Episode 76  Congratulations to all the recent graduates!  To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help them build a solid financial foundation for their life.  If you’re not a recent grad, that’s ok, these tips can help you too!  SHOW NOTES     7 TIPS FOR COLLEGE GRADS TO MANAGE MONEY SUCCESSFULLY  1.    Create your own bank accounts.  2.    Create your Stability Fund  3.    Crush your student loans.  4.    Calibrate your credit.     5.    Clear out toxic debts.  6.    Consider your future home.  7.    Choose your investing strategy.    1. CREATE YOUR OWN BANK ACCOUNTS.  One of the first things you should do after graduating is make sure you have great checking and savings accounts.   You don’t want to keep your co-accounts which you probably opened with your parents, it’s time to get out on your own. You may want to rethink which bank you’ll want to have a long relationship with.  Bank accounts lay a foundation for your money management system, so they need to give you lots of benefits. Look for a bank or credit union that offers    No monthly fees    Interest earning checking and savings      accounts    A great mobile app    Easy transfers options    Free bill pay, and    Mobile deposits    Visit  Bankrate .com to compare the best  FDIC-insured  accounts available for your location or nationwide.   Working with a local credit union can be a great choice! If you have access to USAA (active and former military and eligible family members), there can be some major benefits to working with them, from insurance discounts to good savings rates, and great online service.     2. CREATE YOUR STABILITY FUND   We recently did an episode about the  “4 Financial Steps to Purposeful Living”.  Starting a stability fund was number 2!    Save before you spend -  We always recommend that you, “ Save before you spend...so you experience stability today and in the future .”   1.    1 Month of Living Expenses in Stability Fund (bare minimum)    1 month of living expenses will get you through most emergencies or expenses that are beyond your normal monthly budget expenses.    2.    Continue $150 into savings (any increment of $50 based on income).      Should I be saving or paying off debt?  Both …  always need to grow the habit of saving.    3.    3-6 Month Stability Fund    A smooth transition from one season to the next (job loss, medical emergency, maternity leave, other budgeted items in excess).        Think of the stability fund as an investment in yourself. It’s how you’ll stay calm and cool in the face of a potential crisis like losing your job.       3. CRUSH YOUR STUDENT LOANS    1. MAKE ACCELERATED LOAN PAYMENTS.  If you get paid every two weeks, a great strategy to knock out your student loans faster is to make accelerated or biweekly payments instead of monthly payments. There are 52 weeks in a year, not 48. So it’s a sneaky way to get the equivalent of one extra monthly payment made each year.   2. PAY MORE THAN THE MINIMUM.  The longer you take to pay off the loan the more it will cost you in interest.  It’s best to pay as much as you can from the start.  Start with paying at least more than the minimum payment.   Example : If you owe $50,000 at a 5 percent interest rate for 10 years.     Your minimum payment would be $53    You’ll pay $14,000 in interest over the      life of the loan.     If you pay an additional $100 each month      you’ll save about $3,000 in interest and pay off the loan two years      earlier.      When you send more than the minimum payment or make biweekly payments, make sure that you add a note to your payment indicating that you want the extra to go toward your principal balance. Otherwise, the lender may think that you’re prepaying the next month’s payment and simply hold it or apply it toward a credit, which won’t help you get rid of the debt any faster.     4. Calibrate your credit    How to Build Your Credit  Your Credit Score and Credit Report Matters    You may need to borrow for a major purchase (car, house, etc.) .     Without good credit you may not qualify.    With bad credit you’ll pay a premium.      Credit Score Overview : Information about you gets reported to one or more credit bureaus that maintain the data in your file, known as your credit report. Then companies who want to access your credit report pay the bureaus for your information.  Credit bureaus don’t make lending decisions; they just maintain your data. But credit reports are used by lenders who want a quick way to evaluate you. That’s why they were designed--to provide lenders a snapshot of your current credit worthiness.    Credit scoring model     Analyze the total amount of debt you owe on all your accounts.    Revolving accounts (credit cards), take in account the available credit vs. your utilization of that credit.  This makes up about a third of your overall score.    As long as you make monthly minimum payments on time, your revolving accounts will remain open.    Installment loans, such as car loans and mortgages, are different because they don’t have a credit limit and do come with a set maturity or pay off date. When you pay down an installment loan to zero, the account is closed.    A key formula that’s used to calculate your credit scores is called your credit utilization ratio. It’s used only on  revolving accounts . It’s a simple formula that compares your credit limits to your outstanding balances. This ratio shows how much available credit you’re using.    Example: if you have a credit card with a balance of $500 and a credit limit of $1,000, your utilization ratio is 50%.    Keeping a low utilization ratio, such as below 20%, is optimal for good credit. So, by paying down your balance on the card to $200, you could reduce your utilization ratio from 50% to 20% and boost your credit scores.    A low utilization ratio tells potential lenders and merchants that you’re using credit responsibly. A high ratio says you’re maxed out and may even be getting close to missing a payment. To maintain the best credit possible, never let your utilization ratio exceed 20% to 25%.    The utilization ratio is 30% of your score.  Paying all your debts on time is 35% of the score.    As a new graduate, you may not have much credit history, which means you probably have no or low credit score. But don’t worry, it’s easy to build good credit over time.    High credit scores tell lenders and merchants that you’ve been responsible with money. A good credit history comes with privileges such as low interest rates on loans and credit cards, which can save you a bundle.    But low scores mean that you won’t qualify for credit or that it will be expensive. And poor credit can trip up other areas of your financial life even if you never borrow a dime.       Other Ways Credit Affects Your Finances  Besides reducing the interest you pay when you borrow, your credit affects many other aspects of your everyday life, even if you don’t borrow money! There are a variety of companies and industries that use credit to evaluate you, even though they’re not giving you a loan or a credit card.     Auto insurance -  A few states have banned use of the credit score as a factor in auto insurance, but most allow insurers to look at your score and change your costs based on your score.     Home insurance  - Just like with auto insurance, home insurers also use your credit when setting rates for home, condo, and renters policies.      Employment -  Employers in most states have the right to check your credit reports, with your permission.  The idea is that if you have a poor credit history, you might not be disciplined or responsible when handling money. Employers may fear that you have the potential to steal or that you’ll be distracted at work due to financial troubles and not offer you a job.     Leasing -  Most landlords, property managers, and leasing companies check your credit as part of the application process to make sure you’re likely to pay rent on time. If you have poor credit you may get turned down to lease or have to pay a larger security deposit.     Cell phone contracts -  Cell phone companies check your credit when you apply for a new contract to make sure you’ll pay their bill. If you have poor credit you may be charged higher rates, a higher security deposit, and not qualify for top-tier wireless plan offers.     Utilities -  Credit also plays a big role in utilities, such as water, gas, power, and cable service. Applying for these services is applying for credit—so having poor credit makes it difficult to get them. You might have to pay a hefty security deposit, get someone with good credit to co-sign your application, or get a letter of guarantee from someone that says they’ll pay your utility bill if you don’t.     5. Clear out toxic debts  Once you have credit, it can be tempting to use too much of it.  Every new graduate needs to respect debt. It’s a powerful financial tool that can help you build wealth when used the right way. For instance, you can use low-interest debt to get an education so you earn more over your lifetime, or to buy a home that appreciates in value over time. But if you use high-interest consumer debt—such as credit cards and payday loans—to finance a lifestyle that you can’t afford, it can be devastating to your financial life.   To learn more about debt and how to eliminate it  check out Episode 34-35        RESOURCES   Budgeting and Debt Elimination Tools  GMR Episode 34 -  Help! I Can’t Pay My Credit Card Debt  GMR Episode 35 -  Dangerous Debt    Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 76
Congratulations to all the recent graduates!  To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help them build a solid financial foundation for their life.  If you’re not a recent grad, that’s ok, these tips can help you too!

     

 
 
      Episode 75  Congratulations to all the recent graduates!  To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help you build a solid financial foundation for your life.  If you’re not a recent grad, that’s ok, these tips can help you too!   SHOW NOTES     7 Tips for College Grads to Manage Money successfully    Create your own bank accounts.    Create your Stability Fund    Crush your student loans.    Calibrate your credit.       Clear out toxic debts.    Consider your future home.    Choose your investing strategy.      1. Create your own bank accounts.  One of the first things you should do after graduating is make sure you have great checking and savings accounts.   You don’t want to keep your co-accounts which you probably opened with your parents, it’s time to get out on your own. You may want to rethink which bank you’ll want to have a long relationship with.  Bank accounts lay a foundation for your money management system, so they need to give you lots of benefits. Look for a bank or credit union that offers    No monthly fees    Interest earning checking and savings accounts    A great mobile app    Easy transfers options    Free bill pay, and    Mobile deposits    Visit  Bankrate .com to compare the best  FDIC-insured  accounts available for your location or nationwide.   Working with a local credit union can be a great choice!  If you have access to USAA (active and former military and eligible family members), there can be some major benefits to working with them, from insurance discounts to good savings rates, and great online service.     2. Create your Stability Fund   We recently did an episode about the  “4 Financial Steps to Purposeful Living”.   Starting a stability fund was number 2!    Save before you spend -  We always recommend that you, “ Save before you spend...so you experience stability today and in the future .”     1 Month of Living Expenses in Stability Fund (bare minimum)    1 month of living expenses will get you through most emergencies or expenses that are beyond your normal monthly budget expenses.      Continue $150 into savings (any increment of $50 based on income).      Should I be saving or paying off debt?  Both …  always need to grow the habit of saving.      3-6 Month Stability Fund    A smooth transition from one season to the next (job loss, medical emergency, maternity leave, other budgeted items in excess).          Think of the stability fund as an investment in yourself. It’s how you’ll stay calm and cool in the face of a potential crisis like losing your job.       3. Crush your student loans.   1. Make accelerated loan payments.  If you get paid every two weeks, a great strategy to knock out your student loans faster is to make accelerated or biweekly payments instead of monthly payments. There are 52 weeks in a year, not 48. So it’s a sneaky way to get the equivalent of one extra monthly payment made each year.  2. Pay more than the minimum.  The longer you take to pay off the loan the more it will cost you in interest.  It’s best to pay as much as you can from the start.  Start with paying at least more than the minimum payment.    Example : If you owe $50,000 at a 5 percent interest rate for 10 years.     Your minimum payment would be $53    You’ll pay $14,000 in interest over the life of the loan.     If you pay an additional $100 each month you’ll save about $3,000 in interest and pay off the loan two years earlier.      When you send more than the minimum payment or make biweekly payments, make sure that you add a note to your payment indicating that you want the extra to go toward your principal balance. Otherwise, the lender may think that you’re prepaying the next month’s payment and simply hold it or apply it toward a credit, which won’t help you get rid of the debt any faster.     RESOURCES   Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 75
Congratulations to all the recent graduates!  To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help you build a solid financial foundation for your life.  If you’re not a recent grad, that’s ok, these tips can help you too!

