Handling Money God's Way 7-25-2013

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A look at realities about money; the only five ways that a person can handle money; and some action steps toward becoming a faithful steward of finances. Presented to participants in the Support Raising Workshop, Calvary Church, State College, Pennsylvania, on 7-25-2013.

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  • Money is a big part of lifeTouch on every area of my life…that makes money very important.
  • SPIRITUAL REALITYMaterialism is a competing theologyMessages that come from our culture
  • Jesus understood this conflict perfectly.
  • My spiritual condition is somehow dependent on how I handle money? The Bible is an authoritative way that God chose to reveal Himself, His nature, and His thoughts on life.A survey of the Bible shows that Jesus said more about money than any other subject – even including prayer, faith and marriage.Fact: there are over 2,350 verses of Scripture that deal with money or possessions. If God was willing to devote that much ink to the subject, it seems to me that He considers it very important.
  • Advertising sends us potent messages:They tell us what their sponsors want us to do with our moneyIf we handle money effectively, we are less susceptible
  • If it’s not all up to us, then what is God’s part?
  • But, what does all that mean?Take a look at this…
  • Develop the mindset of a steward Not a common term in our day – unless airline flight or cruise A steward knows . . . we actually own nothing God created everything….He is the rightful owner of everything in the world. He hasn’t given up title to any of it. We have no rights to the money, possessions, jobs or relationships that we call our “OWN” A steward is. . . one who manages the resources owned by another Modern legal concept…Trustee appointed by someone who has become incapacitated. Trustee conduct business affairs and handle money in that person’s place. The trustee has no rights to the assets. Only responsibilities to manage them in that person’s best interest. The difference? God isn’t incapacitated!! A steward’s job. . . to use God-given resources inHis best interest Amazing thing about God’s economy – His best interest is always in our best interest!
  • EARNING - Practical Tips on Earning:Avoid the trap of Take-Home PayYou can adjust taxes withheld to match estimated taxes owed.Track deductions like you would spending**You can’t adjust them if you don’t know about them!
  • SPENDING- Principle…Spend to meet needs and approach contentmentHousing, UtilitiesAuto, Transportation, ParkingInsurances: auto, life, health
  • Let’s think about the kinds of needs to spend on. Fixed…AMOUNTS DO NOT VARY PER MONTH…NOT MUCH CHOICEVariable…AMOUNTS CHANGE FROM MONTH TO MONTH…NOT MUCH CHOICEDiscretionary…YOU CAN CHOOSE WHEN AND HOW MUCH TO SPEND
  • SPENDING - Practical Tips on Spending:Track your spendingKeep records. Use what works for you…online tools or software, a manual system, cash envelopes.Check your bank records at least twice per month!!Set a Spending PlanBetter than “Monthly Budget” (diet?)Balance it each month…or shoot for that goalSee how you did at end of monthTally it up in a simple reportShare it with someone for accountability (spouse, roommmate)Repeat…every month!
  • Compound Interest Example:$100 @ 10% = $10 interest$110 @ 10% = $11 interest$100 per month accumulates $1,200 per year Over 20 years to $24,000 total Over 40 years = $48,000 total$100 invested each month @ 10% over 20 years = $76,500 Over 40 years = $637,000 Compound interest produces gain of $589,000** Still a good deal even if you don’t have 20 or 40 years until retirement!
  • CAVEAT….Not about how much you give. Give something…even if it’s a little…God’s honors the gift regardless of the amount.
  • CAVEAT…Not all debt is bad…some makes sense….To purchase something that increases in value.To invest in a business or investment that will pay you back.3. Student loans for higher education (in reasonable amounts) are “sensible”Earning power increase means the education pays you back.Necessary purchases require more cash than normally available. Home purchases Automobiles (but not necessarily pre-owned)
  • Handling Money God's Way 7-25-2013

    1. 1. Handling Money God’s Way Tim Mooney Support Raising Workshop July 25, 2013
    2. 2. In a Nutshell…husband, father, freelancer • Attend Calvary Midtown • Trailing partner of PhD student at Penn State My Background…fellow struggler with money • Former Bank Examiner. Financial Literacy Campaign • Mobilizer for evangelical mission agency My Passion…connecting people with resources • Financial Education - Natural Talent Careers Tim Mooney
    3. 3. Realities about Money
    4. 4. Realities about Money Money is a big part of life. workhousingcollege educationhealthcareinsuranceclothesgroceriesutility billscarshobbiesvacationchildrenmarriageinvestingdivorce
    5. 5. Realities about Money Materialism is a competing theology. Things bring happiness Just a little more money will solve all my problems
    6. 6. Realities about Money Money is the chief rival god of our day! Jesus said, “No one can serve two masters. For you will hate one and love the other, or be devoted to one and despise the other. You cannot serve both God and money.” Matt. 6:24 NLT
    7. 7. Realities about Money Our relationship with God is closely tied to the way we handle money Jesus talked more about money & possessions than anything else 2,350 verses on the topic!
