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Personal Finance

Edwin G. Romero

Recorded

  • October 6, 2018
    12:00 PM
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God in heaven what a blessing in it is to come before the eye and throne of grace and Lauri and I pray in a very special way that as we do this presentation very important presentation on personal finance. That you will be the one speaking are not this broken servant will you be the one. In the word and taking him through the specifics of this that is destroyed many families and many couples in Jesus name I pray Amen. But the 1st things that I'd like to take you through when I talk about personal finance is this right here because this is the foundation. Of personal finance. This is it. God ask what. Partner and counselor. Are finding and then that's the 1st step 1st then you know you keep. As your own your partner and counselor here almost everything and we have to acknowledge that why Is money important. Why is that why it affects our spiritual success. It also affects our family. And it sets our stress level I still have not met one person that goes to bed at night and has a pile of. Standing and is able to sleep well I still have not. And I got about personal finances for a long time and you still has that on the back of your head stability over our marriage. Long term plan in full retirement more and more people are and in their careers broke so you have to make sure that you planned accordingly so that when you retire you have enough funds to be able to survive Let's talk about financing it wrote way and it's true. It has been set people spend money they don't ask. For things they don't know what they don't need. In order to impress people they. Don't even like but that's not the case in this room I think you're right given by the right even your neighbor to say buy new cars and. You're like everyone we love everybody. We follow Jesus Christ right. There's a difference right. But we like to have ask what others have even in the car. And get it. In the right so we have done about it at the A.B.C. is our personal finance you want God So what. You need to be organized you've got to have a plan and. Have a plan and. We serve and get out of order so that we. Serve a God of order so why are we going to be disorganized. We should not be so disciplined is another one. You want to make sure that you are disciplined enough to be able to manage your own finances OK Look at this and here. Are 3 of my favorite quotes Natasha manservant money like emotions is something you must going to troll to keep your lives on the right track in the right most people want to avoid pain it and discipline it is eventually why it. Is not the. No I want to have money I don't. Want to discipline myself I don't want to go into that and. But you still like the money right 9 cancel this simply and it is the bridge between the goals and accomplishment in the right you have goals on one side and accomplishments on another on the other side and in the middle you have. A bridge that's how you get from here here to. All right so financial planning in personal finance at finance personal financial planning is a process of managing your money to a cheese personal economic satisfaction so how do we get starting going to get it down to the needs of. Finances Here's how do we get started we seek God's wisdom and blessin throughout we accept responsibility for our finances we get organized and we write down our needs and our goals we are disciplined we are diligent in laying the foundation and then we get educated workshops like this is really irks newsletters magazines and then we ask for counsel from others they look at this quote from Ellen G. White when you can stand forth a free man and again no man and anything you will have achieved a great victory Amen. That's the way to get and look at what scripture Scott about indebtedness Romans 137 to 8 let's let's read it again. Pay to law what is. To them taxes tax revenues to the revenue. Respect to the respect. On Earth to them on our. Own all on. Anything except to love each other for the wind of the love another has fulfilled the Law This talks about debt talks about indebtedness talks about plastic credit cards are little. Dots about personal do not answering to anyone. Just another Amen. But let me share with you why Personal finance is so important and this is not me talking about this this is outside sources that are going to be. Important for you to know how to handle or manage your money married couples with kids are 75 percent more likely to be late paying their bills and why is that you have more amounts to speak in the right used when you fill out your W. 4 through your payroll office you're saying I have 345 depend. So I have to come up with money or money to thing in those lives right people spend 12 to 18 percent more when used in credit cards than when using the patch. And that's why sometimes when you're in trouble with your finances the best thing to do that is to get into a cash system so that you no longer Borel need that eventually you will not be able to repay it because you don't have the earning power to do so and even when you have the earning power to do so most people that are in trouble financially to live paycheck to paycheck and. Earning power that they have been irrelevant to their expenditure that ratio. So we can talk about that a little later here 65 percent of Americans are living paycheck paycheck to. Learned that. Up from 49 percent last year and 43 percent in 2016 so this is 815-1617 we're still on $2018.00 so that's not recorded anywhere but there's