3 3 Steps To Financial Peace & Freedom Learn & Apply Biblical Relationships & PrinciplesWhere Do I Want To Go And Why?How Do I Get There?Where Am I?Establish Your Current Situation – Spiritually, FinanciallyEarning, Giving Spending, Saving & Investing For Last MonthsUnderstand The Generous Heart Of GodSet Godly Goals And PrioritiesBe A Good $$$ ManagerDevelop 1 Year Budget PlanFollow The PlanChange HabitsAdapt PlanManage Money God’s Way$$ Peace, Freedom
4 What Are Some Symptoms Of Financial Bondage? Feel Distant From God, Fear, Worry, …Growing Credit Card BalancesBounced Check ChargesLate ChargesA Feeling Of Helplessness…..DepressionPersonal, Marital ProblemsExcessive Borrowing2 Pet 2:19b ... for a man is a slave to whatever has mastered him. (NIV)
5 Typical Symptom Treatment Ignore The ProblemsYell About The ProblemsDepressionBorrow Your Way Out Of ProblemsAvoid The ProblemsDivorce The Problem
6 What Are The Real Problems? Lack Of Biblical Training, Weak / No Relationship With God … Spiritual, Financial IgnorancePoor Planning Or No Plan At AllLack Of Discipline – Knowing Is Not DoingDeception (Wrong Beliefs)Greed, Pride, Self IndulgencePoor Communication
7 Learn How To Distinguish Between Symptoms and Problems Symptom Typical Solution Real ProblemExcessive Spending,No SavingLack Of Planning And Discipline• Borrow More, Consolidate• 2nd Job, Work Overtime• Spouse Goes To WorkJealous Of What Others HaveCovetousness• Buy More• Buy The “Best”I Am What I OwnHoardingFear, Don’t Trust God• Stingy, Spend Less• Save More Than Needed
8 Four Levels Of Maturity We Are New Creations…This Includes Our Finances "Therefore, if anyone is in Christ, he is a new creation; the old has gone, the new has come!" (2 Cor 5:17 NIV)God’s Word Is Living And Active "For the word of Godis living and active. Sharper than any double-edged sword, it penetrateseven to dividing soul and spirit, joints and marrow;it judges the thoughts and attitudesof the heart.” (Heb 4:12 NIV)InfantsChildrenYoung MenFathersTry To Father Level1 Cor 3:1, 1 Jn 2:12-14
9 What is God’s #1 Concern For Your Finances? Attitude"Love the LORD your God with all your heart and with allyour soul and with all your strength." (Deu 6:5 NIV)Why???“For God so loved the world that he gave his only Son … (Jn 3:16 NLT)
10 1. God Owns 2. I Manage 3. God Provides God’s Simple Plan1. God Owns2. I Manage3. God Provides(Give, Save, Live)(God’s Generous Heart)
13 Goal Planning (Notebook Pg B3) Goal Planning SheetCategory:• Spiritual• Intellectual• Physical• Family• Social• Personal Ministries• Career• Financial• Recreation• PlanningMy Goal:My More Detailed Description of the Goal:How I Will Achieve the Goal:1.2.3.Schedule of When I Will Do Each Step:1.2.3.My Budget:
14 Goals Questionaire (Notebook Pg B4, B5) The Purpose for My Life Is: ____________________________________The Highest Priorities in My Life Are: ___________________________The Life Purpose For My Family Is: _____________________________My Greatest Life Achievements Are: ____________________________The Best Things That Happened the Last Year Were: _____________The Worst Things That Happened the Last 12 Months Were: _______Things I Want to Do Differently Are: ___________________________God’s Goals For Me The Next Year Would Include: _______________My Three Most Important Goals For The Next Year Are: __________I Spend Too Much/too Little Time Doing the Following: ____________
15 What Does God Want Me To Do Financially? SHORT RANGE PLANNINGWhat Does God Want Me To Do Financially?
16 Social Security, Medicare Entertainment, Recreation Short Range PlanningIncome, Expense, Saving, And Investment Planning For The Next 12 MonthsIncomeUtilitiesGivingMedicalTaxesTransportationSocial Security, MedicareInsuranceClothingSavings, InvestingCredit CardsHobbiesMortgageEntertainment, RecreationFoodFoodNew Purchases
17 Details Of Short Range Planning How To Get ThereOne Year PlanBudget AnalysisWhat You SpendWhat You EarnWhere You Want To GoWhere You AreBook Keeping SystemGoals, PrioritiesWhat You OweWhat You “Own”Begin With End In Mind
18 We All Need BoundariesProv 27:12 The prudent see danger and take refuge, but the simple keep going and suffer for it.Shelt Elementary
19 Provide Peace & Freedom And Keep Us Safe What!! Me Budget?What Is The Purpose Of A Budget?To Constrain & Enslave You?Tool For The Husband To Punish The Wife?No!!!Budgeting Is A Simple, Effective Way Of Planning X Our Finances To Achieve Our Goals And PrioritiesNo One Likes Budgeting, But Everyone Likes The ResultsThe Real Purpose Of A Budget Is To:Provide Peace & Freedom And Keep Us Safe
20 Where Am I? Assets Minus Liabilites (Debts) = Net Worth Your Net Worth Is The Cash You Would Have If You Sold Everything And Paid Debts, Selling Expenses & Taxes OwedNet Worth StatementWhat You “Own”What You OweAssetsLiabilities (Debts)MASTER CARD
21 Debt List (Notebook Pg C1) Of List Debts Owed Name: ________________Date: ______________ListOfDebtsOwedTotal Left Monthly % Amount OfToForTo PayPaymentInterest Balloon126.96.36.199.188.8.131.52.184.108.40.206.13.Column Totals$ __________ $ ________TotalDebtTotal PaymentMonthlyList DebtsIn Order Of Largest To Smallest
23 Net Worth Statement (Notebook Pg C2) Value Owe, Taxes, Net ValueCosts
24 Computing Net Worth Of Each Asset Column 1 Value (What I Can Sell It It For) - This is the amount you could sell the asset (house, car, etc.) for in a reasonable amount of time.Column 2 Owed + Sell Expenses + Taxes - This is the total of the costs to cash out of the asset. Simply add the amount you owe (mortgage e.g.) plus the selling expenses (real estate commission, escrow costs, etc e.g.) plus the taxes you would owe (capital gains tax to the state and federal governments).Column 3 Net Worth - This is the cash value, after paying debts, expenses, taxes on the sale of the asset. Compute by subtracting column 2 from column 1.
