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FAMILY LIFE SEMINAR MANAGING FAMILY FINANCES JUNE 28, 2008. THE REDEEMED CHRISTIAN CHURCH OF GOD, THE KING’S PALACE. YOU ARE CORDIALLY INVITED TO ATTEND OUR FAMILY WEEKEND PROGRAM FAMILY LIFE FELLOWSHIP. Seminar Topic: Managing Family Finances Date & Time: Saturday, June 28, 2008 @3-6pm

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FAMILY LIFE SEMINAR

MANAGING FAMILY FINANCES

JUNE 28, 2008

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THE REDEEMED CHRISTIAN CHURCH OF GOD,

THE KING’S PALACE

YOU ARE CORDIALLY INVITED

TO ATTEND OUR FAMILY WEEKEND PROGRAM

FAMILY LIFE FELLOWSHIP

  • Seminar Topic: Managing Family Finances
  • Date & Time: Saturday, June 28, 2008 @3-6pm
  • Venue:5371 E 5th Street, Katy, TX 77493
  • &
  • SPECIAL SUNDAY SERVICE, LUNCH & FUN TIME
  • (Sunday, June 29, 2008)
  • Anointing Service: 5371 E 5th Street, Katy TX, 77494 @ 10:00am
  • ================
  • LUNCH & LOTS OF FUN @ 12:30pm-3:30pm
  • Venue:Tiger Hall, Avenue D, Katy, TX 77493
  • ===============================
  • RSVP: 832 752 8732, 832 289 6928
slide3
Welcome & Introductions
  • Family Life Fellowship Team
    • Lanre Olabinjo (Coordinator)
    • Charles & Ify Edozie (Events/Program Management)
    • Sis Julia Irorere (Logistics)
    • Sis Amaka Dei (Refreshment/Entertainment)
    • Bro “Bishop” Daniel Dei (Special Services)
  • Guests…
agenda
Agenda
  • Review/Recap of Previous Seminars 3:00 – 3:15pm
  • Conversation/Discussions 3:15 – 4:00pm
    • Causes of financial stress in relationships
    • Opinions on common purse & transparency
    • Sharing financial management responsibilities
      • Paying bills
      • Balancing the family checkbook
      • Investment decision
  • Presentation & Discussions 4:00 – 4:30pm
    • Financial Planning & Budgeting
  • Investment & Income Protection (Mrs. Durojaiye) 4:30 – 5:30pm
  • Summary & Next Steps 5:30 – 5:50pm
  • Prayer & Closing 5:50 – 6:00pm
    • Snacks/Reception/Entertainment
key points family vision seminar
Key Points: Family Vision Seminar
  • “When two people are together in any endeavor in life, it is only possible for them to remain unified and productive if they both share the same vision and purpose. Therefore, it is of paramount importance that every couple hoping to succeed take the time and energy to get God’s vision for their marriage.”

– Jimmy Evans (Marriage Today)

