5 Spooky Financial Mistakes to Avoid This October

October is a month filled with spooky fun, from haunted houses to ghostly costumes. But when it comes to your personal finances, there are some spooky things you should definitely avoid.

1. Ignoring Your Budget

As the holiday season approaches, it’s easy to get caught up in the excitement and let your spending spiral out of control. But ignoring your budget can lead to a ghostly apparition: overspending. Without a clear plan, expenses can creep up on you, leaving you with a chilling credit card bill or an empty bank account.

To avoid this, make sure you set a budget and stick to it. Plan for upcoming expenses, including fall festivities, and keep track of where your money is going. Remember, a budget isn’t meant to be restrictive—it’s a tool to help you stay in control of your finances.

2. Relying Too Much on Credit Cards

Credit cards can be convenient, especially when you're shopping for costumes, decorations, and treats. But relying too much on them can lead you down a trapdoor into the dark world of debt. High interest rates can quickly turn a small purchase into a large financial burden, leaving you with a trick instead of a treat.

To avoid falling into this trap, use credit cards responsibly. Only charge what you can afford to pay off in full each month, and consider using cash or a debit card for smaller purchases. If you already have credit card debt, make a plan to pay it off as quickly as possible.

3. Skipping Emergency Savings

One of the scariest financial mistakes you can make is skipping out on building an emergency fund. Life is full of unexpected surprises—car repairs, medical bills, or even job loss. Without an emergency fund, these unexpected expenses can turn into a financial nightmare.

Start by setting aside a small amount each month until you have at least three to six months' worth of expenses saved. Having this cushion will give you peace of mind and protect you from financial monsters lurking in the shadows.

4. Neglecting Retirement Contributions

It’s easy to put off retirement savings when there are more immediate financial concerns, especially with the holidays around the corner. But neglecting your retirement contributions can come back to haunt you later in life. The longer you wait to save, the more you miss out on the magic of compound interest, and the harder it becomes to catch up.

Make retirement savings a priority, even if it means making small sacrifices in the present. Contribute regularly to your retirement accounts and take advantage of any employer matching programs.

5. Failing to Plan for Taxes

Taxes might not be on your mind in October, but failing to plan for them can lead to a terrifying surprise when tax season rolls around. If you’re not withholding enough from your paycheck or overlooking potential deductions and credits, you could end up owing more than you expected.

Take the time now to review your tax situation. Adjust your withholding if necessary, and consider meeting with a tax professional to ensure you’re on the right track. Planning ahead can help you avoid the horror of a large tax bill come April.

Don’t let these spooky financial mistakes turn your October into a nightmare. By keeping an eye on your budget, using credit wisely, building an emergency fund, staying on top of retirement contributions, and planning for taxes, you can ensure that your finances stay healthy and strong.

When Should I Start Planning and Saving for Retirement?

Retirement may seem like a distant milestone, especially when you're juggling current financial obligations. However, when it comes to planning for your retirement, the question isn't just "When should I start?" but rather, "How soon can I start?" We believe that proactive planning is the key to achieving financial security, and that includes your retirement. So, let’s dive into when you should start planning and saving for retirement.

The Earlier, the Better

If there's one piece of advice that stands the test of time, it's this: the earlier you start saving for retirement, the better. Why? Because starting early allows you to take full advantage of compound interest, the process where your investment earnings generate even more earnings over time. This can significantly grow your retirement savings.

But what if you're already past your 20s or 30s? Don’t worry—it's never too late to start. The key is to begin as soon as possible and be consistent with your contributions. Even small amounts saved regularly can grow significantly over time.

Understanding Your Retirement Goals

When it comes to retirement, one size does not fit all. The amount you need to save depends on your specific retirement goals. Do you envision traveling the world, downsizing to a cozy home, or maybe starting a small business in your retirement years? Each scenario requires a different level of savings.

Start by setting a clear financial vision for your retirement. Ask yourself questions like:

• At what age do I want to retire?

• What kind of lifestyle do I want to maintain?

• What will my monthly expenses likely be?

Once you have a clear picture of your retirement goals, you can estimate how much you'll need to save. This will give you a target to work towards, making it easier to stay motivated and on track.

Adjusting Your Plan as Life Changes

Life is unpredictable, and your retirement plan should be flexible enough to adapt to changes. Whether it’s a career change, starting a family, or experiencing unexpected health issues, these events can impact your retirement savings strategy.

