Money Plan SOS

#141: Before starting our debt-free journey we had $176,000 in retirement accounts but our net worth was only $74,000. What’s the secret that doubled our net worth in 8 years? We followed Dave Ramsey’s advice: We got on a budget We stopped borrowing money We paid off all of our consumer debt We put 3 months worth of expenses in emergency savings We increased our retirement contributions once we got out of debt  Our plan has us saving for our daughter’s future at least six more years We continue to pay down our mortgage and put money aside for car replacement, new windows, etc.     Find the full show notes at

#140: Wendy had her credit card debt discharged when a collector broke the law. You have rights under the Fair Debt Collection Practices Act. Listen to Wendy's story and how she was legally able to discharge a debt she owed.  For more information, visit the show notes at

UPDATE: I didn't quite make it in 2014. Listen to my goals from 2 years prior to going pro with Financial Coaching. Full list of resources at

#138: Are you covered by Health Insurance? It's the law, at least it will be in 2014. Medi-Share is a faith-based option that complies with the Affordable Care Act. Tony Meggs is the President and CEO of Christian Care Ministries. One of the best things they do is help Christians pay each other's medical bills through a third-party system that is pretty amazing.   For more information, visit the resources in the show notes at

#137: Paying attention to our money, physical health, career, family, etc. allows us to reach our goals. Paying attention can be more important than talent and is second only to desire. Why paying attention is so important: Paying attention identifies where we are Paying attention shows us where the goal is Paying attention is the enemy of distractions Identifying where we are is the first step in setting a course towards the finish line. By focusing our attention on the goal we can easily ignore unnecessary distractions like water cooler conversations and Facebook updates. Paying attention is essential to winning. Major benefits of paying attention: Exposes problems and deficiencies Reveals opportunities Measures progress As an older guy with a wife that loves to cook, I have been the benefactor of many wonderful meals. My bathroom scale hasn’t gone below 230 for a few years and diets don’t motivate me. A listener of my podcast shared his success story of using an iPhone app to lose over 130 lbs. I doubted an app could really help me but decided to try it anyway. MyFitnessPal is a calorie counter that tells me I should eat less than 1,900 calories a day. I fail to reach that goal 9 out of 10 times. However, I still lost 10 lbs. in 2 months with very little sacrifice simply by tracking everything I consumed. How? I couldn’t tell you how much extra food I was shoving into my mouth before installing the app but once I started paying attention I was able to make better menu choices with lower calorie counts. Guess what? Budgets work the same way. Pay attention to the numbers in your budget and you will likely spend less than if you didn’t pay attention at all.  Paying attention is more important than talent Talent is overrated. We look at actresses, athletes, and Oprah and think God gave them more from the “skills” pile than we did. That just isn’t true. Racecar drivers, bodybuilders and even John Lee Dumas didn’t become great until they spent hours practicing, building muscle, and focusing on their goal.  Talent is nothing without attention. Even those with no talent are able to become successful. Can you say “Kardashian?” The only reason we know that name is because of all the attention the media is paying them.  We can all agree that water is refreshing, non-toxic, and life sustaining. It’s harmless in a motionless state. However, run water over your hands and you can wash away dirt. Place your thumb over the end of a garden hose and it turns into a small power-washer. Concentrate enough water into a very small stream under pressure and you can cut through steel.  The tortoise didn’t have racing talent; he just paid attention to the goal more than the hare. By focusing our attention we can achieve unbelievable things, even with little talent. Paying attention is second only to desire Desire is what feeds our spirit Desire gives us purpose Desire will keep someone from quitting Desire draws us closer to who we truly want to be. It gives us purpose and a reason to become productive members of society. Desire can also drive you to beat the odds. It caused Thomas Edison to continue working on the light bulb after thousands of failed attempts. It is what turned former prison inmate Nelson Mandela into the President of his country. It is what fueled Erik Bendl’s walk across the country with only a backpack, his dog Nice, and a 5-foot globe. Desire keeps us from quitting before we reach the finish line.  The cost of paying attention For some people, it’s easy to set their mind to a task and not become distracted. I wish it were that easy for me. Paying attention takes a lot of mental energy and wears me out. That’s both a good and a bad thing. I’m usually exhausted after paying attention for some period of time but also energized by accomplishing some goal or making progress on a task. Other costs of paying attention may include Shifting our priorities to make positive change Quitting certain things we are used to doing habitually Getting flack from friends and relatives who see us doing things differently I believe paying attention is the most expensive daily activity that will also return the greatest dividends over time. Marathon runners and IronMan contestants train for months, sometimes years, in order to compete for a couple hours in one day. That’s dedication. That’s paying a price. That’s paying attention to what is important to you.  For more information, visit the show notes at

