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Archive for December, 2008

Credit Card Rule Changes

December 31st, 2008 at 02:34 pm

The Federal Reserve Board has implemented some substantial rule changes that govern how credit card companies interact with cardholders.

I am PUMPED about some of the rules changes, but I am disappointed that most of these will not be implemented until July 2010.

Here are some rule changes that I am excited about:
* Double cycle billing is eliminated. This eliminates double-billing on interest (robbery).
* Can't raise rates unless payments are more than 30 days behind. Provides some margin for error before default rates go into effect.
* Payments will be applied to highest interest balances first. YAY!

And here is my personal favorite - No more universal default rules! This means that credit card companies can not raise your rate on a card that has been paid on time simply because you have paid late on another credit card!

You can read a complete article about the credit card lending rules at CNNMoney -

Text is HERE and Link is http://money.cnn.com/2008/12/18/pf/credit_card_rules/index.htm?postversion=2008121817

As a reminder, there is a way to prevent credit card companies from controlling your life - PAY THEM OFF!!! If you are carrying a balance on your credit card and are paying interest, it can be very worthwhile to transfer the debt to
Text is 0% balance transfer credit cards and Link is http://nextsteps.iwasbrokenowimnot.com/eliminate-debt/0-credit-card-balance-transfers/
0% balance transfer credit cards
so that ALL of your payment is applied to principal. PAY THEM OFF, and apply the first rule of holes - stop digging! No more debt.

Marching To Debt Freedom - Couple #1 - Month 15

December 17th, 2008 at 02:34 pm

Couple #1 is THROUGH with debt! They have been married for many years and have two children. They are now over a year into their Debt Freedom March.

Couple #1's Thoughts This Month
The current economic environment is flipping crazy. I can only think that God had his hand in my wife and I deciding to get out of debt long before this downturn.
* We paid half the balance of car 2 and owe just $500.
* We increased the payment on the HELOC to $700.
* The property taxes are already paid when in years past I would have to wait until my tax check came back.
* Christmas is bought and paid for and under the tree. Instead of buying useless presents for friends this year, I made gifts out in my shop.

We have a lot to be thankful for. We have our jobs, we have our health, and we have each other. May God bless you all as I have been blessed. Merry Christmas!

Updated Debt Freedom Date

Month By Month Progress

Sangl says
Another excellent month! Couple #1 has a fully-functioning Known, Upcoming Expenses account that has enabled them to stay the course even in difficult economic times. If your budget is constantly smashed by things like property taxes, quarterly insurance premiums, vacation, or Christmas, I highly recommend clicking

Text is HERE and Link is http://www.josephsangl.com/2008/11/26/known-upcoming-expenses/
HERE to learn how to set up a Known, Upcoming Expenses account.

Read Previous Monthly Updates For Couple #1
Text is HERE and Link is http://iwasbroke.savingadvice.com/series-debt-freedom-march-couple-1/

Giving - It never gets old

December 10th, 2008 at 03:50 pm

I love giving. Love it!

I have seen the the simple act of giving completely transform lives. My education is a direct result of GIFTS.

Purdue University
* My beloved university where I received my bachelor's degree in Mechanical Engineering (BSME) was founded through gifts.
* In 1862, President Lincoln signed the Morrill Land Grant Act that would give public owned land to any state that would use the land or proceeds from the sale of that land to found a college teaching agriculture and engineering.
* In 1869, Indiana signed on and accepted GIFT from John Purdue ($150,000 - in 1869! At 4% annual inflation, that equates to a gift of $38,614,733!). They also accepted a GIFT of $50,000 from Tippecanoe County (where Purdue is located) and 100 acres from local residents.

Clemson University
* The university where I received my masters degree in Business Administration (MBA) was founded through the same Morrill Land Grant Act!
* In Thomas Green Clemson's will, he bequeathed the Fort Hill plantation and a considerable sum from his personal assets for the establishment of an educational institution of the kind he envisioned.

Giving made my education a possibility. John Purdue, the residents of Tippecanoe County, and the local residents who donated land all made Purdue a possibility. Thomas Green Clemson made Clemson a possibility. Although the residents of Tippecanoe County who donated tax dollars and land are not mentioned, they are just as much a part of it as John Purdue and Thomas Clemson.

Key Lesson: GIVING allows me to make a difference in future generations.

* Purdue University web site
* Clemson University web site

Text is Read recent posts and Link is http://iwasbroke.savingadvice.com
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Debt Pay-Off and Saving Spectaculars

December 9th, 2008 at 06:11 pm

I love filling in the squares on the Sangl Family Home Pay-Off Spectacular every month. It is so satisfying to visibly watch the debt leave.