25 What You Have Earned, Saved, And Spent The Last 12 Months Where Are You?Your “As Is” BudgetWhat You Have Earned, Saved, And Spent The Last 12 MonthsWhat You EarnWhat You SpendWhere You Are
26 How I Have Been Earning & Spending $ (My Old Ways) Notebook Pg D1“As Is” Budget - Compile From Records For Last YearHomework – Do A Thirty (30) Day Expense Diary$$$ Income $$$Net Spendable Income Computation$$$ Giving & Taxes $$$$$$ Expenses $$$Budget Surplus / DeficitRecord Monthly Averages, Based On Last 12 Months
27 Income – What God Has Provided List Equivalent Average Monthly Income(E.G. $900 Bonus = 900/12 = $75 Per Month)$$$ Income $$$Wages, Tips $___________ Interest $____________Overtime $___________ Loans $____________Bonuses $___________ Retirement $____________Total Gross Income $ ___________Gross Income = Total Monthly Income Before Any Deductions Or ExpensesIncludes Average Monthly Equivalent Of Any Irregular, But Dependable, Income
28 I Manage: How I Have Been Spending $$ - Giving & Taxes $$$ Income $$$$$$ Giving & Taxes $$$Charitable GivingChurchMissionsOthersTotal GivingTaxesFederalState, LocalSocial Sec.MedicareTotal TaxesNet Spendable Income Computation$$$ Expenses $$$Budget Surplus / Deficit
29 Net Spendable Income – Save, Live $$$ Giving & Taxes$$$Total GivingTotal TaxesTotal Giving & TaxesNet Spendable Income ComputationGross IncomeMinus GivingMinus TaxesNet Spendable Income$$$ Expenses $$$Budget Surplus / Deficit
30 How I Have Been Spending $$ - Save, Live Monthly $$$ Income $$$$$$ Giving & Taxes $$$Net Spendable Income$$$ Expenses $$$Housing Transportation EntertainmentDebts Food MedicalInsurance Clothing Savings MiscellaneousTotal Expenses ________Budget Surplus / Deficit
31 How I Have Been Spending $$ - Budget Surplus / Deficit $$$ Income $$$$$$ Giving & Taxes $$$Net Spendable Income$$$ Expenses $$$Budget Surplus / Deficit = Net Spendable – Total Expenses
32 Now You Know Where You Are Financially ! What You EarnWhat You SpendDebtsNet Worth“As Is” BudgetWhat You OwnWhat You Owe
33 God’s Financial Principles • Be A Good Manager - Matt• Seek Financial Freedom - Prov 10:22• Be A Good Planner - Prov 24:3-4, Prov 16:3• Establish Priorities -• Needs- 1 Tim 6:8• Wants- 1 Pet 3:3-4• Desires- 1 John 2:16
34 Tips, Tricks & Traps -Section G Disclaimer: No Magic Solutions
35 How To Have A Financial Disaster Develop NeedFor ThingsStart ToAccumulateDevelopDiscipline,BalancedSpendingYesFinancialPeace &FreedomFeel $PressureNoEvictionRepossessionBankruptcyDivorceBorrowTooMuchProblems Competing, “Need” For Things2. Trying To Accumulate Too Quickly3. Inadequate Planning & Discipline
36 Credit Is A Big Trap • Credit Is Very Dangerous If Abused Credit Can Destroy Your Future• Credit Encourages Overspending• Credit Encourages Indulgence• Credit Is Expensive And Puts TheSqueeze On The Rest Of Your Budget-Paying Interest Isn't Fun• Abuse Of Credit Can Enslave You• Don't Be A Credit Frog
37 How We Get Trapped By Over Borrowing • What Happens If You Overspend A Mere 5%?• $40,000/year Income - Overspend $174 Per MonthUsing Credit Cards Costing 18% Per Year Interest• By The End Of The 5th Year You Owe $10,000 (25% OfA Year's Income) And Have Paid $4,574 In Interest• To Stay Even You Must Pay Interest Of $1,800/year AndStop Overspending By $2,088/year, A Total Change Of$3,888 (Almost 10% Of Your Income)• By Comparison, If You Invested The Same Amount YouWould Have $12,278 8% Return After Taxes)• Would You Rather Have $12,278 In Savings Or Be $10,000In Debt?? That's A Difference Of $22,278 In Only 5 Years• A Mere 5% Makes A Critical Difference
38 How Long To Pay Off?How Long Does It Take To Pay Off Your Credit Card If You Make Just The Minimum Payment?
39 You Can’t Afford To Buy Using Credit The True Cost of Credit$1999 Sofa, Financed On A 19.8% APR Credit Card, Making Only Minimum Payments Of $46 Per MonthWill Be Paid Off In Just 31 Years!Total Cost ---- Over $10,200!!That’s Over $8200 In Interest!!That Interest, Invested At 10% Will Yield Over $45,500 In The Same 31 YearsA Difference Of Over $53,700!!!You Can’t Afford To Buy Using Credit
41 AMERICANS ARE DROWNING IN A SEA OF CREDIT CARD DEBT!
42 Average Family Spends $100/Month In Interest Alone Credit Cards Are Like Drugs!They Give Short-term Pleasure Followed By Long-term PainIt Takes More And More To Keep Us SatisfiedAverage Family Credit Card Balance Was $1825By June Of 1996, Average Balance Jumped To $3900End Average Balances Reached Over $9000!Average Family Spends $100/Month In Interest Alone
43 There are over 2350 verses in the Bible about finances. God’s View of DebtDebt is slavery!Prov. 22:7 Just as the rich rule over the poor, so the borrower is servant (slave) to the lender.1 Cor. 7:23 God purchased you at a high price. Don’t be enslaved by the world.There are over 2350 verses in the Bible about finances.
44 Debt Presumes Upon Tomorrow! What About Credit?Debt Presumes Upon Tomorrow!Proverbs 22:26,27 Do not co-sign another person’s note or put up a guarantee for someone else’s loan. If you can’t pay it, even your bed will be snatched from under you.Proverbs 22:16 A person who gets ahead by oppressing the poor or by showering gifts on the rich will end in poverty.