It's important to regularly review your retirement plan and adjust it as needed. For example, if you receive a raise, consider increasing your retirement contributions. Or, if you experience a significant life change, reassess your retirement goals to ensure they still align with your current situation.

Being flexible doesn’t mean being passive. Regularly monitoring your progress and making informed adjustments will help you stay on course to achieve your retirement goals.

The journey to a secure retirement begins with a single step, and the best time to take that step is now. By starting early, setting clear retirement goals, and being flexible as life changes, you can create a solid plan for your future. Remember, retirement planning is not a one-time event but an ongoing process that evolves with you.

How Can I Secure My Financial Future? 3 Investing Tips

When it comes to securing your financial future, few strategies are as effective as investing. Whether you're dreaming of a comfortable retirement, saving for your children's education, or simply aiming for financial freedom, the decisions you make today can have a profound impact on your future. We believe that wise investing is a key component of financial stewardship, and we're here to guide you on this journey. Here are three investing tips to help you secure your financial future.

Start Early and Stay Consistent

The best time to start investing was yesterday; the next best time is today. One of the most powerful tools in your investing arsenal is compound interest. This is the process by which your investment earnings are reinvested, allowing you to earn even more over time. The earlier you start, the more time your money has to grow.

Imagine you start investing $100 a month at the age of 25. Assuming an average annual return of 7%, by the time you’re 65, you could have over $250,000. However, if you wait until you’re 35 to start, that same investment could only grow to about $120,000. The difference? A decade of missed growth.

Consistency is just as crucial. Make investing a regular habit, even if you begin with small amounts. Over time, those small contributions can compound into significant wealth.

Diversify Your Investments

You've likely heard the saying, "Don't put all your eggs in one basket." This adage is especially true when it comes to investing. Diversification involves spreading your investments across various asset classes (like stocks, bonds, and real estate) to reduce risk. A well-diversified portfolio can help protect you against major losses and provide more stable returns over time.

Building a diversified portfolio doesn't have to be complicated. Start by understanding your risk tolerance and financial goals, then allocate your investments accordingly. Whether you're a conservative investor or more aggressive, there are options to suit your needs.

Educate Yourself Continuously

Investing is not a one-time activity; it's an ongoing process. The financial markets are dynamic, and staying informed is crucial to making sound investment decisions. The more you know about market trends, investment strategies, and economic factors, the better equipped you'll be to navigate your financial journey.

We offer a wealth of educational resources designed to help you grow your investment knowledge. Providing you with the tools you need to become a confident, informed investor.

Securing your financial future through investing doesn't have to be daunting. By starting early, diversifying your investments, and continuously educating yourself, you can build a solid foundation for long-term wealth. Remember, the journey to financial freedom is a marathon, not a sprint. Start today, stay consistent, and watch your investments grow.

How To Put Your Investments To Work

Proverbs 14:4 – “Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest.”

Perhaps no verse has had more of an impact on my financial management than this verse.  I believe that if you apply these principles, your finances will be forever changed.

Understand the verse.

I was reading this verse several years ago, and it literally changed my entire mindset about financial management.  Perhaps it is because I grew up on a farm and connected with the talk about farm animals and equipment.  Maybe it is because I am continually learning more about finances.  Whatever the reason I like this verse, I promise you that it can completely change your finances!

Think about your ability to work.  No matter how strong you are, how much energy you have, or how determined you may be, there is only so much work you can do.  There is only one of you.  You can work more hours.  You can work 20 hours per day, but you will reach a limit.

As a farmer, there is only so much you can do.  Help is required to accomplish more.  With oxen, so much more can be accomplished.  They are STRONGER than you are.  They have MORE ENDURANCE than you do.  They even have SKILLS you don’t have (ever attempted to pull a barn by yourself?)

Identify your oxen.

It is important to identify the potential “oxen” that could work for you – in place of you – and produce additional income (abundant harvests).

A retirement investment account (such as a 401(k), 403(b), 457, TSP, or Roth or Traditional IRA) are oxen.  Think about it.  When your retirement investments go up in value over time, does it require much effort from you?  Absolutely not.  Like an ox, you will need to occasionally provide direction and guidance to the investment account, but it will do the heavy lifting for you and take your finances places you can not get to on your own.

