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Money is a training ground for God to develop our trustworthiness, Luke 16:11

Money is a training ground for God to develop our trustworthiness, Luke 16:11. Principle 3 Know Where You Stand by Making a Financial Plan. A reflection of your faith and your values Outgrowth of your commitment to obey God’s Holy Word Doing it “your way” is building on sand.

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Money is a training ground for God to develop our trustworthiness, Luke 16:11

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  1. Money is a training ground for God to develop our trustworthiness, Luke 16:11
  2. Principle 3Know Where You Stand by Making a Financial Plan A reflection of your faith and your values Outgrowth of your commitment to obey God’s Holy Word Doing it “your way” is building on sand
  3. Improving your skills will improve your earning potential so you can Tithe Purchase Insurance Have a cash cushion Develop a retirement strategy
  4. Common-Sense Ideas About Investing Your Money Have an Investment Plan Diversify Understand Your Investments Pay attention to your investments, but not too much attention Invest consistently Don’t follow the Herd, buy on the Bubble, or attempt to get rich quick
  5. Common-Sense Ideas About Investing Your Money, cont’d Invest in businesses that make money today, not in those that hope to make money some day Understand the principle of compound interest Understand the need for adequate liquidity While you’re investing, invest in yourself New term?
  6. Make a Budget“The plans of the diligent certainly lead to profit, but anyone who is reckless only becomes poor.” Prov 21:5 As a believer, you are called to lead a life of moderation, maturity, and discipline If you’re not saving money, your budget isn’t working
  7. Budgeting Basics Your budget should be realistic Write your budget down on paper, or if you’re computer savvy, use money-management software to organize your finances Take into account all major and minor expenses Create your budget in cooperation with your spouse
  8. Budgeting Basics, cont’d Leave room for surprises, expect surprises Review your budget monthly and compare with your actual expenses Strive to live at a profit; income should be more than what you spend on expenses
  9. Class 3: Chapter 3: God’s Big Idea about Finances Financial planning: the continuing allocation* of limited financial resources to changing and unlimited alternatives *a system of dividing expenses and incomes among the various branches, departments, etc., of a business/family budget
  10. 4 Transcendent planning principles Spend less than you earn Avoid the use of debt Maintain liquidity (or emergency savings) Set long-term goals
  11. 5 uses of money Giving Taxes Debt repayment Saving/investing Lifestyle choices
  12. First, we are commanded to give Prov 3:9, “Honor the Lord with your wealth, with the firstfruits of all your crops” 1 Cor 16:2
  13. Second, we are commanded to pay taxes Rom 13:7, “Render to all what is due them: tax to whom tax is due; custom to whom custom; fear to whom fear; honor to whom honor.” Matt 22:21, “Render to Caesar the things that are Caesar’s; and to God the things that are God’s”
  14. Third, we are commanded to pay our debts Ps 37:21, “The wicked borrow and do not repay, but the righteous give generously.”
  15. Fourth, we are commanded to provide for our family’s needs. 1 Tim 5:8, “If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever.”
  16. Appreciatation of Assets
  17. Steps to control spending Estimate living expenses Record actual spending Refine your spending plan Control your spending plan Evaluate and revise, revise, and revise
  18. Principles regarding lifestyle Prayerfully seek God’s direction regarding your lifestyle Prov 3:5-6, “Trust in the lord with all your heart and lean not on your own understanding; in all your ways acknowledge him, and he will make your paths straight. Learn to be content Phil 4:11, “I have learned to be content whatever the circumstances.”
  19. Principles regarding lifestyle, cont’d Learn to avoid coveting Ex 20:17, “You shall not covet your neighbor’s house. You shall not covet your neighbor’s wife, or his manservant or maidservant, his ox or donkey, or anything that belongs to your neighbor.” Do not determine your lifestyle by comparing it to others’ 1 John 2:15-17, “Do not love the world or anything in the world. If anyone loves the world, the love of the Father is not in him.”
  20. Principles regarding lifestyle, cont’d Freely enjoy whatever you spend in the “Spirit” 1 Tim 4:4, “For everything God created is good, and nothing is to be rejected if it is received with thanksgiving.” Make an effort to live more simply 1 Thess 4:11-12, “Make it your ambition to lead a quiet life, to mind your own business and to work with your hands, just as we told you, so that your daily life may win the respect of outsiders and so that you will not be dependent on anybody.”
  21. Principles regarding lifestyle, cont’d Do not be conformed to this world Rom 12:2, “Do not conform any longer to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is – his good, pleasing and perfect will.”
  22. Review page 44 in textbookFinancial Planning diagram
  23. Exercise
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