Bountiful: The Heart of Money Management

In this episode, Gary and Christy bring back Jonathan Medley as a guest to talk about Stewardship. Jonathan is a blogger for Perspectives of a Bondservant, a father of three children, a banker, and a Bible school teacher (among other things). He recently taught a Bible class on the topic of Stewardship and discussed that with us, including:

• What is stewardship?
• What does stewardship entail?
• Why is stewardship important?
• Is money the only area in which we ought to be stewards?
• How can we be good stewards of the money God gives us?

About how stewardship is mentioned in the Bible, Jonathan states, “The concept of it is everywhere and surrounds everything that we’re doing.”

Definitions of stewardship from various preachers:

• Don Blackwell – “Stewardship relates to my management of God’s resources.  I may handle them well or irresponsibly, and I will answer accordingly.”
• Jack Honeycutt – “God owns everything, we are simply managers or administrators acting on his behalf.  Stewardship is the commitment of one’s self and possessions to God’s service.”
• Chris Reecer – “Stewardship is the responsibility and overseeing the work or things of a person or persons.”
• Ben Giselbach – “Stewardship is how I use the blessings over which I’m responsible.”
• Neal Pollard – “Stewardship is the responsibility or process of proper management of particularly something that has been entrusted to us.”
• Glenn Colley – “As Christians, we are fiduciaries of what God has loaned to us.  Everything we have is really His.”
• Adam Faughn – “I define stewardship as managing what belongs to another, usually someone who is of greater importance.  Good stewardship is managing those things in such a way that it benefits the rightful owner, and bad stewardship is squandering them in a way that harms the rightful owner.”
• Jim Faughn – “An awareness that all that we have comes from God and that we need to seek His will in His word and wisdom via prayer in order to make the best use of what He has blessed me with.”
• Wes McAdams – “The steward was tasked with overseeing and managing his master’s interests and property according to his master’s will.”
• Brant Stubblefield – “The faithful handling and distribution of all resources entrusted to us by God.”
• Michael Whitworth – “I see it as simple taking care of what God has given us.  Sometimes it means being protective.  Other times being aggressive and risky.”

Links

• Link to Jonathan’s blog:  https://ofabondservant.com
• Related episodes:
  • Signs of a Lukeward Steward – https://thelightnetwork.tv/bountifuls2e10/
  • The last time Jonathan Medley was a guest on Bountiful – https://thelightnetwork.tv/bs2e6/
  • Preachers in Training episode with Alan Judd – https://thelightnetwork.tv/pits7e7/
  • Arrows in Our Hand episode about family Bible time – https://thelightnetwork.tv/aiohs8e1/
• YouTube videos of Rob Whitacre’s personal evangelism seminar: https://www.youtube.com/watch?v=wXI3fOOSHIw&list=PLzDl5nfEbJbKGGkdm8D1Ka5JTAkBpeJud&index=2&t=0s
• Chris Brown’s stewardship podcast we mentioned can be found at https://www.stewardship.com/show?ictid=HC9892161
• More about the Ivy Lee Method (actually from 1918, not the 1960’s):  https://www.fastcompany.com/3062946/this-100-year-old-to-do-list-hack-still-works-like-a-charm
• WonderWorks – https://www.wonderworksonline.com

In this episode, Gary and Christy discuss multi-level marketing and direct sales. Direct selling happens when a product – which is usually not found in a store – is sold by individuals. As salespeople, these individuals work on commission; the more they sell, the more money they earn. If these salespeople can recruit other individuals to sell the product, then those people become part of that salesperson’s team. As those recruited individuals sell the product, they receive a commission AND the salesperson whose team they’re on gets a commission. That’s a rough example of what multi-level marketing looks like.

So, how can Christians respond to multi-level marketing (MLM)? If we’re selling with a MLM, are there things we should keep in mind when we’re promoting the products we sell? As prospective consumers, are there things we should keep in mind when we’re approached by a friend or colleague who is involved with a MLM? Listen to this episode to find out.