an actual god when I have to if I had to draw up if I had a broad particle in grass. Last bullet going in here and. Occurs would go out. Right pitiful. But when are you telling me this is soul difficulty to live in paycheck. To paycheck let me just say something if you were to live paycheck to paycheck you'd be OK certainly. Because what it means paycheck to paycheck is you'd have the income $3000.00 a month of revenue and then you also have an expenditure of how much $3000.00 also it's an 8 and a half. And then your balance. Is not perfect isn't it and something will happen that if you do not ask every service and can now if they can't a contingency can't. It is going to happen is that your in and out is going to be and you're on to that or to legal or. Plastic. Credit card or personal loan because the law is not perfect they look at least. 30 percent of Americans who have combined finances with their spouse at MIT to lie to their partners about money and that pitiful. A little at midlife or 68 percent say they had hit catch 15 percent hit a secret bank account 11 percent had lied about debts they owe and 11 percent a lot about how much money they earned so you talk about our relationship how could you stablish a relationship with your spouse with statistics. About communicating with your spouse or to Money magazine survey money causes more arguments between couples than intimate relations or even the. Subtle money management or money issues are the 2nd leading cause of divorce. Right behind. Infidelity more specifically 43 percent of people surveyed responded that they argue more about money and intimate relations close to 20 percent who say they are you more about intimate relations than money also reported by C.N.N. Money dot com 24 percent of the surveys participants. Said they argue more about money than doing chores and 28 percent say they find more about money than their own kit. 57 percent of households do not have half a foundation do not have a structure do not have a budget but it isn't the thing is every time I sit down and and work out the numbers and transshipment numbers then you know I never balance so I'm just sick and tired that I don't even want to think about it and I just set it aside because in every balances. But then Year after year you've seen that you're in debt and this keeps going up. And you don't do anything about it we get to the budget session here this morning so I can surely what I mean about this a recent study by here is interactive found that you can say 112000 hours but we're alive I'm about to bring in your lunch to work in a brown paper that. Nearly one 3rd of Americans pay the minimum due on their credit cards each month. So if the out of this cover cart which is one of the worst I'm not going for these out of Master Card they'll get pay for that you have to discover card it's kind of nice to pay 27 hours or $25.00 minimum payment every month. But have you thought about the breakdown of that payment principle versus interest $22.00 going to principle and perhaps 3 bucks 2 bucks going to your. Reduction of your balance. Right so you've got to be very careful about this and now and reflex on what's happening in your indebtedness families today are 5 times more likely to file bankruptcy and 3 times more likely to lose their homes despite spending their money no more fall asleep and their parents so we're have we learned back bad habits about money management but if I did not learn it well from my spokes. Which I don't necessarily did or I didn't really. You know that they were doing a bad job but I'm a P.P.A. pastors kid from pastors really don't know how to manage their own finances right and we have to help them out. All right but I don't necessarily have to follow their pattern or their counsel we need to find it way on how to do that better more than one in 5 of those earning 100000 or more still. Live and paycheck to paycheck I consider that a pitiful statistic I wish I can earn a $100000.00 but I don't right so what are you telling me. It's not how much you earn but how you manage. But it wouldn't tell me something deeper because I realize that this is a simple mast I know that if I make 5 bucks a year I cannot spend 70 you. Give me something in deeper. If it isn't as simple as. You think then why we as a country are. Realizing in it trillion dollars in debt. And we don't know what to do it but it is simple right. Apparently it's not as simple as this sounds so it's not how much you made but a half hour even. Managed in the average American family they have and I mean actual sponsor no stocks no buns 16883 is a credit card balance 19 percent have saved to cover emergency expenses 31 percent have less than $500.00 in emergency savings the alst is worth 200000 but their family it was 837001 that 200000 dollars note they make $59000.00 even 21 percent have no retirement. At all. This is ask December 31 2017 so. Another truth we've talked about it it is not how much we make but how we administer what are some of the considerations. In this in here save for retirement 21 percent have 0 save for retirement 10 percent from $1.00 to $5000.00 roughly $5024.00 are 2 ways i 1009 percent 10 percent 25 to 75 and 75 to 125008 percent but I know that the point in here maybe I didn't go back in here but if you add those up then there are many are over or 60 percent. Of. The general population in the US. They look at this and get so when you retire only 25 percent said $200000.00 or more. Then what do you do that is if you are planning to retire at the age of 65 or 67 for some of the then you would want to fly how many leaders do I plan to live