Notes from "Rich Like Them"

The following are the notes I captured from reading Ryan D'Agostino's "Rich Like Them" book. They are essentially the Chapter titles and main points of each chapter.

1-Open Your Eyes
Don’t Forget Your Goal-Even When You’re On Vacation
Where Others See Death, Imagine Life
When You Hear Someone Say “If Only I Could…” You’re Hearing an Opportunity
Connect the People You Meet (be the hub of the wheel)
Save Some Money for a Rainy Day
Once You Connect the Dots, Follow Through

2-Luck Doesn’t Exist
Choose Your Purpose, and Don’t Let Anyone Tell You You’re Wrong
Remember: With Time Comes Free Money (compounding)
Watch Your Pennies, No Matter How Many You Have
Keep Your Cool-It’s a Big Part of Persevering
Don’t Deviate from Your Planned Path to Get a Quick Gain
Perseverance Doesn’t Take Forever
Once You Find Your Calling, Persevering is Easy
Remember That You Can’t Do a Business Transaction with Yourself
Prepare to Get Lucky

3-The Economics of Obsession
Find a Driver Other Than Money-It’s Usually More Lucrative Than Money Alone
Do One Thing and Do It Well
Obsess Over Whatever Job You Have
Take Your Mind Off the Money-You’ll earn More
Don’t Plan a Career-Plan a Life
Obsession Makes You Work Harder
If You Look Forward to Going to Work, That’s a Good Sign
Discover Love Through Immersion (work for the love of it)
Turn Fear into Passion (pursue the idea)

4-The Myth of Risk
Never Stop Being a Student
Calculate Every Risk-Even the One You Live In
Look for Your Window to Go Solo
You Want Autonomy? Let It Motivate You
Be Cocky When It Counts
Don’t Worry About What Other People Think
Reduce Risk by Believing in Yourself
When You Fail Miserably, Rejoice
If You Hate Your Career, Um, Change It
Sometimes the Biggest Risk Is Doing Nothing

5-Humility
Never Let Pride Get in the Way of Profit
Be Humble Even If You’re As Rich As Brooke Astor
Don’t Be a Slave to Plan A-It’ll Prevent You from Seeing Plan B
Don’t Be Afraid to Make Less Than Your Spouse
Never Feel As If You’re Too Successful to Sweat
Remember That You Are Not, Nor Will You Ever Be, a God or Goddess

This was originally my idea, to go knock on doors of the apparently wealthy and ask them how they got that way, but Ryan beat me to it :-)

Financial Guidance from God

This week it seemed like several passages from Scripture were speaking directly to me about financial issues and what we trust in.

What does Ecclesiastes 10:19 mean when it says “…and money is the answer to everything”?

The conclusion, when all has been heard, is: fear God and keep His commandments, because this applies to every person. Ecclesiastes 12:13

Sow sparingly, reap sparingly, sow generously, reap generously; you are made rich in every way so you can be generous, which results in thanks to God (2 Corinthians 9:6-11)

Isaiah 2:22 reminds us to stop trusting in man

2 Corinthians chapter 11 says to me that boasting in self is foolish

When I am weak, then I am strong because of Christ (2 Corinthians 12:10)

And finally, a great reminder from Proverbs 23:4-5; don’t pursue riches, show restraint, understand that riches are fleeting

Why it's Important to Keep Tithing in Tough Economic Times

And let us not grow weary while doing good, for in due season we shall reap if we do not lose heart (Galatians 6:9)

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10 Ways to Save on Fuel

To save a gallon of gas, you need to cut about 22 miles of driving from your week. Here are 10 easy ways to do that.
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Does God Care How Much We Give?

God didn't just give a little for us; He gave His best. He gave Himself. John says that it is no different for us: True love requires sacrifice.
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Borrowing Your Own Money by Jason Holland

Walk in with your W-2 and walk out minutes later with your tax refund. This service is available from many tax preparation companies. It may sound too good to be true. That’s because it is.

That speedy refund is costing you big time. You see, it’s not really your tax refund. You are actually borrowing your own money and paying interest on it. It’s called the refund anticipation loan (RAL).

RALs are trotted out every year by tax preparers like H&R Block and Jackson Hewitt. These companies front you the money you expect to get back from the IRS. Then you don’t have to suffer through the one- or two-week wait if you file online directly with the IRS.

In exchange for your rapid refund, you pay significant up-front interest charges. Those charges can eat away as much 10 percent of your total refund, according to a Georgetown University study. On top of that, you pay fees for the privilege of having a temp fill out your tax return and file it with the IRS. If you choose to have your loan deposited directly in your back account, that’s another fee. Put the loan on a debit card? Another fee, plus usage fees.

RALs are perfect for the impatient and the broke. Low-income earners make up the biggest part of this market. And it’s no surprise that college students are targeted heavily in ads for this "service." People turn to tax prep companies when they don’t understand IRS forms. They often don’t realize they are signing up for a loan, let alone that they are paying huge fees.