     

 
 
      Episode 74  Investing in the Market is investing in companies.  How those companies conduct themselves and what they’re involved in matters because as part owner what they do personally reflects on you, whether good or bad.   On this episode of GMR, we talk with David Sandhu, a financial planner whose specialty is Biblically Responsible Investing (BRI).  Find out why BRI is important and why you don’t have to sacrifice your beliefs to invest responsibly and make a good return on your investments.     SHOW NOTES   BIBLICALLY RESPONSIBLE INVESTING   Biblical Financial Stewardship includes how we manage investments on God’s behalf.   4 Point Approach to BRI    What is the problem?    What is BRI, why does it matter?    Can I have an impact    How to join the BRI movement      1. What is the problem?    Many Christians are shocked to discover they are invested in abortion, pornography and other immoral businesses in their 401k, IRA, mutual funds and other investments.    Profiting from and supporting immoral and unbiblical practices through our investments.    As an investor of a company, you are a part owner of that company.    Stocks represent ownership of a company.     David Sandhu’s Story    About 5 years ago, owners of Hobby Lobby argued that the mandate in former President Obama's health care reforms forced them to violate deeply held religious principles because they believe some of the contraceptives amount to abortion.  After the Supreme Court ruled in favor of Hobby Lobby, it wasn't long until Forbes did some digging and showed that Hobby Lobby actually held more than $73 million in mutual funds with investments in companies that produce emergency contraceptive pills, intrauterine devices, and drugs commonly used in abortions.    This news convicted me and I knew something had to change in my investments. I wanted to honor God through my investments, not oppose Him.    I had to ask myself the question.     do my investments reinforce my values, or contradict them?    Does God want me to be faithful with 10%, or 100%?     If God owns it all, does He care what my investments support, and do I care?        2. What is BRI, why does it matter?    Introduction to BRI     Growing movement of Christian investors that are aligning their investment dollars and decisions with biblical values to honor God as an act of worship. To be a good steward of the money we have.    Ensures that you're not invested in companies that are violating values that believers do not agree with.   Deuteronomy 23:18 - You shall not bring the wages of a prostitute for this is an abomination.   How much of the ill-gotten gain is ok to bring to God as an offering?     Negative Screening: Abortion, Porn, Substance abuse, human rights violations etc.    Positive Screening: Love thy neighbor philosophy, doing good in the community.    BRI is the solution to the problem.     Why does it matter?     1 Corinthians 10:31 - So whether you eat or drink do it all for the glory of God.     The Parable of the talents teaches us to be faithful stewards    Gives believers a Voice.     Matthew 5:13-16  (salt and light) preserving agent of our culture and an illuminating  agent to the dark and decaying culture around us.    Ephesians 5:11 - Take no part in unfruitful works, instead, expose      BRI gives believers a voice in two ways    Opportunity to increase the resources of good companies that are being good stewards.    Not giving money to companies that are doing bad, the more people that join the BRI movement the louder our voice will be heard.    Companies notice when investor dollars move, leveraging their wealth to give voice to their values. ( COSTCO)     Christian investors do not have to sacrifice performance in order to invest with biblical values.        3. Can I have an impact?    First and foremost that BRI is a matter of the heart, and the Holy Spirit will guide. No need for condemnation, because there is a way to do better and join the BRI movement.    Second, pray about it, this isn't about pressure, this is simply about being good stewards, and like  1 Corinthians 10:31 says, “In whatever you do, whether you eat or drink, do it all for the glory of God.”     Collectively we have a voice. You may think, my small amount of money doesn't make a difference, but imagine investors sitting in a boardroom saying, “we don't want the company to support  X Y Z activities,” and the impact that will have collectively.    4 - How do I invest biblically responsible?   How do I know what's in my portfolio?     It begins by an  impact analysis,  we look at what’s inside your portfolio and the report shows what activities investors are engaged in.    The report shows what the companies you own are doing:      What negative companies you're invested in.    The percentage of each offense you're invested in that doesn't align with your values.    The financial data (expenses, performance comparison, hypothetical impact for worthy causes).     BRI is the solution    Start working with your adviser to start the discussion.     BRI is growing in popularity, more brokerages are offering it on to their platforms, so talk with your adviser about your BRI options.     If you don't have an advisor, you send me an email and we can talk more about your options: david@wisewealth.com.     If you're a DIY type investor, we have an online tool you can look up company stocks, mutual funds and ETFs by their ticker symbol at  inspireinsight.com , and see a run down of the counts against each biblical value.   We also have an automated solution called brightportfolios. This is a do it yourself BRI robo-advisor that lets you answer some questions build an investor profile and builds a BRI portfolio for you that you can automate your investing, and listeners can visit  brightportfolios.com  to open an account.   The BRI movement is spreading like wildfire as Christians everywhere are discovering that they can invest for the glory of God and make a Kingdom impact with their investment decisions.    RESOURCES  Online DIY Tool -   https://www.inspireinvesting.com/insightpromo/index.html     DIY Robo-advisor -   https://brightportfolios.com/biblically-responsible-investing     David Sandhu’s website -   www.wisewealthtx.com

Episode 74
Investing in the Market is investing in companies. How those companies conduct themselves and what they’re involved in matters because as part owner what they do personally reflects on you, whether good or bad. On this episode of GMR, we talk with David Sandhu, a financial planner whose specialty is Biblically Responsible Investing (BRI). Find out why BRI is important and why you don’t have to sacrifice your beliefs to invest responsibly and make a good return on your investments.

     

 
 
      Episode 73  The world acts as if money is THE most important thing in life. We disagree! Money is not the most important thing, but money can be that vehicle that helps you accomplish that which is most important.  On this episode of Getting Money Right we conclude our 4 Financial Steps to Purposeful Living.  It’s a way of managing money that ensures your life is lived with purpose and impact.    SHOW NOTES   Methods of managing money to achieve financial freedom  1.     Dave Ramsey - 7 baby steps.  2.     Crown Financial - Money Map.  3.     Gateway Stewardship - Financial Roadmap.  4.     Radical Personal Finance - 5 Pillars of Finance.     Our mission  Getting Money Right is dedicated to helping you achieve financial freedom through education and inspiration, so you can be free to pursue your true life’s purpose.     4 Financial Steps to Purposeful Living      Spend on purpose   We recommend that you, “ spend on purpose...so that you know where you are .”     Save before you spend  We recommend that you, “ Save before you spend...so you experience stability today and in the future .”     Increase your financial margin  We always recommend that you, “ Increase your financial margin...to pursue your true life’s purpose .”     Invest wisely  We always recommend that you, “ Invest wisely...to increase your impact .”       Step 1 - Spend on Purpose     Live on written plan    Yearly plan managed monthly.    Categorized spending (use guidelines).    Unity with your spouse.      Track your expenses     Daily at first, then as often as necessary to keep you in the know.    Excel, apps, pen and paper, receipts. (YNAB, EveryDollar).       Net worth statement    Visual way to see if you’re moving in the right direction over all.    iShows  what you own  and  what you owe  so you understand your true Net Worth.    Net Worth Statement -  Download        We recommend that you, “ spend on purpose...so that you know where you are .”      Step 2 - Save Before You Spend     1 Month of Living Expenses in Stability Fund (bare minimum)      Continue $150 into savings  (any increment of $50 based on income)    Should I be saving or paying off debt?  Both …  always need to grow the habit of saving.       3-6 Month Stability Fund      A smooth transition from one season to the next (job loss, medical emergency, maternity leave, other budgeted items in excess).       Levels of Saving     Short Term (stability)    Everything above      Mid-Term (replacement)    Save for down payment on house or business.    Car Replacement, Appliances and furnishings.    Anything that will need replacing in 2 to 5 years.      Long-Term (retirement)    More on this in Step 4 (Invest Wisely).          We recommend that you, “ Save before you spend...so you experience stability today and in the future .”     Step 3 - Increase Your Financial Margin   Two ways to increase margin: spend less or make more (or a combination of the two).     Spend Less     Debt elimination (snowball)    Episode 34 - Help! I Can’t Pay My Credit Cards.    Episode 35 - Dangerous Debt.    Episodes 36 & 37 - Psychology of Credit Cards Use.      Life long consumer debt-free  lifestyle    Paid off cars.    No credit card debt.    No personal loans (student, furniture, 401k, home).      The Importance of Perspective - Episodes 38 & 39    There are outside influences that shape our view of money    Advertising, culture, materialism.    “More is better mentality.”    Wealth is increasing exponentially, but what are we doing with it?      Setting a proper lifestyle by defining needs, wants, desires         Make more     Career focus.    Learn a new skill (in person or online) to improve your income or change career fields.    Will a Master’s degree or additional certification increase your income?      Side business    Episode 30-31 (small business episodes).    Find your niche - you don’t need to be an expert, you just need to know more than someone who is interested to learn more about a topic.    Branding.    Passive income.    Business Structures:    Sole Proprietor    Partnership    LLC    C Corp    S Corp      Business vs Personal Bank Accounts    Business Taxes    12.4% S.S.    2.9%Medicare    15% Federal              Ask yourself:  How does increasing margin help you?  What is your end goal?    We recommend that you, “ Increase your financial margin...to pursue your true life’s purpose .”   Step 4 - Invest wisely      Strategy     Tax-favored retirement accounts    Episode 11, 12, 13.    Episode 41 - Darryl Lyons Money & Retirement.    Real-estate - Episode 14.      Invest in a business    Episode 30-31 (small business episodes).    Diversified    Fees    Goals    Asset protection           We recommend that you, “ Invest wisely...to increase your impact.”      RESOURCES  Net Worth Statement -  download   Budgeting and Debt Elimination Tools  Episode 11 -  Stocks, Bonds, Mutual Funds, IRA, Roth’s and 401(k)’s  Episode 12 -  Index Funds and Brokerages Part 1  Episode 13 -  Index Funds and Brokerages Part 2  Episode 14 -  Real Estate   Jesus on Money  by David Thompson -  stewardshippastors.com  Book cover design - vote here:  https://www.stewardshippastors.com/jesus-on-money-book-cover .