45 Guidelines For Credit Use • Don't Borrow For Depreciating ItemsWhat Items Depreciate???• Don't Borrow More Than You Can Afford To Repay Psalm 37:21- The wicked borrow and never repay, but the godly are generous givers.• Use Cash Or A Check Whenever Practical, So You Will "Count The Cost"• Don't Use Credit To Buy On Impulse
46 Credit Card Guidelines DESTROY THEM! OR…..1. Be Accountable To Someone2. Commit To Eliminating Impulse Buying- Don’t Go Out As Often- Make A List Of Things You Need3. Use Credit Cards ProperlyPay The Bills Off Each Month4. Use Cash Whenever Possible( You Will Decrease Purchases By Up To 33% !!)
47 More Guidelines For Credit Use Don't Use Credit To Buy Gifts• Don't Use Credit To Meet Monthly Bills• Don't Use Credit Cards To Avoid Developing Discipline• Do Use Credit Cautiously, Or Not At All• Do Use Cash Or Debit Instead Of Credit
48 Steps To Get Out Of Debt1. Stop Borrowing And/Or Charging With Credit Cards – Use One Of 3 Credit Card Prescriptions Or Recipes: A. Bake B. Slice C. Freeze2. Set Up A Budget To Save $1,000 For Emergencies & At Least Pay The Interest Owed Every Month. Eat Rice & Beans For A While3. Start Paying Off What Is Owed As Quickly As Possible4. Pay All You Owe - Prov 3:27,28... Do Not Withhold Good From Those Who Deserve It, When It Is in Your Power to Act. Do Not Say to Your Neighbor, "Come Back Later; I'll Give It Tomorrow"-- When You Now Have It With You. (NIV)
49 Steps To Get Out Of DebtCont..5. Pay Off The High Interest Debts First6. Also, Pay Off Some Of The Smaller Debts First, So You Will Feel Success7. Use Monthly Payment From Paid Off Debts To Accelerate Payoff Of Remaining Debts8. Use All Or Part Of Windfall Income To Pay Debts9. Create Some Extra Debt Payoff Income - Sell Things (Garage Sales, Ebay, Craigs List), Work Overtime, Extra Jobs, Rent A Room In Your House, Eat More Beans & Rice …
50 How To Get Help With Creditors • Use Volunteer Budget Coach To Help –Contact Casas Budget Coach Coordinator:Chris Baird Nancy Prentiss ( ) (No fees. This is a free ministry.)Contact A Non Profit Credit Counselor-They Have Experience Dealing WithBill Collectors• Consumer Credit Counselors Atlanta, Ga.Phone: Hope (Toll Free)• Caution ! - May Advise Bankruptcy, Which Is Not Scriptural
51 Advertising Can Be A Trap 1. Advertising Is Designed To Create Discontentment2. Advertising Creates An Attitude That “More Is Better”3. Advertising Promotes Selfishness And Greed And Discontentment
52 Advertising Can Be A Trap Cont’d..4. God Says: Beware, Be On Your Guard Against Every Form Of Greed:Luke 12:15 Then he said to them, "Watch out! Be on your guard against all kinds of greed; a man's life does not consist in the abundance of his possessions.” (NIV)5. Tip - Throw Junk Mail And Advertisements Away So You Won't Be Tempted6. Buy What You Need On Sale, But Don't Buy Anything Else, Unless You Really Planned On Buying It. Sale Items AreDesigned To Get You To Spend Lots More Than You Planned To Spend.
53 FROM THE WALL STREET JOURNAL; ARTICLE ENTITLED “BIG SPENDERS” Impulse BuyingFROM THE WALL STREET JOURNAL; ARTICLE ENTITLED “BIG SPENDERS”Statistics53% Of All Groceries Are Impulse47 % Of All Hardware Purchases Are ImpulseOnly 25% Of Shoppers Have A List Or Research PurchasesYou Are Exposed To Advertisements Per DayYou Can Decrease Your Spending By % If You Gave Up Your Plastic
54 Controlling Impulse Buying Notebook Pg G1• Who Are The Big Impulsive Spenders In America?• Use An Impulse List To Control Impulse BuyingGet At Least 3 Prices Before BuyingWait A Day, A Week, A MonthImpulse ListDateItemCost # 1Cost # 2Cost # 3Jun 21VCR$250.00$165.00$Sep 10Laptop Computer$1,200.00$1,150.00$675.00Dec 11Big Screen TV$2,250.00$1,650.00$Only One Item On The List At A TimeMarried - Three Lists: His, Hers, Ours
55 Controlling Gifts And Stick To It • No Credit Buying, Make Gifts (Notebook Pg G2)• Make A Gift Spending PlanAnd Stick To It• No Credit Buying, Make GiftsTo Save Money (Show Love)Gift ListEVENTDATEPERSON$ ALLOCATEDBirthdayMar 22Bob Jones ... Cousin$ 15.00AnniversaryMar 30Susan …Wife$ 50.00ChristmasDec 25Susan …Wife$ 50.00BirthdaysVariousChildren $25 ea.$WeddingJan 26Beth…Daughter$ 1,000.00Total For Year $ ______Total Per Month $ ______
56 Savings Create Freedom • Why Save?Prov 6:6-8 Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest. (NIV)Save To Avoid Worry - Savings Allow Us To Smile When Small Emergencies Come Along … And They Always DoHow Much “Emergency” Savings Is Enough?Start With Minimum of $1,000 Then Build From ThereOne Months Expenses In Highly Liquid Form3 To 6 Months Savings In Liquid FormPurpose Of Savings - Cover Noncatastrophic Unexpected ExpensesRepairs, Medical ExpensesUnemployment
57 The Goal Of BudgetingBe A Godly Manager - Live Within Our Means With Balance And Freedom, And To Provide For Others, Kingdom Work And Our Future Long Term NeedsBudgeting Is A Useful Planning And Control Process That Can Help You To Achieve Your Goals And Live In Freedom
58 What God Says About Where His Money Goes IncomeGod’s Generous Heart God’s Provision For UsPhil 4:19GivingOur Generous Heart – Our Provision For God’s Work & OthersProv 3:9 Prov 28:27SavingsProv 21:20 Emergencies, UnemploymentProv 21:5 Deu 8:17-18 Sow/Reap, Multiply For FutureInvestmentsTaxesLiving ExpensesDebt Pay-offProvision for the Gov’t.Provision for the FamilyTo Become Free (One Master Vs Two)Matt 22:17-21I Tim 5:8Prov 22:7ReceiveGiveSaveLive
