Financial Stewardship – Retirement Planning – Wealth Management – Family Legacy
- Our finances affect more than our bank accounts. Finances impacts our spiritual life, physical health, our relationships, and future generations.
- Creating the right habits will change the outcome. Successful people do consistently what others do occasionally.
- 3 Money Principles discussed – money management, debt, and cash.
Financial Stewardship: Think About It.
Financial stewardship does more for us than just putting sound decisions and allocations together to reap a reward. Our finances go far beyond what’s in our bank account. They have spiritual, physical, and relational ramifications. Finances can be used to honor God through our giving and disciplines. Stewarded well, they can reduce stress in our lives and our marriages, can be used to grow our family, help others, and make a difference. The fact is we have so much to gain by having a strong financial foundation.
Before we share 3 fundamental principles that can bring peace to your finances, we want to share with you something that will truly make a difference in application – our habits.
In a recent Duke study, 40% of our daily activities are not made consciously but rather because we do them over and over, habits.
Sean Covey said, “Habits will make or break us. We become what we repeatedly do.”
In a recent message series, Craig Groeschel of Life Church, shed powerful light on why successful people do consistently what others do occasionally. He went on to quote James Clear who said, “You don’t rise to the level of your goals, you fall to the level of your systems.” Said differently, you may have a goal of being financially strong, but if you don’t have the right system in place to support it, there is slim chance of it happening. If you have a desire to create the right habits in your life, I strongly encourage you to check out this message “Habits” .
3 Fundamental Money Principles
There is an adage that says, “You can’t manage what you don’t measure.” For too many people the word “budget” makes them cringe. I hear many reasons why they don’t budget, whether it takes too much time, I make enough I don’t need to, I don’t make enough to budget, it’s not helpful, etc. If any of these are true, then why does nearly every business budget? Have you ever heard a company come out and say, “We have been successful, so we are going to cease our budgeting efforts.”? God has called us to be stewards and good financial stewards use budgets. They understand that it’s the only way to manage their money.
There are different ways to budget, whether the traditional way of listing out your income and expenses and tracking it or the “pay yourself first” way where you focus more on paying yourself (savings) and then living/giving on the rest without all the tracking. There are many great tools out there to simplify the process as well. The best tool is the one you like and use. Without knowing what your income and expenses look like, it’s hard to understand the margin you have. And knowing how much margin you have brings peace to you and those closest to you.
1. How much margin do you have?
2. How would having a little money leftover each month change your life or your marriage?
We all know that debt causes many financial woes, but it also causes health and relational issues as well. Most consumer debt is used for consumption today paid with tomorrow’s earnings. It’s robbing tomorrow to live today or as Wimpy on Popeye said, “I’ll gladly pay you Tuesday for a hamburger today.” Regardless of the reason debt was used, it creates a financial prison. Unfortunately, if we don’t do something about it our reliance on it will continue until we can’t borrow anymore.
But paying off debt will…
When talking about paying off debt most think about the cost of doing so or the things they may have to put off until it’s paid off. Instead, we should look at the benefit of being debt free. The freedom it will create, alleviating tension in our marriage, the hours saved worrying if we hit an income bump what will happen, and so on. God has more for us and didn’t intend for us to be consumed with debt. There is hope and with focus, intentionality, and a little discipline, being debt free is a reality.
1. What would life be like without debt?
2. What 1 step can I do consistently to start paying off debt and live in freedom?
3. What blessings have I been given?
Cash on Hand
In the world of finance, we use a spiffy word for this, liquidity. Whether we are still working or retired knowing what we need if …(fill in the blank) were to happen, brings peace. Having the right amount of cash on hand allows us to not worry about the market pulling back and if we will have to withdraw when it’s down. It also brings peace knowing if a pay check or bonus is light, we don’t have to use credit cards. Marriages can be strained if there is not enough cash on hand. It provides security and allows everyone to breathe a little easier.
1. What amount would allow you to weather a small storm?
2. Does your spouse know what cash is on hand for this purpose?
We are here to help
If you or someone you love would like to learn more on creating and maintaining a strong financial foundation, don’t hesitate to reach out to us. We enjoy helping others get on the right track and would be happy to visit with you and better understand your situation. As always, there is no cost or obligation for this meeting.