Remove the Taboo Tag and "Let's Talk Money!"

There are some things you just aren't supposed to talk about. At least, that's what most of us have been told. People grow up having very few conversations about discipline with money, and the results are seen far and wide. But check me on this: the Bible has a TON to say about money. In fact, the Lord addresses earning, saving, and spending money more often than most of the topics we regularly hear in our homes and in sermons.  So let's remove this taboo tag and have a real conversation about finances.

LetsTalkMoney

Everyone has a money story.  In fact, the extend of your adult life is a chapter by chapter book on financial decisions.  For most of us, some decisions were wise, and others were foolish.  But the worst of both worlds would be moving through life without being intentional with the monetary blessings we have. That's the one thing that is more harmful than even financial mistakes.

 

In the podcast episode for this week, I took a little while to walk you through my journey.  I've worked full-time since the age of 18. I made some early decisions that were wise and the have really shaped the financial freedom of our family, even years later. I also made a dumb decision or two that really cost us.  However, I researched those decision and acted intentionally. So in the case of failure, I came back and researched more and move forward in a different direction. So the first decision you need to make is one we put at the end of the episode on Monday:  Invest in yourself.  In other words, get an education on this topic and move forward with knowledge and confidence!

 

In the sections below, I will walk you through a series of considerations. Consider how that can have an impact on your life, your budget, and your goals.  These are present in my life, and are all consistent with a really good book called "The Richest Man in Babylon."

 

Determine to set aside a certain amount of your take-home pay for the purpose of saving for your future. This is a crucial step toward financial independence. Even if you want to give all of your money away; by saving 15% and investing it, you'll have much, much more to give away later!  Maybe you need to start with a much smaller number, like 3%. Maybe it can be a ladder you build this year to get it up to 10%.  But this is the tried and true, intergenerational secret to taking control of your money: pay yourself first.

 

Start getting honest about your spending and live below your means. This was the decision Sommer and I made at 19 years old. We would only live off 85% of our income.  Was this hard? Yes.  But did it in any way, shape, or form stop us from being happy together? Not at all.  Instead, we lived without the stress of being "up against it" financially. And now, years later, the money saved has created some really neat options.

 

Now make that saved money work for you. If you invest in mutual funds or large companies, there is a solid change your money will grow year after year! You don't want it in a sock drawer. And you don't want it in volatile, foolish places. (I've made both mistakes). If you need help finding the right investments, understanding tax advantaged choices, and building toward passive income in later years, I want you to call a friend of mine.  Jon Cunningham, of the Cunningham Financial Group, has helped me greatly, and I feel much more financial peace due to his assistance.  I told him I'd send my ESM friends his way.  So give Jon a call. You will be glad you did!  (205) 913-1720

 

It is also crucial to spend some money insuring against loss.  Insurance policies are annoying to fund, but they provide protection from catastrophic loss.  Jon, and reliable sources like him, can help you set up protection for your family. Examples include: health insurance, disability insurance, and life insurance. Once these are set (and they can even be funded from your investment gains!) then you can remove even more anxiety from your life!

 

All of these sacrifices and changes should get you real excited about your retirement plan. Maybe retirement isn't the right word.  Maybe you just want to get to a point in your life where you have options.  Maybe you'd like to do work for the Lord that is not possible in your present occupation. Once you have set up a future plan for tax advantaged and passive income benefit, that means every year you work, you are one year closer to being supported by your own money!  Again, you may need help with this: seek wise counsel.

 

Face this important fact: your home choice is a major factor. Choosing a home that is affordable, reliable, and sellable is a really important part of being a grownup! You want to feel like your home fits well within your means, and is an asset. My home is an investment that I just so happen to get to live in! Being patient and careful with this decision can pay off for many years to come.

 

I hope you have found these tips helpful. The podcast episode weaves some beautiful Proverbs into the lessons. And again, I recommend you check out "The Richest Man in Babylon," and also that you carve our 30 minutes and give my brother and friend, Jon Cunningham, a phone call. Small decisions often lead to the largest and most enduring results.

 

 

 

Thank you for supporting our program.  If you believe this blog can help someone you care about, be sure and click a link on the right to share it on social media or email to friends. Have an amazing weekend! And always remember: whatever you choose to do today in the name of the Lord Jesus Christ, excel still more. 

 

Excel Still More with Kris Emerson

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