Another form of oxen is business ownership.  An owner of a McDonald’s franchise makes money even when they are at home asleep because the system is producing profits without their active and direct involvement every minute of the day.

Acquire oxen.

The manger is empty when there are no oxen.  The manger is designed to hold food.  When faced with the decision of “empty manger/no food” versus “abundant harvest”, I am going to choose the abundant harvest every single time.  I believe that this would be your choice also.

Obviously, the critical step toward an abundant harvest is to have oxen.  These oxen, however, can be expensive.  Acquiring a McDonald’s franchise can cost hundreds of thousands of dollars.  Starting a business can also cost an enormous amount of money.  So where does one start out?  We must start out just like everyone else – start where you are with what you have.

I challenge you to write down your plans, hopes, and dreams on paper.  Seriously, take five minutes to ponder your goals and write them down.  Now, next to each goal, write down how much each goal will cost.  This process will help you understand the necessity of acquiring an ox or two.

My oxen acquisition started by fully funding my 401(k).  I contributed the maximum amount allowed by law.  Notice that I did not contribute just enough to gain the company match.  This is a great start, but to truly get the 401(k) ox to work for me, I needed to maximize my contributions.  If you simply can’t contribute the maximum, start with a little and increase it on a consistent basis so that you will be maximizing it in just a few years.  These investments seemed so little at the start that it seemed pointless.  Just 15 years later, however, the 401(k) ox is healthy and doing a LOT of heavy lifting for me!  It will do the same for you.

Put your oxen to work!

This is the fun part!  As you put your oxen to work and provide adequate nourishment and attention, they will begin to work for you in ways you never thought possible.  Your 401(k) will grow without the need for any energy expenditure from you.  The rental house will produce income and increase in value even when you are on vacation.  The book that you’ve been wanting to write will be purchased by people from across the globe – even while you sleep.  The website will sell products without your direct involvement.  The team of people at your business will work to serve customers whether you are there or not.

Don’t make the mistake of thinking your oxen will work perfectly with zero involvement from you.  The last I checked, oxen will still wander off if you don’t provide them some direction and leadership.  Be sure to establish a system that allows you to always know the numbers and enables you to measure the health of your herd.
As your oxen work for you, they will truly provide an abundant harvest that will allow you to bless your family and those in need in ways you never thought possible.

The Definition of Investing

Investing is one of the most powerful ways to grow wealth, but for many, it’s also one of the most intimidating. I recently conducted a survey and received hundreds of responses, and one of the top financial topics people struggle with is investing.

With terms like mutual funds, ETFs, stocks, bonds, brokers, margin accounts, rate of return, yield rate, P/E ratio, market capitalization, and current ratio, it can literally feel as if investing is another language! If you've ever felt lost or overwhelmed by these terms, know that you're not alone—I’ve been there too.

But before we dive into the specifics, let’s start with the basics: What is investing?

What is Investing?

At its core, investing is simply using your money and possessions to create more money and possessions. The goal of any investment is to gain more in return than what you originally put in.

This might sound straightforward, but the ways to achieve this goal are numerous and varied. From buying stocks and bonds to investing in real estate or starting a business, there are countless strategies for growing your wealth. Each comes with its own set of terms, risks, and potential rewards.

Why Investing Matters

Investing is crucial for achieving long-term financial goals. Whether you're planning for retirement, saving for a child's education, or just looking to build wealth over time, investing allows your money to work for you. Instead of sitting idle in a bank account, your money can grow and compound, helping you reach your financial dreams faster.

What’s Next?

For immediate next steps, visit our dedicated investing resource page where you’ll find tools, articles, and guides to get you started on your investing journey.

Consider diving deeper by reading Oxen by Joe Sangl. This book provides powerful insights into building wealth through investments, using the metaphor of oxen to illustrate the importance of acquiring financial assets that work for you.

Additionally, if you're serious about ongoing education and mastering your financial future, consider joining our Fully Funded Life Membership. This membership offers comprehensive resources, coaching, and a community of like-minded individuals all striving for financial success.

Investing Myths That You Believe

Investing can be a powerful tool for building wealth and securing your financial future. However, several common myths can prevent you from taking advantage of its benefits. Let's debunk these myths and explore why investing is accessible and beneficial for everyone!

