PREVIEW
© Copyright 2023 by NIN Publishing in Anderson, South Carolina All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval systems, without permission in writing from the author, except for the inclusion of brief quotations in review. This book is written to provide accurate information on the subject matter covered. Please be advised that Joseph Sangl is not engaged in rending legal, financial, accounting, tax, or any other professional advice. Before making any decisions regarding your own personal financial situation, you should first seek the advice of a proven and competent professional. Scripture quotations marked (NIV) are taken from THE HOLY BIBLE, New International Version®, NIV® Copyright © 1973, 1978, 1984, 2011 by Biblica, Inc.™ Used by permission. All rights reserved worldwide. Cover and Workbook design by Megan Hibbard. Images sourced from Pexels, Canva Pro, Unsplash and Stephania Whitfield. Library of Congress Control Number: 2023942387 Sangl, Joseph ISBN: 979-8-9873682-1-3 First Edition Dedication This study is dedicated to my bride, Jenn, and my three children: Melea, Keaton, and Megan. To Jenn: The Lord has brought us a mighty long way. I’m grateful for your never-ending support. To Melea, Keaton, and Megan: When one in a family is called, all are called. This ministry has been made possible because of your sacrifice.
Group Study
Joe Sangl “You CAN do this!” 4
Welcome I am so FIRED UP you have chosen to participate in this study! Not too long ago, I was sitting at my desk attempting once again to climb out of a financial mess. With an average bank account balance of $4.13, I knew there had to be a better way to manage my money and I resolved to discover it. Over the course of the next few years, I was able to eliminate my debt and begin living a fully funded life. This study focuses on the very principles and tools that allowed me to take these life-altering steps. It is the passion and mission of our team to help you accomplish far more than you ever thought possible with your personal finances. We firmly believe that when people are financially free, they are much more likely to go do exactly what they have been put on earth to do - regardless of the income potential. Since life change is best accomplished together, I’ve prepared this material as a small group study. As you apply this knowledge alongside your family and friends, I trust you will find the support, encouragement, and accountability necessary to identify and take your next financial steps. My prayer is that this material will be practical and helpful on your journey. Even more, I pray this material inspires people, increases unity within marriages, and moves friendships to deeper levels. I sign many of my books this way: “Here’s to ALWAYS being able to do EXACTLY what you’ve been put on earth to do!” May it also be true for you. Fired up! Joe Sangl 5
YOU CAN DO exactly WHAT YOU’VE BEEN PUT ON EARTH TO DO regardless OF THE COST OR INCOME POTENTIAL. 6
About JOE SANGL Joe Sangl is a leading financial teacher, author, and ordained minister. It is his passion to help people accomplish far more than they ever thought possible with their personal finances. He is the founder of I Was Broke. Now I’m Not., an organization that helps you gain clarity in your finances, get out of debt, and invest in your future so that you can fund your God-given dreams. Joe is also the President and CEO of INJOY Stewardship Solutions and Co-Owner of MinistryDeal.com. In INJOY Stewardship 2021, he launched Fully Funded Life, an online membership community dedicated to helping people win with their money God’s way. Joe has taught hundreds of thousands of people through Financial Learning Experiences, personal finance messages, one-on-one financial coaching sessions, and through Fully Funded Life. He’s the author of several books, including I Was Broke. Now I’m Not., What Everyone Should Know About Money Before They Enter the Real World, Oxen: The Key to an Abundant Harvest, Funded and Free, and 20/20 Money: Gaining Clarity for Your Financial Future . He obtained a BS degree in Mechanical Engineering from Purdue University and an MBA from Clemson University. He is married to Jenn, and they have three kids. 7
Session One - The Fully Funded Life Ladder Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions The Fully Funded Life Ladder Foundational Elements Checklist 16 18 19 20 24 25 Session Two - Budgeting Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions Tips for Creating a Successful Budget Initial Budget Form 28 30 31 32 36 37 Session Three - Saving Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions Known Upcoming Non-Monthly Expenses (KUEs) My Big Three Financial Goals & PHDs 40 42 43 44 48 49 Introduction Online Portal Access 10 11 Let’s Get Started Where Are You Now? 12 13 Session Four - Debt Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions List of My Debts Pay-Off Spectaculars 52 54 55 56 60 61 In This Study
