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Lets Talk Money!

Lets Talk Money!. An Introduction To Godly Financial Principals. Misconception 1: Money Is Evil!. 1Timothy 6:10 ICB – “The love of money causes all kinds of evil. Some people have left the true faith because they want to get more and more money. But they have caused themselves much sorrow.”

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Lets Talk Money!

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  1. Lets Talk Money! An Introduction To Godly Financial Principals

  2. Misconception 1: Money Is Evil! • 1Timothy 6:10 ICB – “The love of money causes all kinds of evil. Some people have left the true faith because they want to get more and more money. But they have caused themselves much sorrow.” • The LOVE of money LEADS to evil ways. Money itself is not evil. • What is money? • Money is a medium of exchange for goods, services, and labor. • The American dollar consists of cotton, linen, and ink, and represents an obligation of the US government.

  3. Misconception 2: Better To Be Poor! • James 2:1-7 “God shows no partiality” • 1 Timothy 6:6-9 “Pursuit of only riches leads to ruin” • 1 Timothy 6:17 “Put your faith in God, not money.” • Matthew 6:19-21 “Earthly treasures are temporary” • Matthew 19:24 “It is difficult for a rich man to enter heaven” • For men it is impossible, but not for God! • Each scripture serves as a warning to keep money in its proper order, but does not condemn it.

  4. What Does the Bible Say About Money? • Proverbs 12:27 “Hard work pays” • Proverbs 21:20 “We should save” • Luke 12:47-48 “We should increase what we are given.” • Deuteronomy 25:13–15/ Psalm 112:5 “Be honest in our dealings” • Deuteronomy 16:17 “Give as you are able”

  5. Financially Sound Principals • Plan (Luke 14:28-30) • Planning should start with prayer (Jeremiah 29:11) • Understand where you are (Proverbs 27:23) • Use available resources (Proverbs 15:22)(Proverbs 19:2) • Protect/Stewardship (Proverbs 27:23) • Live within your means (Proverbs 22:7) • Save for the unknown (Proverbs 21:20) • Grow what we are given (Mathew 25:14-30) • Provide (1 Timothy 5:8) • Tithe (Proverbs 3:9-10) • Legacy (Proverbs 13:22)

  6. Tithing • Relationship With God • Demonstrates obedience • Demonstrates gratitude • Demonstrates respect • Spiritual Savings/Investment • God’s rate of return is unmatched (Proverbs 3: 9-10) • Provisions during hard times (Deuteronomy 14:28-29) • Accomplish the goals of ministry • Provide for the physical needs of the church.

  7. Have A Plan • God’s plan • What does God have planned for me? • His will versus our will • Paint the picture of our future • Understanding my finances • How much money am I generating? • Where is my money going? • Paint the truthful picture of my present • Budget • Roadmap from present to future • Requires discipline and delayed gratification

  8. Budget • How to Budget • Be Honest- Look through old statements to get actual values • Be Thorough- Include EVERYTHING, even gifts • Be Willing to Sacrifice the Now for the Future - Starbucks vs. Debt Freedom; Nikes vs. College Tuition • Budget Goals • Income ≥ Expenses • Reduce/Eliminate Debt • Increase Savings • Include Dreams(Homeownership/New car/Vacation/Retire)

  9. Budget • Recommended Budget Percentages (50/20/10/20 Rule) • 50% Essentials • Home ≤ 28% ($1,166/mth for $50k/yr) • Debts(car/loans/credit card) ≤ 10% ($416/mth for $50k/yr) • Bills(Utilities/Gas/Insurance) ≤ 12% ($500/mth for $50k/yr) • 20% Savings/Investments • Savings/Investments ≥ 20% (832/mth for $50k/yr) • Includes 401k/Life Insurance • 10% Tithes • Tithe ≥ 10% (ie $416/mth for $50k/yr) • 20% Discretionary • Wants(Vacation/Shopping) ≤ 20% (ie $832/mth for $50k/yr)

  10. How Do I Stay on Budget? • Pay your bills first • Consider splitting large bills across pay checks • Consider fixed payments for utilities • Don’t short Uncle Sam- overestimate taxes • Use Cash For Discretionary Spending • “Fun Money”- Eating out/Manicures/Date Night • Keep Receipts and Balance Weekly • Plan Ahead • Make the kids eat before leaving the house • Pack a lunch the night before • Know what’s on the calendar (special events/ holidays/ travel)

  11. Why Is This Important? • Washington Post reports “The typical black family has just 1/10th the wealth of the typical white one.” • Black Enterprise reports, “ African American families are the least prepared for emergency savings.”

  12. Why Is This Important? • From USA Today- A new report from Prudential Financial details the income and wealth shortcomings of blacks: • Higher-income whites have saved six times more money than higher-income blacks. • Fifty-seven percent of black households have no retirement savings, compared to 44 percent of the general population. Among those with retirement savings, the average for black households is $23,000, vs. $154,000 for white households. • Only a third of blacks own homes, compared to 58 percent of the general population. 

  13. IT’S TIME TO LEVEL UP OUR FINANCES!!!

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