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Thanks, Dave Ramsey!

This month I’ve decided to say thanks to the people who have fed my hunger for knowledge and personal development this year. The order will be random…and likely incomplete!

I’m having a bit of Dave Ramsey overload this weekend. On Friday, I hosted and attended his EntreLeadership simulcast event from Orlando, FL. Today, I spent two hours presenting an overview of his material and why it’s important to get control of your money.

Meeting with Dave in Birmingham, 2006


I owe Dave Ramsey a huge debt of gratitude. Better than the financial kind, eh?

But what Dave gave me is more than just solid financial guidance. True, my finances are in much better shape because of his well-packaged common sense advice. That’s not the most important thing he gave me.

I’ve led his Financial Peace University program 13 times in the last four years. I love doing it. FPU helped me tap into my passion for teaching and helping people. FPU gave me an audience to go along with material I believe in.

I’m energized when I teach. I love seeing people get it…those light bulb moments! Beyond that, I love seeing people change their lives. I’ve had people become debt free, pay off their mortgages, and even get their first $1000 in the bank. Don’t scoff at that…Baby Step 1 can be harder than the others!

FPU also introduced me to many other people that have had an impact on my life (and will be featured in more Thank You posts soon).

Our lives are full of pivotal moments. Most of the time we don’t recognize their significance. I know now that when my father mentioned a crazy radio guy to me in 2005, everything changed. Everything!

Thanks, Dave!

If you haven’t checked him out yet, you owe it to yourself to do so. Maybe everything will change for you too!

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The Scariest True Halloween Story

Tonight is dark and stormy, with nearly a full moon. I stepped outside to check the mailbox, and found a single envelope inside. It was from the government.

Do I dare open it?

Jack-O-Rotten from Lucasberg (Joey) on Vimeo.

Why sure. It’s only my annual Social Security Statement. At least it’s not from the IRS (really scary stuff from that brood of demons).

So how is something from the Social Security Administration scary? Keep reading…but you may want to sit down.

I’m 35 years old. Looking at the statement, it summarizes my income since I started earning money and filing a tax return (a whopping $713 dollars in 1991!). I’ve been blessed since those intermittent high school summer jobs to earn a great living doing work I enjoy, so the numbers for 2008 (the last year on the statement) are much, much higher. A real pat yourself on the back and thank God moment.

Below that section is the scary part. Scary mad that is. The statement summarizes the estimated taxes paid into Social Security over my working career. My portion is more than $50,000! My employer’s portion is the same (and I’ve always considered that a portion of my income I just don’t get to handle, since it would be mine if the government didn’t force it from my employers hands). All told, more than $100,000 dollars paid into Social Security so far.

It sure would be nice to have that money in my Roth IRA instead of being pilfered by the government. You see, if I could have that money today, and invest it at 12%, in just 20 years, it would be worth more than $1 Million Dollars! I’d be a 55 year old millionaire, and never have to invest another penny beyond today!

See for yourself with the Investment Calculator from Dave Ramsey’s site.

But there’s a problem. Even if the old SSA could give me a return like that, at 55 years old, I wouldn’t be eligible to get my money. In fact, if I die before I’m eligible to start collecting Social Security, my family doesn’t get to keep the money. The government does! If it were in my Roth IRA or 401K–or even my sock drawer–my family gets the money. Did you digest that? Read it again!

Scared now? Or just angry?

It gets worse…

Considering the horrible state of affairs with the old Social Security funds, I likely won’t be eligible to collect until I’m about 75 years old. Again, if I could have the money in lump sum today and invest it myself, earning 12%, I’d have more than $11 MILLION DOLLARS!!!

BOO!

More like BOO-HOO!

Jack-o-Lantern
Source: http://commons.wikimedia.org/wiki/File:Jack-o%27-Lantern_2003-10-31.jpg

I cannot trust that Social Security will even exist when I’m able to retire. And unless you’re already collecting, you probably can’t trust on it either. You have to make your own retirement happen.

Get out of debt, build an emergency fund of 3-6 month of expenses, and then invest 15% for retirement.

Only you can make yourself a millionaire in your retirement years. But you have to start soon. Time and compounding interest are your best friend or worse enemy, depending on when you start.

How much do I wish I could opt out of Social Security? I’d be willing to forfeit the $100,000 I’ve already paid in, if I simply didn’t have to pay another dime into the program. Then I could invest my 6.2%, plus my employer’s 6.2%…and build my own wealth.

Remember this next Halloween. It’ll only be a few days before Election Day!

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I Can’t Help You

It’s my job, my mission to help people with their careers and finances. I enjoy it and I’m good at it. But that doesn’t mean I can help you.

The simple fact is that some people are beyond help.

It’s not that their situations are beyond repair. I’ve seen some pretty bad situations while coaching, but there are paths forward for all of them. The problem is that some people simply want a magic pill to solve all of their problems. They have blinded themselves to the reality of their situations and don’t want help…or won’t admit they need it.

So, if you simply need a friend to pat you on the back and let you wallow in the pit you’re in, I’m not the coach for you. But if you’re sick of where you’re at…if you hate your job or aren’t reaching your financial goals…let’s talk. If you’re ready to make changes and work hard, let me know.

I can help you.

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Financial Peace University Interview with Max Dempsey

Tonight I had the honor and privilege of speaking with my friend Max Dempsey about his journey through financial troubles. Max is the pastor of The Refuge, which meets at Camp Whispering Pines in Citronelle, AL.

Click Here to Listen to the Call with Max Dempsey

Several years ago Max made some bad financial decisions and put his family in a horrible money mess. But by seeking help to make better decisions and change bad habits, he’s climbing out of a deep hole and has a new outlook on his finances. Listen as I talk with him about his story, and how you can learn from his mistakes and the Financial Peace principles he learned.

As I mention at the end of the call, my next Financial Peace University class is starting on Sept 27th at 4 PM. Below you’ll find some details about the class. But what I failed to mention is that I’m inviting everyone to come to the first class for free! Just show up, and if you want to join for the duration you’ll be able to purchase an FPU kit that night.

Summary info about Dave Ramsey’s Financial Peace University.

Click here to register for the class.

For more info on this class, download our brochure or contact me directly.

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