Myth: Investing is Only for the Wealthy

One of the most pervasive myths is that investing is only for the wealthy. In reality, anyone can start investing with even a small amount of money. Options like index funds, ETFs, and stock slices allow you to invest with minimal initial capital. Starting early and consistently investing can lead to substantial growth over time, regardless of your income level.

Myth: Investing is Like Gambling

Another myth equates investing in the stock market to gambling. While both involve risk, investing is based on informed decision-making and research. Unlike gambling, which relies heavily on chance, investing focuses on long-term strategies, diversification, and understanding your risk tolerance. With careful planning, education, and credible guidance, investing can significantly grow your wealth over time.

Myth: Investing is Too Complicated for Me

Some people shy away from investing because they find it as overly complex. In reality, investing can be straightforward, especially with the wealth of educational resources available today. Websites, books, and financial advisors provide valuable guidance for beginners. Starting with basic principles and gradually expanding your knowledge will empower you to make informed investment decisions.

Take Your Next Steps in Investing

Now that you've debunked these common investing myths, it's time to take action toward securing your financial future. Visit our Investing Next Steps page to learn more about starting your investment journey, choosing the right investment vehicles, and developing a personalized investment strategy. 

Investing doesn't have to be intimidating or exclusive. By challenging these myths and educating yourself, you can take control of your financial future and build long-term wealth.

Is This Mutual Fund a Good Investment?

Many people are hesitant to begin investing because they think that it is an incredibly complicated venture that is only for the uber-wealthy. I am here to tell you that it is not that difficult and you can (and should!) get started today at some level.

Most people feel this apprehension towards investing because they do not know how to tell if they are making a sound investment. There is some research that you can do to make this decision. I have a process that I go through when deciding if a mutual fund, specifically, is a good investment. Here are the questions I ask when I get ready to make an investment:

1. Do I like the product or service they are delivering? Do my children like it? I want to like a product that I am going to invest in first and foremost. If I like a product there is a good chance other people will like it as well. The same holds true for if I dislike a product or service.  

2. Is the company profitable? Does the company share those profits with shareholders in the form of dividends? I do not typically invest in companies that are not profitable although there are a lot of people that have made a lot of money off of their stock. When I invest in a company I want to see that they can move an idea towards profitability.

3. What is the P/E? Once I know if a company is profitable, I next look at the P/E or the price to earnings ratio. This is calculated by finding the earnings per share (the total profits of the company divided by the total number of shares) and the current price of the stock. The P/E is calculated by dividing the price by the current earnings per share. I want to see a P/E that is less than 20 and ideally less than 10. Now, do not freak out about having to calculate this number every time you want to invest. You can simply google the company name followed by P/E ratio and easily find out.

4. What is the vision of the company? Do I like the leadership and the direction they are headed?

To find this information, I typically utilize several different websites including finance.yahoo.com, money.cnn.com, and schwab.com.

As you can see, investing does not have to be super complicated or involve a lot of intense research. When picking mutual funds it can be as simple as checking out their products, leadership, and vision and then doing a quick check to make sure they are profitable. If you can put a checkmark next to those four boxes, you can probably say that you are making a good investment.

Do you want to learn more about how you can acquire and maintain oxen? You can get my book Oxen from our store today! 

Bad Retirement Advice To Avoid

As you plan for your retirement, you're likely to receive advice from various sources. While some advice can be helpful, there are also common misconceptions and bad advice that could derail your retirement planning. Here are three pieces of bad retirement advice you should avoid:

1. You Can Start Saving for Retirement Later

How many times have you said, ‘I’ll get to that tomorrow.’ One of the most detrimental pieces of advice is to postpone saving for retirement. The earlier you start saving, the more time your money has to grow through compound interest. Waiting too long can significantly reduce the amount you'll have available for retirement. Even small contributions early on can make a big difference in the long run. You’ll never regret investing early. 

2. You'll Spend Less in Retirement

While it's true that some expenses, like commuting and work-related costs, may decrease in retirement, others, such as healthcare and leisure activities, may increase. What will your retirement look like? Create a plan with your spouse and identify what your wants and needs are for that season of life. Failing to account for potential increased costs can lead to underestimating your retirement needs. It's important to plan for a comfortable lifestyle in retirement, which may require maintaining or even increasing your current level of savings.

