Handle money the right way
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This document provides a Christian perspective on personal finance and money management. It discusses that as stewards of God's resources, Christians should diligently manage their finances, pay tithes, avoid debt, and be content with what God provides. The document then gives advice on assessing one's current financial health, getting out of debt through budgeting and negotiation, planning for the future by prioritizing goals like education, marriage and retirement, and leaving a legacy for others through long-term saving and investing. The overall message is that one should take control of their finances to care for their family and build wealth in a way that honors God.
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Handle money the right way
- 1. Handle Money the Right Way – A Christian Perspective to Personal Finance 1 Debidutta Pattnaik, CFA (ICFAI) PGDM, MBA, MIFA
- 2. 2 In God’s Economy... God is the Owner of everything. We are appointed to be effective stewards. Therefore, we must diligently care proving faithful to what he has entrusted us. Because, we are accountable to him in everything. Tithe to express your priority. We must stay away from the love of money. We should not be in debt. Must stay Content with what the Lord gives us. Take control of our financial health. Care for our family Plan our future Build a legacy for our dear ones Leave a legacy for others.
- 3. 3 How is your Financial Health? Surplus Income Covered Growing Zero
- 4. 4 The Blessings of the Lord make one rich, and He adds no sorrow to it. (Prov. 10:22) The Bible says...
- 5. 5 The Bible says... The Lord your God will bless you as He has promised you, and you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not (Deuteronomy 15:6)
- 6. 6 The Bible says... The Lord will open for you His good storehouse, the heavens, to give rain to your land in its season and to bless all the work of your hand; and you shall lend to many nations, but you shall not borrow. (Deuteronomy 28:12)
- 7. 7 The Bible says... The rich rules over the poor, and the borrower becomes the lender’s slave (Prov. 22:7)
- 8. 8 Credit Cards Personal Loan Vehicle Loan Education Loan Hand Loan Home Loan
- 9. 9 Multiple Credit Cards in wallet. Paying the minimum or sweeping balance every month. Dependence on money lenders. Have all or some of these loans: Personal Loan, Vehicle Loan, Education Loan, Hand Loan, Home Loan. Avoiding phone calls from the creditors. Changing numbers or places frequently. Living life of a vagabond. Regretting your financial mess up. Gloomy. Broke, at the verge of a financial breakdown. Or, are already experiencing one. Hoping for a breakthrough. Willing to get rid of this mess but don’t know how? The Debt Syndrome The Debt Syndrome
- 10. 10 FREEDOM !!! You need... FREEDOM !!! FREEDOM !!!
- 11. 11 It is for freedom that Christ has set us free. (Gal. 5:1)
- 12. 12 The thief comes only to steal and kill and destroy; I have come that they may have life, and have it in full. (John:10:10)
- 13. 13
- 15. 15 1. Control your Present 2. Clean up the financial mess and build your net worth 3. Plan your Future
- 16. 16
- 17. 17
- 18. 18 What’s your current Net Worth? ASSETS LIABILITIES Appreciating Assets House Land Gold Stocks, Mutual Fund PPF NSC, KVP, SSY, RD Fixed Deposits Bank Savings Depreciating Assets Vehicle, Furniture, Electronics Cash Secured Loans House Loan Car Loan Bike Loan Unsecured Loans Loan from family and friends Personal Loan - Education - Business - Marriage Cash Credits Overdrafts Credit Cards Net Worth = Assets + Insurance Cover - Liabilities
- 19. 19 Clean up the Mess! Clean up the Mess!
- 20. 20 Take control of your finance Climb up the ladder to financial freedom! Care for your family (1 Tim 5:8) Prioritize debt clearance
- 21. 21 What does the Bible say? The wicked borrows and does not pay, but the righteous is gracious and gives. (Psalm 37:21)
- 22. 22 What does the Bible say? It is better that you should not vow than that you should vow and not pay. (Ecclesiastes 5:5)
- 23. 23 What does the Bible say? If a man borrows anything from his neighbour, and it is injured or dies while its owner is not with it, he shall make full restitution. (Exodus 22:14)
- 24. 24 What does the Bible say? Owe nothing to anyone except to love one another; for he who loves his neighbour has fulfilled the law (Rom 13:8)
- 25. 25 Clean up the Financial Mess Build your net worth! Prayer Negotiation Financial Discipline Budgeting Debt Restructuring Liquidation of Savings And (Or) Low cost loans