59 What God Says About Where His Money Goes Income - "And my God will meet all your needs according to his glorious riches in Christ Jesus." (Phil 4:19 NIV)Giving - "Honor the LORD with your wealth, with the firstfruits of all your crops;" (Prov 3:9 NIV)"He who gives to the poor will lack nothing, but he who closes his eyes to them receives many curses." (Prov 28:27 NIV)Taxes - "Tell us then, what is your opinion? Is it right to pay taxes to Caesar or not? But Jesus, knowing their evil intent, said, "You hypocrites, why are you trying to trap me? Show me the coin used for paying the tax." They brought him a denarius, and he asked them, "Whose portrait is this? And whose inscription?” Caesar's," they replied. Then he said to them, "Give to Caesar what is Caesar's, and to God what is God's." (Mat 22: NIV)Living Expenses - "If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever.“ (1 Tim 5:8 NIV)
60 What God Says About Where His Money Goes Savings - "In the house of the wise are stores of choice food and oil, but a foolish man devours all he has." (Prov 21:20 NIV)Debt Payoff - "The rich rule over the poor, and the borrower is servant to the lender." (Prov 22:7 NIV)"No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money." (Mat 6:24 NIV)Investments - "The plans of the diligent lead to profit as surely as haste leads to poverty." (Prov 21:5 NIV)"You may say to yourself, "My power and the strength of my hands have produced this wealth for me. But remember the LORD your God, for it is He who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your forefathers, as it is today." (Deu 8: NIV)
61 Typical Balanced Budget $40,000 Income~ 28 % To God And Government~ 72 % To Spend & SaveGOD10%Net Spendable IncomeGovernment18%72%
62 Giving & Sharing Principles • Recognize God As The Owner - … the world is mine, and all that is in it. (PS 50:12b NIV)• Give And Expect God To Bless The Right Attitude -Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. ( 2 Cor 9: NIV) We Give Because We Are Grateful• Give The First Part Of All - Honor the LORD with your wealth, with the firstfruits of all your crops; (Prov 3:9 NIV)• How Much Should You Give? 10%? 20% ? 90%?: Lev 37:30A tithe of everything from the land, whether grain from the soil or fruit from the trees, belongs to the LORD; it is holy to the LORD (Lev 27:30 NIV)
63 Giving And Sharing Principles Cont’d• How & When To Give - With, Planning And Premeditation - Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver. (2 Cor 9:7 NIV)Give Weekly - I Cor 16:2 On the first day of every week, each one of you should set aside a sum of money in keeping with his income, saving it up, so that when I come no collections will have to be made. (NIV) Giving Weekly Yields a Blessing Weekly.• Give Proportionately- Luke 12:48 From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked (NIV) Have You Been Given Much? How Much Is Expected Of You?
64 Giving And Sharing Principles Cont’d … • Sometimes God Asks Us To Give Sacrificially Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury. Many rich people threw in large amounts. But a poor widow came and put in two very small copper coins, worth only a fraction of a penny. Calling his disciples to him, Jesus said, "I tell you the truth, this poor widow has put more into the treasury than all the others. They all gave out of their wealth; but she, out of her poverty, put in everything-- all she had to live on.” (Mk 12: NIV)
65 Giving And Sharing Principles Cont’d.. • The Bottom Line: Give Cheerfully And GenerouslyEach man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.You will be made rich in every way so that you can be generous on every occasion, and through us your generosity will result in thanksgiving to God. (2 Cor 9:6,7 NIV)
66 Analyzing How You Have Been Spending Your Income You're Right. ThereAre Some ChangesWe Should Make.
67 Expense Guidelines, $40,000 Gross, Max Housing MISCMEDICAL6%SAVINGS5%5%CLOTHING5%MAXHOUSINGRECREATION4%40%DEBTS5%5%INSURANCE10%15%AUTOFOOD
68 Ballpark Budget Guidelines Family Of 4 (Notebook Pg E2) Annual Gross IncomeUp to $40,000$40,000 to $60,000$60,000 and UpCharitable Giving10-12%10%10-15%10-25+%Taxes10-18%18%10-25%19%10-30%21%Net SpendableIncome = 100%70-80%72%71%69%Savings5-8%5%5-10%Housing28-40%36%25-35%26%20-30%24%Food15-18%12%10-14%11%8-15%9%Transportation14%Medical2-5%4%3%Clothing3-5%3-6%Entertainment4-6%4-7%7%Insurance4-5%6%Miscellaneous4-8%8-10%8%Debts0-6%2%4-9%Investments4-10%7-10%RetirementTOTAL80-132%100%83-135%80-136%RangeAvg.School/Childcare % % %
69 Ballpark Budget Guidelines Single Adult (Notebook Pg E7)
71 Balance, The Key To Success HoardingOverspendingChurch &CareerGod & FamilyIncomeOutgoDanger!OutgoSuccess!Income
72 A Most Important Principle You Absolutely Cannot SpendMore Than You Earn!!!ABSOLUTELY!!!Remember What John The Baptist Said:Luke 3:14"And us,” asked some soldiers, "what about us?”John replied, "Don't extort money by threats and violence; don't accuse anyone of what you know he didn't do; and be content with your pay"
73 Case Studies• Purpose Is To Illustrate Application Of Principles To Real Budgets• Case Studies Differ From Guideline Budget, But Are Balanced Budgets For These People• Each Case Is Unique, Just As Your SituationIs Unique• Case Studies Show High Allocation For Housing,Which Is Typical Of High Housing Cost Area Or Newly Weds Or Singles Buying First Home
