1. SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT BAPTIST GENERAL CONVENTION OF TEXAS 214.828.5266 frank.palos@texasbaptists.org 214.828.5266 frank.palos@texasbaptists.org

2. CHRISTIAN FAMILY MONEY MANAGEMENT OVERVIEW Page 61 Gross Income $50,000 $ 4,167 Tithe (10% of Gross) - 5,000 - 417 Taxes (15% of Gross) - 7,500 - 625 Net Income $37,500 $ 3,125 Savings (10% of Net) $ 3,750 $ 312.50 Living Expenses (70% of Net) $26,250 $ 2,187.50 Debt Retirement (20% of Net) $ 7,500 $ 625.00

3. LIABILITIES (Excluding Car and House Mortgage) Total for Debt Retirement (20% of Annual Net Working Income) $4,500 Ann Dbt Rtmt (AA) $375 Mthly Dbt Rtmt (E) (A) (B) (C) (D) Creditors Balance Due % for Debt Rtmt. Monthly Pmt. 1. Sears $ 4,500 30% $112.50 2. JC Penney $ 4,000 27% $101.25 3. MasterCard $ 3,500 23% $ 86.25 4. Discover Card $ 3,000 20% $ 75.00 $15,000 100% $375.00 (BB) (CC) (DD) Tot. Bal. Due Tot. Mthly Pmts $15,000 100% $375.00 (BB) (CC) (DD) Tot. Bal. Due Tot. Mthly Pmts.

4. LIABILITIES (Excluding Car and Mortgage) LIABILITIES (Excluding Car and Mortgage) Total for Debt Retirement (20% of Annual Net Working Income) $7,500 Ann Debt Rtmt (AA) $625 Mthly Debt Rtmt (E) (A) (B) (C) (D) Creditors Balance Due % for Debt Rtmt. Monthly Pmt. 1. Visa $ 8,500 41% $256.25 2. MasterCard $ 6,000 29% $181.25 3. Discover Card $ 3,200 15% $ 93.75 4. Dillard’s $ 3,000 15% $ 93.75 $20,700 100% $625.00 (BB) (CC) (DD) $20,700 100% $625.00 (BB) (CC) (DD)

5. General Cost Saving Suggestions* COST SAVING MEASURES CAR INSURANCE Take a defensive driving course Increase deductibles Mutli-car policy FLEX PLAN (pre-tax and daycare) CHANGE W-4 MORTGAGE Pay extra on principal Make bi-monthly payments Make additional payment annually *Each individual must consider their particular circumstances and values.

6. AMORTIZATION SCHEDULE Page 71 Loan: $120,000 Loan Length: 30 YEARS Interest: 8% Monthly Payment: $880.52 Total Paid: $316,983.99 PAYMENT INTEREST PRINCIPAL 1 $ 800.00 $ 80.52 1 $ 800.00 $ 80.52 2 $ 799.46 $ 81.06 2 $ 799.46 $ 81.06 3 $ $ 3 $ $ 180 $ 616.01 $ 264.51 180 $ 616.01 $ 264.51 181 $ 614.25 $ 266.27 181 $ 614.25 $ 266.27 358 $ $ 358 $ $ 359 $ 11.60 $ 868.92 359 $ 11.60 $ 868.92 360 $ 5.81 $ 871.50 360 $ 5.81 $ 871.50

7. Credit Card Overview Amount:$2,000 Monthly Payment: $15 Interest:20% Payoff Time: 33 years Total Interest: $7,126 Total Paid: $9,126 Extra Monthly Interest Saved Years Early $ 3 $ 2,800 13.6 $ 3 $ 2,800 13.6 $ 10 $ 4,885 22.8 $ 10 $ 4,885 22.8 $ 25 $ 6,000 28.2 $ 25 $ 6,000 28.2 $ 50 $ 6,500 30.6 $ 50 $ 6,500 30.6

8. GOD’S PROMISE “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! Matthew 25:21

9. HELPFUL WEBSITES u soundmindinvesting.com investment strategies (Christian) u crown.org Christian financial management information u crosswalk.com array of Christian subjects and resources u marriagebuilders.com marital advise and studies u marriagesavers.org training for marriages in crisis u ask.com ask any question and get an answer

