Stewardship Lesson 2. SMART Goals Specific Measurable Achievable Resources Timeline Write them down Short Term Long Term Find accountability – Share goals.

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Presentation transcript:

Stewardship Lesson 2

SMART Goals Specific Measurable Achievable Resources Timeline Write them down Short Term Long Term Find accountability – Share goals with your neighbor & small group

Dave Ramsey’s Baby Steps 1.$1,000 Emergency Fund 2.Pay off all debt (except the house) using the debt snowball month of expenses in savings for emergencies 4.Save for Retirement 5.College funding (optional) 6.Pay off home early 7.Build wealth! (mutual funds and real estate) Budget & Give “Live like no one else, so later you can really live like no one else”

Budget Analysis * Use Cash Spend every dollar on paper on purpose There is no perfect budget

Monthly Budget Last Line Applied to Debt Snowball Yellow = Cash Envelope System Automatic Transfers for Savings

Hazard #1: Credit Card Debt I HATE CREDIT CARDS Credit Cards are a crutch Pay it OFF every month or CUT IT UP Rewards are not Free

Hazard #2: Automobiles Common Mistakes: – Failure to Calculate (count) the total cost – Leasing – Frequent Turnover – Need vs. Want

Hazard #2: Automobiles Make 2 Calls when buying a vehicle. – Insurance Agent – Mechanic

Hazard #3: Housing Common Mistakes – Too Much House – No Budget – Borrowing the Down Payment – Tax Deduction