Episode 73
The world acts as if money is THE most important thing in life. We disagree! Money is not the most important thing, but money can be that vehicle that helps you accomplish that which is most important.  On this episode of Getting Money Right we conclude our 4 Financial Steps to Purposeful Living.  It’s a way of managing money that ensures your life is lived with purpose and impact.

     

 
 
      Episode 72  The world acts as if money is THE most important thing in life. We disagree! Money is not the most important thing, but money can be that vehicle that helps you accomplish that which is most important.  On this episode of Getting Money Right we introduce you to our 4 Financial Steps to Purposeful Living.  It’s a way of managing money that ensures your life is lived with purpose and impact.     SHOW NOTES   Methods of managing money to achieve financial freedom  1.     Dave Ramsey - 7 baby steps.  2.     Crown Financial - Money Map.  3.     Gateway Stewardship - Financial Roadmap.  4.     Radical Personal Finance - 5 Pillars of Finance.     Our mission  Getting Money Right is dedicated to helping you achieve financial freedom through education and inspiration, so you can be free to pursue your true life’s purpose.      4 Financial Steps to Purposeful Living       Spend on purpose   We recommend that you, “ spend on purpose...so that you know where you are .”     Save before you spend  We recommend that you, “ Save before you spend...so you experience stability today and in the future .”     Increase your financial margin  We always recommend that you, “ Increase your financial margin...to pursue your true life’s purpose .”     Invest wisely  We always recommend that you, “ Invest wisely...to increase your impact .”      Step 1 - Spend on Purpose    Live on written plan    Yearly plan managed monthly.    Categorized spending (use guidelines).    Unity with your spouse.      Track your expenses     Daily at first, then as often as necessary to keep you in the know.    Excel, apps, pen and paper, receipts. (YNAB, EveryDollar).       Net worth statement    Visual way to see if you’re moving in the right direction over all.    iShows  what you own  and  what you owe  so you understand your true Net Worth.    Net Worth Statement -  Download       We recommend that you, “ spend on purpose...so that you know where you are .”     Step 2 - Save Before You Spend    1 Month of Living Expenses in Stability Fund (bare minimum)    Continue $150 into savings (any increment of $50 based on income)    Should I be saving or paying off debt?  Both …  always need to grow the habit of saving.      3-6 Month Stability Fund     A smooth transition from one season to the next (job loss, medical emergency, maternity leave, other budgeted items in excess).      Levels of Saving    Short Term (stability)    Everything above      Mid-Term (replacement)    Save for down payment on house or business.    Car Replacement, Appliances and furnishings.    Anything that will need replacing in 2 to 5 years.      Long-Term (retirement)    More on this in Step 4 (Invest Wisely).         We always recommend that you, “ Save before you spend...so you experience stability today and in the future .”     RESOURCES  Net Worth Statement -  download   Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com  Book cover design - vote here:  https://www.stewardshippastors.com/jesus-on-money-book-cover .             

Episode 72
The world acts as if money is THE most important thing in life. We disagree! Money is not the most important thing, but money can be that vehicle that helps you accomplish that which is most important.  On this episode of Getting Money Right we introduce you to our 4 Financial Steps to Purposeful Living.  It’s a way of managing money that ensures your life is lived with purpose and impact.

     

 
 
      Episode 71  Social Security is in trouble but you don’t have to be.  In this last episode on Social Security we share some things you can do to ensure Social Security is not your only source of income in retirement.  Making these few adjustments in your financial plan can make a huge difference in income during retirement.  SHOW NOTES    HOW WILL the current state of Social Security IMPACT YOU AND YOUR FUTURE?   Possible scenarios    Lower benefit payments    Higher taxes    Or both    With a significant number of people having 90 percent of their retirement income solely from Social Security, the future doesn’t look great!    People aren’t saving enough.      Average retirement savings     Age  32-37: $31,644.  = $183 a month in retirement     Age  38-43: $67,270.     Age  44-49: $81,347.     Age  50-55: $124,831.     Age  56-61: $163,577. - $900 a month in retirement income     Average cost of living for a couple is between $3200 and $3600.    $217,441.27 =  $1,000 a month  withdrawal    $434,882.53 =  $2,000 a month  withdrawal    $869,765.06 =  $4,000 a month  withdrawal    (based on 4% withdrawal rate, 3% rate of return, 2% inflation)   Basic recommendation would be for you to live on 4% of your retirement savings.    Suggestion for having a better outcome    Get out of debt asap.    Live on a plan.    Downsize if necessary.    Reduce discretionary expenses - value based spending.    Build margin so you can save and invest more.    Save 10-20% or more of your income every year, the older you are, the more you should be saving.    The more you save now, the less you’ll be living on, so it will be easier to maintain a low lifestyle in retirement.    Stay healthy!  You may need to work more than you originally planned.    Postpone taking SS payments out until 67 or 70 if possible. Unless you’re projected to die before age 75, then take social security early.     How to prepare for retirement…    Make sure your cars are paid off.    Make sure your home is paid off.    Move to a low property tax state.    Downsize the house.    Connect with a local community center, church, and area to enjoy your retirement.    Turn a hobby into a part-time business.    Find a hobby that keeps you healthy.    Take cheaper vacations.    Reduce eating out (health & financial).      States with lower taxes and affordability     South Dakota    Florida    New Hampshire    Utah    Idaho      States with Lowest Property Tax      H awaii. Effective property tax rate: 0.29% ...    Alabama. Effective property tax rate: 0.40% ...    Louisiana. Effective property tax rate: 0.51% ...    West Virginia. Effective property tax rate: 0.53% ...    Wyoming. Effective property tax rate: 0.55% ...    South Carolina. Effective property tax rate: 0.56%     Seven  decent sanctuaries:  Florida ,  Nevada ,  South Dakota ,  Tennessee ,   Texas , Washington  and  Wyoming  have sales taxes but don't impose state income taxes, or levies on Social Security and pension income.   Three shopping shelters: Delaware ,  Montana  and  Oregon  do not have a sales tax.       RESOURCES   Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com  Book cover design - vote here:  https://www.stewardshippastors.com/jesus-on-money-book-cover . US National Debt -  https://www.usdebtclock.org/

Episode 71
Social Security is in trouble but you don’t have to be. In this last episode on Social Security we share some things you can do to ensure Social Security is not your only source of income in retirement. Making these few adjustments in your financial plan can make a huge difference in income during retirement.

     

 
 
      Episode 70  The precarious position of the Social Security Program has been in the news lately, and for good reason.  It’s due to run out of money in the next 15 years. Is there anything that can be done to salvage it?  More importantly, how will this impact you personally if the program goes away or the benefits are severely reduced?  In this episode, we discuss what’s caused the current shortfall in the program and what the potential outcome will be as we look to the future.  We’ll also share some thoughts on what you should be doing to prepare.    SHOW NOTES   The Future of Social Security and Disability Insurance       According to the Social Security Trustees     In 2010 the costs of social security started being higher than what is collected every year.    Because of interest on the investments in the fund, Social Security hasn’t started to lose money every year yet, but this year (2019) the fund is expected to start losing more money than it gains through investments and payments into the program, so for the next 15 years the fund will get lower and lower until it’s completely empty in 2034.    Thereafter, payroll taxes are projected to only cover approximately 79% of program obligations.    So, Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future.     Possible solutions are: immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.       Sustainability of Social Security    The concept of sustainability for the Social Security program has come to have two separate meanings.     The first considers only the simple question of whether currently tax revenue is sufficient to provide scheduled benefits.     The second considers whether the current structure of the program, is viable for the future, without any changes.    According to projections by the trustees of the program, changes in benefits or changes in tax revenue (aka increases) in the future will almost certainly be needed to avoid trust fund exhaustion.    Lower payments and/or higher taxes       Birth rate effect    Birth rates averaged over three children per woman during the baby boom period (1946–1965).    After 1965, however, the total fertility rate shifted to a new level around two children per woman. It is this apparently permanent shift to lower birth rates in the United States that is the principal cause of our changing age distribution between 2010 and 2030 and the resulting shift in the ratio of beneficiaries to workers (dependency ratio).        

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


     Dependency Ratio - the ratio of beneficiaries to workers  A major reason for the projected fund exhaustion is due to the change in the dependency ratio, which is due to lower birth rates.      For the past 35 years, there have been about 3.3 workers per beneficiary (consistent with the ratio of 3 beneficiaries per 10 workers).     After 2030, the ratio will be two workers per beneficiary (consistent with 5 beneficiaries per 10 workers).    With the average worker benefit currently at about $1,000 per month, 3.3 workers would need to contribute about $300 each per month to provide a $1,000 benefit.    But after the population age distribution has shifted to have just two workers per beneficiary, each worker would need to contribute $500 to provide the same $1,000 benefit.       Another measure of trust fund financial status is the infinite horizon unfunded obligation, which takes account of all past and future annual balances, even those after the next 75 years. The extension of the time period past 75 years assumes that the current law for the OASDI program and the demographic and economic trends used for the 75‑year projection continue indefinitely.  Table  VI.F1  shows that the OASDI open group unfunded obligation over the infinite horizon is $34.3 trillion in present value   https://www.ssa.gov/oact/tr/2018/VI_F_infinite.html      There is no one clear solution to the problem of increased cost for retirees because of fewer workers available to support the retirees, which in turn is caused by lower birth rates. This issue is not specific to Social Security, but also affects Medicare as well as many other private and public retirement income systems.     Like a family budget:  Spending is out of control, so they start borrowing.    First 401(k) loans (Social Security).    Then Home Equity Loan (Civil Service Retirement & Defense Retirement).    Then Line of Credit at the Bank (Borrowing from other countries).    Then High Interest Loans (Other countries jack up their interest rates).    Then runs out of places to borrow, and has to make dramatic changes to the budget, lifestyle, and other spending decisions.           