3. You Can Rely Solely on Social Security

Social Security is designed to supplement, not replace, your retirement income. Depending solely on Social Security may not provide enough to support your desired lifestyle in retirement. It's important to have additional sources of income, we recommend at minimum three streams of passive income, such as a 401(k), IRA, or other investments, to ensure a financially secure retirement and future! 

As you plan for your retirement, it's important to seek advice from trusted financial advisors and sources. Avoiding these common misconceptions and bad advice can help you make informed decisions and secure a comfortable retirement. Start saving early, plan for realistic expenses, and diversify your sources of retirement income for a more fully funded financial future! 

Don’t Let Saving Paralyze You

Saving is a crucial part of financial stability. However, it’s important to recognize instances where the fear of risking savings can lead to missed growth opportunities. Don’t let savings paralyze you from taking calculated risks through investment for a more secure future. 

Role of Investments:

• Savers often prefer the safety of savings accounts, but low-risk options may not always provide sufficient returns for long-term goals. Investments, such as stocks, bonds, and mutual funds, offer the potential for higher returns over time. I’d encourage you to acknowledge the role investing can play in creating increases in wealth. 

Risk Tolerance:

Investments can carry a degree of risk, but understanding and managing that risk in relation to your financial goals can lead to more confident decision-making. Consider your comfort level with market changes and invest accordingly. 

Retirement:

• Savers who aspire to retire comfortably need to recognize that relying solely on savings accounts may not be enough. Investments like 401(k)s, IRAs, and other retirement accounts provide avenues for long-term wealth growth. By strategically allocating funds to these investment vehicles, you can maximize your retirement savings potential.

Leaving A Legacy:

• Building wealth through investments can ensure that your legacy extends beyond your lifetime. Consider exploring investment options that align with your legacy goals, such as creating a trust or investing in assets that appreciate over time.

Savers, it's time to break free from the paralysis of saving and explore the world of strategic investing!. Remember, calculated risks are a vital part of financial growth, and by incorporating smart investments into your strategy, you can unlock new possibilities for a legacy that lasts! 

Top 5 Ways To Improve ROI

Everyone wants to receive a positive return on their investment. We are delaying the use of our money so that we can have more money in the future – at least that is the goal. However, many people are seeing negative ROI over the past several years. These are the five rules that can help you maximize your money!

1. Don’t invest for the short-term.

I am just not smart enough to make sense of every single nuance of the entire world. And sometimes seemingly unrelated items have a major impact on financial performance. For this reason, I spend a great deal of time thinking about which investments to choose before I acquire them, and then I hold them for the long term. Day-trading (or anything like it) has a feeling very comparable to gambling in Vegas, and it usually winds up with the same result.

2. Diversify Your Investments

Don’t think just about the stock market. I have personally invested about 50% of my money into publicly traded stocks and mutual funds, but my best returns on investment over the past ten years have occurred through private investments. When managed correctly, rental real estate is an excellent investment that provides an immediate return through rental payments and a long-term return through property value appreciation. Other alternative investments include starting a business, investing in another’s business, land, commercial real estate, and private bond offerings.

3. Maintain Substantial Margin In Cash

If I do not maintain liquidity, it becomes very difficult for me to maintain rules One and Two.  Without financial margin, I am more likely to be “jumpy” and leap out of investments when they trend downward.

Having substantial cash on hand also allows me to take advantage of tremendous opportunities – many of them may be “once-in-a-lifetime” opportunities that will require cash money right away.  If all of my money is tied up in investments (or all of my money is gone), then I am not able to take advantage of these great investments.

For me, it is helpful to keep 10-15% of my money in cash or cash equivalents.  I hold a lot of my savings in online FDIC-insured savings accounts that pay interest equivalent to a two-year CD, but do not have the liquidity issues that CDs have.  I really like Capital One 360 – it’s my favorite!

4. Conduct Trades Online

Brokerage commissions and fees can consume substantial portions of an investment’s return – especially when one accounts for the fact that the fees continue even when the market value drops.

I personally use Sharebuilder for my online trading platform, but all of the online trading platforms like Scottrade, E*Trade, and TDAmeritrade are great as well.  There are numerous ways to learn more about how to invest in stocks and bonds, and it is important to gain that knowledge.  However, once you are ready to roll with the actual transaction, the online route is much more economical and does not require a phone call and a reliance on a broker to execute the trade.

