Bountiful: The Heart of Money Management

Our social connections are different than when our parents were our age. We are no longer restricted by location, which means we’re able to stay in touch with people from our hometowns, with family near and far, and with fellow Christians around the world. As a result, we can see glimpses of people’s lifestyles that a generation ago were only visible in-person or on television (but that usually was reserved for the rich & famous). With all this access comes with it emotions and the temptation to make comparisons. How do we feel when our friends are enjoying a nice vacation? Do we obsess about how we stack up when we compare our possessions to our friends’ possessions?
Our emotions can play a role in our financial behavior. In this episode, Gary & Christy talk about how social media can impact our lives, including our personal finances. As with most things, there are positives and negatives regarding social media, and they discuss a few of those along with some things to consider before posting or scrolling through social media.

Episode Resources

• Bountiful episode on the Fear of Missing Out (FOMO) – https://thelightnetwork.tv/bountifuls2e12-2/
• Bountiful episode on Keeping Up With the Joneses – https://thelightnetwork.tv/bountifuls1e9/
• The Power of Off by Nancy Colier- link to purchase the book https://www.amazon.com/Power-Off-Mindful-Virtual-World/dp/1622037952
• Public Parts by Jeff Jarvis – link to purchase the book https://www.amazon.com/Public-Parts-Sharing-Digital-Improves/dp/1451636008/ref=sr_1_3?keywords=public+parts&qid=1554517723&s=books&sr=1-3
• The Village Effect by Susan Pinker – link to purchase the book https://www.amazon.com/Village-Effect-Face-Face-Healthier/dp/1400069572/ref=sr_1_1?keywords=the+village+effect&qid=1554517761&s=books&sr=1-1
• https://www.moneytalksnews.com/its-official-using-facebook-makes-you-sad/
• https://www.latimes.com/business/la-fi-saving-spending-social-media-20190219-story.html
• https://www.nytimes.com/2019/02/23/business/cell-phone-addiction.html

The American Dream is, in a nutshell, the belief that through hard work and determination, anyone can achieve a better life for themselves, regardless of their background or social class. It’s an idea that if you are diligent and use your abilities well, you be successful. In this episode, Gary & Christy talk about chasing the American Dream and present a few questions for Christians to consider about this topic, including:

• Are we primarily chasing after the American dream or the Christian promise?
• If we’re financially successful, do we congratulate ourselves or give credit to God?
• If we’re motivated to chase the American Dream, is it because we rely on money more than we rely on God?

Episode Resources

• https://www.investopedia.com/terms/a/american-dream.asp
• https://www.crosswalk.com/family/finances/should-christians-strive-for-the-american-dream-1408722.html
• https://www.federalreserve.gov/publications/files/scf17.pdf

This is a sequel to Season 3 Episode 3 entitled “Money Myths”. In it, we highlighted a few personal finance misconceptions like: 

• keep a small balance not he credit card
• buy as much house as you can afford
• a four-year degree is the only way to get a good job.

Personal finance is made up of both timeless principles and cultural principles. Some people try to challenge either kind, stating those principles are no longer valid in today’s times even if they are. There’s fake financial news out there, and we wanted to highlight some of those myths.
In this episode, Gary and Christy talk about:

• there’s no way out of a downward financial spiral
• at a certain age, it’s too late to start saving for retirement
• credit cards are always bad
• working longer hours always means I’m working harder

Episode Resources

• Link to Money Myths Part 1 episode – https://thelightnetwork.tv/bountifuls3e3/
• Link to Credit Cards: The Good, The Bad, and The Ugly episode – https://thelightnetwork.tv/bs2e3/
• Link to buy a copy of the Book “Master Your Time, Master Your Life” – https://www.amazon.com/Master-Your-Time-Life-Breakthrough/dp/0399183817
• https://www.vouchercloud.com/resources/office-worker-productivity
• https://www.linkedin.com/pulse/why-eight-hour-workday-doesnt-work-dr-travis-bradberry/?trk=eml-email_feed_ecosystem_digest_01-recommended_articles-9-Unknown&midToken=AQFcCl_BBZTKKQ&fromEmail=fromEmail&ut=3bBjqUGRiPt8E1
• https://www.daveramsey.com/blog/3-reasons-its-not-too-late-retirement
• https://www.forbes.com/sites/nextavenue/2017/10/19/8-ways-to-start-saving-for-retirement-after-50/#3068453c3092

In this episode, Gary and Christy talk about preparing for natural weather-related disasters like tornadoes, hurricanes, or floods. Preparation doesn’t guarantee safety or security, but it is good stewardship – a way of managing our possessions.  

