even go on a vacation. However, most of the time taking money out of the market is not a good idea! The one thing you will never be able to get back is TIME! If you take money out of an account or wait to start investing, it could be a decision that you really regret in the future when you see the value of your accounts. In most cases, people wish they had started investing sooner. I have never heard anyone say, “I should’ve waited ten more years before I started saving for retirement”. 

It can be encouraging to get an idea of what your investments will be worth five, ten, fifteen, or twenty years down the road. I Was Broke. Now I’m Not. has a tool that can help you illustrate just that! The Investment Value Calculator Tool takes the current amount of the investment, the annual rate of return, the amount of time you plan to invest, and your monthly contribution and calculates the value of the investment. It also shows a range of your investment value from five years all the way to sixty years! While, of course, these returns cannot be guaranteed, the tool can allow you to imagine what these accounts have the potential to grow to. This can keep you from making an unwise decision to withdraw funds and can even tempt you to add more money to your accounts! Check it out today! 

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

5 Year Buckets For Investing

What is the most important thing to do when it comes to investing? START! Often when you are looking at making an investment, it can seem like a daunting task so taking that first leap is the most essential. Once you have taken that crucial first step, it does not have to be a confusing road to making smart investment decisions. It can be as simple as looking at your life (and investments) in five year increments. 

The concept of five year buckets is so simple but it is a great way to look at your investments and deciding when to put your money in the market. The principle is this: if you are going to need the money within the next five years, it should not be attached to any investment. This is important because you cannot risk losing the money in the short term because you simply will not have enough time to recover it before you need it. That can put you at the risk of incurring debt when you could have paid for the expense in cash. 

If you are looking into the future and decide you will not need the money within the next five years, you should definitely tie it to some sort of investment vehicle, that suits your risk tolerance, or else you will face the next obstacle of inflation. Make sure your money is working for you to at least outpace inflation. 

Investing is as simple as deciding to start and then figuring out when you will need the money. If you need it in the short term, now is not the best time to put it in the market. But if you can put the money away for longer than five years, investing is the way to go. There is always a risk associated with investing and the short term can be particularly volatile but, if you make wise decisions, starting to invest will be a decision you will not regret.  

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

MONDAY MONEY TIP PODCAST: 5 Basics of Investing

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Have you ever felt completely overwhelmed by the thought of investing? Are you confused as to where to start? If so, you’re certainly not alone. In Episode 20 of the Monday Money Tip Podcast, we’re here to give you 5 Basic Steps to Investing that you can implement TODAY! In today’s podcast, you’ll be sure to walk away with more than just one money tip!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website

Email info@iwbnin.com to ask questions or share success stories.

Show Notes

About the Episode:

  • Joe gives some practical ways to start investing. 

  • Joe explains the concept of 5 Year Buckets and how it relates to investing. 

  • Hear a success story from a couple who is on their way up the I Was Broke. Now I’m Not. Ladder and are beginning their own investments. 

  • Joe explains how compound interest doesn’t always have to work against you. It can actually be your new best friend!

Resources
IWBNIN Ladder
5 Basics to Investing Blog
Joe’s Current Investments
The CashFlow Quadrant
The Automatic Millionaire
The Wealthy Barber

Quote of the Day: “OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks.  The others are July, January, September, April, November, May, March, June, December, August, and February.” – Mark Twain

0% Balance Transfer Credit Cards

If you have credit cards and you carry a balance from month to month, this tip could literally save you hundreds, if not thousands, of dollars! You should consider a 0% Balance Transfer Credit Card. With these cards, you can transfer your outstanding balance on your card, to a new card and pay 0% for a specified term. This means that all of your payments will be going directly to principal! This is HUGE! Check out the YouTube video below to learn more about how these cards work and how they helped me become debt free.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

Early Pay-Off Calculator

Do you have debt that you are really trying to get rid of? Are you interested to see how much time and money you could gain by paying off that debt earlier? If so, check out our Early Debt Payoff Calculator HERE. This tool allows you to enter the interest rate, outstanding loan balance, the principal & interest monthly payment, and the additional amount that you want to pay towards the loan each month.  Once you have entered this information, the calculator will tell you how many months you will gain back of no payments and how much money you will save in interest payments. It is time to break up with that student loan debt and pay off that home mortgage. Check it out today! 

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

Good Vs. Bad Debt

If you have been following my posts for a while, you probably know that I talk a lot about reducing and eliminating debt. So it might come as a shock to you that I do not think all debts are created equal and there is a such thing as good debt! I actually break debt down into four different categories ranging from terrible to good. 

  1. Terrible Debt: This debt is the worst type of debt you can have. This debt includes payday loans and pawn shop loans. These loans typically have a VERY high interest rate. When I say very high, I mean that I once saw one that was 640% interest! I think we can agree that is terrible. 