74 Case Study – Single, Renter $20,000 Income Medical 3.0%Clothing 3.0%Misc 2.3%Investments 3.0%Recreation 7.0%Debts 4.8%Insurance 5.0%Housing 36.1%Auto 26.5%How Does ThisBudget Compare To The Guidelines On Pg E7?Food 9.3%
75 Case Study Maximum Housing, No Debt, Newlywed’s Retirement 8.0%Business 2.0%Misc 9.0%Housing 44.0%Medical 1.0%Savings 2.0%Clothing 2.0%Food 10%Recreation 6.0%Insurance 1.0%
76 Maximum Housing, No Debt, Newlywed’s Case StudyMaximum Housing, No Debt, Newlywed’s
77 Try Increasing Your Giving 1% - See What God Does To Bless You 1% Giving ChallengeTry Increasing Your Giving 1% - See What God Does To Bless You
79 Case StudyMarried 15 Years, 2 Young Children, $60,000 Income, “Own” Home, Investing For Early RetirementCategoryCommentHigher Giving, Lower Taxes. Total About The Same !Payoff Mortgage By Age 45No Credit Card Or Auto DebtChristian Schools13% Total Savings Investment. Goal – Early Retirementc 13%
80 Biggest Mistakes To Avoid No SavingsOverspend Using DebtHouse, FurnishingsCarsAbuse Credit Cards, Car Loans, MortgageFail To Invest Early & Wisely
82 Employee’s Federal Withholding Allowance Certificate US Government Form W-4Employee’s Federal WithholdingAllowance CertificateFile W4 Form To Adjust Your Witholding To Avoid Giving Governments A Big “Free Loan”
83 Windfall IncomeConsciously Manage Windfall Income, Whether Irregular or One Time $Allocate It To:Payoff DebtsReplenish Accounts Running LowAdd to SavingsEntertainmentEducationInvestmentsDon’t Let “Miscellaneous” Get It!Don’t Set Up Your Budget Based On Windfall Income
84 Fluctuating IncomeSurplus52.5% AverageDeficitTip…Totally Segregate Business Income From Home Finances
85 Cars - Detailed Ownership Cost Example 2008 Honda Accord - $23,745 Purchase Price, LX 4 Door Sedan, 2.4L 4 Cyl 5ATrue Cost to Own 5 Years - $39,404Average Cost Per Mile (15,000 miles/Year) - $0.53Year 1Year 2Year 3Year 4Year 55-yr TotalDepreciation$4,359$2,237$1,970$1,746$1,566$11,878Financing$1,637$1,327$991$625$228$4,808Insurance$1,420$1,470$1,521$1,574$1,598$7,583Taxes & Fees$1,950$307$257$216$181$2,911Fuel$1,554$1,601$1,649$1,698$1,749$8,251Maintenance$288$540$405$1,168$840$3,241Repairs$0$105$254$373$732Yearly Totals$11,208$7,482$6,898$7,281$6,535$39,404
86 Family Truck - Detailed Ownership Cost Example 2008 Nissan Titan SE 4 Door King Cab- $25,351 Purchase Price, LX 4 Door Sedan, 2.4L 4 Cyl 5ATrue Cost to Own 5 Years - $57,564Average Cost Per Mile (15,000 miles/Year) - $0.77 (45% / $18,160 > Mid Size 4 Door)Year 1Year 2Year 3Year 4Year 55-yr TotalDepreciation$8,662$2,454$2,160$1,915$1,718$16,909Financing$2,093$1,697$1,266$799$291$6,146Insurance$1,870$1,935$2,003$2,033$2,146$9,987Taxes & Fees$2,488$393$329$276$231$3,717Fuel$2,874$2,960$3,049$3,140$3,234$15,257Maintenance$469$829$541$2,173$804$4,816Repairs$0$105$254$373$732Yearly Totals$18,456$10,268$9,453$10,590$8,797$57,564
87 True Cost To Own A Car Source: www.Edmonds.com Oct 2007 TipsUsed Is CheaperSmaller Is CheaperMinimize/Eliminate LoansMake Sure You Can Afford What You BuyWise Car Decisions Can Fund College, Weddings, RetirementUsed Is 30% Cheaper
88 (Owe More Than Car Is Worth) 5-Year Loan (60 mo)Underwater 3 Years !!!(Owe More Than Car Is Worth)
89 Make A Dream List (Notebook Pg G3) Candidate ItemDatePriorityPricePricePriceCommentsTo Buy#1#2#3New ComputerLeather CouchQuad ATVBig Screen TVVacation Home
90 How To Get Totally Out Of Debt! Including Your Mortgage Get A 15 Year Loan Instead Of A 30 Year LoanThe Total Cost Of A Typical 30 Year Home Loan Is 2.25 Times The Loan Amount, A $100, Loan Costs Roughly $225,000A $100,000 Loan At 6.5% For 30 Years Costs $ Per MonthBy Paying 38% More Per Month ($238) You Will Pay Off The Loan In 15 Years And Save $70,364!At The End Of The 15th Year You Will Have $ Per Month Extra To Invest Or SpendWhat Can You Fund With $867/Month? Giving, Early Retirement? Kids College? Weddings? Vacations?
91 How To Pay A Little More And Get Totally Out Of Debt! Buy Used Car Instead Of New Car – Payoff House Early With $$$ SavedConvert To A Bi-weekly Mortgage (Pay Half Your Mortgage Payment Every Two Weeks)Make Extra Principal Payment Each Month (Small In Beginning, Large At End Of Mortgage)Use Windfall Income (Bonus, Inheritance …)Refinance Mortgage When Interest Rates Drop, Refinances Again If Rates Drop MoreDefer Saving For Kids’ College. Pay For College Using What Used To Be Mortgage Payment (After Mortgage Is Paid Off)
92 Summary - Steps To Becoming Totally Debt Free $1,000 Emergency Savings, Stop Borrowing, Meet Monthly PaymentsPayoff Consumer Credit Debts, Save 3 To 6 Months ExpensesPayoff Car Loans, Save To Buy Cars For CashPayoff Home, Invest For Long Term Needs –College, Retirement … Debt Free !!!Spend For College, Weddings Fund More Kingdom WorkEnjoy Income From InvestmentsEnjoy, Fund Even More Kingdom Work
93 Wealth Building Secrets – Four Cornerstones Expense Avoidance / EliminationDebt Free, Adequate Savings Minimize Recurring ExpensesPaidOff HomeExpensesPension, Social Security, Medicare (Maybe, Maybe Not)Nestegg ofDiversified Investments(IRA, 401k, 403B …)IncomeWhat do you want to do with expenses??? Eliminate or minimize expenses. What do want to do with income? Create enough income to cover your expenses.$$$ Cash Flow To Last Rest of Your Life!
