Monday, February 2, 2009

Financial Learning Experience!

TNT had the opportunity to travel down to Ottumwa on Wednesday, January 28th and listen to Joseph Sangel talk about everyone's favorite topic...MONEY! Joseph was what I like to call "high energy" and made what could be a very dry, some what boring topic more exciting. First, I am going to promote his website It is wildly popular. Under the "Tools" link there are a bunch of useful ideas, excel spreadsheets and links that can help you start savings today.

The core principles of financial freedom...
1. There is power in working together. (Either with your spouse, or with friends...accoutability)
2. Avoid the debt trap! (Where is it written that you have to have a car payment?)
3. Develop a plan for your life - This creates the reason for you to plan your finances.
4. Have FUN managing your money! (Budget for fun!)

Another good quotes from Joe... "A written budget is different from a written budget that is followed!"

There were a lot of good ideas given by Joe and I guess I took away a couple ideas...
1. Shop your insurances. Life, car, home and any thing else... You should shop these at least every two years. Joe gave the example of the "Lending Tree" commercials - so when Insurance companies compete... YOU WIN! On Joe's website, under the "Tools" link, you can go to "Next steps and click insurance. Here you can scroll down and get different life, car and home insurance quotes... When Insurance companies compete you win!
2. The debt snowball. Say you have 5 debt payments every month... When you pay one of them off, apply that payment to the next smallest payment and pay that off. And so on... This works better with a picture, but instead of paying off one credit card and then taking that $50 a month you were paying and upgrading your cell phone, apply that $50 towards credit card #2. Or car payment #3... You will not miss the $50...
3. Have at least $2500 in an emergency fund. Joe made the good point that money problems are terrible and they make every other problem worse. Say you don't have an emergency fund and suddenly your furnance breaks down. Now, you got a furnance problem...and a money problem.

I could ramble on (oops too late), but this was a good night and we got dinner and we got to listen to a speaker for $10 per family...but at the end of the night, Marty Schmidt and the Bridge said they were so serious about us saving money, they were going to refund the $10 we paid! It was beautiful! Much rejoicing was had...

"Dishonest money dwindles away, but he who gathers money little by little makes it grow..." Proverbs 13:11

1 comment:

Clark said...

Nice Summary Jake! The thing I took home and intend to focus on an awareness of where your money goes and how a little effort can save you lots, or generate lots over a few years. I've always been allergic to debt, but I think the more people we can help, but better off and more free we will all be.