Episode Resources

• https://www.ready.gov
• https://www.bottledwater.org
• https://www.moneytalksnews.com/11-tips-to-prepare-your-home-for-severe-weather/?utm_source=newsletter&utm_medium=email&utm_campaign=%2713+High-Paying+Jobs+You+Can+Do+From+Home%27+and+more…
• https://www.moneytalksnews.com/how-ready-your-home-for-hurricane-season/?utm_source=newsletter&utm_medium=email&utm_campaign=%275+Last-Minute+Ways+to+Protect+Your+Home+From+Hurricane+Florence%27+and+more…
• https://www.quickanddirtytips.com/money-finance/insurance/4-major-disasters-homeowners-and-renters-insurance-wont-cover
• https://www.moneytalksnews.com/slideshows/how-to-prepare-for-an-emergency-top-10-steps/?all

There are times when guilt is a positive thing because guilt can drive us to repentance. However, if we don’t know how to deal with guilt properly, we may find ourselves paralyzed or even running in the opposite direction we should be. In this episode, Gary & Christy talk about how to deal with financial guilt in a positive way, specifically:

1. Guilt over past financial mistakes
2. Guilt over not having enough money
3. Guilt over having a lot of money

But one thing I do: forgetting what lies behind and straining forward to what lies ahead, I press on toward the goal for the prize of the upward call of God in Christ Jesus. (Philippians 3:13b-14)

In this episode, Gary and Christy talk about how our attitude has a greater long-term impact on our financial health than only changing our actions. So much of personal finance is tangible – bank balances, interest rates, taxes, etc. But it’s what’s intangible, our attitude behind our actions & our emotions about our money that can help us achieve long-term success in this area. 

Our motivation will fuel our attitude, and our attitude will drive our actions. If our actions are sending us in the wrong direction, we might need to take a closer look at our attitude. If you’re consistently disappointed or frustrated at your spending habits or your saving habits, have you dug into your attitude behind your spending or saving? Winston Churchill is credited with saying, “Attitude is a little thing that makes a big difference.” Then, if you realize it IS your attitude that’s guiding you down the wrong path, then what’s going to motivate you to change it? Motivation has a lot of power behind it, so you want to be careful how you choose your motivation. Ralph Waldo Emerson said, “Be careful what you set your heart on, for it will surely be yours.” Our Lord Jesus said it best, “Where your treasure is, there your heart will be also.” (Matthew 6:21) I hope your motivation is to glorify God in all that you do, including in how you manage your money, because if it is, then the rest will be easy.

Listen to find out 4 ways to help adjust our attitudes regarding stewardship.

Links

• Bountiful Episode – Small Things, Big Impact – https://thelightnetwork.tv/bountifuls2e12/
• https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19000-for-2019-ira-limit-increases-to-6000
• https://www.moneytalksnews.com/slideshows/30-small-changes-that-can-transform-your-life-for-the-better/?all
• https://www.moneytalksnews.com/slideshows/10-guaranteed-ways-retire-rich/?all
• https://www.forbes.com/sites/learnvest/2014/09/17/8-ways-a-negative-mindset-can-affect-your-finances/#6b8602081060
• https://www.wisebread.com/5-money-problems-you-can-solve-with-a-good-attitude
• http://www.gatherlittlebylittle.com/2009/12/financial-challenges-from-proverbs-22/
• https://www.mindful.org/putting-mindfulness-to-work/

One of the biggest financial decisions we make is regarding our housing. If we live on our own, our monthly rent or monthly mortgage payment is probably one of the biggest monthly expenses in our budget. Therefore, the question, “Should I rent or buy?” is one that a lot of people struggle to answer because they want be sure to get it right.

Here are a few factors to consider when deciding whether renting or buying is right for you.

• Flexibility: renting provides a little more flexibility than buying does, particularly if you’re not sure how long you will be in a certain area.
• Insurance and taxes: homeowner’s insurance is generally more expensive than renter’s insurance, but there may be tax benefits in buying a home that aren’t available if you rent.
• Maintenance and repairs: if you buy a home, you’re responsible for all repairs, whereas if you rent, someone else may be responsible for these expenses.
• Renovating and decorating: if you rent, you may be limited in what you want to renovate or how you want to decorate.
• Privacy: if you want peace and quiet, then renting an apartment may not be the best idea; although, even if you buy a house, you could still have nosy neighbors!