Links

• https://www.investopedia.com/terms/m/multi-level-marketing.asp
• https://www.ftc.gov/tips-advice/business-center/guidance/multilevel-marketing
• https://www.dosaygive.com/etiquette-of-direct-sales/
• Oft-cited report from FTC about 1% participants turn a profit. https://www.ftc.gov/sites/default/files/documents/public_comments/trade-regulation-rule-disclosure-requirements-and-prohibitions-concerning-business-opportunities-ftc.r511993-00008%C2%A0/00008-57281.pdf

The world is pushing for more emphasis on the wedding and less emphasis in the marriage. In this episode, Gary and Christy talk about the ceremony which usually starts a marriage and ask, “Are weddings worth it?” The average cost of a wedding is around $30,000. Engagement rings, dresses, decorations, locations, and so much more are involved in weddings. However, while preparing for the ceremony, do we lose focus on what we’re celebrating: the beginning of a marriage? Is the couple prepared for their life together? Will the wedding put them under a financial strain before their marriage even begins?

When considering whether a wedding is “worth it” (i.e. a ceremony that’s aligned with the values and principles God commands us to follow – you know, true spiritual worth):

• Remember the amount of money spent on the wedding is not a measure of the couple’s love for each other.
• The wedding day is about commitment – of the couple to Christ and to each other. It’s not a competition to showcase our wealth and try to impress others.
• Christ should be the focal point, not a footnote.
• It’s an opportunity to showcase God’s love

Finally, for married couples who have an opportunity to influence engaged couples, let’s encourage future spouses to focus on God and the marriage. Sometimes we think engaged couples aren’t focused on the marriage because they don’t talk about it as much as the wedding. Is it because no one asks them about anything except the wedding?

Links

• “Keeping Up With the Joneses” https://thelightnetwork.tv/bountifuls1e9/
• https://www.moneyunder30.com/how-to-have-an-awesome-budget-wedding
• https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2501480
• https://www.moneytalksnews.com/slideshows/survey-reveals-the-10-biggest-wedding-regrets/?all
• https://blog.marketresearch.com/the-wedding-industry-in-2017-and-beyond
• https://www.americangemsociety.org/page/diamondasengagement

The amount of money we have is less important than our attitude about the money we have. We won’t get to Heaven because of the contents of our bank accounts, but our entrance into Eternity will be partially determined by how we use our bank accounts. In this episode, Gary & Christy talk about personal net worth, when it is worthless in our spiritual walk, and what to do to help our financial situation have more value in our lives.

In James 5:1-6, the Bible talks about “the rich” – those who were focused on being rich and staying rich. They were fraudulent in some of their dealings, they were self-indulgent, and they were unkind. The Bible tells us here that their net worth was worthless, not because they had a high net worth or because had a lot of money, but because of what they did with their material blessings. This same warning could apply to us if we follow in the footsteps of these rich. Our net worth can become worthless when we acquire and build up our material wealth but it costs us eternal riches.

So what can we do when net worth is worthless?

1. Choose to focus on our spiritual wealth more than our material wealth. What will is profit a man if he gains the whole world and loses his own soul? (Matthew 16:26)
2. Allow the testing of our faith to produce steadfastness. The testing of your faith produces steadfastness. And let steadfastness have its full effect, that you may be perfect and complete, lacking in nothing (James 1:3-4).
3. Give to God as we should. Honor the Lord with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine. (Proverbs 3:9-10)
4. Recognize we are not deserving of our wealth. “Beware that you do not forget the Lord your God by not keeping His commandments…when you have eaten and are full, and have built beautiful houses and dwell in them; and when your herds and your flocks multiply, and your silver and your gold are multiplied, and all that you have is multiplied; when your heart is lifted up, and you forget the Lord your God who brought you out of the land of Egypt…” (Deuteronomy 8:11-14)
5. Share and practice kindness. Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God (Hebrews 13:16).