5. Invest In What You Know

I don’t invest in random items that I have “heard” are good investments because it will be extremely difficult or even impossible for me to know if things are going well or how certain news might impact that investment.  I like technology.  This means that I naturally follow what is happening in the technology market.  I’m a consumer of their products.  When I see a good solution or product, I know it because I am directly impacted by it.  That means I am a more informed investor when it comes to technology companies.  I love manufacturing, and I continue to watch and monitor what is going on in the world of manufacturing.  It also means I am an investor in it.

My dream of “helping people accomplish far more than they ever thought possible with their personal finances” has been the largest single investment I have ever made – because I BELIEVE IN IT and because I KNOW IT.

Mutual Funds: Explained

Mutual funds can certainly sound confusing – especially when there are so many options available.  So for those who do not know what a mutual fund is, let me explain it the best I know how.

If something has been FUNDED, it means that money has been given to it.

If you and I come to a MUTUAL agreement, it means that we both were involved in making the agreement.

So if you and I have MUTUALLY FUNDED a project, then it means that we both provided money for the project.

A MUTUAL FUND means that you and I have both put our money in the same place.  It is not unusual for a mutual fund to have over 5,000,000 people MUTUALLY FUNDING the same investment.

So we have mutually funded an investment along with three or four million of our closest friends.  The amount you have invested is different from how much I have invested, but it is all in the same place.

So, we now all understand that we have mutually funded this investment and that it is called a mutual fund.  The next question to answer is: “Where does the money go once it is in the mutual fund?”

Well, each mutual fund has a specific objective.  Some mutual funds have an objective to produce income.  Others have an objective to maximize the long-term growth of the invested money.  Still others may have an objective to invest only in international companies.  The bottom line is that each mutual fund has a specific objective or charter.

Based upon a mutual fund’s charter, the mutual fund managers will purchase part-ownership in a lot of companies.

The Mutual Fund managers use the money provided by you, me, and three million of our closest friends to purchase ownership in anywhere from 50 to over 1,000 companies.  As these companies earn profits and grow, the value of the investment grows.  This means that each individual who owns a portion of the mutual fund can enjoy that growth as well.

I hope this post has helped understand exactly what a mutual fund is. Let me know below if you have any additional questions about mutual funds.

3 Reasons Why It Is Important To Set Investment Goals

You set goals for your budget, for eliminating debt, even for amount of dollars saved…but are you setting investment goals? These goals can help you achieve your Fully Funded Life!

3 reasons why you should set investment goals:

1. Goals help you create clarity and focus:

   • Defining Your Objectives: Investment goals allow you to clearly articulate what you want to achieve. Whether it's saving for retirement, creating ‘x’ amount of passive income, or leaving a legacy, your goals give purpose to your investments.

2. Goals provide motivation and discipline:

   • Maintaining Commitment: Knowing exactly what you're working towards can provide a daily dose of motivation. Your goals serve as a reminder of why you're investing in the first place, and they can help you stay committed even during market uncertainty.

3. Goals give you the ability to measure your progress:

   • Tracking Your Success: Regularly reviewing your investment performance against your goals enables you to gauge how well you're doing. Are you on track to meet your objectives? If not, you can make adjustments and adapt your investment as you move forward.

Setting investment goals is not just a good financial practice; it's a fundamental step toward achieving your fully funded life.

Remember, investing is a marathon, not a sprint, and the goals you set today can pave the way for you to accomplish your plans, hopes, and dreams. So, take the time to define your investment objectives, and stay focused on them, your future self will thank you for it.

Money Lies: I Can't Save & Invest

Have you been telling yourself this lie? “I can’t save money and invest.” That is a LIE!

This lie keeps people broke for their entire lives. When we are young, we believe we have forever to prepare for retirement. After all, young people and young families need to provide for their household, their children, and are just starting out in life. There never seems to be enough money to put away for a rainy day or for the future.

If you tell yourself this money lie, there never will be enough money to save or invest. If this is you, TODAY is the day you stop believing the lie and begin funding the future!

Here are some practical steps you can take to explode your financial future:

1. Understand compound interest.  Compound interest is what will allow an investment of $100 per month to reach $1,176,477 in just 40 years! If you just save a little ALL of the time, you will end up with a LOT at the end of your time! Use our “Investment Value Calculator” to see how much you could save!