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


       How will all this impact you and your future?   Possible scenarios    Lower benefit payments    Higher taxes    Or both    With a significant number of people having 90 percent of their retirement income solely from Social Security, the future doesn’t look great!    People aren’t saving enough.       RESOURCES   Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com  Book cover design - vote here:  https://www.stewardshippastors.com/jesus-on-money-book-cover . US National Debt -  https://www.usdebtclock.org/        

Episode 70
The precarious position of the Social Security Program has been in the news lately, and for good reason.  It’s due to run out of money in the next 15 years. Is there anything that can be done to salvage it?  More importantly, how will this impact you personally if the program goes away or the benefits are severely reduced?  In this episode, we discuss what’s caused the current shortfall in the program and what the potential outcome will be as we look to the future. We’ll also share some thoughts on what you should be doing to prepare.

     

 
 
      Episode 69  The precarious position of the Social Security Program has been in the news lately, and for good reason.  It’s due to run out of money in the next 15 years. Is there anything that can be done to salvage it?  More importantly, how will this impact you personally if the program goes away or the benefits are severely reduced?  In this episode, we discuss the history, current state, and uncertain future of Social Security and what it all means to you.    SHOW NOTES    What is Social Security?      Social security  is "a government program that provides monetary assistance to people with an inadequate or no income."       In the United States, the term   Social Security   refers to the  US social insurance program  for all retired and disabled people.     Its technical name is  OASDI  - the old age, survivors, and disability insurance program.     The OASDI is a comprehensive federal benefits program that provides benefits to retirees, disabled people, and their survivors.       Social Security History       The Social Security Act was  signed by FDR on 8/14/35 . Taxes were collected for the first time in January 1937.    The first recipient of monthly benefits—Ida May Fuller, whose first check in January 1940 was for $22.54.    The first boomer to sign up: Kathleen Casey-Kirschling. She was born just after midnight on January 1, 1946, and claimed her retirement benefits at the earliest possible time: as soon as she turned age 62. She received the first baby-boomer benefit (reportedly about $1,000) on February 12, 2008, by direct deposit to her bank account.       At the beginning of 2018, over 51 million Americans were receiving monthly retirement or survivor benefits totaling nearly $69 billion.     The program now provides benefits to over 50 million people and is financed with the payroll taxes from over 150 million workers and their employers.    The average retirement benefit for retired workers: $1,334 a month.    The maximum payment for someone claiming benefits at full retirement age (66) in 2018 is more than twice that amount: $2,788.    According to the Social Security Administration, nine out of ten Americans age 65 and older receive benefits.     22% of couples and 47% of unmarried beneficiaries  rely on Social Security for 90% or more of their income .         Social Programs today share Biblical Roots    Many of our common views on taking care of the poor stem from a Biblical root. The Jewish Torah which also makes of the first 5 books of the Christian Bible contains law that require people to give a tenth of their income every third year to the poor. This would be 10% every three years, so about 3.5% a year into a community type fund to support the poor, widows, and orphans.       There were also Biblical laws in place to allow the poor to glean the corners of a field and harvest during the  Shmita  (Sabbatical year).    Even our modern day bankruptcy laws find their root in Jewish tradition.      "At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD's release" (Deuteronomy 15:1-2).      "...in the seventh year you shall let [your Hebrew slave] go free from you. And when you send him away free from you, you shall not let him go away empty-handed; but you shall supply him liberally from your flock..." (Deuteronomy 15:12-14).      How does this apply to me personally?    Basically, you qualify for retirement benefits after working in jobs covered by Social Security—which means jobs for which you pay payroll taxes on your earnings.     No matter how much you earn, you cannot accumulate more than 4 credits per year.  The minimum number of credits needed to be eligible for Social Security benefits is 40 credits, which translates to 10 years of working.    For 2018, the Social Security tax (6.2% for employers; 6.2% for employees; 12.4% for employed, who bear the full load themselves) applies to the first $128,400 of wages or self-employment  income.       Social Security Eligibility    You receive “full benefit” at between age 66-67 depending on when you were born. If you were born after 1960, that “full benefit” is at 67 years old.    Your personal benefit will be based on your taxed earnings in the 35 highest-paid years of your career.     When making the calculation, the government adjusts each year’s wages to account for inflation. So, for example, the $35,000 you made in 1981 will be adjusted to more than twice that amount in today’s dollars when figuring the average wage on which your benefit is based.    You can sign up as early as age 62; but if you do, your benefit will be cut by 25% to 30%, compared with what you’d receive at age 66 or 67.     The reduction reflects the reality that you’ll likely be receiving benefits for a longer period of time. In fact, the goal of Social Security actuaries (a fancy word for the calculation of risk and premiums) is that no matter when you start benefits, you’ll receive the same amount of total dollars before you die—assuming you die “on schedule,” that is, at the end of your estimated life expectancy.       If you live to age 60, then on average you’ll live to between 81-86 years old. It’s time to start planning for a long-retirement.    Currently, 70 is the latest you can wait to start taking Social Security.     Each additional year after “full retirement” age that you wait to take social security, your benefit increases 8%, so if your full retirement age is 66 years old and you can wait all the way till age 70, then you’ll enjoy a 32% increase in the amount you receive.     The difference between taking social security at 62 vs 70 is about 76%!       AARP has around 40 million members. It’s a non-profit group you’re eligible to join at age 50, and as a member of the group you get special access to discounts on a large variety of products, as well as other benefits. It costs about $16 a year. From the social security calculator I looked up what a 60yr person, who averaged $50,000 income, and the various amounts they’d get if they applied for social security at different ages.    Age 62 - $1,289    Age 66 - $1,778    Age 70 - $2,276       

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


        So there is a $1,000 different per month, for this person if they are able to wait till age 70. That’s $12,000 a year. Which means that if they live well past the life expectancy, they can expect to receive 10’s of thousands more, potentially a couple hundred thousand if they live to 100.     Social Security and Disability Insurance Fiscal History       Historically, both have reached times where tax revenue fell short of the cost of providing benefits and also times where the trust funds have reached the brink of exhaustion of assets.     For years 1973 through 1983, the combined SS and DI Trust Funds were operating with a negative cash flow that was depleting the trust fund reserves toward exhaustion.     The Social Security Amendments of 1977 and 1983 made substantial modifications to the program that reversed the cash flow of the program to positive levels and caused the substantial buildup of assets to the $2.5 trillion that exists today.     The 1977 amendments included a fundamental change in the indexation of benefits from one generation to the next. The 1983 amendments included increases in the normal retirement age (NRA) from 65 to 67 and the introduction of income taxation of Social Security benefits with revenue credited to the trust funds.         

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


          RESOURCES   Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com  Book cover design - vote here:  https://www.stewardshippastors.com/jesus-on-money-book-cover 

Episode 69
The precarious position of the Social Security Program has been in the news lately, and for good reason.  It’s due to run out of money in the next 15 years. Is there anything that can be done to salvage it?  More importantly, how will this impact you personally if the program goes away or the benefits are severely reduced?  In this episode, we discuss the history, current state, and uncertain future of Social Security and what it all means to you.

     

 
 
      Episode 68  We hear the term “Middle Class” thrown around a lot, especially by politicians during election years.  They use it to try and relate to what’s supposed to be a majority of us Americans, but does the term and its use foster unity and satisfaction or just the opposite?  And more importantly, how does this classification make us feel and behave as it relates to money and lifestyle?  On this episode of Getting Money Right, we discuss the impact social classes has on how we spend money and the satisfaction we feel about our own life.  SHOW NOTES    Definition: The  middle class  is a  class  of people in the middle of a social hierarchy.      In socioeconomic terms, the middle class is the broad group of people in contemporary society who fall socio-economically between the  working class  and  upper class . However, this term has evolved over time and is now more indicative of the working class (blue and white collar).     For as much as politicians use the term “middle class,” you’d think it would be more clearly defined.     There is little consensus on what middle class really means, but everyone certainly  wants  to be middle class:     Nearly 70% of Americans consider themselves middle class, but only about 52% would qualify based on income.     The Pew Research Center found that middle-income families–in a three-person household–earned between $45,200 and $135,600 in 2016.     The Brookings Institute offered a broader range, from $37,000 to $147,000 for a household of three.    Still others argue that the swath of Americans below the top 10% is middle class.      A recent CNBC story, which featured a detailed budget breakdown from a couple jointly earning $500,000 that still felt “average,” to grasp just how muddled the middle-class label is.       Here’s how much you need to make to officially be middle-class:    Household of one: minimum of $26,093    Household of two: minimum of $36,902    Household of three: minimum of $45,195    Household of four: minimum of $52,187    Household of five: minimum of $58,347    According to Pew’s survey, that means in 2016 29% of America were lower-class, 52% were middle-class, and 19% were upper-class.     There are so many ways to break down what “middle class” is.     By Income    By job type    By lifestyle & home amenities        Income     20% lower income    60% middle income    20% upper income        Job Type     Manual Labor    Management    Ownership         Life Style & Home Amenities     No vehicle, no homeownership, no medical coverage, no savings, no vacations    2 vehicles, home ownership, medical coverage, savings, vacations     Luxury vehicles, expensive real-estate, private health, maxed out retirement accounts, travel & entertainment whenever wanted.       You can still have rich friendship, find a community, eat every day, enjoy a safe place to live, and pursue fulfilling work even at very low-income levels in America.    Why does this matter to us today?     There’s usually an agenda behind why news agencies and politicians are using this term. You have to look at who is behind these claims and what their agenda is.     You have to be very careful what you’re absorbing and how it’s affecting your actions and attitude.    The term is often used to bring dissatisfaction, instead of bring satisfaction to your life.    You might be living a great life, but still feeling poor, unhappy, and angry at others.        Discontentment vs Contentment     “I can’t even go out to eat”    “I only have 3 bedrooms in my home”    “My kids have to go to a public school”       Upward mobility in America is very high. (Pew Research Trust)    Family Wealth Half of Americans surpass their parents in terms of family wealth.5     55% of Americans have greater wealth than their parents did at the same age.     72% percent of Americans whose parents were in the bottom fifth of the wealth ladder and 55 percent of those whose parents were in the middle quintile exceed their parents’ family wealth as adults.  https://www.pewtrusts.org/~/media/legacy/uploadedfiles/wwwpewtrustsorg/reports/economic_mobility/pursuingamericandreampdf.pdf          Build a foundation of financial success    How a budget can help you succeed    Helps you have a clear picture of how much you make and how much you spend.    Spend on what’s valuable to you and not because of social pressures.    Allows you to plan ahead and meet goals, while still enjoying a good life and meeting all your needs.    Helps you avoid lifestyle creep - use income increases and bonuses to increase margin not lifestyle.    As you increase in income, you can’t allow lifestyle creep to grow at the same pace as income growth. Your margin should be growing. Moving from 10% toward savings, then 20%, then continue on till you’re living on 50% of your income.    Live on a little bit less than you make, then save & invest the difference over a long-period of time.      It’s the platform that will help you gain wealth and financial security.         RESOURCES   Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com  Book cover design - vote here:  https://www.stewardshippastors.com/jesus-on-money-book-cover    