Links

• Related Episodes:
  • “How Much Should I Give” https://thelightnetwork.tv/bountifuls1e15/
  • “Financial Wisdom with Glenn Taylor” https://thelightnetwork.tv/bountifuls2e9/
  • “Individually Supporting Good Works” https://thelightnetwork.tv/bountifulse312/
• https://www.aconsciousrethink.com/4561/5-ways-sense-entitlement-reveals/
• https://lonerwolf.com/sense-of-entitlement/
• https://www.moneytalksnews.com/10-characteristics-wildly-successful-people/2/

Getting into debt is much easier than getting out of debt. Debt isn’t sinful, but it does have an impact on our spiritual, as well as our financial, lives. So, if you’re in financial straits because of debt or if you just want to take a big chunk out of it, Gary & Christy talk about a 4-step process to help you get out of debt.

1. List all your debts. Include principal balances, monthly due dates, interest rates, and maturity dates.
2. Develop a spending plan. Make a list of all your income as well as all your expenses. What flexibility do you have? Can you earn more money or cut expenses in order to have more to pay off your debts?
3. Choose your debt payment strategy. This includes developing a goal (see format below). Two common approaches for tackling debt are the Snowball Method and the Avalanche Method.
4. Commit & Execute. At this point, after everything is laid out and ready to go, there’s nothing to it but to do it. It may be a difficult journey, so set milestones to remind you where you came from and why you’re dedicated to paying your debts.

A format for you goal of reducing debt can be:  I owe $___ in credit card debt, $___ in student loan debt, $____ in auto debt, and $____ in mortgage debt by __/__/__.

Links

• https://www.moneytalksnews.com/stressing-over-money-heres-how-to-stop/?utm_source=newsletter&utm_campaign=email-2018-07-08-am&utm_medium=email&subscriber=yes
• https://www.moneytalksnews.com/8-smart-ways-pay-off-debt-fast/
  • Stop using credit cards
  • After establishing an emergency fund (which will stave off future money needs) pay down as much debt as possible each month (i.e. more than the minimum payment at minimum!)
  • Cut spending – buy only needs and do not buy wants. This won’t be sustainable, but it doesn’t have to be. After the debt is paid, spending can go up a little bit to a sustainable (and affordable!) level.
  • After one debt is paid, apply the money used to pay that down toward the remaining debt.
  • Utilize windfalls to pay debt. This is a blessing from the Lord to help you get out of your financial pit.
• https://www.debt.org/blog/10-mistakes-getting-out-of-debt/
• https://www.nerdwallet.com/blog/finance/7-tips-for-paying-off-debt-from-people-who-did-it/
  • 1. Make the most of every dollar
  • 2. Work some side hustles
  • 3. Align your spending and values
  • 4. Use the power of extra payments
  • 5. Rely on yourself
  • 6. Consider consolidation
  • 7. Know your ‘why’
• https://www.biblemoneymatters.com/getting-out-of-debt-top-strategies-programs-and-ideas-to-help-you-get-back-in-the-black/
• https://www.nerdwallet.com/blog/average-credit-card-debt-household/

On today’s episode, Gary and Christy discuss the topic of Financial Favoritism in the church. Showing favoritism means that we provide unfair preferential treatment to one individual at the expense of another individual.  Favoritism is a concept we’ve all seen play out in the world. In addition, the Scriptures tell us of many instances where favoritism occurred, although the Bible often uses the word partiality instead.

The Bible also warns Christians against showing partiality, particularly financial favoritism, in James 2. Since the Holy Spirit saw fit to include this warning, it stands to reason it’s something Christians need to be on guard about. We may struggle with this without even realizing it. We can fall prey to showing unfair preferential treatment to those at the expense others, based on how much money they do (or do not) have.

Signs we may be showing financial favoritism:

1. We notice and pay attention to those with perceived wealth, and we tend to ignore those who don’t seem to have as much.

2. We create a clique, where we only spend time with people in a certain socioeconomic class to the exclusion of others.

3. We think of ourselves as “better” or “more righteous” than someone who appears to have fewer monetary possessions than we do.

4. We view material wealth as a sign of righteousness.

5. We really focus on our outward appearance for worship – making sure we have the newest clothes, the right hairstyle, etc.

