Faith and Finances

So you've got a budget… very cool!

I get a fuzzy feeling when my budget is written and my wife and I agree upon it. However, I get a sick feeling a month later when I learn that we did not stay within our budget.

Going over budget in one or more areas creates a shortage in others. In other words, something is not getting paid.

In This Episode, We Look At:

Choosing a preferred method to write and track your budget.

If you have not yet developed a budget, we invite you to listen to Episode 14, "A Biblical Approach to Money Management."

A budget should be mutually agreed upon (spouses) and flexible.

Pay the big bills via auto-pay, assuring they get paid, and on time.

Mortgage, Auto loan, and Health Insurance are some examples.

Decide which budget items can be paid with cash, eliminating the chance of over-spending; if the grocery budget this week is $200 bring only $200 in cash and resist using your debit or credit card.

Schedule a regular interval for sitting down and reviewing your progress (weekly is advised when this is new to you).

Inspect what you expect

Resources and Links:

There are several budgeting programs available, and more are being developed on a regular basis. As of the date of this recording, a few rise to the top:

YNAB (not an affiliate)

Mint

Improve Your Faith and Finances:

Purpose to control your dollars, so that they do not control you. Decide where your dollars should go, write out that plan (budget) and follow it, checking your progress weekly.

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What does Retirement look like today?

Are we stressing to have everything ready by age 65?

In This Episode, We Look At:

While we do not find retirement in the New Testament (the Levities in the OT were required to retire at age 50), there are certainly principles that help us with that issue today.

The importance of preserving your ability to earn an income today, and today.

We look at the value of your unique experiences and skill sets.

The possibility of continuing the work you enjoy and not retiring.

Transitions into other fields vs retiring, including entrepreneurial pursuits.

Mini retirements. Yep, taking a month or more off as a sabbatical— getting a taste of retirement, then back to work you enjoy.

Improve Your Faith and Finances:

Continue the discipline of saving and investing for your financial future, strive to the best at what you do, and seek to learn a new skill, or improve existing skills.

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How do offerings fit into the Christian's life?

Is there a command?

In This Episode, We Look At:

Giving demonstrates Christ's lordship in our lives.

Giving doesn't empty me of resources, it transfers my resources from earth to heaven.

Christians give generously,

God does not exist for me, I exist for Him.

"God's money has a higher purpose than my affluence" - Randy Alcorn

Christians Give regularly. 1 Cor 16:2 Upon the first day of the week let every one of you lay by him in store, as God hath prospered him, that there be no gatherings when I come.

Voluntarily 2 Cor 9:7 Every man according as he purposeth in his heart, so let him give; not grudgingly, or of necessity: for God loveth a cheerful giver.

Barnabas voluntarily gave the proceeds of the land he sold to meet a unique and great need. Acts 4:36

Sacrificially

2 Cor. 8:2-3 How that in a great trial of affliction the abundance of their joy and their deep poverty abounded unto the riches of their liberality.

3For to their power, I bear record, yea, and beyond their power they were willing of themselves;

Cheerfully 2 Cor. 9:7 Every man according as he purposeth in his heart, so let him give; not grudgingly, or of necessity: for God loveth a cheerful giver.

Proportionately Acts 11:29 Then the disciples, every man according to his ability, determined to send relief unto the brethren which dwelt in Judaea:

Queitly Matthew 6:1-4

Obediently 1 Thes. 5:19 Quench not the Spirit.

Improve Your Faith and Finances:

Ask the Lord to seek and know your heart, and to impress on you how and when He would have you give, then respond in faith and love, trusting God to provide for you.

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'Tis the season for resolutions and goals.

I love goals. Resolutions? Not so much. Why? The Average Joe (or Josephine) excitedly set out on his/her resolutions and then abandons them after about 2 1/2 weeks (on average)

In This Episode, We Look At:

The lack of accountability is a major contributor to abandoned resolutions

I am a proponent of moving forward, improving various areas of our lives, which are generally defined in Annual measurements — and I believe that is where the problem lies.

A 365 Day goal can seem overwhelming on Day three for example, or especially after a set back and we're starting all over— with only 362 days to go!

A 13 Week Goal seems to be more effective.

Taken one week at a time

Focusing on one day at a time.

[In Episode 17, we covered Habits]

It is One-quarter of year.

Choose a measurable goal that you would like to accomplish in a shorter period of time:

Weight loss? Can do!

Improve strength? Can do!

Write that Book? Can do!

Lower cholesterol? Yep!

Key: Daily focus, weekly review

• Track daily action steps in a journal of digital file

1. Each day of the week, have your goal (13 week) written at the top
2. List up to three Action steps you will accomplish TODAY
3. Do this before you go to sleep the night before

Example: Goal : Reduce belly measurement by 3 inches

That breaks down to 1/4" per week - doable.