    8. 8. Realities about Money Handling money is a struggle… With cultural messages: Debt is normal, expected and unavoidable. Buy now, worry about paying for it later.
    9. 9. Realities about Money Handling money is a struggle… With my own expectations: How well am I handling money? What indicators would tell me?
    10. 10. Realities about Money Handling money is a struggle… With the expectations of others! How well are they handling my donation? What outcomes are produced?
    11. 11. Honoring God by the Way We Handle Money
    12. 12. Recognize…It is not all up to you! God’s Part… Ownership Control of everything Provide for our needs, some wants Distribute possessions
    13. 13. Recognize…It is not all up to you! Our Part… Faithfulness Stewardship
    14. 14. Develop the mindset of a steward A steward knows . . . we actually own nothing A steward is. . . one who manages the resources owned by another A steward’s job. . . use God-given resources in His best interest
    15. 15. Five Ways to Handle Money
    16. 16. Five Ways to Handle Money Earning Spending Saving Giving Debt
    17. 17. Five Ways to Handle Money Principles Goal Practical Tips Resources
    18. 18. Five Ways to Handle Money Earning Spending Saving Giving Debt
    19. 19. Five Ways: Earning Principle: Work diligently “Whatever you do, work at it with all your heart, as working for the Lord” Colossians 3:23
    20. 20. Five Ways: Earning Principle: Be grateful for God’s provision
    21. 21. Five Ways: Earning “It is good for people to eat well . . . and enjoy their work – whatever they do under the sun – for however long God lets them live. And it is a good thing to receive wealth from God and the good health to enjoy it. To enjoy your work and accept your lot in life – that is indeed a gift from God” Ecclesiastes 5:18-19 NLT
    22. 22. Five Ways: Earning Goal: Bring in more than you send out Issues: • Need more income? • Mix of income streams • How much is enough? • How much for a realistic lifestyle?
    23. 23. Five Ways: Earning Practical Tip: Dealing with Variable Income • Estimate annual income after-tax • Divide by 12 to get monthly amount Straight-Line Method
    24. 24. Five Ways: Earning Practical Tip: Avoid the trap of Take-Home Pay • Income Tax withholding defaults • Adjust taxes withheld to match estimated taxes owed. • Track paycheck deductions just like your spending items.
    25. 25. Five Ways: Earning Resources: • People Raising.com  Also book of same title by Bill Dillon • CareerMatch Assessment & Reports  idakgroup.com  Natural Talent Careers
    26. 26. Five Ways to Handle Money Earning Spending Saving Giving Debt
    27. 27. Five Ways: Spending Principle: Spend to meet needs and approach contentment “Beware! Don’t be greedy for what you don’t have. Real life is not measured by how much we own.” Luke 12:15
    28. 28. Five Ways: Spending Fixed Expenses Variable Expenses Discretionary Expenses
    29. 29. Five Ways: Spending Fixed Expenses: • Housing, Utilities • Auto, Transportation, Parking • Insurances: auto, life, health, property
    30. 30. Five Ways: Spending Variable Expenses: • Gasoline, Maintenance & Repair • Professional Services, Childcare • Household or Personal Items • Medical, Dental, Prescriptions • Internet, Phone & Data Plans?
    31. 31. Five Ways: Spending Discretionary Expenses: • Entertainment, Books, Subscriptions • Clothing • Cable TV • Education Q: What about ministry projects?
    32. 32. Five Ways: Spending Goal: Send out less than you bring in! Fixed: Lock in the lowest realistic costs. Variable: Push toward the predictable… estimate, track, adjust. Discretionary: Spend when you have it. Watch out for impulses.
