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Myth Busting-- Money Issues for McLean Bible Church Prince William Campus February 2011 By Bud Moeller.

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Presentation on theme: "Myth Busting-- Money Issues for McLean Bible Church Prince William Campus February 2011 By Bud Moeller."— Presentation transcript:

1 Myth Busting-- Money Issues for McLean Bible Church Prince William Campus February 2011 By Bud Moeller

2 Top 10 New Year’s Resolutions zLose weight/get fit zPay off debt zSave more money zQuit smoking/drinking zGet a better job/education zEnjoy life more/take a trip or vacation zReduce stress zVolunteer to help others zLearn something new zGet organized

3 Weight/Food Wisdom zMiss Piggy: “Never eat more than you can lift” zJay Leno: I went into a McDonalds and said, “I’d like some fries. The girl at the counter said, ‘Would you like some fries with that?’” zJackie Gleason: “The second day of a diet is always easier than the first. By the second day, you’re off it.” zEven overweight cats instinctively know the cardinal rule: when fat, always arrange yourself in slim poses.

4 The Reality of Money? zIf you think no one cares if you’re alive, try missing a couple of car payments zThe Lottery: A tax on people who are bad at math z“We can loan you enough money to get you completely out of debt.” (Bank sign)

5 In A Perfect World, You’d Have Been Prepared For This Stormy Time z3-6 months of emergency savings zCredit cards paid off zConsumer debt (auto, student, etc.) gone zSavings banked for major future events (vacation, next auto, education, etc.) zHome ownership, with equity cushion zRetirement accumulating well z(At least the essence of a good plan!)

6 But Priorities Were Messed Up? Earning Spending Debt Payment Saving Giving

7 Many Famous People Messed Up Too zMike Tyson—Earned $300+ MM, filed bankruptcy in 2003, owing $27 MM zScottie Pippen—Lost $120 MM in career earnings w/ poor planning and bad ideas zEvander Holyfield—Made $250+ MM, now broke zMany others—John Daly, Nicholas Cage, Kim Basinger, Mick Fleetwood, Don Johnson, MC Hammer

8 Maybe You Just Got Trapped In Myths zMoney (earning and management) is a topic that’s yIntensely private yet much in the public eye yIntrinsically complex yet quite simple yOver-published yet difficult to find sound advice yIn our hands daily yet far out of mind zAnd there are way too many myths that hinder us from moving to freedom

9 Earning & Accumulating Myths zI can do what I enjoy rather than work for the money. zIf I only had 10% more income... zMoney is the root of all evil zMoney brings security zMoney can’t buy happiness zMost people become wealthy through inheritance, special talent, or good fortune

10 Giving & Savings Myths zWhen you give, you’re hindering yourself zI’m too poor to give anything away zI have a savings account so I’m saving $ zMy home equity is my retirement plan zRenting is just like throwing money away zI need the tax deduction of mortgage interest and property tax so home ownership is a good thing all around zI’m too young to worry about saving for retirement

11 Investing Myths zSelling something for a higher price in the future is always a profit zThe stock market is too risky, like gambling zBuy this book and you can consistently beat the market zI can time the market—know when to hold ‘em and when to fold ‘em zI’m nearing retirement age so should move my money into fixed investments (e.g., bonds, money funds)

12 Credit & Debt Myths zUsing a debit or credit card (if I manage it well) is just like using cash zCarrying a balance on my credit card will build credit and improve my credit score zI’ve saved money by consolidating all my debt into one large payment plan zI’m saving money by using this 0% card

13 Spending Myths zI saved so much because this was on sale zThe low interest rate on this new car made it so affordable—and I’ll drive it ‘til it dies zI can’t save because all my income just goes to pay my bills zBut I have to have...

14 And Some Final Myths zI’ll be able to retire someday zI’m not wealthy so I don’t need a will zManagement of family finances should be handled by the spouse most comfortable or skilled in financial matters zIt’s bad to check your credit score too often

15 God’s Priorities--Reverse of the World’s! Earning Giving Saving Debt Spending

16 Four Financial Situations--Yours Is? In crisis One paycheck from disaster Good “financial” shape God-honoring lifestyle

17 Back to Resolutions--Making them Stick zPick realistic goals zDefine the goals (specifically) zSet a schedule (or deadline) zDon’t be upset by setbacks zEnlist additional help or support z(… and, of course, you’ve got to get started!)

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