- 26. 26 Prepare a budget! Income Expenditure Salary Income Self Spouse’s Salary Income from Business/Properties Rental Income Agriculture Livestock Business Earnings Income from Investments Dividend Capital Appreciation Interest Tithe Livelihood – Food, cloth, and shelter Education Health Transportation Communication Staff Salaries Entertainment Surplus = Income – Expenditure = Savings Stick to your budget! Debt Repayment
- 28. 28 What does the Bible Say? 1. People perish without a vision (Prov. 29:18) 2. Stay focused (Prov. 6:6-8)
- 29. 29 Build your Future Net Worth ASSETS LIABILITIES Appreciating Assets House Land Gold Stocks, Mutual Fund PPF NSC, KVP, SSY, RD Fixed Deposits Bank Savings Depreciating Assets Vehicle, Furniture, Electronics Cash Secured Loans House Loan Car Loan Bike Loan Unsecured Loans Loan from family and friends Personal Loan - Education - Business - Marriage Cash Credits Overdrafts Net Worth = Assets + Insurance Cover - Liabilities Credit Cards
- 30. 30 See your Dreams Status quo EducationMarriage Retirement Dream House
- 31. 31 Prioritize your dreams Short term Goals Mid-term Goals Long term Goals Debt Clearance Emergency Savings Insurance Bike Car Jewellery for wife House Children’s Education Marriage of Children Retirement Gifting Savings, Alternate and extra income Debt Securities i.e. Bonds, Debentures, FDs, Money Market etc. Equity
- 32. 32 Build your legacy Status quo EducationMarriage Retirement Dream House
- 33. 33 Leave a legacy for others! (Prov. 28:27) 1. Inquire 2. Introspect 3. Invest
- 34. 34 Start Saving Start Saving Start Saving
- 36. May God Bless You! 36
- 37. 37 References: 1. The Stewardship Study Bible - NIV 2. The TNIV Study Bible 3. The legacy Journey - By Dave Ramsey 4. NISM resources – Investment Advisers (Level 1 and 2), Mutual Fund (Level 1 and 2) 5. The only Financial Planning Book – By Amar Pandit 6. Everything you wanted to know about Stock Market Investing – By Kotak Securities 7. Understanding Finance – HBR 8. Preparing Budget - HBR 9. Internet 10. Personal practice and experience!
Editor's Notes
- 1. God is the Owner of everything. (Gen 14:19, Ex. 9:29, 19:5, Dt. 10:14, 1 Ch 29:16, Job 41:14, Ps.24:1, 50:12, 82:8, 89:11, 95:4-5, 104:24) The Land is of the Lord. (Lev. 25:23) The Animals are of the Lord (Ps. 50:10-11) The silver is mine and the gold is mine. (Hag. 2:8) Even your wealth is of the Lord (Deut. 8:18) 2. We are appointed to be effective stewards (Gen. 1:28, Ps. 8:6, Ps. 115:16, Mathew 25:14, Gen. 24:2, 1 Cor. 9:17) Diligently care and prove faithful (1 Co. 4:2) Blessings for faithfulness (Pr 28:20, Matt 24:46) Blessed with more intimate relationship with the Lord (Mt. 25:21) Blessed with more responsibility (Mt. 25:29; Lk. 12:42,44) Unfaithful man is cursed (Mt. 24:50) Whatever he has will be taken away (Lk. 19:26) 4. We are accountable to him in everything (Lk 16:2, 2 Co 5:10, Rev. 20:12) 5. Tithe (Lev. 27:30) Why should we tithe? Tithing is a way of teaching that God is our first priority (Deut. 14:22-23) When to tithe? First, before spending money on other things. (Prov. 3:9) 6. Love of money Is the root of all evil (1 Tim 6:10) It’s difficult to serve both God and money together (Mt. 6:24) Love of money may lead to doomed destruction (Acts 5:1-10) Should not be in debt A. Let no debt remain outstanding (Rom 13:8) Borrower is slave to the lender (Prov. 22:7) We should not be slaves of men (1 Cor. 7:23) Example of hardship of debt (2 King 4:1, Neh. 5:3, Ps. 109:11, Isa. 50:1) B. Debt is a curse (Deut. 28:44) C. Being debt free is considered a blessing (Deut. 28:12) 8. Must stay content with what we have Contentment is the state of being mentally or emotionally satisfied with the things as they are. Jesus taught us not to be anxious about anything Matthew 6:25, 32-33 Root to our discontentment is the love of money (1 Tim. 6:6-10) 9. Take control of our financial health Repay all debts (Rom 13:8) 10. Care for our family (1 Tim 5:8) 11. Plan our future (Prov. 29:18) 12. Build a legacy for your kiths and kins (Deut. 30:19) 13. Leave a legacy for others It’s a mandate – blessed to be a blessing (Gen 12:2-3) God loves a cheerful giver (2 Cor. 9:7)
- Willing to restart everything again?
- Willing to restart everything again?
- Willing to restart everything again?
- Willing to restart everything again?
- Get the balance right!
- Get the balance right!
- Key questions Priorities Strategy
- Pray, Plan and Proceed Practise financial discipline Prioritize debt clearance Proceed with the counsel of your spouse
- Prepare a budget and stick to it (Luke 14:28;1Cor.16:2) Practise Living on less than you earn Eliminate unwanted expenses Increase your earning sources – work extra time, alternate source of income
- Spend Liquidate Acquire
- Spend Liquidate Acquire
- Prepare your Financial Plan Insure Save Invest
- Spend Liquidate Acquire
- Spend Liquidate Acquire
- Spend Liquidate Acquire
- Spend Liquidate Acquire