2. Take advantage of retirement plan matching.  If you work for another company or organization, there’s a good chance your retirement plan contributions are eligible for matching contributions from your employer. Whether it is a $0.50 per $1.00 match or a full “dollar for dollar” match, it is FREE money! Visit your Human Resources Department TODAY to ensure you are receiving the full company match.

3. Make saving and investing MONTHLY (at least) and AUTOMATIC.  If you have to rely on yourself to write a check each month, your savings plan could be in great danger! Make it automatic – have it deducted from your paycheck before you ever receive it or have it zapped out of your bank account at a predetermined date each month.

You will be on your way to becoming a wealthy individual who will be able to live a life of generosity like you’ve never dreamed!

What Are Oxen?

Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest. Proverbs 14:4

This verse had a profound impact on me as I went through my financial freedom journey. From this verse, I realized that I could either live a life with an empty manger or with an abundant harvest and the choice was up to me. In the pursuit of financial abundance, I could choose to rely on myself and my own abilities, or I could acquire oxen to help me. Which do you think I chose?

In my book, Oxen, I have outlined the different types of oxen, how to acquire oxen, and how to lead oxen. These principles will help you maximize your financial resources and experience an abundant harvest, just as I did so that you can fund your biggest and wildest dreams.

Most people earn money by showing up to work and in turn, they get paid. If you do not show up to work, you do not get paid. Oxen can allow you to earn money whether you are working or not! There is only so much time in a day and therefore there is only so much work that one person can physically put in. This is why oxen are so important: they allow you to eliminate the time barrier.

Oxen can do things you cannot do. They have the ability to carry a load that you cannot carry and can endure more than you can endure. Oxen can be trained and can work together and accomplish even more. They work rain or shine, night and day so that you do not have to. They can multiply and take you places you may have only dreamed about. Oxen can provide.

Furthering Your Financial Education

Have you ever found yourself feeling stuck when it comes to your finances? Could it be because you haven't had the chance to dive into the right knowledge or education about personal finance?

Like any subject, we don’t know every answer to our financial questions. We can’t. That’s why it’s so important to continually strengthen yourself in the areas of personal finance. Just think for a moment: you might have a strong budgeting habit, but are you confident in your savings plan?

Here's the good news – you're not alone! Many of us have asked similar questions or faced challenges due to a lack of knowledge.

So, how can you find ways to consistently educate yourself?

• Educational Blogs

• Financial Community

• Helpful Tools

Another way to take the next step in leveling up your financial knowledge? Complete a personal finance study!

With foundational truth from scripture, learn how to budget, save, invest, plan ahead, and maintain momentum on your financial journey. The I Was Broke. Now I’m Not study blends scripture and money in a relevant, engaging, and life-changing way for you!

Let's Talk: Compound Interest

Few concepts are as magical as compound interest. It has the ability to turn small, regular contributions into substantial wealth over time.

INVEST and capture the power of COMPOUND INTEREST.

When it comes to compound interest, three things matter a lot:

1. Amount of money invested (start with whatever you can and work to increase it from there)

2. Time (start early!)

3. Interest rate (growth rate of your investment)

Here’s how YOU can achieve $1,000,000 at a constant Interest Rate of 12%:

1. Invest $85.00 per month for 40 years at 12% annual interest.

2. Invest $286.13 per month for 30 years at 12% annual interest.

3. Invest $1,010.86 per month for 20 years at 12% annual interest.

4. Invest $4,347.09 per month for 10 years at 12% annual interest.

Here are some ways YOU can achieve $1,000,000 in just 20 years:

1. Invest $1,697.73 per month for 20 years at 8% annual interest.

2. Invest $1,316.88 per month for 20 years at 10% annual interest.

3. Invest $1,010.86 per month for 20 years at 12% annual interest.

4. Invest $768.54 per month for 20 years at 14% annual interest.

Here is how YOU can achieve $1,000,000 with just $300 per month:

1. Invest $300.00 per month for 473 months at 8% annual interest.

2. Invest $300.00 per month for 404 months at 10% annual interest.

3. Invest $300.00 per month for 355 months at 12% annual interest

4. Invest $300.00 per month for 318 months at 14% annual interest.

For those familiar with investing, I already know one of the biggest questions you want to ask:

“Where on earth do I get 12% annual interest?”