key points family vision seminar1
Key Points: Family Vision Seminar
  • Your family/marriage is more important than anything else except your relationship with God
  • You cannot afford to leave having a great family/marriage to chance, it requires working on your relationship
  • There is a need to obtain God’s vision for your marriage and set expectations that are high for your family in line with the vision
key points family conflict seminar
Key Points: Family Conflict Seminar
  • Understanding the following four issues that causes family conflicts, will go a long way in building harmony & peace in our family relationships
    • Misunderstanding
    • Strain on family time
    • Feeling unappreciated
    • Financial stress/strain
today s objectives
Today’s Objectives
  • Objectives:
    • To conduct an open forum (discussions) around managing family finances and associated issues
    • Be open to new ideas that could take your family relationships to the NEXT LEVEL
    • Note:
      • Don’t put up a screen
      • We are not here to judge anyone/family but to learn from each other
quotation
Quotation
  • "Over a lifetime, the average family will manage between $1.5 and $2 million. Imagine running a business that will gross a couple of million dollars and deciding that it is not necessary to write anything down - 'We'll just wing it.' Far too often this is exactly what families do"
managing family finances
Managing Family Finances
  • Question (YES/NO ANSWER):
    • Does your family’s finances and the management thereof constitute a cause for concern/stress in your home?
    • Do you feel like your family has a clear goal from a financial point of view that you are working towards?
start up questions
Start-up Questions
  • DISCUSSION QUESTIONS:
    • What factorscauses of financial stress in relationships?
    • What is your opinion on having a common purse and being transparent in your financial dealings in a family relationship?
start up questions1
Start-up Questions
  • QUESTIONS:
    • What is your opinion about the need to have a family budget?
    • What is your opinion about sharing financial management responsibilities between spouses?
      • Paying bills
      • Balancing the family checkbook
      • Making investment decisions
managing family finances1
Managing Family Finances
  • CAUSES OF FINANCIAL STRESS:
    • Individual financial behaviors
      • Emotions
      • Personality
      • Individual attitudes about money
      • Impulsive buying
      • Excessive materialism
      • Preoccupation with status or social image
    • Lack of financial understanding
      • No family budget
      • Where there is a budget, actual expenses not tracked for follow-up
      • Low understanding of investment options & strategy
managing family finances2
Managing Family Finances
  • EFFECTS
    • Research shows that finances have a tremendous impact on family relationships and are often the cause of marital conflict (Blood & Wolfe, 1973).
    • Researchers in various studies made the following observations:
      • Finances ranked first or second in four surveys examining the causes of marital conflict
      • Financial struggles are one of the main causes of divorce in first marriages
managing family finances3
Managing Family Finances
  • EFFECTS
      • One study indicated 89 percent of all divorces can be traced to financial arguments
      • Such research suggests that finances should be considered an important factorin the happiness and stability of the marriage relationship since it is often the cause of disagreement and divorce
    • Although finances have a major effect on the quality of marital relationships, few people consider it
    • Money is a difficult topic for married couples to discuss because it involves powerful emotions
managing family finances4
Managing Family Finances
  • Question
    • Knowing that family finance causes strain/stress in relationships, how can we manage our finances to avoid such stress in our homes?
      • Mention Practical Steps You Can Take…
managing family finances5
Managing Family Finances
  • PRACTICAL SOLUTIONS
    • Understanding the connection between money and family relationships
    • Communicate openly, honestly, and clearly about your family’s finances
      • This is where your family vision tool will be extremely helpful!
      • Develop a family budget and stick to it (preferably an annual budget)
        • This enables you to save and have funds available for investment when opportunities arises
      • learn to distinguish between needs and wants
managing family finances6
Managing Family Finances
  • PRACTICAL SOLUTIONS
    • Improve your understand of basic financial management
      • Understand the Time Value of Money
        • Present Value
        • Future Value
      • Have a family financial plan (i.e. where do we want to be financially in 10 years, what do we need to do today to get there)
      • Understand investment options
        • Real Estate/Property investment & loan amortization
        • Stocks/Bonds/Mutual Funds
    • Evaluate the option of personal/family business ownership & act on it!
      • Start Small…It does not have to be a “big idea”
managing family finances7
Managing Family Finances

Investment & Income Protection (Mrs. Durojaiye)…

empowerment through financial education introduction questions
Empowerment through Financial EducationIntroduction Questions
  • What is the Universal language of the world?
  • Why does every generation have to start from scratch?
  • Is our legacy to the next generation one of liberation or continual bondage?
  • How many of us are living an abundant life right now?
  • What is your plan?
  • What small steps can we begin to take today?
summary next steps
Summary & Next Steps
  • Financial stress is one of the main causes family dis-harmony
  • Effective financial management should be considered an important factor in the happiness and stabilityof the marriage relationship
  • Money is a difficult topic for married couples to discuss because it involves powerful emotions, therefore most couples shy away from discussing their finances, fail to plan and budget, and leave the achievement of desired financial results in their family to chance
  • Mrs Abolade will be glad to visit home fellowships to further explain investment and income protection
    • Home fellowship leaders, please coordinate with her to invite her at the time you are meeting if you’ll like to
  • Q3 Seminar (September 20th); Topic is “5 LOVE LANGUAGES”
announcement prayer closing
Announcement, Prayer & Closing
  • Announcements
    • Snacks, drinks, & socials after seminar
    • Family fun/party at Tiger Hall, Ave D. tomorrow after service
  • Closing Prayer: Pastor Badru

Thank you for attending!!!

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