If you have a complicated financial situation, you should probably contact a CPA. Otherwise, there are plenty of helpful free resources available in your community and online. Then you can file your own return, at no charge, with the IRS at IRS.gov, with either eFile or Free File. You’ll have your refund in your bank account in as little as a week.

Two tax prep resources to look into are:

* Volunteer Income Tax Assistance: Call 1-800-TAX-1040 or go to tax-coalition.org to find trained volunteers in your area.

* AARP’s Tax-Aide program for seniors: Go to aarp.org/money/taxaide/.

This article appears courtesy of Early To Rise, the Internet’s most popular health, wealth, and success e-zine. For a complimentary subscription, visit http://www.earlytorise.com.

Helpful Tips for Tax Time (Part 2) by Dave Ramsey

I Got A Refund! Instead of thinking this money - whether it's $300 or $3,000 - is a gift from the government to send you to the Bahamas or to get a brand-new spring wardrobe, think about it differently this year. Even though nice trips and new clothes are great, only consider stuff like that AFTER you've taken care of these necessities first:

• Build up your emergency fund. If you don't already have $1,000 in the bank, stash that away as fast as possible. It's important! Life is going to happen, and you need to be ready for your own sake. Don't let Murphy catch you off guard and put you further in debt. If you are already debt free (except for the house), throw this extra money toward building up your full emergency fund of 3-6 months of expenses.

• Attack your debt snowball. If you already have your $1,000 emergency fund, attack your debt snowball with gazelle intensity. List your debts in order with the smallest payoff or balance first. Do not be concerned with interest rates or terms unless two debts have similar payoffs. In that case, list the higher interest rate debt first. Paying the little debts off first gives you quick feedback, and you are more likely to stay with the plan.

• Invest it! Only after you are out of debt and have your full emergency fund saved should you consider investing your refund. Remember that if you are under 50 years of age, you can contribute up to $4,000 per year into a Roth IRA ($5,000 for over age 50). This is money that grows tax-free! If you're already contributing 15% or more into your own accounts, use this money toward your child's college funding.

• Pay off your home. Did you know that you aren't destined to have a house payment for the rest of your life? Yeah, it may sound crazy, but I'm telling you the truth! Once you've completed Baby Steps 1-6, it's time to own your home 100%. Maybe your refund is a whole house payment or two...or three. If you put your refund toward this, you are that much closer to owning your home - possibly months earlier than you originally expected. Now wouldn't that feel awesome?! Just think what life would be like with NO PAYMENTS!

It's time to think differently this year about this extra money! Remember...Debt is normal. BE WEIRD!

Dave Ramsey is a personal money management expert, an extremely popular national radio personality and best-selling author of The Total Money Makeover. Dave is changing the face of America by helping people get out of debt and build wealth. Ramsey exemplifies his life's work of teaching others how to be financially responsible, so they can acquire enough wealth to take care of loved ones, live prosperously into old age, and give generously to others.

Helpful Tips for Tax Time (Part 1) by Dave Ramsey

I have to pay! When you realized you weren't getting a refund this year, you probably didn't jump for joy, did you? Bet you didn't. None of us are thrilled about sending our hard-earned money away. Even though you have to send money to the IRS this year, it's not the end of the world, even if you're already living on a super-tight budget. Even if you've already sent in your check, here are some things to keep in mind:

• Revisit the budget. See where you can squeeze a little bit of cash out of certain categories in your budget - all the little amounts from various places add up! Try your absolute hardest to resist using money from your emergency fund. How about pulling a little out of your clothing, entertainment, or vacation funds? Get free budgeting forms.

• Clean out the house. It's that time of year again where people are always looking for a treasure in someone else's junk. It's nothing but a win-win situation: you get rid of clutter in your garage/attic/shed AND make extra cash while others walk away with bargains.

• Pizza, anyone? Pick up a part-time job for a short period of time. Delivering pizzas is a fabulous idea - and it's great for attacking your debt snowball like crazy, too!

• Here comes the Debt Snowball! If you absolutely can't write a one-time check to the IRS, put this payment in your debt snowball. Just remember that you will have to pay interest just like most other bills you are attacking in your snowball.

Don't stress about sending in the check. By following the above tips, you'll be back on track with the Baby Steps in no time!

Dave Ramsey is a personal money management expert, an extremely popular national radio personality and best-selling author of The Total Money Makeover. Dave is changing the face of America by helping people get out of debt and build wealth. Ramsey exemplifies his life's work of teaching others how to be financially responsible, so they can acquire enough wealth to take care of loved ones, live prosperously into old age, and give generously to others.

Strike Your Balance Financial Devotional

Crown Financial Ministries is providing a new 31-day devotional free of charge. As a nonprofit ministry, Crown’s passion is teaching people how to make money, manage money, and fulfill God’s purpose.

I challenge you to join me with this devotional during the 31 days of March. You’ll spend a few minutes each day with God and learn His principles for financial success.

Get ready for a life-changing journey and download a copy of this free devotional HERE