#136: Over the past year I have received calls and messages from adult children who are concerned for their parent’s finances. Papa has been working hard for decades and Mama was promised that she would never have to work outside of the home again. Papa has been stripped of any financial responsibilities because he wrote some bad checks years ago. Mama took over the household finances since then but has a problem with over-consumption. As a result they have more debt than they have money saved. They have no idea what retirement is going to look like when Papa turns 65. How do you talk to your parents about their money problems? When visiting with aging parents this holiday season, look for signals or cues for the inroads to talk with your parents about their money problems. It’s not comfortable, it certainly won’t be fun, but you want what is best for your parents. Your best bet is to follow the do’s and don’ts of how to talk to parents about their money problems. Do’s: Continue finding opportunities to bring up what you have learned. Be a real-life testimony for your parents to learn from. Blame the CULTURE for all “easy credit” and for removing the stigma of maintaining tons of debt. This is an “I understand your difficulties, Mom and Dad” point-of-view and it might bring them closer to realizing the problem. Encourage your Dad through this difficult time. He is the best chance of making an “inroad” for change in your Mom. Ask them “What are you going to do when Dad stops working”? (Things that make you go hmmmmm) Ask them “What did your parents do when retiring with very little money”?   Don’ts: Don’t EVER say “Dave Ramsey says” unless grandmama listens to his radio show herself. Don’t EVER sit quietly by when the word “bankruptcy” is spoken. This is a great time to speak up and preach about personal responsibility. Don’t EVER give them money without a requirement for change or you will discover the $100 electric bill you paid for your mom is exactly the same amount she spent at the department store the next day.  
 These suggestions may not solve the problem but they will open the doors for opportunities to help. Giving up on them would be disrespectful, even if they tell you to buzz off and mind your own business! Be patient and remain alert for any opportunities that might help your parents pay attention, not interest.   For more information, visit the show notes at

#135: Credit cards are against my religion. I shared my beliefs in a webinar on October 3rd. Only a handful of people have watched the video, which I understand; it was an hour long and you have better things to do. But there are other reasons I am bringing this message to you in podcast form today: The Devil doesn’t want you to hear this - credit cards are against my religion.  The Devil is at work There have been quite a few challenges trying to get this message to you:  1.  There were technical difficulties during original Webinar  2.  I’ve had some personal ones to overcome   3.  The delivery system you get this show on in iTunes was not working (with no reason why).  Considering iTunes is still the majority of the MPSOS audience, I take that as an assault on stopping me from giving you this week’s message.  Are Credit Cards evil? No, they are not evil. Electronic payment options are an advance in technology. Just as computers and eye glasses and even the fork was an advancement in technology, electronic payments are a technological progression.  This is not the reason I believe credit cards are against my religion. The problem with Credit Cards People “overexpend” themselves and now they are paying interest. For those who pay off each month there is still evidence that they will spend more than if they pay with cash.  There’s no visible boundary and the human condition is to get what we want instantly. This leads to impulse purchases and the “I want it now” syndrome.  There is less accountability when spouses have their own cards Do you and your spouse have separate checking accounts? Yes? If so, is it the most efficient way to manage your household’s income? Making the claim that your separate account system is working just as well as a couple who has to share the same checking account with 2 debit cards and/or cash envelope system is lying to yourself.  This is also true of having “His and Hers” credit cards on different accounts. Making the decision, and forcing yourselves to comply, to have one single place where all the money is divvied-up is more efficient because both partners have someone to hold themselves accountable to.  One person will feel they “deserve” something and spend more than they would otherwise. Then when the other finds out they feel justified to buy themselves something nice and the cycle continues. Money fights and money problems are the number one cause of divorce The Credit card topic is the one battlefield where spouses can rally together and easily conquer the enemy of overspending and debt. There they find the strength to fight the other money problems like huge student loan debts or medical bills. Avoiding the problems caused by credit cards is an easy battle to win when fighting 6-digit Sally Mae loans or escalating medical bills. Work together in one account with 2 debit cards for the good of your household. If this has shined a light on why you and your spouse can’t seem to get ahead with your finances then good.  We are leading up to the reason why credit cards are against my religion. Credit cards lead to false goals I want you to answer this question out loud. If you are streaming the show via Stitcher in a coffee shop or driving to work or walking the dog, answer this question verbally: What are the benefits of using a credit card?  Did you say any of the following?  • You need a credit card for travel  • Possible discounts on purchases  • I get to use other people’s money (OPM)  • Debit cards aren’t safe  • I get rewards or cash back Which of these lead to accomplishing financial goals? None of them. The barely help you get ahead when accompanied by the “overexpending” that goes on while using credit cards.  Also, many of them are no longer true. Listen to the episode for details. More profit for credit card companies increases credit card offers being sent to your neighbor’s mailbox. The result is more money being taken away from your community via Swipe Fees, and you aren’t able to spend as much time (or money) building God’s kingdom. Jesus died to pay my debts so why should I be indebted to someone else? Call to action: Stop using your credit cards for 3 months and use cash or Debit instead. Take money away from big banks that have no effect on your local economy but harm your neighbors.   For more information, visit the show notes at