Episode 68
We hear the term “Middle Class” thrown around a lot, especially by politicians during election years.  They use it to try and relate to what’s supposed to be a majority of us Americans, but does the term and its use foster unity and satisfaction or just the opposite?  And more importantly, how does this classification make us feel and behave as it relates to money and lifestyle?  On this episode of Getting Money Right, we discuss the impact social classes has on how we spend money and the satisfaction we feel about our own life.

     

 
 
      Episode 67  IPO’s (Initial Public Offerings) have been in the news lately with several well-known companies offering potential investors the chance to get in on the action and of course, the potential profit. In this episode we discuss individual company stocks and initial public offerings and whether they are a good option for your investment strategy.    SHOW NOTES    An IPO, or initial public offering, is the process by which a privately held company begins selling stock to outside investors, thus becoming a public company. From that point on, the company can raise the capital it needs by selling shares, but it must also comply with a strict set of reporting guidelines, as established by the Securities and Exchange Commission (SEC).  Most companies get their initial funding by emptying their bank accounts, taking out small business loans, turning to private investors or venture capitalists, or a combination thereof. But there often comes a point where more money is needed for a business to experience the growth it desires.    IPOs - Initial Public Offerings Coming Up:     Uber (transportation network)    Palantir (data mining | big data)    Airbnb (online hospitality market)    Lyft    Pinterest    Rackspace    Slack    Robinhood    Levi Strauss    Peloton    Cloudflare        Are IPOs good investments?    Though IPOs can be good for the companies behind them, they're not always great for investors -- especially the inexperienced kind. Though investing in IPOs can be profitable, it's generally a much riskier prospect than investing in established companies with a strong history of solid performance. Though there are certainly exceptions, IPO stocks tend to underperform for several years after being issued compared to the general market. That's because the companies behind them are usually more focused on growing the business than delivering profits to investors. Those inclined to invest in IPOs should therefore take the time to vet the issuing companies carefully before moving forward.   What is a stock  A stock (also known as "shares" or "equity) is a type of security that signifies proportionate ownership in the issuing corporation. This entitles the stockholder to that proportion of the corporation's assets and earnings.   Dual-Class Shares - Dual-Class Ownership  Dual-class ownership is a type of common stock offering in which companies issue shares that have differing rights. In a dual-class ownership structure, the company can issue two classes of shares, Class A and Class B. These classes may have different voting rights, but they represent the same underlying ownership in the company.  For example, when Google went public, it issued Class B shares that had no voting rights to ensure that the founders and executives still had control of the company. Google, now trading publicly as Alphabet, has since altered its share class structure with Class B shares having 10 times the voting power as Class A.     RESOURCES  Credit Freeze: A New Way to Keep Your Identity Safe ( Podcast )   Budgeting and Debt Elimination Tools    Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 67
IPO’s (Initial Public Offerings) have been in the news lately with several well-known companies offering potential investors the chance to get in on the action and of course, the potential profit. In this episode we discuss individual company stocks and initial public offerings and whether they are a good option for your investment strategy.

     

 
 
      Episode 66  Having a healthy FICO score is important to your financial well-being.  Therefore, it’s important to understand how your FICO score is calculated and also to stay up to date on any changes that occur.  On this episode we discuss some recent changes to the FICO score and why these changes are good for your score.    SHOW NOTES     FICO Score Basic  Credit Score ranges between 300-850  Credit score rankings:    300-620 - Bad    620-660 - Fair    660-720 - Good     720-850 - Excellent       

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


     How credit score is weighted:    35% - Payment History    30% - Amount Owed    15% - Length of Credit History    10% - New Credit    10% - Credit Mix - Types of credit       

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


     FICO Score Change Updates    Medical debt not part of the equation anymore.      Other items such as, library fines and traffic tickets will no longer be on your report.    Tax liens and civil judgements have been removed from reports and will no longer impact your score.      Old consumer debt that’s paid off remains on your record but will not count against your score.    Creditworthiness of people who haven’t borrowed in the past (no extensive credit use record) will be more favorable.    Consumer debt that’s not paid in full will negatively impact your score.  The more you pay off the balance the better your score.       Remember you can also freeze your credit report for free now. Learn more from episode 53 “Credit Freeze - A Great Way to Keep Your Identity Safe”    Resources  Credit Freeze: A New Way to Keep Your Identity Safe ( Podcast )  Budgeting and Debt Elimination Tools   Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 66
Having a healthy FICO score is important to your financial well-being.  Therefore, it’s important to understand how your FICO score is calculated and also to stay up to date on any changes that occur.  On this episode we discuss some recent changes to the FICO score and why these changes are good for your score.

     

 
 
      Episode 65  I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine. It turns out wealth building comes down to a few key habits applied consistently over a period of time.      SHOW NOTES     Overview from 1st Episode:    STATISTICS ABOUT MILLIONAIRES IN THE UNITED STATES  17.3 million individuals are millionaires in the United States, 41% of the world’s millionaires.     This means that 7% of the U.S. adult population are millionaires    The 2016 study also showed that 78 percent started out as middle class or poor, only 22 percent grew up in the upper class.    Education is important, with 84 percent of millionaires having a college degree according to   Spectrem  .      One in three funded their own college education    without debt.     Research conducted by Thomas Corley of   Rich Habits,   showed that 86 percent of wealthy people who work full time put in 50 hours or more each week at their career.    66 percent of millionaires own their own business.    The Millionaire Next Door cites that the percentage of first-generation millionaires is 80 percent, dispelling the idea that most millionaires just inherit their money from a prior generation.     3 Characteristics of the Wealthy    Self-Awareness + The Awareness of Others    True Grit    Have a giving mentality - always give more than you take      5 Millionaire Habits   1. Make Smart Buying Decisions    It may be great to have a shiny new Ferrari or a Lamborghini, and although these status symbols may look nice in your driveway, they will hinder your long-term goal of accruing wealth.     Financially successful people avoid buying “must have” status objects such as expensive luxury cars, boats, jewelry, and other luxury accessories.     The problem with buying status symbols is that you always have to upgrade them and buy the latest models.    Financially successful people save themselves from these hassles by avoiding gaudy status symbols. Trying to “keep up with the Jones’” will leave you in a never-ending cycle of being broke.    2. Live Below Their Means    Financially successful people are able to adequately live off of what they earn.    Living below your means requires keeping your monthly expenses below your monthly income.     Frivolous purchases and wants are postponed and only needs are met.    It doesn’t mean that you can’t splurge occasionally, but these purchases should be the exception rather than the rule.     It is impossible to increase your wealth if you spend every dime that you have. Just because you have the money doesn’t mean you have to spend it.    3. Make Their Money Work for Them    Wealthy people understand the importance of maximizing their dollars. They often take calculated risks with their money and seek solid returns for their dollars. Every dollar that they have produces for them and helps to build more wealth.    They do not waste their dollars on speculative ventures and get-rich-quick schemes.  Wealthy people understand that real wealth is built over time.    For many, this means a simple portfolio of low cost index funds.    4. Pay Themselves First    Paying yourself first is a great principle to follow whether you make $20,000 or $200,000 per year. Before you pay any of your bills, you should pay yourself first. Paying yourself first helps you to make savings a priority.    A good rule of thumb is taking 10% of your income and setting it aside as soon as you get paid. Making savings automatic is a great way of making saving money easier. Saving small amounts of money can add up over time.    5. Have a Plan and Stick to It    Millionaires plan to be financially independent. They devote their time, energy, and resources to building wealth. They create a financial plan and stick to their plan.     Their goal is to be financially independent and they allocate their time accordingly to make this happen. It’s not about how much money you make but what you do with the money that you make.       RESOURCES   Budgeting and Debt Elimination Tools    Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 65
I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine. It turns out wealth building comes down to a few key habits applied consistently over a period of time.

