Show Notes

Show Notes for March 18, 2017: Adult Children and Entitlement Attitude

First Half – Adult Children Moving Home

There are a number of reasons adult children may move back home but by far the most common one is…money.

So how much should you help your adult children and how much should you expect your parents to do for you? Here are the ground rules parents should establish:

Don’t usurp the spouse if they are married – your advice is secondary to advice from their spouse.  Don’t use your money to control their lives. Keep in mind that if you help too much you may take away their initiative and hard work. 

Distinguish between a gift and something that has strings attached – many hard feelings on both sides can be avoided by being sure both parties clearly understand this.

Establish household ground rules: Will the adult children pay rent? When is it due and how much is it? If there is no money for rent, are there projects around the house they can do to help cover their additional cost burden on mom and dad’s budget?

Who takes care of which day-to-day chores? Who makes dinner on which nights? Who cleans what area of the house? Does everyone take turns doing the all the family laundry or is everyone on their own?

Being clear about expectations on both sides can prevent many heartaches.

Second Half – Entitlement Attitude

Feeling like you deserve anything “just because” is part of an entitlement attitude. It’s easy to talk ourselves into getting what we want just because we “deserve it” but that attitude can often lead to financial disaster.

Splurging on something because you “deserve it” usually means you are spending money now that may be needed later. You are trading in your future security for unnecessary things in the present. 

The flip side of entitlement is an abundance mindset. It is that sense that you already have “enough.” After all the poorest in America are richer than the rich in many other nations. The abundance mindset knows getting more stuff isn’t going to change your life significantly and although you may want something, do you really deserve it?

In the end, whenever you catch yourself thinking or saying that you deserve something, stop yourself. You already have an abundant life, filled with so many good things. Do you really deserve more?

 


Show Notes for March 11, 2017: Spending in Today’s World &  Women and Money

It really doesn’t matter if you made $22,000, $45,000, $100,000 or $40 million, like Johnny Depp last year, it’s how you handle the money that counts.  Step one for everyone, no matter the income level, is to have a spending plan. This will help you monitor and stay on track when it comes to how, where and when you spend money. Everyone who has done this has always learned something.

Too many of the people who come to us for advice have no idea how much money they spend each month. They can recall the mortgage or rent payment, and have a good idea when it comes to the utilities and car payments, but all the money that trickles through their fingers can’t be identified.

Here’s a quiz for you – How much did you spend eating out last month?  Include the stops for coffee; lunches, even if you went to a fast food joint; dinners, even if you picked up something prepared on the way home; trips to the soda machine; snack bar, etc … I guarantee the total is more than you think it is!

The 30 day tracking spreadsheet is used in the Navigating your Finances God’s Way Bible study to help people understand where their money is going. The spending plan categories is a list of the most common categories for spending.

If you are trying to right your financial ship, save for retirement, send the kids to college or pay off debt, we have two excellent resources for you:

Navigating Your Finances God’s Way is a 9-week Bible study for a small group, even if your group consists of you!

A digital copy of our book  can be accessed for free by clicking on the title:  Your Money Counts.  By reading it you have nothing to lose and everything to gain!


SHOW NOTES March 4, 2017 – Set Your House in Order

The purpose of the Set Your House In Order Bible study is to help you create, update and organize all your important information (health care surrogate, power of attorney, passwords, advisors, assets, debts, will, insurance, etc.) If there is an accident, illness or death, the most important gift you can give your family is organized information.

This link will take you to an overview of the 5 week bible study, Set Your House in Order

Whether you are young or old, married or single, working or retired this Bible study will be helpful to you. Use this “contact us” link to request more information or call us at 844-447-6263.


SHOW NOTES February 25, 2017: How wealth is created and Saving and investing

It’s okay to build wealth as long as it’s a byproduct of being a faithful steward and getting rich is not your primary focus. The Bible warns us against the temptation to become rich in 1 Timothy 6:9, which states says, “Those who want to get rich fall into temptation and are caught in the trap of many foolish and harmful desires, which pull them down to ruin and destruction.”

Along with a godly attitude, the resources we need are:

Hard work

Self-control

Patience and time

Understanding your current situation and your personal financial pitfalls

Willingness to change bad habits (which can be hard and painful)

Here are some godly ways you can use the hard work, responsibility and self-control to build wealth with the proper attitude:

  1. Manage your spending and your lifestyle
  2. Work hard to maximize personal Income
  3. Eliminate debt
  4. Take advantage of legal tax breaks
  5. Take advantage of free money (employer matching funds in the company’s 401k and the pre-tax dollars that are being invested)
  6. Make long term investments so compound interest works for you
  7. Invest in yourself. Get an advanced degree or certification that will make you more valuable at work
  8. Invest any financial windfalls that come your way (bonus, gifts, inheritance, etc.)

If you are looking for a financial professional, check out Kingdom Advisors and be sure to interview at least 3 people before making a decision.

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