I (Tim) had a world-changing meeting at Cracker Barrell recently. It was impactful to me because I was privileged to sit down with a young couple committed to reaching college students for Christ. I got to hear about what God is doing as He expands His kingdom in and through these missionaries. Their story is like many other missionaries’. God has called them to spread the gospel in a specific part of our world, and they are in the process of raising their personal support. By that I mean, they are working full time in their ministry and are looking to identify potential financial backers who will give regularly to their ministry. And they were asking me and my family to pray about becoming a financial and prayer partner. Continue reading “An Open Letter to the Christian Family about Generosity to Our Missionaries”
Do you ever feel like you wish somebody else was the adult in your house and you could just be a kid again? Or just go back to school and have everybody tell you what to do? As much as we all wanted to get out on our own, make our own money, make our own decisions and be the shot-caller, sometimes we realize that it stinks to be the one in charge.
As we meet with clients and brainstorm with them about how to manage their finances there are times when we sense what they are really asking is, “will you just tell me what to do?”.
And sometimes it is as easy as that. And we give them our opinion and move on. But sometimes it not that easy. I remember a young couple who came to me years ago and they had 3 big ideas on their financial horizon and they wanted to know what I thought they should do. To which (with all my vast wisdom) I replied, “I dunno!” I wanted to say, “I can barely figure out my own life much less yours” but I didn’t cause I am the financial coach and I get paid to help them figure out their stuff.
Freedom 5:one University is pleased to announce a new class called Discovering Your Unique Personality. This a class about discerning which personality mix you have using the DiSC profile. Personality and money go hand in hand. Check it out here.
We are offering a discount to our new class Create a Simple Budget on Freedom 5:one University. The class is already free but there is an optional $100 coaching fee for you to work through your Simple Budget with a coach. This coupon code give you $50 off the coaching.
We have created a short online class to talk through some key ideas about managing your personal finances. The class is FREE. Click here to register for the class and get more information.
Class Description– Gallup recently release a poll say that only 1 in 3 families have a working budget. Having coached families for 10 years now we have seen first hand the pressure that the lack of a plan brings. With so many people living paycheck to paycheck (70-80 percent). It is time to add some structure to the chaos. That is what this course is about. We will give a quick overview of key areas that will help you evaluate the way you manage your finances. And along the way help you become a generous manager.
The course is free but you can also sign up for a coaching session to talk through your Simple Budget for $100. Enter this code for $50 off the coaching session- TSB50
The earth is the Lord’s and all it contains, the world and those who dwell in it. Psalms 24:1
One of my favorite movies of all time is It’s a Wonderful Life with Jimmy Stewart. Stewart is cast as the super-thrifty, ever-ambitious George Bailey, who has languished in his hometown and made a somewhat unassuming difference in the lives of everyone he knows.
The whole plot of the movie builds to the central crisis where George is in an excruciating financial difficulty in his business. The potential for ruin and scandal are everywhere. George (actually Uncle Billy) has lost $8,000, which was a fortune in the 1940s.
He seeks help from Potter, his arch nemesis in the movie, and is rebuffed. Additionally, he is told that because of his life insurance, he is worth more dead than alive. So he begins to plot a swan dive off a bridge.
In desperation, George even goes as far as praying. Hear his prayer: “God, oh God, dear Father in Heaven. I’m not a praying man, but if you’re up there and can hear me, show me the way. I am at the end of my rope. Show me the way, God.” Continue reading “Go to God in a Crisis”
Proverbs says “a wise man will hear and increase in learning, and a man of understanding will acquire wise counsel.” (Proverbs 1:5)
When I was a younger man, I ran across a story by Bob Biehl where he talked about growing up on lake Michigan. According to Biehl, the difference between a snowstorm and a blizzard is the wind. When the winds came whipping off the lake, a regular snowfall became a disorienting mess. They called that a blizzard.
I love that imagery. Because life gets messy at times, and we find ourselves in the middle of a raging storm, and we don’t know where to turn. In times like these, we need someone to stop the wind. We need a break from the tyranny of the urgent and the pressure of creditor calls and the emotional toll that out-of-control finances causes. Continue reading “Find Wisdom in a Crisis”
I remember the first time my wife and I took a trip alone together after our son was born. We were headed to Kansas City for our anniversary. About halfway there, I turned to my wife and morbidly asked her, “I wonder what happens to Josh if we die on this trip.” That is not exactly what my wife had hoped we were going to talk about, but we realized our estate plan was not in place.
So she grabbed a piece of paper, and in our best Arkansas-legalese, we drafted our first generation will. I am just glad we didn’t die in a fiery crash that burned up our weak-cheese attempt at an estate plan. We were obviously ill prepared. Continue reading “Look at Estate Plans and Insurances in a Crisis”
Dave Ramsey has made getting out of debt cool. His organization and resources have helped millions of families get debt free. Check them out at www.daveramsey.com. They have a great class called Financial Peace University, and we use his Total Money Makeover with all our clients.
However, during a financial hurricane is not the time to spend your extra money trying to get debt free. It is time to hunker down.
Our advice is to pay the minimum amounts on your debts. Stay current if possible. There will be time to accelerate your debt payoff later.
A few years ago, my family was going through a difficult time, and for the first time in my adult life, I was late on a bill. Not just one bill, but a lot of bills. Not just grace-period-late, but a month behind. Then one month became two months and then three months behind. Continue reading “Pay Debt Minimums in a Crisis”
If your family lost all your income, how much money does your family need to pay all your bills? This is an important number. This is your “Survival Budget Number.” This can give you hope or a target to shoot for in a downturn.
Let me illustrate, for a family of three that I have worked a budget with, their simplified budget is about $3,500 per month. That is taking out all the fluff, such as eating out, concert tickets, etc… If they had to really tighten their belts, they could probably cut another $500 a month before selling houses and cars. Continue reading “Curb Spending in a Crisis”