018: Financial Strength Training

Many of us start out our adult lives in financial reactive mode.

Needing their own place to live, many young adults will naturally rent a place, bringing with it a slew of new bills: electricity, gas, water, internet, groceries.

It is easy to understand how we can get to the point where it feels like we are working just to pay bills. For many it may feel as if money controls us, instead of us controlling our money.

The good news is that we can turn this around. We can get to the position of controlling money matters, rather than letting money matters control us.

 

In This Episode We Look At:

Two Financial Muscles to Train:

The Proactive Muscle

The First Step: Assess

 You need a clear picture of your current financial system. [fitness illustration: What do beginners need to do?"]

Everyone has a financial system; although many of us are uncertain as to what it really looks like.

Write out a list of your monthly totals for everything.

The second Step: Choose to reduce/eliminate

The wonderful news is that as adults, we have the power to choose our path.

The majority of the time we make a conscious decision to take on bills and obligations - they are rarely thrust upon us.

 

The Building Muscle

By flexing the Proactive muscle, you've recaptured monthly sums that can now work for you in building financial health.

What can an extra $100 or $300 a month do for you?

Debt Elimination–an extra $100 or $300 a month can be the difference between paying off your consumer debt in months versus 11 to 20 years!

Savings–Those recaptured dollars can quickly build the 3-6 months living expenses fund that you absolutely need.

Giving–Perhaps it's been on your heart to give more to the work of the Lord, but the burdens of bills have prevented you. $100-$300/month can have a great impact on eternity.

Investing–Consistent, monthly investing of even a modest sum can result in an amazing accumulation of wealth for your future. And in many cases, it's not too late if you haven't started. $300 invested monthly at an average of 8% growth amounts to approximately $275,000 in 25 years.

 

Today's Resources and Links:

Against The Grain, Avoiding The Financial Pitfalls of Conventional Wisdom - Tim Rosen [Affiliate Link]

 

One Thing You Can Do Today to Improve Your Faith and Finances:

Choose a time and place where you (and your spouse if married) can go through these two exercises undistracted. Be sure to bring print outs of your last two or three month's bank statements.

 

What Are Your Thoughts?

If you have a question or comment about today's topic, we invite you to share your thoughts.

Our call-in number: 401-753-2484  401-75-FAITH. You are invited to leave a recorded message.