94 Average Family Spends $100/Month On Credit Card Interest. Real Cost ? Power of Eliminating or Reducing Small Recurring Expenses – How To Increase Your Nest Egg By $95,000$10 Pizza Once A Month Age 20-65Spend $120x40= $4,800Gain Some Weight?Invest 10% Per Year Annual Return (Tax Deferred)$ 7,680 At Age 40$21,833 At Age 50$95,015 At Age 65 – That’s A Lot of Pizza In Retirement. Cost – Gave Up $4,800 of PizzaMoral – Be Careful About Squirreling Your $ AwayTip – Reduce Or Eliminate Recurring Expenses Wherever You Can. Compounded Expenses Work Against You (9th Horror ($$$ Cancer) of the World)Source – Retire Early, Sleep Well Pg 108Average Family Spends $100/Month On Credit Card Interest. Real Cost ?
95 Power of Eliminating Larger Recurring Expenses – How To Increase Your Nest Egg By $725,000 Example - Buy A Car That Is $10,000 More Expensive Every 5 Years, Age 30 To Age 65 ($35,000 Vs $25,000 Or $25,000 Vs $15,000)Spend $10,000 x 8 Cars = $80,000Real Cost Is Much, Much Higher (Opportunity Cost)$10,000 Cheaper Car Every 5 Years. Invest $10,000 Saved Every 5 10% Per Year Annual Return (Tax Deferred)$ 10,000 At Age 30$ 52,043 At Age 40$161,090 At Age 50$724,955 At Age 65Tip – Driving A Nice Used Car And/Or Driving A New Car A Long Time Will Help Fund Your Nest Egg, And You Can Drive A Very Nice Car In RetirementSource – Retire Early, Sleep Well Pg 108
96 Section “F”... My plans For Next 12 Months My New Habits My Plan To Be A Better Manager
97 Establish A Maximum Lifestyle Don’t You Mean Minimum?No, I Mean Maximum!Why?Use A Standard To Let You Know You Have Arrived And Can Be ContentTo Know You’ve Achieved The GoalWith A Minimum, Most People Are Not ContentAre You Content With The Maximum?“Godliness With Contentment Is Great Gain” I Timothy 6:6
98 Fix Your Spending Level Surplus – More Than EnoughMaximumEnoughNot Totally ContentMinimumNot EnoughIf We Are Not Content With What We Have, We Will Not Be Happy With What We Want. We Are Not Born With Contentment. It Must Be Learned. Adam And Eve Failed To Be Content Even In A Perfect Environment. Bill Gothard
99 Spending Decisions - Tips Is This A Need, A Want Or A Desire?Can I Afford It Right Now?Is This The Best Price?Is This The Right Model And Quality?Have I Researched This Purchase To Make A “Best Buy”?Have I Trusted God To Provide Or Not Provide?Will I Have Peace After I Buy This Item?How Will This Purchase Affect Relationships?
101 Can They Buy A New Couch? Bill And Nancy Spender’s Check Book Amount OfTransactionAmountOf DepNumberDateDescriptionTFeeBalance$1,215.608849/23/97Smith’s - Groceries$$1,056.608869/27/97Pep Boys - Auto Repair$$8879/30/97Deposit Bob’s Paycheck$$1,672.18It Is The End Of The Month And All Bills Have Been Paid And There Is $1, Left In The Check BookThe $1200 Couch Bill And Nancy Have Been Wanting Goes On Sale For $800Can Bill And Nancy Buy The Couch? Why Or Why Not?
102 The Control System - The Key To Making Your Finances Work
103 Control System - Allocation & Control Keep It Simple!Food $400 Per MonthAuto $600 Per MonthFoodAutoHousing $1100 Per MonthHousing
104 Budget Account Sheet - One Sheet Per Budget Item (Workbook Pg I2) Budget Account: Entertainment October 1998Yearly Allocation: $ 1,300 Monthly Allocation: $108 ($25/Week)DateTransactionDepositWithdrawBalance1-MayDeposit$25.00$25.003-MayDate with Sally$7.95$17.054-MayIce cream w/Sally$3$146-MayDinner w/Sally$13$18-MayDeposit$25$269-MayDate W/Sally-Play$30$(4)9-MayWork Overtime$20$16Tip - Round To The Nearest DollarBefore You Spend Money, Check The Budget Account Sheet To Make Sure You Can Afford The ExpenseRecord Expenses Promptly, Mark Up Receipts To Show What Budget Account Was Used For Each ItemLook At Balance In The Account Before You Spend
105 Budget Account Sheet - One Per Budget Item (Workbook Pg I2) Budget Account: Food October 1998Yearly Allocation: $ 4, Monthly Allocation: $400DateTransactionDepositWithdrawBalance1-MayDeposit$400$4003-MaySmith’s$68$3324-MayAbco$82$25010-MayOsco$13$24719-MaySafeway$49$19829-MayFrys$87$11131-MayCostco$127$(16)Small Amounts Over At End Of Month Will Usually Average OutUse The Budget Account Balance To Control Your Spending Know The Balance Before You Go ShoppingOne Account Per Item - Gives Good ControlIn The Beginning, Error On The Side Of Too Many Accounts
106 Budget Accounts - TipsMad Money - Everyone Should Have A Small Amount Of “Mad” Money Allocated That They Can Spend In Cash Without Having To Keep Track Of ItLove Tokens - Allocate A Small Amount To Buy An Occasional Love Token For Your Loved OnesAllocate Money For A “Beauty” Budget For Your LadyHave Separate Hobby Budgets For Each PersonDevelop A Plan For “Our Money”, Not “His $” & “Her $”Work Some Small Indulgences Or Luxuries Into Your BudgetSegregate Business Finances From Home Finances
107 Budget Accounts - TipsYou Will Need Two To Three Dozen Different AccountsBe Flexible And Willing To Change Your PlanYour Plan Won’t Be Perfect, Fix It As You Go - Use The Monthly Summary To Detect And Correct ProblemsTo Start, Do Book Keeping Every WeekAfter Things Are Running Smoothly, You Can Do Book Keeping Every Two Weeks Or Monthly If You WishMake Sure To Have A Few Fun Accounts, Even If You Are Deeply In Debt
108 Monthly Summary Sheet (Notebook Pg H1) End Of Month BalancesCategory Allocation Jan Feb Mar AprGivingHouse MortgageHouse MaintenanceHouse InsuranceHouse TaxesAt The End Of The Month, Complete All Your Book Keeping, Then Record The Amount Left In Each Budget Account On The MonthlySummary SheetWhen You Are Well Rested & Mellow, Analyze The Summary To See What Worked, Problem Areas, Month To Month TrendsDiscuss Observations With Your Spouse Or A Trusted FriendChange Plan If Not Working. Do One Time Transfers Or “Loans”.
