In a few minutes a group of men from Church180 will meet to talk about money. We call it 3M (Men talking about Money in the Morning).
For the last 5 weeks we have been meeting at 7 a.m. on Saturday mornings to discuss Joe Sangl’s book and video teaching, “I Was Broke, Now I’m Not.”
Today we are talking about investing and the power of compound interest. Joe asks a question in his book that is worth repeating:
“How much are you currently spending to service debt every single month? For the average family in America, it is between $500 and $1,000 PER month [This does not include mortgage payments]. What if you did not have to send that money to the bank every single month? What could you do with that money?”
What could you do with the money you pay to creditors every month?
Joe says that most households can be debt free in 18-36 months. What would happen if you set a goal to be debt free, created a plan, lived by that plan and became debt free? What would you do with that extra $500 – $1,000 per month?