Resources

• https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html
• https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator
• https://www.nerdwallet.com/blog/mortgages/how-to-decide-whether-to-buy-a-home/
• https://www.irs.gov/pub/irs-pdf/p530.pdf
• https://www.nerdwallet.com/article/fha-mortgage-insurance
• https://www.quickanddirtytips.com/money-finance/real-estate/buy-or-rent-a-home-which-option-makes-you-richer

In this episode, Robert and Emily Hatfield talk to us about transitioning to living on a single paycheck. Some things we discussed include:

• Preparing to transition to a one-paycheck household
• Connecting with your “why” for living on one income
• The importance of communicating with your spouse about finances
• Principles of leadership for husbands
• Advice for couples who are talking about going through a similar transition
• Concerns and challenges of living on one income

“You may bring home the paycheck, but it’s not all yours to spend,” said Robert, who works as the minister of the North Charleston church of Christ. His wife, Emily, stated, “I want to show I respect (my husband) by respecting the way I spend our money.” Both are faithful to the Lord, host podcasts on The Light Network, and have written books, which can be found in the “Links” section of this episode’s show notes.

Resources

• Link to purchase “The New You” by Robert Hatfield: https://squareup.com/store/tln/
• Link to Preachers In Training podcast, hosted by Robert: https://thelightnetwork.tv/tag/preachers/
• Link to purchase “Exposed” by Emily Hatfield: https://squareup.com/store/tln/
• Link to Wifey Wednesdays podcast, hosted by Emily: https://thelightnetwork.tv/tag/wifey/
  • Episode about being creative and content on one income: https://thelightnetwork.tv/wws3e15/

For a lot of folks, personal finances are as scary as a haunted village on Halloween. Bank statements, credit card bills, 401(k)’s, IRA’s, taxes, and mortgages can seem to make up a haunted financial village. But instead of running away in fear, how can we overcome this? 

In this episode, Gary & Christy talk about how to overcome financial fears. The first step is to recognize that the fear is real, but it’s going to be okay. Personal finances are complex, and we should treat through them carefully. However, we can’t move forward if we avoid our situation. Setting aside financial plans for “later” is choosing to make things worse. Therefore, we must confront our fears, in part by creating a plan and educating ourselves. 

…casting all your anxieties on Him, because he cares for you. (1 Peter 5:7 (ESV))

Links

• https://www.moneytalksnews.com/halloween-time-face-your-financial-fears/?utm_source=newsletter&utm_medium=email&utm_campaign=%27The+8+Best+Things+to+Buy+at+Amazon+Today%27+and+more
• https://www.nerdwallet.com/blog/finance/are-you-afraid-to-look/
• https://www.psychologytoday.com/us/blog/insight-therapy/201009/overcoming-fear-the-only-way-out-is-through

The Bible tells us that in all labor there is profit (Proverbs 14:23) and whatever we do, we ought to work heartily, as for the Lord and not for men (Colossians 3:23). Rather than being a “necessary evil” work is a privilege. Each and every job has value. Nevertheless, we have our own unique situations, so not every job is the right fit for us. In this episode, Gary & Christy answer the question, “Is my job worth it?”
On a related note, here are a few general principles that should always guide us as employees:

• Be kind and respectful even if the employer or the co-worker isn’t.
• Be patient even during frustrating times.
• Show integrity, even if those around you don’t.
• Be honest, even if others aren’t.
• Don’t “ghost” your employer.

Links

• https://www.linkedin.com/pulse/when-people-ask-you-how-stop-saying-busy-robert-glazer/?trk=eml-email_feed_ecosystem_digest_01-recommended_articles-10-Unknown&midToken=AQFcCl_BBZTKKQ&fromEmail=fromEmail&ut=2IIlg3-WC9gUA1
• https://www.linkedin.com/pulse/really-always-leave-office-time-andrew-mcgregor
• https://www.rosettatg.com/blogtoon/2018/8/24/time-vs-intensity
• https://www.linkedin.com/feed/news/ghosting-has-hit-the-office-4760330/