#134: Thomas Stanley found several common denominators when he studied the wealth. Extras: In this episode I feature some of the conversations I had with Pat Flynn from SmartPassiveIncome.com and Dustin Hartzler from YourWebsiteEngineer.com. Good stuff! For more about being wealthy, check out the resources in the show notes at

#133: The holidays are upon us. The year is almost over. Like it or not, the winter season is in full gear and more money changes hands in December than at any other time. It’s also the best time of the year. College students come home for the holidays, relatives send well-wishes in the form of [See more at ]

#132: How To Pay for Things With Cash: An FPU Graduate's Testimony Financial Peace University is a 9-week course taught on DVD by nationally syndicated radio host Dave Ramsey. The class covers everything from how to control spending with a budget to real estate and investing for retirement. Millions of families have taken this course and [...] The post appeared first on .

#131: It takes a lifetime to learn how money works. With the speed of change, the creation of new financial products and an overabundance of data that can be reached simply by tapping on your iPhone, you would think there are many things I was taught about finances that no longer apply today. For more information, visit the show notes at

#130: The greatest tool that lets us live on less than we make is an option that has been around for ages: CASH. And it's not going away any time soon. The awesome benefits of paying with cash will make your budget go farther... Read more at

#129: LIVE from the FinCon Expo - find out if you know more about money and investing than financial bloggers. This show was recorded live at #FinCon13 in St. Louis on October 19, 2013. Personal Finance Bloggers competed for prizes by answering a variety of money-based trivia, filling in the blanks, and competing head-to-head in [...] The post appeared first on .

#128: Bob Lotich, Founder of ChristianPF.com (now Seedtime.com), has been a customer of Medi-Share for over four years. He shares the moments when he used them and how much Medi-Share saved him money when he broke his hand. What is Medi-share Medi-Share is a healthcare sharing program, also known as a "Christian Care Medical Sharing" program, where participants [See More at

#127: Where should I save my emergency fund? Should I begin with investing or put money away for my kids? These are the questions of a young couple that wanted to make sure they were saving money in the right places. This episode will give you a clear picture of how your extra money should trickle-down [...] The post appeared first on .

#126: How To Get Away From Credit Card Debt Forever. These 4 Steps slowly weens you away from your dependency on credit cards. The old rules about credit cards no longer exist How long have we been hearing that debit cards are not as safe as credit cards? How many years has Suze Orman scared us [...] The post appeared first on .

#125: God wants you to be rich. How do I know? Because Jesus died to pay our debts - so at least we all get to start with a net worth of zero! Also, Jesus also told us the Parable of the Talents. It's a story of a rich man that went away and left a [read more at ]

#124: There are 4 steps to help make smart purchasing decisions. Being responsible with your money is very important when trying to get out of debt. We all want our money to go as far as it can and wasting money isn't being responsible money managers. The better we use our money the more we have to [...] The post appeared first on .

#123: CBS news reported that 76% of American households are living paycheck to paycheck. Less than half have three months of worth savings. We are sending our kids to college with no money and over a trillion dollars of outstanding student loan debt. Normal in America is being broke. It's time to get weird.It's time to stop managing our [...] The post appeared first on .

#122: What does it take to retire early? Saving a ton of money now and/or building a business that will provide you with a stream of income are two ways to make it happen! The DividendMantra, Jason Fieber, and Kraig Mathias from YoungCheapLiving.com share their stories with us. Saving for retirement in non-retirement options Jason and [...] The post appeared first on .