Over the past year, we have developed an entire set of

Text is Debt Pay-Off and Link is http://nextsteps.iwasbrokenowimnot.com/tools/pay-off-spectaculars/
Debt Pay-Off and
Text is Saving Spectaculars and Link is http://nextsteps.iwasbrokenowimnot.com/tools/saving-spectaculars/
Saving Spectaculars
. In fact, they have been downloaded thousands of times! That floors me.

I would love to hear your ideas on additional Spectaculars we can provide.

So … ask yourself the following questions:

What are you paying off? and What are you saving money for?

Put your suggestions in the comments below, and the team will work to provide spectaculars for them over the next several weeks!

Text is Read recent posts and Link is http://iwasbroke.savingadvice.com
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Marathon Training Is Like ... Planning

December 8th, 2008 at 01:57 pm

Marathon training is like planning.

I am currently training for a full marathon that I will run on January 18 in Houston, TX. I am neck deep in to the training plan right now, and there have been several times that I have asked myself, "WHY am I doing this? AGAIN?!!"

Since this is my second marathon, I am much more aware of the importance of good planning.

In my first marathon, I had a great training plan that I obtained from

Text is HalHigdon.com and Link is http://www.halhigdon.com/
HalHigdon.com. He has training plans for all lengths and types of runs, but I pulled up the novice marathon training plan.

It was a great plan. It started out with moderate runs and slowly but surely it stretched out to longer runs. I remember specifically a day that the plan called for a twenty mile run. A twenty mile run. I was training in Indiana for the race, and it was horribly cold outside so I ran on a treadmill.

Shortly after I got on the treadmill, a young mother showed up and placed her baby in a car seat attachment next to her. She then proceeded to change the TV to "Bob The Builder". She ran for twenty minutes and then left me stranded there watching "Bob The Builder" - SIX STRAIGHT EPISODES!

After running for seventeen miles, I could not take "Bob The Builder" anymore so I got off the treadmill to go change the TV channel. I never got back on the treadmill. I never ran the other three assigned miles.

I ended up shortchanging one more twenty mile run that was on the plan.

Guess what happened? During the marathon, I ran great until mile 17. By mile 19, I was hurting so bad that I stopped and walked for awhile. I ran-walked the final 7.2 miles. I finished, but I really paid dearly for not following the plan.

Have you ever planned your spending and then failed to follow it? I know I have in the past. I made it through the month, but I paid dearly for not following the plan.

That is how marathon training is like … plannning.

Will Rogers said that "even if you are on the right track, you will get run over if you just sit there."

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Economic Stimulus Package Equals Lower Gas Prices

December 4th, 2008 at 10:06 pm

I believe that the greatest economic stimulus package that could have ever been implemented is LOWER GAS PRICES.

Seriously. I believe that super-high gas prices forced people to trim their spending to essentials and to restructure their spending - including eliminating gas hogs. Now that gas prices have eased there is extra money each month.

I do not know about you, but I saw a ton of people at Wal-Mart on Black Friday shopping with cash.

The average American family is getting an extra $50 to $200/month simply because of lower gas prices. That equates to an extra $600 to $2,400/year.

What do you think?

2009 Q1 Event Schedule

December 2nd, 2008 at 04:38 pm

I am PUMPED about 2009! This crusade takes tons of people to make it work, and I am so honored that so many of you have participated in or volunteered to serve at one our events.

Here are the cities that the crusade will be visiting in the first three months of 2009.

* January 17 & 18 Houston, TX
* January 24 & 25 Royersford, PA (Philly area)
* January 28 Ottumwa, IA (Des Moines area)
* January 31 & February 1 Cheyenne, WY
* February 7 & 8 Dallas, TX
* February 22 Canton, GA (Atlanta area)
* March 7 & 8 Acworth, GA (Atlanta area)
* March 12 & 15 Anderson, SC
* March 22 Lakeland, FL (Tampa area)

I am also stoked to see that the crusade will be traveling in ways that do not require me to travel! The

Text is I Was Broke. Now I'm Not. Group Study and Link is http://groupstudy.iwasbrokenowimnot.com/
I Was Broke. Now I'm Not. Group Study is being implemented into small groups and medium size groups in dozens of churches.

That PUMPS ME UP! I am so honored that I get to serve so many people, churches, and businesses and be a part of life changing work.

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Christmas 2008 Special

December 1st, 2008 at 02:01 pm

The IWBNIN Team is pumped to offer the following Christmas 2008 Special to those of you who are on this crusade to help others accomplish far more than they ever thought possible with their personal finances.

Through December 18th, you can purchase 10 copies of I Was Broke. Now I’m Not. for $100 and shipping is FREE! To purchase these materials, click

Text is HERE and Link is http://www.josephsangl.com/2008/11/18/christmas-2008-special/

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