109 Develop Discipline, Which Will Lead To Freedom, No Debt Spend Money Based On The Bottom Line Of The Budget Account Sheet And NOT The Bottom Line Of The Checkbook, Or Your Wallet Or Your Credit Limit !
110 Keeping Good Books Record All Transactions As Soon As Practical Write Down Cash Expenditures On 3 By Card, Or Save The Receipt & Mark It Up So You Will Know What Account To Record The Expense In (For Example, Husband’s Clothing $25, Wife’s Clothing $21)If Married, Play To Your Strengths - Have The Person With Good Math Skills Keep The BooksWrite Down All Checks, Debit Or Credit Card Uses In Detail. Tip - Carbonless Check RegisterBalance Your Check Book Every Month - The Sooner, The Better
111 Learn To Distinguish Between NeedsWantsDesires
112 Financial Decision Making Tips Put God At The Center Of Your DecisionsDevelop A Balanced Giving, Saving, Spending, Investing, Debt Payoff PlanPlan For Major Purchases, Avoid Impulse BuyingDevelop A Long Range Investment Plan – Get Educated In Biblical Approaches To InvestingDo Retirement Planning To Help You To Decide How Much To Save & Invest For The Future
113 Financial Decision Making Tips Make Decisions To Maximize The Amount Of Peace You Will Have, Not Necessarily The Most ProfitIf You Don’t Have Peace, Don’t Do It!Decide In Advance To Be Totally Honest
115 Financial Freedom Notebook - Use It ! Yearly SummaryMonthly SummaryAccount SheetsFinancialFreedomNotebookBudget PlanSpending GuidelinesBudget AnalysisImpulse List“As Is” BudgetPurchase ListNet WorthGoalsGift List
116 God’s Secret Success Formula Commit to the Lord whatever you do and your plans will succeed. Proverbs 16:3May he give you the desire of your heart and make all your plans succeed. Psalm 20:4
117 1. God Owns 2. I Manage 3. God Provides God’s Simple Plan1. God Owns2. I Manage3. God Provides(Give, Save, Live)(God’s Generous Heart)
118 Develop New Habits “Changing Behavior Starts With Changing Beliefs.” Isa 43:18 NIV "Forget the former things; do not dwell on the past. See, I am doing a new thing!PLANNINGPLANNINGSAVINGSAVINGGIVING &SHARINGGIVING &SHARINGINVESTINGINVESTINGBECOMINGDEBT FREEBECOMINGDEBT FREERESISTINGIMPULSE BUYINGRESISTINGIMPULSE BUYING
119 True Riches, Honor, And Life ... … do not come by our striving after them. They come when we walk humbly before a holy God and become accountable for every thought word, attitude, and action“By humility and fear of the lord are riches, and honour, and life.”Proverbs 11:4Bill Gothard and Staff
120 True RichesThe resources which God entrusts to us after we surrender our desire to be rich.“But they that will be rich fall into … many foolish and hurtful lusts… “1 Timothy 6:9Bill Gothard and Staff
122 Resources Short Range Planning • Your Money- Frustration Or Freedom? Howard Dayton• Total Money Makeover – Dave Ramsey• The Complete Financial Guide For Young Couples - Larry Burkett• The Complete Financial Guide For Single Parent - Larry Burkett• Debt Free Living- How To Get Out Of Debt (And Stay Out) - Larry Burkett• What Husbands Wished Their Wives Knew About Money - Larry Burkett• God’s Guide Through The Money Jungle (For High Schoolers) – Larry Burkett• Teaching Your Children How To Handle Money- Ron & Judy BlueBiblical Principles• Using Your Money Wisely (2 Pages Per Biblical Principle)- Larry Burkett• How To Manage Your Money (Bible Study)- Larry Burkett• What The Bible Says About Money (Topical Concordance) - Larry Burkett• Crown Small Group Study – 12 week
123 Resources Long Range Planning- Investing & Retirement • Retire Early, Sleep Well – Steve Davis• Investing For The Future- Larry Burkett• Preparing For Retirement- Larry Burkett• Master Your Money- Ron Blue• Business By The Book - Larry Burkett (How To Run A Business UsingBiblical Principles)• BOGLE On MUTUAL FUNDS- JOHN C. BogleOther Resources• Crown Financial MinistriesSouthern Arizona Crown Area Director – Ron StaubPhone:• Dave Ramsey – Christian Talk Radio Host
124 Financial Questionnaire 1. Do You Think Your Finances Are Well Planned and Managed?2. Are You Content With Money Matters?3. Do You Have Written Personal, Family, and Financial Goals?4. Do You Have Long Range Plans for Saving, Investing and X Retiring?5. Do You Know How Much You Owe on All of Your Debts?
125 Financial Questionnaire 6. Do You Never Pay Late Charges, Bounced Check Charges or Interest for Credit Card Charges?7. Do You Have a Written Personal or Family Budget and Are X X You Following It?8. Do You Have a Good Understanding of What the Bible Says X About Your Finances?9. Do You Have a Current Will?10. If You Are Married, Are Finances One of the Best Areas of X X Communication in Your Marriage?11. Do You Want to Learn How to Be a Better Money Manager?