6. We show more concern about the thoughts/feelings of those who are wealthy than the thoughts/feelings of those who are not.

7. We’re eager to meet the needs of the rich, but we’re hesitant to meet the needs of the poor.

8. We think that money = power. Those who put more money in the contribution plate should have more power in the church.

9. And lastly, we are suspicious of anyone who has material wealth, and we assume they are lovers of money.

How do we overcome financial favoritism?

1. Decide a person’s value by determining how much worth God has placed into their soul instead of how much is in their bank account.  
2. Talk to people that you don’t have a close relationship with.
3. Acknowledge our differences in Christ – Galatians 3:26-28
4. Humble ourselves in order to promote unity

For this episode, we want to give you five (5) things to review during the course of the summer – while Bountiful is on its summer break until August – to help get you in better financial shape. Five things that we sometimes put off until we get around to it. Five things that can help make the rest of the year an easier one from a personal financial perspective.

First, take a financial snapshot. If you haven’t pulled your credit report in a year or longer, your edible to get a free one at annualcreditreport.com. Your credit report not only gives you your credit score (commonly known as FICO score – see the link to the “Bountiful 101” episode about credit scores below) but it also lists all the accounts that are under your name. If you see an unfamiliar account, one that you didn’t open or one that you rarely use and can live without, it’s worthwhile to close it.

While you’re getting your finances into focus (get it? financial snapshot?) review your bank accounts, money market accounts, individual retirement accounts (IRA’s) or other places where your money is building. Are these accounts meeting your needs? For example, in your retirement accounts, is your portfolio mix appropriate for your age? A person who is 25 has, if the Lord grants them the years, several years before retirement, and they can afford to have a more aggressive mix of more stocks and less bonds as that usually yields the best returns over time. However, a person who is 60 and is only a few years away from retirement would be wise to invest more conservatively, in part because their risk tolerance is lower. Another example would be bank fees. If you’re paying for a lot of bank charges, it’s time to either change banks where you won’t have to pay those fees or set yourself up so you don’t have to pay them anymore. These are just a few ways you can take a financial snapshot over the summer.

Second, review important documents. Make sure your will, trust, life insurance, etc, are all set up appropriately for your situation. Are your beneficiaries correct? Did you establish secondary beneficiaries? These are things that take time to do. You have to submit paperwork and get documentation and consistently follow-up sometimes in order to get it all done. Nevertheless, this is important, and here is one reason why. Getting your will in order and documenting beneficiaries and things like this are decisions you should be making. However, if you don’t make them, you force your loved ones to choose at a time that’s already emotionally challenging for them. So, take a few minutes or a few hours if needed and review important financial documents.

Third is downsize. If you have a lot of possessions that have lost their purpose (listen to our episode about purposeful possessions here: https://thelightnetwork.tv/bountifuls1e6/) then it may be time to downsize. You can have a garage sale or donate these items. A clutter-free house can help provide a clutter-free mind. If spring cleaning didn’t do the trick, maybe it’s time for a summer downsize.

The next smart money move is review your expenses. Do you know how much you pay each month for internet access or your cell phone plan? Are there better deals available? When was the last time you used your gym membership? Do you need all of those online subscriptions? Not all monthly expenses are bad, but if you’re paying for something that you seldom use, that money could easily be more productive for you.

Finally, this summer, take some time to consider how much you give to the Lord. Has your income changed? If so, did your giving change also? Are you happy when you give each Sunday, or do you view the collection as an “entrance fee” to hear the sermon? God’s Word is clear – we ought to give cheerfully, willingly, as God has prospered us, and with a heart that’s engaged in this avenue of worship. Take some time to pray, talk with your family, and evaluate your giving. If you determine you’re giving the right amount with the right attitude, then God will continue to bless you! If you figure out you need to make some changes, when you put those changes into practice, God will bless you more (Acts 20:35).