     

 
 
      Episode 64  I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine.  It turns out wealth building comes down to a few key habits applied consistently over a period of time.      SHOW NOTES     Statistics about millionaires in the United States  17.3 million individuals are millionaires in the United States, 41% of the world’s millionaires.       This means that 7% of the U.S. adult population are millionaires    The 2016 study also showed that 78 percent started out as middle class or poor, only 22 percent grew up in the upper class.    Education is important, with 84 percent of millionaires having a college degree according to   Spectrem  .      One in three funded their own college education    without debt.     Research conducted by Thomas Corley of   Rich Habits ,  showed that 86 percent of wealthy people who work full time put in 50 hours or more each week at their career.    66 percent of millionaires own their own business.    The Millionaire Next Door cites that the percentage of first-generation millionaires is 80 percent, dispelling the idea that most millionaires just inherit their money from a prior generation.      3 Characteristics of the wealthy     Self-Awareness  - genuine care for others.     True Grit  - a never give up attitude.    Talent X Effort = Skill.    Skill X Effort = Achievement.       Generosity  - have a giving mentality (always give more than you take).      RESOURCES   Budgeting and Debt Elimination Tools    Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 64
I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine. It turns out wealth building comes down to a few key habits applied consistently over a period of time.

     

 
 
      Episode 63  Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. We’re in a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this third and last episode we’ll share some keys to having long-term financial success in your life and marriage.     SHOW NOTES     INCOME STATISTICS   Median Net Worth in 2010 according to the census bureau for 55-64    $261,405 - Married Couples    $71,428 - Single Male    $39,043 - Single Female       Brookings whittled down a lot of analysis into three simple rules. You can avoid poverty by:    Graduating from high school.    Waiting to get married until after 21 and do not have children till after being married.    Having a full-time job.    If you do all those three things, your chance of falling into poverty is just 2 percent. Meanwhile, you’ll have a 74 percent chance of being in the middle class.  60% of couples in marriage counseling identify money as a major problem in their relationship.        Money causes:     Fights    Tears    Anger    Un-forgiveness    Disunity      “In any relationship you have to cross certain bridges, if the relationship is strong enough then you can cross that bridge without fear of the weight of the conversation”       First Year of Marriage and Beyond         Combining bank accounts.    Setting up life insurance.    Finding long-term careers and work/life balance.    Start setting goals.    Home buying    Car replacement    Masters degree    Baby savings    Overseas vacation savings    Retirement savings    Estate planning         Dating life is different than married life. When dating it’s very social with many friends and many nights out on dates. Married life is more home life with date nights sprinkled in.   Socially you step into a new season, go from single friends to married friends, different peers and new influences that come with new peers. Be aware of who you’re letting into your life.     Lemming Mentality.     Pressure to buy a home.    Pressure to excel to a lifestyle that is the same and even better than your parents in the first couple years.    Furnishing    Farmhouse style | Modern | Posh | Personalized          How do you overcome this pressure? First, you start with a team mentality.       Team Home    Doesn’t look at other teams.    We’re going to play our game and focus on what we are doing.      Cares more about the team than the individual.    Doesn’t beat up a player who makes a mistake (shaming).    Feels good in the moment, but it would cost the team the overall victory and dissolve the internal trust.      Meets frequently.    Keeps their eye on the prize.        The best way to overcome peer pressure is to always go back to your values.      What do you value?  ·       Family | Church | Giving | Debt-free living     Values List:     

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


       If we follow out these values, what do we want our lives to look like 10 years from now?     Majors Dangers to Watch Out For in Marriage:    Disrespect of your spouse’s input in the finances    Dominance in Money / Making Decisions    My money mentality     Feeling your spouse is out of control    Disagreement on financial decisions, priorities, and values      Absence of Budget and Long-Range Goals     Advantages of a budget    Financial decisions in advance with facts, which removes emotion    Forces you to discuss and agree on values priorities and personal preferences.    Provides a basis for accountability and builds trust    Conflict is more manageable when you’ve done it in a more proactive way than a reactive way. Removes the blame game.        Debt    Ways to Avoid Damaging Debt     Borrow for appreciable assets only    Save money and live within your means    Downsize if necessary to pay off debt           Eccl 4:9-10 NKJV “Two are better than one, because they have a good reward  for their labor. For if they fall, one will lift up his companion. But woe to him  who is alone when he falls, For he has no one to help him up.”      Unity is key. Pronouns matter. The two become one flesh. This happens spiritually right away with marriage, but it doesn’t happen physically right away.      RESOURCES   Budgeting and Debt Elimination Tools    Jesus on Money  by David Thompson -  stewardshippastors.com    

Episode 63
Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. We’re in a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this third and last episode we’ll share some keys to having long-term financial success in your life and marriage.

     

 
 
      Episode 62  Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. This is a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this second episode we’ll discuss pre-marriage and newly married and the money issues that are synonyms with this stage of your relationship. More importantly, we’ll share some ways you can begin working together and build a foundation of trust.    SHOW NOTES     INCOME STATISTICS   Median Net Worth in 2010 according to the census bureau for 55-64  ·       $261,405 - Married Couples  ·       $71,428 - Single Male  ·       $39,043 - Single Female     Brookings whittled down a lot of analysis into three simple rules. You can avoid poverty by:    Graduating from high school.    Waiting to get married until after 21 and do not have children till after being married.    Having a full-time job.    If you do all those three things, your chance of falling into poverty is just 2 percent. Meanwhile, you’ll have a 74 percent chance of being in the middle class.  60% of couples in marriage counseling identify money as a major problem in their relationship.   Money causes:     Fights    Tears    Anger    Un-forgiveness    Disunity        “In any relationship you have to cross certain bridges, if the relationship is strong enough then you can cross that bridge without fear of the weight of the conversation”       QUESTIONS TO DISCUSS AS A COUPLE:    What memories do you have of your parents handling money?     Describe the temperament or personality of your future spouse and how this influences their money habits.     Have you seen your partner’s credit score and discussed what it means?   o   Free Score - CreditKarma.com (or any other free resource)   o   Free Report - AnnualCreditReport.com (only government approved free site)     Do you have savings? How much? What are you saving for?      Which of you live on a written spending plan? Share it.     What debts does each bring into the marriage and what should be repaid first, second, and so on?    Do you plan to accrue more debt before marriage? How much?     Do you have an auto loan or is it paid for? How often do you hope to replace your vehicles?     Do you owe the IRS money? Do you owe money to your parents? Do you have any other loans?     If previously married, what monthly obligations need to be budgeted for?     What are your first three money goals as a couple? How often will you review financial goals together?  Example : pay cash for wedding, pay off car debt, save $1,000 emergency fund, combine our checking accounts, save 20% down payment for a home, honor God with first 10% of income, create a budget together, pay cash for next car, etc.    How do you feel about giving God the first and best of your increase by tithing from your income? Do you have a percentage figure in mind? If you don’t agree, how will you come together in agreement?     How do you feel about using credit cards regularly? Do you feel it’s OK to keep a running balance that never gets paid in full? Why or why not?     Where do you want to live - a house in the suburbs or an uptown loft? What is the plan to pay for it? Are you aware that housing should be no more than about 35% of net take home pay?     Do you want kids? How many? Do you both expect to keep working or will one of you stay home to raise children when they come? Can you live on one income, what does your budget tell you?     Have you discussed the need for life insurance when kids come? Will you have enough insurance proceeds to fully replace income of the primary wage earner? For how long?     How will you regularly share your financial account information with each other so you both know how much you have and where it is located?  What about account passwords?      If you notice there is significant difference in your views, what do you do?    Admit you might have a problem.    Acknowledge how you were raised.    Be open to receiving advice.    Take a course on personal finances.     Budget like a ninja .     Dave Ramsey .    Financial Hope Workshop ( Gateway Stewardship ).        Realize the need for balance, you are marrying someone different for a reason.       Ready to say “I do”? Let’s look at the things you need to think of leading up to the wedding.       Are you paying for the wedding?    How much are you planning to spend on the wedding ceremony, reception, ring, band, food, alcohol, cakes, dresses, suits, photographer, videographer?       Consider these average wedding costs, again from The Knot ($30,000):    Venue - $16,107    Photographer - $2,783    Reception band/music - $4,156    Florist - $2,534    Videographer - $1,995    Wedding dress - $1,564    Groom's attire - $280    Wedding cake - $582    Ceremony site - $2,197    Ceremony musicians - $755    Invitations - $462    Transportation - $859    Favors - $268    Rehearsal dinner - $1,378    Engagement ring - $6,163    Officiant - $278    Catering (price per person) - $71    Wedding day hair care - $119    Wedding day make-up - $100       RESOURCES   Budgeting and Debt Elimination Tools    Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 62
Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. This is a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this second episode we’ll discuss pre-marriage and newly married and the money issues that are synonyms with this stage of your relationship. More importantly, we’ll share some ways you can begin working together and build a foundation of trust.

     

 
 
      Episode 61  Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. We’re beginning a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this first episode we’ll discuss dating and pre-marriage and the money issues that are synonyms with this stage of your relationship. More importantly, we’ll share some ways you can begin working together and build a foundation of trust.     SHOW NOTES     Income Statistics   Median Net Worth in 2010 according to the census bureau for 55-64    $261,405 - Married Couples    $71,428 - Single Male    $39,043 - Single Female       Brookings whittled down a lot of analysis into three simple rules. You can avoid poverty by:    Graduating from high school.    Waiting to get married until after 21 and do not have children till after being married.    Having a full-time job.     If you do all those three things, your chance of falling into poverty is just 2 percent. Meanwhile, you’ll have a 74 percent chance of being in the middle class.   60% of couples in marriage counseling identify money as a major problem in their relationship.   Money causes:     Fights    Tears    Anger    Un-forgiveness    Disunity          Winning Over Your Mate, While Dating    Have honest and open conversation about money after you establish a certain level of trust    Could be a real shock when the person you’re dating finds out you’re not who they think you are.    Could be an even bigger shock if the other person was using debt to fund all the gifts and spending during dating, which you now have to deal with as a couple.      Have to discuss money in advance, so that the expectations aren’t impossible leading into marriage.    Does the guy pay for everything or is it more equal?    David story of $40 date night envelope while dating.       When in the relationship should you start talking about these things?    Definitely have to talk about them before you propose.    Need to understand the other person's financial situation.           “In any relationship you have to cross certain bridges, if the relationship is strong enough then you can cross that bridge without fear of the weight of the conversation”       Questions to Discuss As a Couple:    What memories do you have of your parents handling money?     Describe the temperament or personality of your future spouse and how this influences their money habits.     Have you seen your partner’s credit score and discussed what it means?     Free Score - CreditKarma.com (or any other free resource)     Free Report - AnnualCreditReport.com (only government approved free site)       Do you have savings? How much? What are you saving for?       Which of you live on a written spending plan? Share it.     What debts does each bring into the marriage and what should be repaid first, second, and so on?    Do you plan to accrue more debt before marriage? How much?        Resources   Budgeting and Debt Elimination Tools    Jesus on Money  by David Thompson -  stewardshippastors.com

Episode 61
Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. We’re beginning a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this episode we’ll discuss dating and pre-marriage and the money issues that are synonyms with this stage of your relationship. More importantly, we’ll share some ways you can begin working together and build a foundation of trust.