I wish we could do that right. We can't we can't only God no. But we have to be responsible to quantify and live a number of years so if you go from 65 to. 85 that's like 20 years let's just do it simple maps would you need able to survive with 200000 hours you take that and you know divided by the number of years that you're going to project live in would that be enough would take you through but anyway and you don't understand I have asked Social Security. Taking care of. Talk about that in that beautiful graph. So the end. End of the year asked it's a Social Security trust fund. Combination of Social Security and Medicare right take a look at that projection 2035. And what happens with that trust fund that you and I are relying on are that we're investing in our. So what happens is I'm not here to suggest that this fund will disappear because if it does whoever is president is going to end up. Mr Kennedy right in Dallas. That's not what I'm suggesting but if you're invested in a truck then a trust fund Social Security trust fund and you think in that you're going to turn on investment is going to be for every dollar that you put in you're going to get bad when you're $65.00 or $67.00 and you don't live for retirement you'll get back $0.75 or that dollar a day you invest it maybe that's not true maybe it'll be more like. $35.00 or $45.00 or $0.50. Right. So we have to be careful and not rely on Social Security so let me talk to you about investment I'm going to go investment want to one some of you have seen this bucket system but this is a basic way of learning how to invest undesirably of money right all right so what do you do with your income what do you do with getting them. Are there and spend it right what do you do with the. Right to go out to the other garden to do and what else are. They to offer an. OK. Let's see let's see what we do. We have acquired. Right we acquire assets which obviously have material value but we could also acquire. Radelet. That did you know that. It's funny when you go to Google and you say. Get be careful what name I use in the air but let's say Donald Trump right that that example here especially on the Sabbath right but let's just for the sake of Donald Trump what is Donald Trump's net worth I've never done that and you know look just big characters and he's a student at worst right now we don't know who he is because of the stacks returns right but let's So we definitely know all right so what you want to find in there is what they're worse. Or Octomom aren't some of the other. Folks So this is what it would look like when they do that if they take assett my There's. What they are both right a lot of military and where is either demand in green. Right Network. Or like Michael Jackson. Down with the negative networks. That's the way they make sure that as does the way the ratio is the formula. OK so even you could end up with a pulse and even then worse or a negative network. I want to end up with a positive network right now of course after Michael Jackson died he never worse became positive right. Because. You know this stuff. Out of the state and it became possible so he was worse and more dead than alive. Terry right yeah that's why I don't talk to my wife about this stuff in here because then I have to go on to redo my will and I want to do that all right and so on Lee can build up for her you are never worse you own it so what's to major major influence on your net worth. What is it. Is your income you've been trolling your income. Yes You control your income. I had a friend that. So she makes $175000.00 without bonuses she works for the health care industry so probably she hits $200000.00 a year her husband is a pastor so he makes a conservative amount of income and. Low cost to live in an area they buy car every 4 years right in spite of their cars running well. And so she called me out there and said And when I don't know what's going on because. I have negative metaphors and I don't know what's happening could you help and I said you know that's fine I'll pray about it and and so I did pray about it but then my wife said Yeah quit brain about it and help them out and set it on you know so I ended up helping. You know how or how wives are just you got to do it otherwise you get in trouble so I did I'm helping out but what I discovered is through the exercise with this friend was that they were spending 30 percent of their income even. 30 percent they had they were upside down on their mortgage they were making car payments they had personal loans they had student loans they had all kinds of loans and they still could make it close to 200 $75000.00 of income OK so even through all your income how you spend your income so let's talk about this here's a link on that where is a income going to bucket $12.00 and $3.00 very simple number one bucket one is what I call highly the appreciation or had appreciation bucking the budget I don't like that's the budget that you should not like right so take a look at this and here this is what. This is that this is a link isn't it. OK that's that's really what that is what happens it is that you do allocate you're able to buy that and it immediately and appreciate. Now is that I'm not suggesting for you not to eat yes you can. Eat but what I'm saying here is that when you invest on this and here it goes that quickly right it does not increase in value it depreciates quickly Yes that's exactly what I was hoping not to hear some people don't know what I'm talking about and they say amen and that's the Amen doesn't go here. Yes So you're if you're a large you're a lot it's OK you're awake take a