Episode 19- Be Unconventional

Are you willing to pay the price?

Second part of the show we discuss 15 year mortgages and why you CAN afford them!

Thanks , as always, for the AWESOME support!

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Episiode 18- My Big Decisions

I know.

I committed the cardinal sin of not being consistent….BUT there’s a reason (not an excuse) for why I took a break from podcasting for the last 6 weeks.

In this episode, I discuss why we took our house off the market, going back into the mortgage business and the next phase in our family’s adventure.

I will also start having “rock solid” Realtors on the show and have them discuss how they are kicking butt and taking names!

Things change. Plans change. The key is to be prepared for them and attack the opportunities.

Thanks again for supporting the show!

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We all think we have more time then we do,….. don’t we?

“It’s ok, things will work out”, is what we say to ourselves.
In reality, time is speeding up.
“But Gregg, time is finite…..how does it speed up?”
Well, technically it doesn’t….but the chances for success shorten up.

The less time we have on our side the less chances of increasing wealth, life memories, and valuable relationships.
Let’s take finances for example and look at some results:

• If you put $50 into you kiddos retirement fund when they are 10 years old, then repeat that amount every month for the next 50 years at a 7% return, the amount waiting for them will be $275,631.74. Not bad for a $50 monthly investment. ( I know, inflation eats away at some of this, work with me here…trying to prove a point!)
• $100/month ($100 starting point), total is $551,262.37
• $200/month ($200 starting point), total is a cool $1.1 million

Now let’s contrast that with someone a little bit older like myself (cough, cough …40 years old) and just starting out. Let’s use 7% as the benchmark rate of return again:

• $350/ month ($350 starting point)= $287,182.93
• $1350/month ($1350 starting point)= $1.1 million

Look at that difference.

The time has been shortened to attain the same results and the amount to invest has increased.
Less time can be spent with your family because you are working harder and putting in more hours to make up the difference.
I’m not trying to make you feel worse about yourself by writing this or even saying retirement planning is the most important thing you should do.
Let’s face it, when you get to the pearly gates, do you think the “Big Man” is really going to care about how much you had in your retirement fund.

Of course not….BUT He will care about how you managed “His money”.

How did you bless others?
Did you multiply it and give to the needy?
Or did you squander it all on yourself?
Did you train your children to become better stewards?

The key is to start now, no matter how young or old you are…..don’t let those above numbers discourage you.
It’s time to leave a legacy for future generations.

Frankly, how do you want to be remembered?

Are You on the Right Track or Are You Still Dreaming?

Most people have financial goals they hope to achieve in their lifetime. Some of those aspirations are simple and some of them are more adventurous or complex. No matter how big or small your goals tend to be, they all have something in common.
They need a written plan of action..
The problem for most people is that they fail to see the importance of developing a well thought out plan for achieving those goals, and therefore, end up with nothing more than a list of dreams. Big or small, your goals need to be written down if you want the greatest chance of accomplishing them.
Do you have a written plan for success?
Only 3% of adults have clearly written and planned goals, according to Brian Tracy, and those that do statistically accomplish much more than those that do not.
People will generally claim that they do not need to write their goals down because they are already in their head. This is simply a myth and one that Brian Tracy dispels on his blog with this response:

“People who say this also say that their goals are to be rich, thin, happy, successful, and live their dreams. But these are not goals, they are wishes and fantasies common to all mankind. A goal is like a beautiful home, carefully designed, revised continually, upgraded regularly, and worked on constantly. If it is not in writing, it is merely a dream or a wish, a vague objective with no energy behind it.” (My emphasis added)

The last line of that response says it all. If your dreams are not written down they’re just a wish without the energy needed to push them into action.
Compare that quote to something as simple (or as hard) as a budget. When you do not have a written budget, your money scatters and becomes uncontrollable, but when you have one, and make certain that they are followed, the goals that budget sets out to accomplish will more likely become a success.
That’s not to say everything will go perfectly, because we all know life happens. Let’s look at this sentence from the quote above. “A goal is like a beautiful home, carefully designed, revised continually, upgraded regularly, and worked on constantly.” Life happens, and when it does, revise your plan to fit the new circumstances so you don’t veer off course.
You cannot set a goal and expect it will simply find success; you have to guide the ship, otherwise, the tide will carry you somewhere you did not intend to go.
Trust me when I say that this is not something I have mastered. I struggle just like anyone else with goal setting, but I realize that when we have something tangible to go by, we most often achieve what we set out to accomplish. Becoming debt free is the best proof I have of this in my own life, but goal setting really has no boundaries.
If you were to look at your financial situation today, what would you describe it as? Are you a free-spirit coasting along with the hopes of accomplishing your goals, or are you the captain, with specific plans and guidelines to reach your destination?
Are you on the right track, or are you still dreaming?
If you find that you’re still dreaming, now’s the time to wake up and jump into action. Turn your dreams into reality with a purpose and a clear path to follow. It’s not as hard as you may think but it does require some work on your part. Anything worth accomplishing is worth the time it takes to ensure its success.
Good luck!

Brad Chaffee is the author of Enemy of Debt where he spends his time writing and educating people about the advantages of becoming debt free. He also created a budget spreadsheet, the EOD Basic Budget, to provide a step-by-step budgeting resource to help with the often daunting task of tracking financial progress.  You can contact Brad at freedom@enemyofdebt.com with any questions you may have.