Links

• Click here for all episodes of Bountiful: The Heart of Money Management
• Will you take a few moments to complete a survey about our podcast? thelightnetwork.tv/bountiful2018
• Link to our episode about credit scores: https://thelightnetwork.tv/bountifuls3e13/

In this episode, Gary and Christy provide a book review for “The Truth About Giving: God’s Dare to Give Scripturally.” The book is co-authored by Kyle Butt and John Farber, and was originally published by the Gospel Advocate in 2012. It’s only 95 pages long, with 13 chapters, but it’s full of Scriptural lessons on how we should approach the subject of giving to God and to His church. Gary and Christy spend some time discussing the aim of the book, as well as providing a brief summary of the contents of the book. It delves into every aspect of giving, and provides a thorough examination of our attitude and our actions in relation to our giving. It’s an excellent resource, whether you are studying this topic on your own or you want to study it with others, that discusses the motivation behind giving to the church, the benefits of scriptural giving, the curse of unscriptural giving, and how much we should give.

If you are interested in material that challenges you, encourages you, and motivates you to grow in your giving to God, check out “The Truth About Giving: God’s Dare to Give Scripturally.” The book is approximately $9.00, and we have provided several links below where you can purchase this book, as well as links for a few related materials as well.

Links

• Click here for all episodes of Bountiful: The Heart of Money Management
• Places to Buy The Truth About Giving:
  • http://www.apologeticspress.org/store/Product.aspx?pid=453
  • https://www.amazon.com/Truth-About-Giving-Gods-Scripturally/dp/0892255900
  • http://stores.gospeladvocate.com/the-truth-about-giving-gods-dare-to-give-scripturally-by-kyle-butt-and-john-farber/
• “My God and His Money” DVD by Kyle Butt: http://www.wvbs.org/index.php/my-god-and-his-money-dvd.html
• V.P. Black’s Books:
  • https://www.amazon.com/Books-V-P-Black/s?ie=UTF8&page=1&rh=n%3A283155%2Cp_27%3AV.P.%20Black
    
    

Bountiful 101 is a series that breaks down a money-related subject into its fundamental parts. In this episode, Gary and Christy talk about some of the basics of credit scores. What is a credit score? What impacts it? Also, they mention some myths about credit scores as well as some practical ways to boost your credit score.

Links

• Click here for all episodes of Bountiful: The Heart of Money Management
• https://www.moneytalksnews.com/13-small-missteps-that-can-wreak-havoc-your-credit/
• https://www.myfico.com/downloads/files/myfico_uyfs_booklet.pdf
• https://www.moneytalksnews.com/how-get-perfect-850-fico-credit-score-automatically/?utm_source=newsletter&utm_campaign=email-2018-04-04-pm&utm_medium=email&subscriber=yes
• https://www.moneytalksnews.com/are-you-committing-these-10-deadly-credit-card-sins/?utm_source=newsletter&utm_campaign=email-2018-04-25-am&utm_medium=email&subscriber=yes
• https://www.cnbc.com/2017/07/10/average-fico-score-hits-an-all-time-high.html
• https://www.eloan.com/learning-center/personal-finance/why-your-credit-matters
• https://finance.yahoo.com/news/6-biggest-ways-bad-credit-110012930.html
• https://www.moneyunder30.com/improve-credit-score
• https://ficoscore.com/education/#CreditBureaus

Gary and Christy talk about whether it’s okay for an individual to give money directly to support a good work. Should we only give to our local congregation, or do we have the option of supporting a good work on an individual basis?

Links & Resources:

• Click here for all episodes of Bountiful: The Heart of Money Management
• “Supporting Good Works” Curd, Dennis L. “Back to Basics: What Does the Bible Say About…” The 29th Annual Lectureship East Tennessee School of Preaching and Missions p. 571-584
• https://www.christiancourier.com/articles/918-giving-as-an-expression-of-worship
• https://www.christiancourier.com/articles/1361-new-testament-pattern-of-giving-the
• https://www.desiringgod.org/interviews/may-i-split-my-giving-between-my-church-and-another-ministry
• http://www.christianitytoday.com/ct/2012/october/split-tithe-between-church-charities.html