     

 
 
      Episode 60  As Americans we have the privilege of living in a country where we experience freedom and incredible opportunities, but it doesn’t come without a cost. In this episode of Getting Money Right we’re talking taxes. We’ll talk about why taxes are important and prepare you to make some important decisions as you prepare to file your taxes for last year and plan for this year.   SHOW NOTES     Taxes we don’t usually notice:      Sales Tax    Airline Transportation Hotel Tax    Library Taxes    Building Permits    Fishing & Hunting Licenses    Vehicle Registration Taxes    Vehicles Sales Tax    Driver’s License Fees    Sin Taxes - Sugar, Cigarettes, Liquor    Gift Taxes     Estate Taxes    Toll Roads    State Income    Federal Income     Unemployment Taxes         Grateful for the opportunity to pay taxes…     Over 50% of people don’t pay any taxes….    75% of American filers in 2017 received a tax refund, which is like giving the government an interest free loan.       Should you file your own return or hire a tax pro?   The tax filing dilemma     You want to get the most deductions and tax credits so you can get the biggest refund.      Tax filing software is less expensive than hiring a professional, and there's also some free filing options if you file online.     But, can they guarantee you get back every dollar you deserve? More importantly, will they keep you safe from mistakes that may trigger an audit?    I (Leo) didn’t want to pay for something I knew I could do on my own. It turns out I’m not alone.           In 2017, 55% of the returns filed were done without the help of a tax preparer.         There are people that can and should file their own tax returns, just as there are people who should always hire a professional.  Don’t try to save $200 to $300 and end up in trouble with the IRS, or worse, pay more taxes than you should.  The key is to know when it’s time to hire a professional and when you should do it yourself.   Hopefully, the following guideline will help.     IF ALL OF THE FOLLOWING APPLY TO YOU, YOU CAN FILE YOUR OWN TAX RETURN    You have basic understanding about tax returns or are willing to learn so you feel confident you’re doing it right.    You have the time and the patience to do it yourself.    You have a simple tax situation, unchanged from the previous year.      Sample situation that is simple: You’re single or a married couple who rent an apartment, have no dependents, no significant assets, no business, and made no significant charitable contributions.      You’re comfortable with using technology to assist you in filing your taxes or preparing by hand.       For those making less than $66,000, you can use  IRS Free File  to file your return electronically at no cost to you.     IF ANY OF THE FOLLOWING APPLY TO YOU, YOU SHOULD HIRE A PROFESSIONAL TAX PREPARER    You don’t have a basic understanding of tax returns and are overwhelmed by the notion of filing one.    You don’t have the time or patience to do it - the average time to file a tax return for those who itemize deductions is 16 hours.    You have dependents, real estate property, investment income, you've made charitable contributions, or own a business.    You are not able or willing to represent yourself in case of errors or an audit by the IRS.       The first year I (Leo) hired a tax professional to file my return he saved me $800. I was glad I spent the $250 to hire him. Of course,  not all tax professionals are created equal.   Like in any profession, you have the good and the not so good.  Make sure your tax preparer is  licensed and verified . You may need to interview several to find one that you like and will serve you best.  Let me share my personal 3 Must Do’s for a tax professional.     3 MUST DO’S FOR A TAX PROFESSIONAL    1. PROVIDE MORE THAN TAX RETURN FILING  A good tax professional will not only file your return but sit down with you and help you plan for the future. She will help you plan for income and expenses that will maximize your deductions and reduce your taxes legally, so you can keep more of your income and use it to increase your financial well-being.  2. STEER YOU FROM VENTURING INTO GRAY AREAS  The IRS sees everything as black and white as it relates to its tax laws. You either can or can’t deduct an expense, and there are requirements you must meet for every deduction. A good tax professional will guide you to ensure you stay out of trouble. If a tax professional likes to venture into the gray, you should look for someone else to assist you.  3. REPRESENT YOU IN CASE OF AN AUDIT  I like tax professional who will defend you when the IRS comes calling, which is bound to happen from time to time, even if you do everything right. It’s an inconvenience to be audited and can be a very stressful situation.  Ultimately, you’re responsible for the information on your return. But, a good tax professional will represent you and often handle the whole process for you, when you provide all the documentation at the time he prepares your return.      The tax code itself is around 4 Million words. And there were some huge changes for 2018 tax filing. Most people are working on their 2018 taxes now, let’s talk about the top 4 changes this year.   4 Top Tax Changes for 2018  1.     Lower Marginal Tax Rates . As your income rises, you pay a higher and higher marginal tax rate. If you’re single and earn $9,000, you only pay 10% in taxes on that money. If you earn $39,000 total then you pay 12% on the amount of income over $9,500. If you earn $80,000 you pay 22% on the income above $39,000. So, you have incentive to keep earning and making more, because your initial earnings are taxed low, 10% & 12%, but the higher earnings are taxed higher at 22%...this goes all the way up to 37% for people earning more than $500,000 a year. In 2018 the marginal tax rates were all slightly lowered, which helps to lower the taxes you pay.   2.    Increased Standard Deduction      

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


     3.              Personal exemptions eliminated.  While tax reform increased the standard deduction, it also eliminated personal exemptions entirely. Before the changes to the tax plan, a personal exemption would reduce your taxable income by $4,050, and you could take one for yourself, one for a spouse and one for each dependent. The exemption phased out if you reached a certain adjusted gross income.   4.           Expanded child and dependent tax credit   With the tax plan changes, the child and dependent tax credit increases to $2,000 per qualifying child (it used to be $1,000), of which $1,400 is refundable.   Tax reform also created a $500 nonrefundable credit for qualifying dependents other than children.  What’s more, Congress increased the income level for when the credit begins to phase out to $200,000 (or $400,000, if you’re married filing jointly), making the credit available to more taxpayers.     Taxpayers may choose either itemized deductions or the standard deduction, but usually choose whichever results in the lesser amount of tax payable.     Ways to reduce your taxes    Have your taxes prepared by a professional    Contribute to 401(k) IRA    Buy a house?    Select the correct filing status    Save receipts (charitable donations - cash and non-cash, healthcare costs (changing in 2019 to include only non-reimbursed expenses over 10% of AGI).    Double check old returns for missed deductions - another reason to hire a pro    Fund an IRA for non-working spouse       CONCLUSION  Filing a tax return can be intimidating. For some, it’s best to hire a professional to make sure your return is filed correctly.   For others, filing is straightforward and fairly simple, and a professional is not needed. Know which one best describes you, so you can get through tax season with confidence, and hopefully a little better off financially.

Episode 60
As Americans we have the privilege of living in a country where we experience freedom and incredible opportunities, but it doesn’t come without a cost. In this episode of Getting Money Right we’re talking taxes. We’ll talk about why taxes are important and prepare you to make some important decisions as you prepare to file your taxes for last year and plan for this year.

     

 
 