look at this food gas trip. Entertainment that's really what that is well some people get emotional about this and when we dug out a bucket one say you know but Ed when you don't understand entertainment it is an emotional it brings memory so it has value. Yes it does. It has apparently And yes the brain the brain already has the potential or the possibility in the brain good memory when it has saved up for that intra day myth but it'll brain terrible memory and bad emotions when you go through it and then you get your credit card statement right and you look at it and you say wow how do I pay for this 23 percent interest rate on whatever I chose to go through the entertainment. And then you go to the doctor you spend money on your co-payment right you get sick and then your prescription for depression goes up right because you don't see what I'm seeing so it's no longer a good memory and. The devil is entertaining on you you've got to be very careful all right but get to the whole value or depreciate slowly not as fast as a bucket one but you still realize depreciation forget it so what do you mean it car. I love cars. I didn't but I asked got to be careful with cars. So. Let me tell you about my baby yes. I have a 2006 break. You thought I was going to say Cadillac or some right now 2600 accord which I have you know and by the way I wash it every week yet I doesn't look terrible I think nice I bought it in Shreveport Louisiana because I was serving a stranger there for go to conference. And the Lord blessed me with a neighbor who word as a little 100 dealer so I became good friends of him because I knew I was going to need a car yes and he gave me such a great deal and I bought it catch Yes I bought it with a credit card. Yes percent A.P.R.. Yes I did Greg are surfing Yes and in 12 months I paid it up. And it was awesome he gave me a great deal where the car my car I couldn't find parking close to this building here so I had to park. Near the church all the way there is no just close by here but. When I parked my car out there this morning it had 357835 miles. If if it hasn't been stolen when I get out there it was you know we don't want to have a little more by the time the police finds out that you know. I'm proud of you know it's never been in the shop and I don't need any reason to change my vehicle you know how many times I've depreciated my car 5 times. You know what I've done with the money I don't put it on a bucket one or 2. Will get to bucket 3 right but whenever whenever I need the funds to replace my car I'm shooting for half a 1000000 miles and you know that Yes And you know what I'm going to do I've got my plan I've got my 20 I'm going to drive up to. Probably 5 or 6 different 100 dealers I'm going to ask for a manager for management. I'm going bring him Alan show on my car and let's look at these numbers look at that one better marketing tool to you half. How much do you give me for your marketing. And if he gives me more than the. Market value of the brand new vehicle whenever that. BRAND NEW her under a court if he gives me more. And. But if he does then I'll say OK To you give me a brand new one and you negotiating power that I've got. Mine and you give me a brand you want and will go from there that's my plan to get it but anyway cars yes eventually I have value on my car but it is very little sometimes I pray for someone to steal it because it is worse and more stolen than but it is what it is the camp 1st D.V.D. you've got collectibles appliances so it holds value however eventually either no value or what very little value talk to you about. This is where you need to put your money this war is what you where you need to focus what time is money I. See 945-1045 is I right somebody help me with a program. That is what is I guess I need to hurry up in here right so 65 or older still have a mortgage that I don't. Really means or for when it came Is this where you need to put what happens as you put your income in here and then all of a sudden. It grow. So much as a retirement account such as home mortgage or not a home mortgage but a home because. You want that asset to appreciate in value but can winand bucket do not so I bought a whole lot so 300000 hours and then 1015 years later. If you still employed it right. That home is worse off under normal economic health conditions is worth $450000.00 so you have earned equity not only on that $150000.00 of appreciation but also on whatever you have paid down. Right against your balance. You file it can you know for a one K. it's important if you're invested in savings right there are some I don't know what would get to that point but anywhere from $3.00 to $6.00 months you start with 3 months. Even so you get organized and you want to say this is where it was make one to fly it want to fly what in the WILLACY saying I want to fly right a lot of accounts for 8 count right. So you go back to your spouses tomorrow and say honey I'm going to want to fly. And what and he will you for your phone out and they get their picture of her face what. Did they do to you that can climb a flight What is that right yeah and then you explain we're going to sit down and by the grace of God we're going to quantify let me explain to you we're going to crunch the numbers. There is there are some people that they don't believe in me they simply say I know I'm going to go to bed. And I'm going to have a dream. And then that's going to serve as the foundation of my finance. And there are 67 numbers still waiting for the dream that I don't happen that way. You have to beat organize you have to get organized and you have to do think you