Bountiful: The Heart of Money Management

As various areas are reopening after the pandemic, some people are talking about “returning to normal.” In this episode, Gary and Christy discuss this topic in general as well as in the context of personal finance.

• There’s the irresistibility of returning to normal. Even if “normal” isn’t very good, because it’s familiar, it can seem very appealing to return to. The Israelites, during their Exodus from Egypt, repeatedly mentioned returning to normal, which to them would be going back to a life of oppression.
• There’s the impossibility of returning to normal. There’s a saying, “You can never go back.” The Bible encourages us to forget what lies behind and strain forward to what lies ahead.
• There’s the opportunity of a new normal. John Wooden said, “Things work out best for those who make the best of how things work out.” How can we make the best of this situation to influence a better normal than what existed pre-COVID?

Burnout is stress-induced exhaustion. It can come from demanding jobs, overwhelming financial goals, or even close relationships. Burnout can impact us physically, mentally, emotionally, or spiritually. It’s one of those things that we may be better able to see in other people than in ourselves. We can see the stress & frustration someone else feels, but we might call it “pushing through” when we’re going through the same things.In this episode, Gary & Christy talk about burnout, its causes, what it looks like, and ways to overcome it.

Episode Resources

• “Do I Deserve a Raise?” episode – https://thelightnetwork.tv/bountifuls6e1/
• Burnout Prevention and Treatment
• https://hbr.org/2019/07/6-causes-of-burnout-and-how-to-avoid-them
• https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3230825/
• https://www.bbc.com/worklife/article/20200330-covid-19-how-to-learn-a-new-skill-in-coronavirus-quarantine

Long before the COVID-19 pandemic, CEO’s, athletes, and other individuals have been wealthy, but it’s times like this that the conversation tends to turn against those who are very wealthy. On the other hand, when the government steps in to help those who are suffering financially, the conversation can turn against those who are poor. So, what should our response, as Christians, be? In this episode, Gary & Christy talk about the wealth gap, if it’s wrong to be rich, if it’s wrong to be poor, and some thoughts around this topic found in the Bible.

Episode Resources

• https://www.mlb.com/news/highest-paid-baseball-players-in-2020
• https://www.usatoday.com/story/sports/nfl/2019/08/21/nfl-qbs-top-list-highest-paid-players-based-annual-salary/2069973001/
• https://www.cnbc.com/2019/10/22/highest-paid-players-in-the-nba-right-now.html
• https://finance.yahoo.com/news/why-the-rent-is-due-for-rich-people-in-the-time-of-coronavirus-120823686.html
  • “Don’t be a tightwad. If you’ve got something, give back. Pay a little bit of rent for being on this planet Earth and all the good fortune that God sent your way because you have extra money.” — billionaire John Paul DeJoria, co-founder of Paul Mitchell Products and Patrón Spirits
• https://smartasset.com/retirement/congress-retirement-plans
  • Most senators and representatives make an annual salary of $174,000. Those in leadership make a bit more.
• https://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp
  • A $32,400 annual income will easily place American school teachers, registered nurses, and other modestly-salaried individuals, among the global 1% of earners.
  • Contrarily, the top 1% of wage earners strictly in the United States must pull in at least $421,926 to make the cut.
• https://finance.yahoo.com/news/heres-a-list-of-ce-os-taking-pay-cuts-amidst-the-coronavirus-crisis-171206258.html
• Annual executive pay:
  • https://www1.salary.com/MCDONALDS-CORP-Executive-Salaries.html
  • https://www1.salary.com/STARBUCKS-CORP-Executive-Salaries.html
  • https://www1.salary.com/TARGET-CORP-Executive-Salaries.html
  • https://www1.salary.com/DARDEN-RESTAURANTS-INC-Executive-Salaries.html
  • https://www.cnn.com/2019/10/24/success/ceo-pay-packages/index.html

During a time of pandemic, you may have asked, “What do I do now?” From a personal finance perspective, we have a few suggestions:

• Don’t panic – retirement accounts lose value and gain value in moments of time, but, in the long run, they provide a good return to investors. Experts say that time in the market is more important than timing the market, so, especially if you don’t need the money now, avoid panic selling.
• Evaluate your risk tolerance – if your long-term savings have been in volatile investments, are you going to be okay through the market’s ups and downs? This may be a good time to consider diversification options for your future investments.
• Do the things you’ve been putting off – some people delay creating a budget due to time constraints. If you’re quarantined, maybe you’ve got more time on your hands to do things like make a budget, write a will, read personal finance material, or study the Scriptures to see what God says about money.
• Take note of the “essential” businesses – this is especially true if you’re graduating high school soon or you’ve recently graduated. Something to keep in mind when considering a career is the stability that it will offer. Some industries are more impacted by economic downturns than others, but working in a job that’s considered essential would provide steadier income even in times like the COVID-19 pandemic.
• Look for opportunities to help others. A national emergency can be a scary thing. When we get scared, we get stingy, and the only thing we’re concerned about is ourselves. Hoarding blessings or denying help to others is never stewardship – it’s selfishness.