    33. 33. Five Ways: Spending Practical Tips: • Track your spending • Set a Spending Plan • See how you did at end of month • Repeat…every month!
    34. 34. Five Ways: Spending Resources: • Online Tools  Online Banking, Mint, Manilla • Financial Software  Quicken, TurboTax • Internet Search…  Simplicity Movement  Couponing
    35. 35. Five Ways to Handle Money Earning Spending Saving Giving Debt
    36. 36. Five Ways: Saving Principle: Save wealth wisely to… • Build • Preserve • Invest “Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provision in summer and gathers its food at harvest.” Proverbs 6:8
    37. 37. Five Ways: Saving Principle: Save wisely to build, preserve and invest Benefits: • Take advantage of time and money • Leverage power of compounding • Reinvestment = earnings that earn too
    38. 38. Five Ways: Saving Goal: Save with a purpose in mind Define your purpose(s): • For what? • By when? • How much needed? • Once reached, then what?
    39. 39. Five Ways: Saving Practical Tips: Emergency: 3-6 months living exps. Replacement: cars, appliances, clothes Long-Term: home purchase, education, and retirement
    40. 40. Five Ways: Saving Resources: • The Richest Man in Babylon, George S. Clason • Rich Dad Poor Dad Series, Robert Kyosaki
    41. 41. Five Ways to Handle Money Earning Spending Saving Giving Debt
    42. 42. Five Ways: Giving Principle: Give generously to bless others …and help yourself!
    43. 43. “I will make you into a great nation and I will bless you; I will make your name great, and you will be a blessing. And I will bless you, and make your name great; and so you shall be a blessing.” Genesis 12:2-3 Five Ways: Giving
    44. 44. Five Ways: Giving Principle: Give generously to help others…and yourself! Ways to Give: Money Stuff Assets Time Expertise
    45. 45. Five Ways: Giving Three Goals: 1. Give something…start with tithe 2. Give regularly…habit 3. Get started ASAP
    46. 46. Five Ways: Giving Practical Tips: • Giving breaks the hold of money. • It’s not about how much you give. • Increase giving according to your passionate priorities. • Watch for how your gift is stewarded.
    47. 47. Five Ways: Giving Resources: • Do your research!  Evangelical Council for Financial Accountability (ECFA accredited)  charitynavigator.org • When Helping Hurts, Steve Corbett
    48. 48. Five Ways to Handle Money Earning Spending Saving Giving Debt
    49. 49. Five Ways: Debt Principle: Pay back what you borrow “The wicked borrow and do not repay, but the righteous give generously” Psalm 37:21
    50. 50. Five Ways: Debt Principle: Pay back what you borrow Kinds of Debt: • Auto • Home Mortgage • Education • Business • Consumer (Credit Card)
    51. 51. Five Ways: Debt Principle: Enter into debt cautiously “The rich rule over the poor, and the borrower is servant to the lender” Proverbs 22:7
    52. 52. Five Ways: Debt Principle: Enter into debt cautiously Caveats: • Not all debt is bad…sensible purposes • Necessary purchases require more cash than normally available. • Business purposes • Appreciating assets
    53. 53. Five Ways: Debt Goal: Eliminate short-term, high-interest, consumer debt Tips & Rules: • Limit usage to one credit card (if any) • Use for items in Spending Plan • Pay balance in full each month • If you violate the rules, cut up the cards!
    54. 54. Five Ways: Debt Resources: • Effective Debt Elimination  Conquering Debt God's Way, Bruce Ammons  Financial Peace University, Dave Ramsey  I Will Teach You to Be Rich, Ramit Sethi
    55. 55. Five Ways to Handle Money Earning Spending Saving Giving Debt
    56. 56. Check out handout… BIBLICAL FINANCIAL PRINCIPLES …available today! Today’s slide deck is online… Slideshare.net/timothylmooney
    57. 57. Questions and Discussion
    58. 58. • Effective stewards are made - not born! • Focus on the NEXT ACTION STEP • Be honest with yourself about money • Take setbacks as opportunities Bringing it all together…
    59. 59. Give some feedback: goo.gl/JVsxdR Contact Tim… timothylmooney@gmail.com about.me/timothylmooney

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