are part so that the Lord will bless your finances so again take a look at the there's a rebbetzin there this is where we need to put the emphasis on on budget and number 3 so we debunk it adds to your net worth we sent. Out get 3 which bucket takes away from your net worth. One and 2 specially one please don't starve to death so yes you still have to vote but if you have a budget you'll know what you're doing because you've got this structure if you're going to borrow if you're going to Bora which bucket would you borrow for. That. It's because you're building equity you're building your net and worse so you have to insure the assets that you know right so yes which. Part of the last one here which is buggin when you know insurer we've already talked about that it is a preparation of the budget and budget is telling your money where to go instead of wondering where it went they were in that right don't do it after the fact do it it's. On it right so I'm going to once again get organized and I'm going to be disciplined about doing this. Not after the fact if you look at the US average family 34 percent goes to housing 12.4 percent of food and then you see the other category 17.6 transportation this is one of those folk and I talked about it jokingly about my 100 court but when I was straight out of the Texas conference a few years back. I had a friend there in the office who. You know. I can't remember what the brand were. But she came very happy one of the she was very bubbly she gave me when I am so happy and so I can tell you are so what's going on well I am happy because I'm getting to do to pay minutes left to pay off my. Karen you and her husband took great care of her AC of the she didn't but he did and that's the way it goes you know and and even though my wife blames me for saying that but you know I remember when I bought my 1st car and I found a scratch it was a Toyota Celica with black and the sunroof an old dream car. I graduated and I. Thank you Lord for providing for the job when I bought that car and then all of a sudden I am washing my car and I'm you know the back of the car and it in the trunk it's right on top of the door I see it seems scratched. And I tell you my heart sunk. What I am going to do because this is beautiful I would wax it up every couple days it was beautiful and. So then I asked my wife what happened here what it was even and then she like or you know recording this right. I don't know how to make sure it doesn't get to her I'll be in trouble. I just switched the name of the percentage that should do it but also so it has had a scratch on it and then later on I found out that she had bought a used. 5 cabinet for me terrible shape. And she had loaded that on the back of my Toyota Celica and that's what I had done the scratch. And she paid for it like 7 bucks I couldn't believe that I tell you what I didn't pray for her. I had a week a prayer for her it is amazing but I'm telling you so here is what I was telling you so I'm so happy I'm so happy that. I'm 2 payments away from the pain of my. Soul congratulations or that's wonderful No yeah but yeah that's not the main reason for my happiness. I've already HAVE already have the car that is going to replace a brand new car is going to replace my. Perfect condition I want to buy the car but I thought about depreciation and I didn't. And that and there she was from payment to payment listen if there is no need for you to replace specially an item that is one blanket to please don't replace it you know what you gotta be doing keep. It in the what you were paying for that car or that other. Bill is what I call it to yourself. And hopefully we get there and I'm taking too long and here it will help we get to depreciate depreciation schedule in here let me carry out your successful budgets are well planned realistic look clearly communicate at least talk to your spouse sit down and talk to your spouse because this why marriages get in trouble couples get in trouble one it is better than the other one that handling the finances however they don't talk to each other. And she wants Coach purse. And you don't want to buy for right and then you whine a. Nice talk I. Don't want you to get it because you don't want and you don't want to get the coach purse for her so then you get into Iraq in the air and you know nobody's happy. So you've got to you've got to talk about that is among yourselves practice their record in our brain come on expense write share the details of extraordinary expenses with your spouse now which you know we're all about right. But all of a sudden you're rich do not show up on your driveway with a brand new car without talking to your wife even if you put it all on it. Don't. It's all about the surprise and love but major expenditures you always have to talk to your spouse about if you want to review your budget is a necessary periodical a don't take a lot of celebrations and when we're going to what you want to go. So honest when you're broke you're trying to get out of debt but then you get in front of your computer and never fails something fucks up. All inclusive. 