127 The Foundation – God’s Principles 1 Cor 3:11 For no one can lay any foundation other than the one already laid, which is Jesus Christ. (NIV)Jer 29:11 For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future. (NIV) (God’s Generous Heart)
128 Four Levels Of Maturity We Are New Creations…This Includes Our Finances "Therefore, if anyone is in Christ, he is a new creation; the old has gone, the new has come!" (2 Cor 5:17 NIV)God’s Word Is Living And Active "For the word of Godis living and active. Sharper than any double-edged sword, it penetrateseven to dividing soul and spirit, joints and marrow;it judges the thoughts and attitudesof the heart.” (Heb 4:12 NIV)InfantsChildrenYoung MenFathers1 Cor 3:1, 1 Jn 2:12-14
129 God’s Secret Success Formula Commit to the Lord whatever you do and your plans will succeed. Proverbs 16:3
130 What is God’s #1 Concern For Your Finances? Attitude"Love the LORD your God with all your heart and with allyour soul and with all your strength." (Deu 6:5 NIV)Why???“For God so loved the world that he gave his only Son … (Jn 3:16 NLT)
131 1. God Owns 2. I Manage 3. God Provides God’s Simple Plan1. God Owns2. I Manage3. God Provides(Give, Save, Live)(God’s Generous Heart)
132 Step 1 - God OwnsPsalm 24:1 NIV “The earth is the Lord's, and everything in it, the world, and all who live in it;”God Created Everything - God Is The OwnerCommandmentsExodus 20:3 NIV “You shall have no other gods before me.”You cannot serve two masters… Why?
133 Step 2 – I ManagePsalm 9:6-8 NLT “You put us in charge of everything you made, giving us authority over all things – the sheep and the cattle and all the wild animals, the birds in the sky, the fish in the sea, and everything that swims the ocean currents.God the Creator put us in charge of managing His creationWe are His managers (stewards)What is expected of a steward?
134 Step 2 - I Manage (Parable Of The Talents) Mat 25:14-30 NIV ""Again, it will be like a man going on a journey, who called his servants and entrusted his property to them. To one he gave five talents of money, to another two talents, and to another one talent, each according to his ability. Then he went on his journey. The man who had received the five talents went at once and put his money to work and gained five more. So also, the one with the two talents gained two more. But the man who had received the one talent went off, dug a hole in the ground and hid his master's money. After a long time the master of those servants returned and settled accounts with them. The man who had received the five talents brought the other five. 'Master,' he said, 'you entrusted me with five talents. See, I have gained five more.’ His master replied, 'Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master's happiness!’ The man with the two talents also came. 'Master,' he said, 'you entrusted me with two talents; see, I have gained two more.’ His master replied, 'Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master's happiness!’ Then the man who had received the one talent came. 'Master,' he said, 'I knew that you are a hard man, harvesting where you have not sown and gathering where you have not scattered seed. So I was afraid and went out and hid your talent in the ground. See, here is what belongs to you.’ His master replied, 'You wicked, lazy servant! So you knew that I harvest where I have not sown and gather where I have not scattered seed? Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest. Take the talent from him and give it to the one who has the ten talents.For everyone who has will be given more, and he will have an abundance. Whoever does not have, even what he has will be taken from him.And throw that worthless servant outside, into the darkness, where there will be weeping and gnashing of teeth.'"
135 Some Observations God Is The Master And Owner We Are God’s And We Belong To GodAll We Have Belongs To GodWe Aren’t Asked If We Want The Job To Be God’s ManagerThe Question Is: Am I A Good Manager, Or A Bad Manager?God Gives To Us According To Our AbilitiesHow Will We Answer When God Asks: What Have You Done x With Your Talents I Entrusted To You?God Uses Money To Teach Us And To Put Us To The Test. How x Are you Doing At Managing God’s Resources?
136 Step 3 - God ProvidesMat 6:25 NIV ""Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more important than food, and the body more important than clothes?"Mat 6:27 NIV "Who of you by worrying can add a single hour to his life ?”Mat 6:31-34 NIV "So do not worry, saying, 'What shall we eat?' or 'What shall we drink?' or 'What shall we wear?'""For the pagans run after all these things, and your heavenly Father knows that you need them.""But seek first his kingdom and his righteousness, and all these things will be given to you as well.""Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own."
139 Gimmick Mortgages ARM – Adjustable Rate Mortgage Interest Only MortgageBalloon Payment Mortgage40 to 50-yr MortgageTeaser-Rate MortgageReverse MortgageHome Equity Loan
140 Rules of the House NO ARM’s - Fixed Rate Only Obtain a “Par quote” MortgageUse Manual UnderwritingGet Shortest Term Possible – 15-yrDon’t buy “too much” housePre-Pay MortgageNo Debt Consolidation Loans
141 Is this the Financial Direction You’re Getting from the World?
142 Teaching Children Financial Responsibility Give Children A Modest Allowance, So They Will Have Money To Manage. An Allowance Is A Privilege Of Being Part Of The Family.Expect Children To Do Defined Chores. Helping Do Work Is Part Of The Responsibility Of Being Part Of The FamilyHelp Children Learn How To Set Up A Spending PlanGivingSavingSpendingInvesting – Yes, Teach Your Children How To Invest
143 Include Your Kids In Setting Up Your Financial Goals, And In Doing The Budget Every Person In The Family Should Have Budget Accounts To Manage - Toys, Clothing, Hobby, Etc.When Your Kids Get Married, They Will Imitate YouTraining Your Child To Be A Good Money Manager Could Save Their Marriage In The Future
144 Teaching Children Financial Responsibility Teach Kids God’s 3 Step $ Plan & Biblical PrinciplesGod Owns, I Manage, God ProvidesTeach Kids To Give Generously To GodTeach Kids To Spend WiselyTeach Needs Vs Wants Or DesiresResist ImpulsesBuy On Sale, Buy Used Items, Trade For ItemsBuy Quality That Will LastBe A Good StewardTeach Kids To Save And Invest - Defer Gratification
145 Teaching Children Financial Responsibility Trust ThemLet Them Make Mistakes - They Will Learn MoreProvide Them Paid Jobs To Earn Extra MoneyDiscourage Them From BorrowingTrain Them To Work To Buy Things, Don’t Spoil ThemShare Expenses With Them - For Example, You Pay For Half Of An Item If They Will Pay For HalfVolunteer To Match Funds For Investing (50/50)Show Kids Your Budget Summary Every MonthSet A Good Example For Your Kids - Be A Good Manager