• Biblical Finance Class - Living Part 2

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    Biblical Finance Class - Living Part 2 begins exactly where Part 1 left off! To really understand our #1 principle of personal finances, God Owns Everything (G.O.E.), see some of the scriptures below which can help with this idea. Now for the second most important rule of personal finances is... well you'll have to watch the video for that...

    Now that you've watch the video (if not I suggest watching before continuing on), something I want you to think about is the importance of being the manager of the money God has allowed you to earn. In the video, we touched upon what a manger does for a company and that is... increasing the value of the company. So, since God owns everything, which is our #1 principle of personal finances, have you ever thought that He has appointed you as the manager of it? To take it a step further, He has appointed you as CEO of your household!

    That's the 2nd most important rule of personal finances... YOU ARE THE MANAGER! Well as a manager of God's money (and possessions), how will you increase the value of the money? Below I have 3 ways that can help you better manage what you have been appointed to manage, because if we are not a good CEO or manager it's only a matter of time before we are fired!!

    1) Get Out of Debt
    Debt is really a destroyer of wealth in almost every financial situation. Not to get too mathematic in this post but I can prove my first statement with a quick accounting equation:

    Assets (what you own) - Liabilities (what you owe) = Net worth (how much you have)

    As you can see when you have liabilities or debt you are always subtracting from what you own (assets) thus lowering your net worth i.e. how much you have. In order to stop this, what should you do? Get out of debt as quickly as you can! Once the liabilities in the equation is zero you will have more money to, not only enjoy, but to invest which over time will increase your money. And increasing money is the job of a manager!

    2) Stop Making Pointless Purchases
    I am not the type to tell you what you can and can't do with your money. As we have established... YOU ARE THE MANAGER! As a manager it's wise to think about what you are purchasing. Does it make sense to buy lunch Monday-Friday for $10.00 which is $50.00 a week, $200.00 a month, $2,400.00 a year, and... well I think you get the picture. Check out Purchase Wisely for a deeper dive into this concept. Obviously you could take your lunch to work and save money or you can increase your income to allow you to handle the cost. The question becomes, how do you know what's the best decision?

    First, create a budget, a month before for the month to come. This will give you an accurate guideline on what you expect to spend. It also shows you a if spending $10.00 Monday-Friday is feasible. Then it can help you make the decision on bringing lunch to work or to continue to buy, but remember the choice is yours... YOU ARE THE MANAGER! So please choose wisely for your specific situation.

    3) Spend Less Than You Make
    This last topic is a "no brainer"... simple in concept but difficult for most to execute. I understand that everyone has a different amount of income but we are all limited by the income we make. To put things in perspective, even if you made $1 million a year and wanted to buy an island (which is actually possible) that cost $50 million that would be out of your price range. This is an extreme example but I want you to realize that we are all limited by our income no mater how large or small.

    Regardless of the situation I am a firm believer in spending less than you make. If you want to spend more you have three options cut some expenses, make more money, or do a combination of both. Whatever your decision remember this concept works when you are OUT of debt. This is true because if you don't get in the habit of spending less than you make, it will be near impossible to increase your income out of debt. Developing good financial habits is key to effective money management.

    As you put these tips into practice don't beat yourself up too much if they are difficult at first. Keep getting back on the horse and trust God to guide you alone the way. Ask for help from those who have good money habits and reach out if you need any more help. I hope you enjoyed Biblical Finance Class - Living Part 2, Part 3 is on the way Lord willing. Remember, choose Faith over Fear for your Finances!

    Image result for pictures of money management

    Psalm 50:10-12 (NKJV)

    10 For every beast of the forest is Mine,
    And the cattle on a thousand hills.
    11 I know all the birds of the mountains,
    And the wild beasts of the field are Mine.
    12 “If I were hungry, I would not tell you;
    For the world is Mine, and all its fullness.

    Psalm 24:1 (NKJV)

    24 The earth is the Lord’s, and all its fullness,
    The world and those who dwell therein.

    Haggai 2:6-9 (NKJV)

    “For thus says the Lord of hosts: ‘Once more (it is a little while) I will shake heaven and earth, the sea and dry land; and I will shake all nations, and they shall come to the [a]Desire of All Nations, and I will fill this [b]temple with glory,’ says the Lord of hosts. ‘The silver is Mine, and the gold is Mine,’ says the Lord of hosts. ‘The glory of this latter [c]temple shall be greater than the former,’ says the Lord of hosts. ‘And in this place I will give peace,’ says the Lord of hosts.”

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    "Where you choose Faith over Fear for your Finances"


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