Episode Resources

• Article about CEO’s and their College Degrees: https://www.investopedia.com/articles/professionals/102015/americas-top-ceos-and-their-college-degrees.asp

This episode is being released in a time of worldwide turmoil. Middle Tennessee is still recovering from tornadoes that damaged property and claimed lives. The World Health Organization recently declared the coronavirus, which has spread around the world, a pandemic. In response, the stock market in the United States has receded significantly. When things like our property, our health, or our livelihood are at risk, we have a choice on how to react. When all three are threatened by situations out of our control, we still have a choice on how to react. While the world tends to incite fear, panic, and suspicion, Christians ought to reflect Christ through concern, giving aid, and showing compassion. Gary and Christy discuss why it’s important, especially in life’s storms, to help those who are in need.

This title comes from a book by Marie Kondo who has trademarked a method of decluttering and reorganization called The KonMari Method. In this episode, Gary and Christy discuss this method and how it can help us gain a clearer spiritual perspective on all our material blessings.

Episode Resources

• https://www.goodhousekeeping.com/home/organizing/a25846191/what-is-the-konmari-method/
• https://konmari.com
• https://www.housebeautiful.com/lifestyle/a26089421/marie-kondo-books-jimmy-kimmel/
• https://www.telegraph.co.uk/news/worldnews/asia/japan/12102664/Japans-decluttering-guru-says-she-is-on-a-mission-to-organise-the-world.html
• https://www.everydayhealth.com/columns/therese-borchard-sanity-break/how-to-tidy-up-and-spark-joy-in-your-life/

Bountiful 101 is part of a series where we take a subject, like buying an automobile, and break it down into rudimentary parts in order to remind us of some money basics and perhaps teach us some things, too. The goal for episodes like this is to combine our Christian attitude with a little bit of knowledge in order that God may bless us to make wise decisions with our money. On average, Americans keep their car for about six years, which means most of us will go through the automobile buying process several times throughout our lives. For this episode, we’ll talk about three things to consider when buying a car: purpose, preparation, and price.

Episode Resources

• https://www.edmunds.com/car-buying/10-steps-to-buying-a-new-car.html https://budgeting.thenest.com/people-trade-cars-30494.html
• Your Car-Buying Cheat Sheet
• https://www.edmunds.com/car-loan/how-long-should-my-car-loan-be.html https://www.thebalance.com/top-biggest-mistakes-to-avoid-when-buying-a-car-1289903
• 5 Reasons to Say No to 72- and 84-Month Auto Loans
• https://www.autotrader.com/car-shopping/buying-car-how-long-can-you-expect-car-last-240725

The term “self-made” is one many of us have heard and, perhaps, used. In history, many people consider people like Benjamin Franklin and Frederick Douglass as self-made because they achieved success in spite of difficult circumstances. In this sense, “self-made” is an accommodative term to describe someone who, through hard work and integrity, achieved greatness. Yet, no one is truly self-made, and, in this episode, Gary and Christy talk about why that’s the case.

Episode Resources

• https://en.wikipedia.org/wiki/Self-made_man
• https://www.forbes.com/sites/mikemyatt/2011/11/15/self-made-man-no-such-thing/#5f3556f9dac2
• The Strangest Secret by Earl Nightingale – https://youtu.be/IeaBfM3TdHQ
• Pull yourself up by your bootstraps – https://www.phrases.org.uk/meanings/pull-yourself-up-by-your-bootstraps.html
• http://monadnock.net/douglass/self-made-men

This episode digs into some of the basics around retirement – the what, why, when, and how. What is retirement, and is it something Christians should pursue? Why retire? When is a good time to retire? And how do we prepare for retirement? These questions are what Gary and Christy talk about in this episode.

Episode Resources

• Bountiful episode about retirement planning: https://thelightnetwork.tv/bountifuls4e8/
• Bountiful episode about FIRE: https://thelightnetwork.tv/bountifuls5e17/
• Social Security Administration’s site: https://www.ssa.gov
• https://www.fidelity.com/viewpoints/retirement/successful-saving
• https://www.fidelity.com/viewpoints/retirement/retirement-guidelines
• https://www.moneyunder30.com/23-things-beginners-absolutely-must-know-about-saving-for-retirement
• https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html
• https://www.northwesternmutual.com/life-and-money/your-401k-when-it-was-invented-and-why/ 
• https://www.nerdwallet.com/article/investing/how-to-save-for-retirement?trk=nw_ra_leftRail

For the first episode of 2020, we’re talking about what a lot of people talk about in early January – resolutions. How will the new year help you be a new you? Common resolutions involve health, relationships, time management, and, of course, money. In this episode, Gary and Christy highlight THE most important money move to make this year. Is it reducing debt, setting a budget, investing more for retirement, or something else? Download and listen to find out.