7 day. Right yeah. I've been working so hard for the past 3 to 4 years and now I'm going to and you know someday I'm going to die I might as well enjoy live now but no one is disputing that. You have not done your due diligence to set aside the money for that. And then then there isn't a science that gets on you. I think this for me. The 5 percent and. 7 day. 65 percent of the inflated price is right but 65 percent of it is just it's all about clearing right marketing. And then you don't know what to do about it and then you are wrestle with yourself and you end up buying in that although when I tell you what it's a monster I'm now I'm in the following 4 weeks you are just so happy and I mean it you're blessed and you don't know what to do with yourself you now know where or when the some are in your phrase and wow this is. But so it happens that the trip is around the corner and you realize of course. You don't have the money for it you realize that because you used your plastic. But now you need new luggage. Because you can't go with it let me say you've got in it looks terrible I mean it's embarrassing to log in to an all inclusive 0 down then you or your clothes are you know. Falling out of your suitcase. But then your clothes how can you go out there for another beach and then wearing what you have. You need new clothes so you go buy new clothes. You crunched you quantify those things what was the major magic word plan of Don't forget it tell your spouse. And so so you're in the air and you're enjoying all inclusive ice it right so you finally get on your trail you're enjoying life and then you sit in front of and then you snap snap your fingers and you asked for opinions the latter. Part of the island close and you got a bit extra but you've got to I mean you might as well just enjoy life right. And then 7 days go by and you fly back and you feel heavy hearted right. Now and after this memory is in our picture in our lab and I feel I feel so that. It never fails the way it happens so 3 or 4 weeks go by and then you go to the mailbox. You know the mailbox right so yeah there is a mailbox that's had a mailbox. And then you have avoided going to the mailbox for several minutes. But then you go there and never fails you have a stack of mail to see having gone you got voided going to the mailbox but he never fails that the credit card statement is always on top of the stack. So you go there trembling and trying to should I or should I not and. You pull it out and you know that we had all or also walked from the mailbox to the house. Painful you don't write so you get through the dining table and and he opened the credit card statement you look at the balance and then you say. They got it wrong again. And then you go on the word the magic word. And you going to plant a fly your expenditures out of that statement and you're wrong and they're right and you're back to the doctor to ask for another prescription for depression right so you've got to be very careful take 10 before you take 10 percent of your working income to set up look at this plan and here I love it 102020 percent of the Work and Income to set up to fund all right and emergent emergency fund equal 3 times your monthly income a cash bind fund to avoid future problems with over extended. Right OK Take a look at this same its account chicken accounts some people are into Christmas shopping right now and your spouse is on Christmas shopping on that well you want to make sure you set up a Christmas. So that when Santa Claus is around right you can buy a gift for everybody I tell you right my family it really I don't know if I've told you about this not my family but my wife's family how Always blame them but that's not true that they're so expensive I mean and I've given a blanket to my wife for Christmas. Right I know you're not surprised but. I have a lot. I'm broke she wants to buy everything for everybody and I can't I simply cannot afford that. So I said well if you weren't that then you know you'll have to I'm not a doctor I'm not one of those so I don't make a lot of money so you have to stay with this what you save for retirement vacations emergences lifetime savings appreciation of equipment etc This is something that you must consider depreciation of equipment your equipment your mechanical equipment will not run for ever did you know that even your washer that is in laundry washer 16 years old and you know you have to get it so that it starts and all that eventually is going to die. And what are you going to have to. Replace it right and never thought about that it's not only or it's. Not even here because I want to keep it simple but you must depreciate for the equipment that eventually you are going to replace right and you do it this way you do in monthly figure your appreciation standard depreciation of 3 years and in 3 years you end up with you know based on this example 2628 you see a breakdown you can put all the equipment that you want in there and end up with your amount and in 3 years if something broke down then you have a fund to draw from to replace what. The equipment. And you don't have to replace it and the end of this 3 years you don't work and don't but in 6 years or 7 years. Later it went down and now you have to replace it and then you triple that amount if nothing else has broken and then the you can buy the refrigerator out of you know they're one of those that that's a T.V. and you get close to it and it gives you back and I'll accept you know that you know you can but you know you can buy the most expensive but you've gotten money that you've set aside for that and that's the way you do it you set up a foundation structure and you're organized and you're disciplined in what you do you know what you do for. Do not open a bank account a savings account. Write it you want to go to Alaska we'll make a trip to Alaska but you know you want to open a bank account so far away from me let me just tell you I'm high on customer service right you know that I I just I just dollar I'm not one of those customers that would return to a place where they had terrible customer service or savings accounts I do. Bad