Session Five - Investing Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions Basic Retirement Planning Retirement Source Table 64 66 67 68 72 73 Session Six - Insurance Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions Insurance Review Checklist Questions About Your Coverage 76 78 79 80 84 85 Bonus Session - Sustaining the Gains Listening Guide Group Discussion Questions Action Items At Home Self-Reflection Questions Celebrate Your Journey Moving Towards a Legacy 88 90 91 92 96 97 Extras General Finance Terms Guidelines for Successful Spending Prioritizing My Payments My Financial Accounts Money Scriptures Additional Resources 98-99 100 101 102-103 104-105 106-111
Introduction Our team has been praying this study will help you move toward financial freedom. What you will learn in the upcoming weeks will help you lay a strong financial foundation and propel you forward in your financial journey. Before you begin, would you make a commitment to invest in yourself? Invest the time and attention to be intentional in the coming weeks. We know if you are diligent, you will be successful. We celebrate each person’s success story because each story represents life change. We can’t wait to celebrate yours! Visit the I Was Broke. Now I’m Not. Group Study Participant Portal to watch a short video from Joe where he shares key tips for your success during the study. Need-To-Know: • During each session, you will watch a video lesson, and then participate in a group discussion. • Action items are listed after each session with practical next steps to ensure your success. • We’ve provided you with prompts and questions to reflect on at home, by yourself or with your spouse. • There are preparation items listed for you to complete after each session. • There are resources included at the end of each session, as well as additional general financial resources found in the back of your workbook. Each of these were designed to set you up for success! 10
Online Portal Access Ready to get started? Each workbook includes FREE ACCESS to the I Was Broke. Now I’m Not. Group Study Participant Portal. To create your online participant portal, visit www.iwasbroke.study or scan the QR code below. If it’s your first time accessing, just create an account and then you’ll be all set. This participant portal will give you access to additional resources for each session, plus tools and bonus videos to help you make the most of this study. This is a great resource to use throughout your journey! SCAN HERE TO ACCESS YOUR ONLINE PARTICIPANT PORTAL OR VISIT WWW.IWASBROKE.STUDY. 11
Let’s Get Started Let’s talk about you! Write out your top three goals. These could be financial goals, travel goals, family goals, or any other type of goals. 1. 2. 3. Next, write a brief letter to yourself as you begin this journey. Where are you now on your financial journey? Where do you hope to go? What do you hope to accomplish? 12
Where Are You Now ? Now, let’s see where you are at financially. Complete the quiz below to determine what Rung of the Fully Funded Life Ladder you are on. 13 ? Y or N Y or N Y or N Y or N Y or N Y or N Y or N Y or N I have my plans, hopes and dreams written out. • If no, STOP. You are on Rung #1. • If yes, move to question #2. I have one month of expenses saved. • If no, STOP. You are on Rung #2. • If yes, move to question #3. I’m investing enough to capture the full company match or $100/month. • If no, STOP. You are on Rung #3. • If yes, move to question #4. I have eliminated all non-house, non-business debt. • If no, STOP. You are on Rung #4 • If yes, move to question #5. I have three months of expenses saved. • If no, STOP. You are on Rung #5. • If yes, move to question #6. I’m investing at least 15% of my gross income into tax-advantaged investments. • If no, STOP. You are on Rung #6. • If yes, move to question #7. I am completely debt-free. • If no, STOP. You are on Rung #7. • If yes, move to question #8. I am investing at least 30% of my gross income into tax-advantaged investments. • If no, you are on Rung #8. • If yes, you are on Rung #9. #1 #2 #3 #4 #5 #6 #7 #8 I’M ON RUNG #
THE ABILITY TO DO EXACTLY WHAT YOU HAVE BEEN PUT ON EARTH TO DO - REGARDLESS OF THE COST OR INCOME POTENTIAL. Fully Funded Life 14
Session One THE FULLY FUNDED LIFE LADDER DISCOVER A FINANCIAL ROAD MAP THAT WILL HELP YOU ORGANIZE YOUR FINANCIAL JOURNEY. DURING THIS SESSION, YOU WILL LEARN: • ABOUT THE FULLY FUNDED LIFE LADDER • THE BEST WAY TO CLIMB THE LADDER • WHAT RUNG OF THE LADDER YOU’RE ON • FOUNDATIONAL ELEMENTS TO SUPPORT YOUR FINANCIAL JOURNEY 15
Key YOUR LEVEL OF DETERMINES YOUR LEVEL OF . THE FULLY FUNDED LIFE Ladder RUNG #1 RUNG #2 RUNG #3 RUNG #4 RUNG #5 RUNG #6 RUNG #7 RUNG #8 RUNG #9 SET MONEY - START WITH MONTH OF EXPENSES ENOUGH TO CAPTURE FULL COMPANY MATCH ELIMINATE ALL NON-HOUSE, NON-BUSINESS BUILD SAVINGS TO A MINIMUM OF MONTHS OF EXPENSES PLACE % OF GROSS INCOME INTO TAX - ADVANTAGED INVESTMENTS PAY OFF HOUSE AND BUSINESS PLACE % OF GROSS INCOME INTO TAX - ADVANTAGED INVESTMENTS A FULLY FUNDED LIFE (OR $100/MONTH - WHICHEVER IS GREATER) Key YOU CAN NOT IF YOU DO NOT . Key THERE IS NO IF YOU DO NOT . Key EVERY LADDER REQUIRES A SOLID . Session One LISTENING GUIDE Proverbs 21:5 “The plans of the diligent lead to profit as surely as haste leads to poverty.” “Where there is no vision, the people perish.” Proverbs 29:18 16