10. CREDIT COUNSELING WEBSITES u Christianccc.org 888.520.4422 u cornerstonecredit.com 888.752.6463 u DebtFreeChristian.org 800.624.9747

11. SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT BAPTIST GENERAL CONVENTION OF TEXAS 214.828.5266 frank.palos@texasbaptists.org 214.828.5266 frank.palos@texasbaptists.org

12. MORTGAGE SCHEDULE OVERVIEW Loan Amount: $95,000 Interest Rate: 8% Length of Loan: 30 year Monthly Payment: $697.08 Interest: $633.33 Principal: $ 63.75 Total Paid (30 years) $250,948.80 Total Paid (30 years) $250,948.80 Principal Paid (5 years) $ 4,683.92 Principal Paid (5 years) $ 4,683.92 Interest Paid (5 years) $ 37,140.88 Interest Paid (5 years) $ 37,140.88 Total Paid (5 years) $ 41,824.80 Total Paid (5 years) $ 41,824.80 Total Paid (15 years) $163,416.60 Total Paid (15 years) $163,416.60

13. CHRISTIAN FAMILY MONEY MANAGEMENT OVERVIEW ANNUALLY MONTHLY Gross Income $30,000 $ 2,500 Tithe (10% of Gross) - 3,000 - 250 Taxes (15% of Gross) - 4,500 - 375 Net Income $22,500 $ 1,875 Savings (10% of Net) $ 2,250 $ 187.50 Living Expenses (70% of Net) $15,750 $ 1,312.50 Debt Retirement (20% of Net) $ 4,500 $ 375.00

14. AMORTIZATION SCHEDULE Loan: $95,000 Loan Length: 30 YEARS Interest: 8% Monthly Payment: $697.08 Total Paid: $250,948.60 PAYMENT INTEREST PRINCIPAL 1 $653.33 $ 63.75 1 $653.33 $ 63.75 2 $632.91 $ 64.17 2 $632.91 $ 64.17 3 $632.48 $ 64.60 3 $632.48 $ 64.60 4 $632.05 $ 65.03 4 $632.05 $ 65.03 $ $ $ $ $ $ 348 $ 57.65 $639.43 348 $ 57.65 $639.43 $ $ $ $ $ $ 359 $ 9.17 $687.91 359 $ 9.17 $687.91 360 $ 4.58 $687.08 360 $ 4.58 $687.08

15. MORTGAGE PRE-PAYMENT SCHEDULE LOAN: $95,000 LOAN LENGTH: 30 YEARS INTEREST: 8% MONTHLY PAYMENT: $697.08 TOTAL PAID: $250,948.60 TOTAL PAID: $250,948.60 EXTRA MONTHLY INT. SAVED YRS. EARLY $ 25 $23,126.06 3.7 $ 25 $23,126.06 3.7 $ 50 $39,317.85 6.3 $ 50 $39,317.85 6.3 $ 75 $51,496.61 8.4 $ 75 $51,496.61 8.4 $100 $61,090.09 10.1 $100 $61,090.09 10.1

16. MORTGAGE SCHEDULE OVERVIEW Loan Amount: $120,000 Interest Rate: 8% Length of Loan: 30 year Monthly Payment: $880.52 Interest: $800.00 Principal: $ 80.52 Total Paid (30 years) $250,948.80 Total Paid (30 years) $250,948.80 Principal Paid (5 years) $ 4,683.92 Principal Paid (5 years) $ 4,683.92 Interest Paid (5 years) $ 37,140.88 Interest Paid (5 years) $ 37,140.88 Total Paid (5 years) $ 41,824.80 Total Paid (5 years) $ 41,824.80 Total Paid (15 years) $163,416.60 Total Paid (15 years) $163,416.60

17. PRINCIPLES FOR SUCCESS THE CHRISTIAN is not to love money... is not to love money... must determine his/her priorities... must determine his/her priorities... must understand the requirement of work... must understand the requirement of work... must place proper value on honesty... must place proper value on honesty... must understand the wisdom of saving/investing... must understand the wisdom of saving/investing... needs to understand the benefit of sharing... needs to understand the benefit of sharing... must be aware of the problem of borrowing... must be aware of the problem of borrowing