Daily actions steps : Consume less than 80 grams of carbs. Drink 6 cups of water. Workout

Example: Increase savings balance by $5,000 (year)

That is $1,250 for the quarter— $96/ week > $13.73/day

Daily Action steps: (Varies per individual)

Be a Saver and not a Spender today

Eat each meal at home >transfer $ from checking to savings

• Review your own progress at the end of each day.

Example: Did I consume less than 80 grams of Carbs?

Yes? Check it off. No? Be honest with yourself and write down what happened and what correction will do tomorrow in order to achieve your daily goal

• Review your progress for the past week.

This is SELF-accountability

This is important! There will be failures, missed goals, but they can be improved/corrected for the next week!

List your wins (activities completed) List what needs to be improved next week.

Resources and Links:

Best Self Journal

Panda Journal

Michael Hyatt's Full Focus Journal

Improve Your Faith and Finances:

Clarify a measurable 13-week goal, or two, then break your action steps to weekly and daily targets. Review your own progress each night before you go to bed, then at the end of each week.

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There has certainly been an evolution of how we conduct commerce. It appears the majority of financial transactions today are paperless—just numbers transferring dollars.

But how do we answer the question, "Should we invest in BitCoin?"

In This Episode, We Look At:

Speculating versus prudent investing

Biblical wisdom to consider before rolling the dice with Bitcoin.

"Hot investments" of the recent past and the fallout that followed.

When anything is increasing in value at rates that seem mathematically impossible, it's time to be skeptical. When you hear enthusiasts proclaim "This time is different, new paradigm, new technology that never existed before." put your boots on. –Ric Cochran

Improve Your Faith and Finances:

Breathe. Do your due diligence—do not invest in something because "everybody is doing it." Ask yourself, "Will God be honored in this?"

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We must admit that It's a Wonderful Life is a must-see family favorite

for the Christmas season. In today's episode we decide to have fun in picking out the many financial lessons that can be gleaned from this 1946 award-winning classic.

In This Episode, We Look At:

• The main character's family business
• The compassionate capitalism demonstrated by the family business
• The Scrooge archetype—Mr. Potter
• What does insolvency mean for a bank?
• What is a "run on the banks"?
• How much have things changed 71 years later?
• Why don't banks hold onto our money? Where does it go?
• Our lives are worth more than $8,000 (You'll have to watch the movie to understand the reference).

Resources and Links:

It's A Wonderful Life, DVD through Amazon

It's A Wonderful Life, HD Digital Copy through Amazon

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Long after the toys and gifts are broken or forgotten, our families will remember the Christmas experience.

In This Episode, We Look At:

Several ideas to create a memorable Christmas season including:

Go to church: What better place to be on Christmas Eve than in the house of the Lord, celebrating the birth of our Savior?

Involve your children in bringing a gift to Jesus—whatever is on their heart.

Matthew 2:11 And when they were come into the house, they saw the young child with Mary his mother, and fell down, and worshipped him: and when they had opened their treasures, they presented unto him gifts; gold, and frankincense, and myrrh.

At home:

The Tone: Dads, you are the example of Christ in your family. Are you "prayed up?" It's so easy for us to get in the flesh with pressure and planning. The Enemy does not want Christ honored…

Put Christ first: One danger of being saved a long time and having many Christmases under your belt is losing just how special and precious the Christmas story is to us. Read the Bible—even if the kiddos protest, "Dad! We want to open the presents!"

Luke 2:1-39 includes the prophesy that Jesus Christ came to die and save us from our sins.

Isaiah 9:6-7 prophecy of the birth of our Savior as God in the flesh

Exhibit gratitude: They will be influenced by your example.

Traditions: It's interesting how our children will remember family traditions as they grow into adulthood, and then establish traditions for their own families.

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TV shows like "American Greed" draw us in with curiosity and then feed our focus on other people's greed.

"It's someone else's struggle or sin, not mine."

It's funny how easily we can measure how much is too much for others, but can't seem to find that "too much" point for ourselves.

Proverbs 20:6

Most men will proclaim every one his own goodness.

Research conducted by Pew Research found that 57% of those Americans surveyed believed that Americans are greedy.

In This Episode, We Look At:

"Those Greedy Christians!"

Sadly, the evidence revels that the more money Christians make, the less they tend to give. Evangelical Christians give 4 percent of their income on average. That average drops to 2.43% we include all those who identify as Christ-followers in the United States.

What happened to all of the wishful promises of, "When I make more money, I'll give more!" or the more common, "When I win the Lottery–I'll be a BIG GIVER!"

Taking Inventory—Identifying Greed in our lives

Comparison: the self-inflicted pressure to keep up with others or have what they have. (Mine eye doth affect my heart)

Overspending: Often not weighing the difference between needs and wants, buying impulsively, going beyond the budget

Proverbs 27:20

Hell and destruction are never full; so the eyes of man are never satisfied.

Entitlement

Hoarding—"When I have saved up enough for me, then I can start giving to others."

Ecc. 5:13 There is a sore evil which I have seen under the sun, namely, riches kept for the owners thereof to their hurt.

Luke 12:20-21

But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided?

