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Financial Fitness The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty. Proverbs 21: 5 NASB
Actions Change when Attitudes Change!
Financial Fitness “Money Don’t Grow On Trees”
Financial Fitness …and neither do cars, stereos, clothes, washing machines, houses, college educations, and retirement incomes. It is at the point of trying to allocate limited financial resources among unlimited financial alternatives that we experience some of life’s greatest stress and conflict!
Financial Fitness The number one reason Americans don’t save more… Envy
Financial Fitness God’s financial I. Q. test: …stupid people spend their money as fast as they get it. Pr. 21: 20 b (GN) By spending more than we earn, we are spending our future income; we are committing money we have not yet earned and are taking on a future obligation.
Financial Fitness is dependent more on what we spend than on what we earn.
Financial Fitness Steps to Financial Fitness Step One: Acknowledge that God owns it all. Steward — a person charged with the management of property that belongs to another. A steward is a manager. Christians are responsible to God for the management of all their resources.
Who is the Owner? • The earth is the LORD'S, and all it contains, The world, and those who dwell in it. Psalm 24: 1 NASB • 'The silver is Mine and the gold is Mine, ' declares the LORD of hosts. Haggai 2: 8
So, If God Owns It All… • We are stewards and will give an account for our stewardship.
We WILL Give an Account • "Now after a long time the master of those slaves came and settled accounts with them. 20"The one who had received the five talents came up and brought five more talents, saying, 'Master, you entrusted five talents to me. See, I have gained five more talents. '21"His master said to him, 'Well done, good and faithful slave. You were faithful with a few things, I will put you in charge of many things ; enter into the joy of your master. Matthew 25: 19 -23
The Tithe Belongs to the LORD • "Bring the whole tithe into the storehouse, so that there may be food in My house, and test Me now in this, " says the LORD of hosts, "if I will not open for you the windows of heaven and pour out for you a blessing until it overflows. Malachi 3: 10
Our Attitude Dictates How We Give • Now this I say, he who sows sparingly will also reap sparingly, and he who sows bountifully will also reap bountifully. Each one must do just as he has purposed in his heart, not grudgingly or under compulsion, for God loves a cheerful giver. 2 Corinthians 9: 6 -7
Financial Fitness It’s not what we don’t know. It’s what we do and don’t do. WE MAKE CHOICES!
Financial Fitness Steps to Financial Fitness Step Two: Have a financial checkup! Each year—Physical Fitness Exam Physical Checkup • Complete medical history • Urinalysis • Complete blood count, including total cholesterol with HDL, LDL, and Triglyceride breakdown • ECG, Resting/Stress • CA-125 blood test for females • PSA test for males • Chest X-Ray • Mammogram for females • Colonoscopy or Sigmoidoscopy • Annual pelvic exam for women • Prostate exam for men
Financial Fitness How about an annual Financial Fitness Exam? Financial Checkup. • Calculate your net worth. The value of what you own minus what you owe. Four ways to increase your net worth each year: 1. Savings from earnings 2. Investment income and increased market value of those investments 3. Building home equity 4. Debt reduction
Financial Fitness • Savings — how much are you saving? Ø Emergency Fund Ø College Fund Ø Retirement Account
Financial Fitness Average Social Security Benefit • Average individual retirement benefit for all retirees is now $1, 177 per month ($14, 124 per year) • Average benefit for retired couple who each receive a benefit is $1, 766 per month • ($21, 192 per year)
Financial Fitness Ø Emergency Fund Money saved to cover 3 -6 months of living expenses. Ø College Fund Cost of Attending College in CA - Public College--$22, 577 yr. CSU campuses - Private--$45, 147 yr. on campus-cheaper Ø Retirement Account Retirement is when the paycheck stops!!
Financial Fitness • Insurance — are you covered? Ø Health Ø Disability Ø Life Ø Long-term care Ø Home ü Replacement ü Contents (renters) ü Liability Ø Auto
Financial Fitness - Insurance Facts • 30% of Americans have no life insurance. • 56% who are insured are under-insured. • One our of four Americans age 50 and older will be disabled at least once for six months or longer. • A younger person is more likely to become disabled than die. • Overweight now represents 25% of underwriting denials for medical insurance.
Financial Fitness - Insurance Facts • Overweight related health issues now equal cancer in total claims. • Most Americans do NOT have an annual physical exam. • 9 out of 10 employees who have company medical insurance will NOT be able to carry their policy into retirement. They will have to go through underwriting if they are under 65.
Financial Fitness • Review Your Estate Plan Ø Wills Ø Trusts Ø Durable Power of Attorney for financial matters Ø Durable Power of Attorney for health care Ø Living Will
Financial Fitness • Update Beneficiary Designations Ø Life Insurance Ø Retirement Plan Ø Wills ØJudy Logan, CSBC Ø(559) 229 -9533 ext. 267
Financial Fitness Steps to Financial Fitness Step One: Acknowledge that God owns it all. Step Two: Have a financial checkup! Step Three: Set some financial goals for the year • Goals provide direction and purpose • Goals help us to crystallize our thinking • Goals provide personal motivation • A goal is a statement of God’s will for you Ron Blue, Master Your Money
Financial Fitness Examples of financial goals: • Financially support your church and mission causes • Become a regular saver • Establish an Emergency Fund. • Pay off/reduce debt.
Financial Fitness Examples of financial goals: • Start a College Fund. • Contribute to your Retirement Account. • Pay cash for a new/pre-owned car. • Buy needed insurance coverage.
Financial Fitness Steps to Financial Fitness Step One: Acknowledge that God owns it all. Step Two: Have a financial checkup! Step Three: Set some financial goals for the year Step Four: Make a plan for spending A spending plan is… …an active strategy for getting wherever you want to go. …the distribution of limited financial resources among the financial goals you have set.
Financial Fitness Steps to Financial Fitness Rules for Financial Freedom Ø Allocate all of your income Ø Spend less than you receive Ø Never make purchases based upon your checkbook balances. Ø Never Spend on Impulse!
If You Need a Budget…. . . Personal Budget templatesFamily monthly budget planner 1. xls
Financial Fitness Charles Kettering in speaking on the importance of planning. . . “I expect to spend the rest of my life in the future, and I want to be reasonably sure what kind of future it will be. That is the reason for planning. ”
Financial Fitness “A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly and suffers the consequences. ” Proverbs 22: 3 LB
Remember -Financial Fitness “Money Don’t Grow On Trees”
Questions? Rod Wiltrout (559) 287 -7840 cell (559) 256 -0858 direct line [email protected] com