It’s a great question! The number one way to get 50% or even 100% interest is to contribute to an employer-sponsored retirement plan where matching contributions are made. For example, if your employer matches your contributions “dollar-for-dollar” up to 3% of your pay, that is a 100% interest rate that AUTOMATICALLY HAPPENS with NO RISK! It’s called FREE MONEY! Beyond that, I like investing in mutual funds that are older than me. Also, in other great investments like residential or commercial real estate and small businesses.

Got Oxen?

Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest.

Proverbs 14:4 (NIV:1984)

I will never forget the day I first read Proverbs 14:4 in my Bible. My family had embarked on a journey to become financially free, and I was reading the entire book of Proverbs to find verses providing wisdom about money and money management. Many verses in Proverbs were already well-known to me and had made a profound impact on my life. But, Proverbs 14:4 never registered on my radar until that day. Its wisdom gripped me and stopped me in my tracks. “Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest.”

I grew up on a small farm. We raised or grew just about anything and everything. We had pigs, cows, ducks, and chickens. Our crops included corn, soybeans, wheat, and hay. I loved growing up on a farm. It is where I learned the value of hard work, about sowing and reaping, the cycle of life, and how everything in God’s creation is interconnected and dependent upon each other.

Maybe Proverbs 14:4 connected with me so strongly because it was talking about a life I knew that included farm animals, farm equipment, and a harvest, but I think the real reason it connected with me is because it described my financial situation – my manger was empty.

I don’t know if you have ever watched cattle eat from their mangers, but they will stand eating at a manger until all of the food is gone, and then they will lick the manger clean just to ensure all remaining scraps are consumed. This described my financial situation. I could scrape together enough money to pay the bills, but beyond that, there was absolutely nothing left over. Every single spare dime we gained inevitably departed our presence – never to be seen again. Our version of “licking the manger” was running out of money and then physically turning our piggy bank over to find enough coins to buy food off the dollar menu.

The same scenario played out every single month. We made money, and then we consumed every last dollar. Just like the oxen, we would be faced with an empty manger and were forced to stand around waiting for the next paycheck to refill it. It seemed like there was never enough for the moment, let alone storing up for the future.

On the day I encountered Proverbs 14:4, I realized that the writer shares two potential outcomes: an “empty manger” and an “abundant harvest”.

Two Potential Outcomes – Proverbs 14:4

1. An empty manger

2. An abundant harvest

An empty manger is barren. It represents hunger and potential famine. The manger once held food, but now it is cleaned out. It has nothing left over. To more fully comprehend this, imagine that your entire house is void of food – the pantry, cupboards, and refrigerator are completely empty.

An abundant harvest is presented as an alternative outcome. I liked the sound of this much better than an empty manger. An abundant harvest suggests that we have a full manger – all of the time. Dictionary.com defines “abundant” as “present in great quantity; more than adequate; over-sufficient.”

As I pondered these two potential outcomes. I sensed a life-changing moment approaching. I knew if I could truly grasp the wisdom contained within this verse, my life would be radically changed. As I read Proverbs 14:4 again, I saw what made the difference between an empty manger and an abundant harvest: oxen.

A farmer knows it is impossible to reap an abundant harvest without oxen. The same is true for all of us even if we aren’t farmers.

If I continued managing my money without the help of financial oxen, the opportunity for an abundant harvest would be greatly limited. After all, there was only so much I could accomplish on my own. Like most people, I was working a “Work, get paid. Don’t work, don’t get paid.” job. Even if I worked twelve hours every day, there was a limit to how much I could earn on my own. My earnings would allow me to feed my family, but without a serious change to the way we managed our money, the income would probably only be enough to maintain our household. We would continue to be stuck in the “empty manger” cycle, cleaning out the manger each month and then standing around waiting for the next paycheck to arrive. The worst realization of all was knowing that even if I worked for fifty years of my life, my income would cease the moment I chose to retire. It became imminently clear that I needed oxen in order for my family to experience abundance.

There is a choice each person must make. In pursuit of financial abundance, you can choose to rely on yourself and your own abilities, or you can acquire oxen to help you. Don’t miss my wording here. It is a choice, whether a conscious one or not, that each one of us will make as we journey through life.

I have chosen to acquire oxen, and have found Proverbs 14:4 to be absolutely true. While my family’s oxen acquisition journey has been adventurous, frightening, incredible, and exciting, I have discovered that the strength of oxen has indeed led to an abundant harvest. The same can be true for you. All you need is some good oxen.

Now I have one question for you:

Got Oxen?