21 So is he that layeth up treasure for himself, and is not rich toward God.

Improve Your Faith and Finances:

The Cure: Generosity

The tithe keeps us dependent on God and is an effective remedy for greed. Then, as we see God provide and honor our tithing we can grow in cheerful giving.

Acknowledging God as the priority He should be in our lives helps us grow in grace and to have an eternal perspective on all things temporal. When it "clicks" in our heads and hearts that we can't take money with us AND that we cannot out-give God, we can be free to give generously.

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What is success? Searching that on Google brings up 949 million hits making it a pretty popular subject!

The World is very preoccupied with success. But how is success measured?

Have you ever felt the pressure of not "arriving" yet? Or, perhaps you are not in the career that could be paying you the most? "What if I was meant to be in marketing instead of working for UPS?"

Let's be real, that kind of pressure can be debilitating—if we let it.

In This Episode, We Look At:

The Drive to Excel

There is nothing wrong with having a drive to excel. As a matter of fact, we are taught in Scripture that we are to do all things with excellence as to the LORD! That's the key! What is behind your drive to succeed?

Col. 3:23 And whatsoever ye do, do it heartily, as to the Lord, and not unto men

Be careful in your source of motivation:

"Motivational Speakers and Thought Leaders often place the emphasis on SELF"

Romans 12:3 For I say, through the grace given unto me, to every man that is among you, not to think of himself more highly than he ought to think; but to think soberly, according as God hath dealt to every man the measure of faith.

Too much success or success in the wrong area

God's Word can keep us grounded and striving for success that really matters for all of eternity.

King Solomon was the most successful man in recorded history. We learn much from him.

Notice what he wrote in Proverbs 27:7

The full soul loatheth an honeycomb;

but to the hungry soul every bitter thing is sweet.

And in Proverbs 30:8-9

Remove far from me vanity and lies: give me neither poverty nor riches; feed me food convenient for me: Lest I be FULL, and DENY thee, and say, Who is the LORD? Or lest I be poor, and steal, and take the name of my God in vain.

GOD HONORING SUCCESS

Now notice what King David, Solomon's father, teaches about TRUE success:

Psalm 4:7

Thou hast put gladness in my heart,

More than in the time that their corn and their wine increased.

Gladness from the LORD—joy, is worth much more than great riches!

The majority of people in Biblical times made their living by farming their land. If your crops and wine "increased", that meant you had an abundant harvest which equated to riches. You would rejoice over such a bountiful harvest, and God's Word teaches us that the gladness in our hearts that only comes from God is so much better than all those riches.

Going back to Solomon to take this subject home…

"Let us hear the conclusion of the whole matter: Fear God, and keep his commandments: for this is the whole duty of man. For God shall bring every work into judgment, with every secret thing, whether it be good, or whether it be evil" Ecc 12:13-14

Whatever you set your hand to do, do it heartily, as unto the LORD—that is great success!

Improve Your Faith and Finances:

Value the gladness from God in your heart higher than temporal success and you'll experience real success!

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Today we decided to provide a financial quiz. We'll ask the questions, give you some time to choose your answer, then we'll discuss what we believe the answers to be.

Give yourself $5 for every question you answer correctly (Put it in savings—you'll be glad you did!)

In This Episode, We Look At:

• Your current income doubles by the year 2032 and the prices of goods and services doubles as well, how much will your 2032 income allow you to buy?

A. Less than today

B. Don't know

C. More than today

D. The same amount as today

• If you maintain a comfortable lifestyle

with your current income today and do not receive any increase in earnings over the next ten years, you should be able to maintain the same lifestyle.

A. True

B. False

• If your checking account has a balance of $300 and the bank posts a "Debit" of $50, will your balance change to:

A. $350

B. No change

C. $250

• Your gross earnings for the current pay period are $2,100. Your paycheck (or direct deposit) was $1,612. How much were your earnings for that pay period?

A. $2,100

B. $1,612

C. $1,890

• To establish, or increase your credit score, it is recommended that you:

A. Buy something on your credit card and pay it off when you receive the bill. Debitize!>

B. Buy something that you need and make monthly payments for 6 months to a year to establish a pay history.

C. Frequent the Payday Advance office before every Payday

• Noah starts investing $100 per month at age 23 and stops all together at age 33 (that's ten years). Bradly starts investing $100 at age 35 and continues until age 65 (thirty years).

With the same investments and the same rate of growth, who will have more money at age 65?

A. Noah

B. Bradly

• A 15 year mortgage is better than a 30 year mortgage .

A. False

B. It Depends

C. True

• If your take-home pay is $3,200, you should be able to pay a rent or mortgage of $1,600

A. True

B. False

C. Not advisable

• Investing only in one stock, the company you work for, is safer than investing in an index fund, because you know your company very well.

A. True

B. False

• If your credit card balance is $2,000 and the interest rate is 20% compounded annually, how long would it take for your balance to double if you made no payments?

A. Less than 2 years

B. 2 to 4 years

C. 5 to 9 years.

D. Over 10 years

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