      Episode 59  Healthcare cost has becoming a large part of our monthly spending. Every year the cost continues to rise, and the Affordable Care Act has made healthcare cost anything but affordable. Alternative healthcare sharing programs have been growing in popularity over the past few years and they may be the answer to lower healthcare cost you’ve been looking for.   SHOW NOTES   What Is A Healthcare Sharing Program or Ministry?    Faith-based programs (of varying degrees with options for different religious denominations) which facilitate voluntary sharing among members for eligible medical expenses.     Members send in monthly ‘shares’ (i.e., premiums) which are distributed to or on behalf of other members with medical expenses (i.e., benefits payments) in accordance with program guidelines.     Built upon the principle of people with similar beliefs and values coming together to share each other’s burdens (in this case healthcare costs), not unlike the risk-pooling nature of health insurance.    The appeal of healthcare sharing programs is that in practice, they are  much   less expensive than health insurance .     Families can become members in healthcare sharing programs for $300 to $500 per month, compared to the average unsubsidized cost of family traditional health insurance coverage at $1,564 per month, and it’s easy to see the savings appeal for those who lack generous employer coverage or do not qualify for government premium assistance.      Healthcare sharing programs typically have lower out-of-pocket expense limits than typical high-deductible health insurance plans as well.     Caution:  healthcare sharing programs are  not  actually  health insurance . In fact, part of the reason that they’re less expensive than traditional health insurance is that their coverage may be more limited (than Affordable Care Act mandates for essential health benefits).      Limitations of coverage are based not only on managing potential costs and claims, but also the faith-based nature of the programs.     While healthcare sharing programs do cover many typical medical expenses that health insurance covers, they typically do  not  cover many health-related costs deemed to be ‘unbiblical’ – which the programs define in their guidelines – and may exclude payments for:     Birth control.    Abortions.    Injuries related to alcohol or drugs.    And injuries from certain hazardous activities (i.e. failure to wear helmets or seat belts in some situations).       Participating members are exempt from the Affordable Care Act’s individual mandate to purchase health insurance, and from completing the  IRS Form 8965  at tax time which attests to membership in a qualifying program (in lieu of traditional health insurance).     To become a member, healthcare sharing programs may require agreement with a statement of faith, and in some cases even have a process to verify regular church attendance, although each has a different policy.     How they work?  Basically, everyone pays in a certain monthly share amount, and for your own expenses, you are responsible for covering an “annual personal responsibility”, or “unshared amount” (like a deductible). Then, the rest of your medical expenses are shared among the group from what they have paid in – in many cases up to $1 million per incident!   Are There Restrictions?  Yes. Since they are faith-based ministries, they do have different guidelines (like smoking, or certain pre-existing health or lifestyle-related conditions). In which case they will decline membership.   Some take people with pre-existing health conditions others do not. For those who accept pre-existing conditions, these types of conditions may be handled in a few different ways. The condition may be phased in. If that's the case, members do not share costs for that condition during the first year.  Then during years two and three of membership, members share up to a certain amount ($50,000) of eligible expenses to treat that condition. However, some pre-existing conditions might never be shareable. You can always just call an ask.   Are there programs for families?  Yes! They have programs for the entire family. Your family can participate in a very comprehensive option for  under $500 a month,  which is a maximum. There is a range of options less expensive than that depending on how much you want shared.   Differences between Sharing Programs and Health Insurance      Healthcare Insurance guarantees a certain level of payment depending on your level of coverage.      Healthcare Sharing Programs provide no guarantees of payment, although many do provide reimbursement for qualified expenses.     A few of the major health care sharing ministries are:      Christian Healthcare Ministries , this is the one I (Leo) use.      Samaritan Ministries       Medi-Share       Liberty Healthshare      What is the difference between the health care sharing ministries?     All four of the above medical cost sharing ministries are very similar, but there are some differences among them. The largest differences are:     Their acceptance guidelines     If they process medical bills electronically or not     If they allow cost sharing of alternative or natural treatments.     Beyond that, we included a  FAQ  in our show notes which you would find extremely helpful. It has a very informative and clear answer for every question you would think of asking.  If you are looking for an affordable way to handle your medical expenses, a health sharing ministry could be just what you need.     RESOURCES   Christian Healthcare Ministries   Samaritan Ministries   Medi-Share   Liberty Healthshare

Episode 59
Healthcare cost has becoming a large part of our monthly spending. Every year the cost continues to rise, and the Affordable Care Act has made healthcare cost anything but affordable. Alternative healthcare sharing programs have been growing in popularity over the past few years and they may be the answer to lower healthcare cost you’ve been looking for.

     

 
 
      Episode 58  Being able to communicate about finances with your spouse is crucial to a happy and satisfying marriage.  On this episode, professional counselor Russell Baxter who has recently released his book, Sharing Your Heart Sharing Your Treasure, continues sharing his insight and advice on what couples can do to improve their finances and as a result, their marriage.      SHOW NOTES      4 TYPES OF HOUSEHOLDS  1.     CPA Home  2.     Joint Venture Home  3.     Wild West Home  4.     Team Home     1. CPA HOME    One partner manages all of the finances.    Other partner knows little to nothing about finances.    Very common in single income homes.    One partner makes most decisions and even sometimes gives the other an “allowance” or lets them know that they can spend.    “Don’t tell me, I don’t want to know.”    “You handle it.”    2. JOINT VENTURE HOME    Tend to not talk about a plan    Very common in remarried couples    Both partners manage their own accounts    Checking    Debit    Debt    Retirement    3. WILD WEST HOME    No plan / budget.    Spend as long as we have money.    Talk about desires but lack a plan or accountability.    Not stewarding well.    4. A TEAM HOME    Two people working together.    Communications.    Talking about what we want and a way to get it.       WE MUST CREATE A FOUNDATION FOR CONVERSATIONS:       

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


     Action – Follow through/ Accountability.    Budget – Execution / Limits.    Plans – How / Time Frame.    Goals – Dreams / Direction.    Principles / Priorities – What’s important to us? Boundaries for our Family.       When we are having a problem with an upper layer refer to the level below.  Our foundation is not dependent on our feelings and impulses; it is based on our principles and our priorities.     This process is messy and takes time, especially if you are coming from the Wild West.      
   
     “ When you talk and agree on finances with your spouse you improve your intimacy and share your heart. ” 
   
   — Russell Baxter 
 
     Matthew 6:21  For where your treasure is, your Heart will be also.      Heart is:     Thoughts    Passions    Desires    Dreams    Intentions    Interests    Attitude    Character       These are the things that we are trying to get our clients to share with each other.   Money Fights/Money Problems shows up in every major study as one of the most common reasons for divorce.      Common situations in marriages today    Why is Money So Complicated?   Money represents:          Safety    Security    Fulfillment    Purpose    Shame    Guilt    Anxiety    Inadequacy    Self-Esteem    Future    Possibilities    Healing        Whether spoken or assumed we each associate with money in an emotional way.      Creating mindfulness about my relationship with money.   Two main reasons money problem stick around:     Assumptions    Implications       How can managing money help heal or wound your spouse?   Wounding     Impulsivity > Insecurity, Uncertainty, Fear, No Trust.     No Communication > Decrease in self-esteem, Trust, and More Resentment.     No Plan > Chaos, Anxiety, Feeling Trapped/Stuck.     Healing     Having a Plan > Comfortable spending, Decrease in Anxiety.    Accountability > More Impulse Control and Trust.    Planning for the Future > Foster Safety and Security in Relationship.    Communicate about Desires > More Vulnerability.       A Healthy Team is:    Isn’t looking at how other teams play.    Cares more about the team than the individual.    Doesn’t beat up a player who makes a mistake (shaming).    Meets frequently.    Reviews errors and changes the plan.    Keeps their eye on the prize.       RESOURCES  Sharing Your Heart Sharing Your Treasure Book  - Signed copy  Sharing Your Heart Sharing Your Treasure Book  - On Amazon   Budget Forms and Tools  David’s New Book -  Jesus on Money  David’s New Website -  www.stewardshippastors.com

Episode 58
Being able to communicate about finances with your spouse is crucial to a happy and satisfying marriage.  On this episode, professional counselor Russell Baxter who has recently released his book, Sharing Your Heart Sharing Your Treasure, continues sharing his insight and advice on what couples can do to improve their finances and as a result, their marriage. 

     

 
 
      Episode 57  Being able to communicate about finances with your spouse is crucial to a happy and satisfying marriage.  On this episode, professional counselor Russell Baxter who has recently released his book, Sharing Your Heart Sharing Your Treasure, is sharing his insight and advice on what couples can do to improve their finances and as a result, their marriage.      SHOW NOTES      4 Types of Households  1.     CPA Home  2.     Joint Venture Home  3.     Wild West Home  4.     Team Home     1. CPA Home    One partner manages all of the finances.    Other partner knows little to nothing about finances.    Very common in single income homes.    One partner makes most decisions and even sometimes gives the other an “allowance” or lets them know that they can spend.    “Don’t tell me, I don’t want to know.”    “You handle it.”    2. Joint Venture Home    Tend to not talk about a plan    Very common in remarried couples    Both partners manage their own accounts    Checking    Debit    Debt    Retirement    3. Wild West Home    No plan / budget.    Spend as long as we have money.    Talk about desires but lack a plan or accountability.    Not stewarding well.    4. A Team Home    Two people working together.    Communications.    Talking about what we want and a way to get it.       We must Create a Foundation for Conversations:        

  

    
       
      
         
          
             
                  
             
          

          

         
      
       
    

  


       Action – Follow through/ Accountability.    Budget – Execution / Limits.    Plans – How / Time Frame.    Goals – Dreams / Direction.    Principles / Priorities – What’s important to us? Boundaries for our Family.       When we are having a problem with an upper layer refer to the level below.  Our foundation is not dependent on our feelings and impulses; it is based on our principles and our priorities.     This process is messy and takes time, especially if you are coming from the Wild West.      
   
     “ When you talk and agree on finances with your spouse you improve your intimacy and share your heart. ” 
   
   — Russel Baxter 
 
     Matthew 6:21  For where your treasure is, your Heart will be also.      Heart is:     Thoughts    Passions    Desires    Dreams    Intentions    Interests    Attitude    Character       These are the things that we are trying to get our clients to share with each other.   Money Fights/Money Problems shows up in every major study as one of the most common reasons for divorce.      Common situations in marriages today    Why is Money So Complicated?   Money represents:          Safety    Security    Fulfillment    Purpose    Shame    Guilt    Anxiety    Inadequacy    Self-Esteem    Future    Possibilities    Healing        Whether spoken or assumed we each associate with money in an emotional way.      Creating mindfulness about my relationship with money.   Two main reasons money problem stick around:     Assumptions    Implications       How can managing money help heal or wound your spouse?   Wounding     Impulsivity > Insecurity, Uncertainty, Fear, No Trust.     No Communication > Decrease in self-esteem, Trust, and More Resentment.     No Plan > Chaos, Anxiety, Feeling Trapped/Stuck.     Healing     Having a Plan > Comfortable spending, Decrease in Anxiety.    Accountability > More Impulse Control and Trust.    Planning for the Future > Foster Safety and Security in Relationship.    Communicate about Desires > More Vulnerability.       A Healthy Team is:    Isn’t looking at how other teams play.    Cares more about the team than the individual.    Doesn’t beat up a player who makes a mistake (shaming).    Meets frequently.    Reviews errors and changes the plan.    Keeps their eye on the prize.       RESOURCES  Sharing Your Heart Sharing Your Treasure Book  - Signed copy  Sharing Your Heart Sharing Your Treasure Book  - On Amazon   Budget Forms and Tools  David’s New Book -  Jesus on Money  David’s New Website -  www.stewardshippastors.com

Episode 57
Being able to communicate about finances with your spouse is crucial to a happy and satisfying marriage.  On this episode, professional counselor Russell Baxter who has recently released his book, Sharing Your Heart Sharing Your Treasure, is sharing his insight and advice on what couples can do to improve their finances and as a result, their marriage.