customer. Because I don't want to take I don't want to withdraw from there so I want them to treat me that do not want to do it to say that you going to have to are you going to have to go through all of this in here before you can pull your money out. That's exactly what I want I don't want to pull my money but if you do have a bank you've got a savings account around the corner and you have your payroll and you say about I.R.S. every months out of your payroll and then you pull our $97.00 every month. That's not going to do it. For you so probably try to do that the other 70 percent you're going to use for what. You can cover the other expenses ties are not friends and family expenses both that your mortgage and your car payment should come directly from this category the other 20 percent you're going to get is to eliminate what. Debt yes get rid of debt so. You don't have to intentionally try to get out of debt say man to that in the potentially You need to try to get out of debt even so the way you do it is you can plan for it accordingly. Nothin magical is going to happen if you're not budgeting for it get in the act out of debt OK so. Where are we here going to add to that is there course you know you want to work there's only Let's let's go to. I'm short on time in here let's go through this very quickly your monthly income on expenses is what I was going to be about you have your income less your expenses you have categories and this is a here's a priority list on your expenses you can see you need. To live under you've got food you have your transportation insurance and then right here you have the number 8 entertainment and recreation if you get to the bottom of this list and you know if you're listing your expenses versus your income and your expenses exceed your income what are you going to do. You want to go back and we were your budget until you are what balance so you are trying to in the numbers you want to balance right and little or and. To become dumber 2 or number 3 right you want that right there or even in. 12. So you have to you have to structure yourself in such a way that is just a zoom in that you have to structure yourself so that. So that you know what you're doing Here's a resource that bankrate dot com calculator is you can now you can download that from there you don't want to take a picture of that that's OK here's another one. Here's another one here that you can you get it you can deal with it dot com You can download that. If you want to use Excel then you can download an Excel. Budget calculator as well OK we want to reduce debt so the 1st thing he do is you say no to additional indebtedness do not buy it is in a house on credit if you don't borrow it you're not going to get in trouble you want to make a pledge with the Lord started when. Asked to. Ask. Liquidate all indebtedness as possible you want to make a list of your indebtedness your debts beginning with the largest and then when this mollusk you stick it into a triangle you can try and the upside down and what you're going to end of which is you have credit cards at the bottom of that right which is why. High interest so you can pay for a. Bottom to the top all right so that's what you want to do and you want to tackle those aggressively there's a better reduction in calculating if you want to use that and download it. That is one of the Marse and most common methodology is of use in that but I want you to keep this in your mind some individuals they say you know what. It when I am so sophisticated that I know what I'm doing now they're up to here in debt but they know what they're doing right and certainly here is at a meeting with the creativity of the human mind right so listen. No investment it. Safe as a paid why. That couldn't even be sire to invest in something before pain of your debt is usually a sign off Ouch it hurts. But it is right not just an actual occasion Hey aren't you are there and don't play around with I know what I'm doing I've got this investment board in here I've got this business going here and what I draw from here I'm going to use to subsidize the payment of this debt and you are 656770 and yet you still. With the mindset of the sophistication of your creative brain and then you're in trouble because you still have all day. OK. I want to get to this in here we still have time I mean I'll close on time here take 2 minutes. Close your eyes and talk to Laurie hear what God has to say to us to you him our finances money and stewardship Let's take the next 2 minutes and then I'll come back and wrap it up and we'll close and. Conclude to something. I want to share we see you a plan that makes sense. In my opinion. Is eliminated materialism in your life same into that eliminate materialism in your life totally trust. Totally trust God to meet your needs. Simplify your lifestyle get out of bed did not dwell on past financial mistakes and. Do not fear your financial future trust who. Believes there is full paths Amen to that being thankful for what it hath. Be accountable to your spouse and he or she to you in neutrally agreeing on our financial decisions. Pledged to live within your means. Pledge to live within your means focus on God not on money. And security use the Bible as the best guideline for financial management and trade together asking God's guidance before making any new major financial decisions so here's what I say so in talks economic times if you want truth and I feel. The Bible is a manual and God is the manager signon bones and you shall be free May the Lord be with you today and the rest of. 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