9. Your Path To True Riches Victory 1 : Spending Plan & Save $1,000 For Emergencies Victory 2 : One Month Living Expenses & No Credit Card Debt Victory 3 : Three Months Living Expenses & No Consumer Debt Victory 4 : Saving For Major Purchases, Expenses & Retirement Victory 5 : Buy Affordable Home, Wise Investing Victory 6 : Home Paid Off, Major Expenses Funded Final Victory : True Riches = Generosity
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19. Example of The Snowball Strategy 500.00 Total: 22,200.00 Total: 175.00 Excess Available 325.00 22,2000.00 Total Debt 4 190.00 10.00% 9,000.00 Car Loan 3 55.00 12.00% 5,000.00 Store Card 1 30.00 9.9% 3,800.00 Credit Card “B” 2 50.00 13.00% 4,400.00 Credit Card “A” Priority Minimum Payment Rate Balance Creditor
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The Reality – The SWs - Some Will, Some Won’t, Some Wait
God is the author and perfecter. So obviously God plays an important “part.”. The reality is that it is ALL about God. God owns it all. Psalms 24:1 tells us that the “earth is the Lords.” and Haggai 2:8 says that the gold and silver are His and according to Psalms 50:10 every beast of the forest and the cattle on a thousand hills are His. We must recognize that He is the owner of all our possessions. Therefore, every spending decision becomes a spiritual decision. Earlier, we looked at I Chronicles 29:11-12. But just to review, God controls it all – good, bad. It is all under His control. Isaiah 45:7 tells us that God creates well-being and calamity. And we have all heard that God has a plan and a purpose and that all things – ALL THINGS – work together for good for those that love HIM and are called according to His purpose. As a side note, the Apostle Paul wrote in his second letter to the Corinthians that he was “filled with comfort.” and that he was “exceedingly joyful in all his tribulation.” (II Corinthians 7:4) How do you get to the point were you are exceedingly joyful in all your tribulation? The promises of God. So if you need a word of comfort, I would encourage to review God’s promises. [NEXT SLIDE]
So now that we have a better understanding of what the Bible says about money. Let’s take a look at the economy.
“The wise man saves for the future, but the foolish man spends whatever he gets.” Proverbs 21:20 Proverbs 22:7 Liquidity Goals – builds a tower Diversify – Ecclesiastes 11:2 ? I Chronicles 29:11-12
Potential > Reality requires discipline. If no discipline – dream. “Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God.” Phil. 4:6 Focus on the next destination. Little victories. Eat an elephant one bite at a time. Involve your spouse.
The average American spends $1.10 for every dollar earned. No spending plan = flying by the seat of your pants. Rainy day fund. It is going to rain. There are five steps to developing your spending plan.
Record every penny. List Your Monthly Expenses. Fixed Expenses – Housing, Car Payment. Variable Expenses – Food, Utilities. List Your Monthly Income. Compare Your Income Versus Expenses. If you are spending more than you make OR want to accelerate your journey, then you MUST increase your income, reduce your spending or both. With every expense, ask yourself two questions – Do I really need this? Can I do this less expensively? Reducing spending = changing lifestyle. Examples: Cancel cable, sell car with highest loan, eat out less, buy fewer clothes, public school. Your financial situation change periodically. Handouts
Coach = advice, encouragement, accountability. Variable expenses (utility, food, clothing, etc.) = monthly average divided by 12. Team = spender vs. saver. One is usually better equipped = details, keeping records, etc. Talk to discuss progress, challenges, and adjustments. Think annually - $6 lunch every day = $1,500 per year. Daily paper ~ $300 per year. Starbucks, etc. Holidays, birthdays are one of the biggest budget busters.
Handouts
Deut. 1:19-33 – people of Israel refused to enter the land.
Psalms 46:10 – “Be ??? [what] – still - and know that I am God…” Are you reactive or proactive? Biblical principles are always right, relevant and don’t change.
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