  2. Bad Debt: This debt may not be terrible but it is still pretty bad. This includes your credit card debt, unsecured signature loans, car loans, etc. Yes you read that correctly, car debt is not considered good debt. The average new car drops in value $100 per week during the first four years. 

  3. Better Debt: I only classify one type of debt as better debt and that is home mortgage debt. Every time you make a payment some of this money is going into home equity so hopefully when you go to sell it, it will have gone up in value and you will have made money. 

  4. Best Debt: If you are going to have debt, business debt is the best debt you can have. This is where I would categorize rental properties, buying franchises, buying into a small business, etc. This type of debt will allow you to scale your business and make more money. 

All debts are not created equal and there are some that are way, way worse than others. Make sure you take this into consideration any time you are contemplating going into debt so that you can make the right financial decision. 

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

Understanding Credit Scores

Credit scores are a measure of one’s ability to manage debt. The dominant credit scoring system which is used by most lenders was created by Fair Isaac. This system provides a measure of an individual’s credit worthiness and is commonly known as a FICO Score.

A credit score impacts many things. It determines whether or not you can obtain a loan. If you qualify for a loan, the credit score dictates the interest rate charged.

Credit scores also impact insurability. When you obtain auto, renters or homeowners insurance, the credit score directly impacts the insurance cost. The lower your credit score, the higher the insurance premium will cost. I have seen insurance premiums doubled because of poor credit.

Credit scores also impact the ability to obtain a cell phone contract or an apartment lease. It can affect utility connections. Utility providers usually require much larger deposits from people who have low credit scores. If you have an excellent credit score, a deposit might be waived entirely.   Credit scores can even impact your ability to obtain a job. Your credit score will have an impact on your life.

Many people know their exact credit score. If it is great, they wear it as a badge of honor of their financial prowess. “My credit score is 814,” they will say quite proudly.

Others who have a more colorful experience with credit, will wear it as a badge of dishonor. “My credit score is in the toilet,” they say with a glum look.

The fact is that credit scores are only a measure of how well a person can manage debt and contractual financial agreements.

Credit scores are calculated using these data points:

  1. Type of credit issued [Revolving debt (credit card) or Installment debt (anything with payments and a pay-off – car loan, boat loan, student loan, etc.]

  2. Age of the credit relationship

  3. Amount of credit one can obtain (total of all credit limits)

  4. Amount of credit one has consumed (percentage of total credit limit)

  5. Payment timeliness

  6. Requests for credit (“hard pulls” of credit)

  7. Outstanding judgments

Look at the list again. Does it include any relationship to how much money one might have in a savings account? Or any connection to a person’s net worth?

Here’s the fact: You could be a millionaire and have a terrible credit score.

How? By having zero credit relationships.

While a great credit score is more desirable than a terrible credit score, it is not the best indicator of financial success. Choose instead to make financial decisions about what best increases financial margin and net worth!

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.

MONDAY MONEY TIP PODCAST: Is All Debt Bad?

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Welcome to this week’s edition of the Monday Money Tip Podcast! This week, my co-host, Megan Hibbard and I are discussing debt and if there is a such thing as good debt. We also have some interesting statistics for you from the Motley Fool in regards to the average American and their finances and a success story from a woman who now has a net worth of $1,000,000. Make sure you tune in to get your tip today! 

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us! 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website

Email info@iwbnin.com to ask questions or share success stories.

Show Notes

About the Episode:

  • Joe answers the question, “I have debt but is there a such thing as good debt or is all debt bad?”

  • Joe shares some interesting statistics from the Motley Fool.

  • Hear a success story about a woman who started using our tactics 8 years ago and now has a net worth of $1,000,000.

  • Joe shares a tool that can be useful for you in your financial journey.

Resources:
Motley Fool Article
Credit Sesame
Credit Karma

Quote of the Day: “Build financial margin up during PEAK times so it can help cover you during WEAK times.” -Joe Sangl

Actual Cost of Debt Calculator

Do you know what your debt is really costing you? How much of your monthly payments to your debt is actually going to principal and working at attacking your debt? Use our Actual Cost of Debt tool today to find out! By entering in the name of the debt, the amount you owe, the monthly payment and annual interest rate, the tool will calculate the amount of interest you are paying per month and per year. It also shows the overall percentage of your payments that are being applied to your principal balance and your debt freedom date.  

Take some time to calculate what your debt is costing you in interest payments. If you are carrying a balance on credit cards from month to month, consider using a 0% balance transfer HERE. This can allow you to start applying 100% of your payments to debt and accelerate your debt freedom date. 

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.