Additional Scripture ROMANS 13:8 // PROVERBS 13:11 // PROVERBS 22:7 // PSALM 37:4 Foundational Elements • • MONTHLY • • • • SNOWBALL • • • • • CONTINUAL Notes 17 Session One LISTENING GUIDE
“The plans of the diligent lead to profit as surely as haste leads to poverty.” Proverbs 21:5 1. How does Proverbs 21:5 apply to money management? 2. Why is it important to set goals before embarking upon your financial journey? 3. Why is it important to save money before focusing on debt elimination? 4. In the past, have you attempted to “skip a rung” on your financial journey? (Example: attempting to eliminate debt before saving money) If so, share your experience. What setbacks did that create for you? 5. Which foundational elements are missing from supporting your climb up the Fully Funded Life Ladder? 6. What foundational elements have helped you most? Session One DISCUSSION QUESTIONS 18
Session One ACTION ITEMS ACTION ITEMS NOTES COMPLETE THE QUIZ: “WHERE ARE YOU NOW?” FOUND ON PAGE 13 TO IDENTIFY WHAT RUNG YOU’RE ON. IF YOU’VE SKIPPED A RUNG ON THE FULLY FUNDED LIFE LADDER, LIST EVERYTHING YOU NEED TO DO TO COMPLETE THAT RUNG. LIST THE STEPS YOU NEED TO TAKE TO CLIMB TO THE NEXT RUNG OF THE FULLY FUNDED LIFE LADDER. ESTABLISH & WRITE A “GOAL DATE” FOR COMPLETING EACH RUNG OF THE FULLY FUNDED LIFE LADDER ON PAGE 24. I’M ON RUNG # FILL OUT THE FOUNDATIONAL ELEMENTS CHECKLIST ON PAGE 25 TO IDENTIFY ANY PARTS OF YOUR FINANCIAL FOUNDATION THAT NEED TO BE UPDATED OR ADDED. 19 √
Session One AT HOME SELF-REFLECTION Spend time reflecting on these questions. If you are married, take time afterward to review these questions together. 1. During your financial journey, have you ever “fallen off the Ladder”? • What emotional impact did that “fall” have? • In what ways did or could a “fall” slow your progress toward achieving your goals? 2. What are the biggest challenges you believe you will face during your climb up the Fully Funded Life Ladder? 20
Session One AT HOME SELF-REFLECTION Preparation for Next Session • Read chapters 1-5 of I Was Broke. Now I’m Not. • Visit the I Was Broke. Now I’m Not. Group Study Portal to access bonus materials and content. 3. Read Luke 14:28-30 – How should this influence your money management? 4. A Fully Funded Life is the ability to do exactly what you have been put on earth to do – regardless of the cost or income potential. • What does your Fully Funded Life look like? • Spend time reflecting on what this looks like for you individually and for your family as a whole. “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, ‘This person began to build and wasn’t able to finish.’” Luke 14:28-30 21
Session Thoughts 22
Memory Verse THE PLANS OF THE DILIGENT LEAD TO PROFIT AS SURELY AS HASTE LEADS TO POVERTY. PROVERBS 21:5 23
THE FULLY FUNDED LIFE LADDER Ladder RUNG #1 SET GOALS RUNG #2 RUNG #3 RUNG #4 RUNG #5 RUNG #6 RUNG #7 PAY OFF HOUSE & BUSINESS DEBT RUNG #8 RUNG #9 LIVE A FULLY FUNDED LIFE (OR $100/MONTH - WHICHEVER IS GREATER) SAVE MONEY - START WITH ONE MONTH OF EXPENSES INVEST ENOUGH TO CAPTURE FULL COMPANY MATCH ELIMINATE ALL NON-HOUSE, NON-BUSINESS DEBT BUILD SAVINGS TO A MINIMUM OF THREE MONTHS OF EXPENSES PLACE 15% OF GROSS INCOME INTO TAX-ADVANTAGED INVESTMENTS PLACE 30% OF GROSS INCOME INTO TAX-ADVANTAGED INVESTMENTS 24
FOUNDATIONAL ELEMENTS Checklist √ FOUNDATIONAL ELEMENT GOALS MONTHLY BUDGETING INCOME GIVING SAVING (INCLUDING KUEs) DEBT SNOWBALL NO BAD DEBT INSURANCE INVESTING AUTOMATION PARTNERSHIPS SELF-CONTROL DILIGENCE AND PERSISTENCE ESTATE PLANNING COACHING CONTINUAL LEARNING 25
Additional Session Topics THANK YOU FOR PREVIEWING THE I WAS BROKE. NOW I’M NOT. GROUP STUDY! If you have any additional questions, please contact Kyle James ([email protected]) or Whitney Purcell ([email protected]). Budgeting Saving Debt Investing Insurance Sustaining the Gains WHAT OTHERS ARE SAYING “The updated and expanded IWBNIN curriculum is as engaging as it is thorough, giving individuals and couples greater insight into all the major categories of financial health—budgeting, saving, debt, investing, and insurance. Beyond insight, the lessons create understanding and provide practical application steps in a fun and revelatory way, helping anyone who sticks with the program and applies its principles to achieve a healthy relationship with their finances.” -Steve Scholl, Cypress Church "It's encouraging to see both families in debt and families who are ready for next steps in [investing] encouraged by going through the study and going back to the study content for support." -Candice Hilse, Freedom Church