How do you manage money?

[ray]

How do manage money? how do plan to save or spend money? What are good money investments? how do you get out of debt?

[Guest]

How do manage money? how do plan to save or spend money? What are good money investments? how do you get out of debt?

There's an outfit called Crown Financial Ministries that you might want to check out. They have courses and other resources available. Check out their website here.

Quite a few folks in our church have gone through the training class and all say its a good program -- and its based on the Bible. I haven't had the chance to take it yet, though. My work schedule is a little on the "beastly" side.

I would like to see what sort of other replies you get to this thread.

[Guest Biblicist]

I have found that it is not possible to manage something you do not have.

We did have a financial counselor tell us once that Jesus was rich, being a skilled carpenter and all, had a house and that he wanted us to be rich too.

[Marnie]

Well, maybe it's my heritage....but managing money was something I was taught from my father's knee.

Always pay yourself first, before you pay others. Regardless of how much you owe, always save something for yourself before you pay anybody. Ten percent is my minimum.

Destroy your credit cards immediately. Or at least work to pay them all off and do NOT use them. I have a bunch of credit cards with zero balances; I use them for ordering airline tickets and so on, but I never carry a balance. If you can, don't consolidate your debts, but work with your creditors to pay them off.

Once your debts are paid off, do NOT go back into debt.

Make sure you have adequate life insurance if you are married. If you are single and have expensive life insurance, consider dumping it or getting real cheap term.

Until you are debt free, stop living like you are: stop eating out all the time, stop taking trips you can't afford, stop all renovation projects unless your house is falling apart, if you can't make your car payments, sell it and buy an old clunker. When you are debt free, buy your car and fix your house up. If you have cable, get rid of it.

If you work during the day, consider getting a part time job for the evenings until your debts are paid off. Same thing for your wife. People who dont have crushing debts and/or collection agencies calling them can afford the luxury of watching TV all evening long. It won't be forever, either. If you have kids, make sure they understand what you are trying to do and make sure they contribute to the effort in some way. Make it family project.

Wealth is created, not by working 8 hours a day...but by what you do when you are not working. There's plenty of money out there, all you need to do if be smart and find a way to get it or create it. For most people, it's a second or even third job. But remember, all this is temporary until you are debt free.

Have a written plan for paying off your debts and stick to it. Debt is NOT glorifying to the Lord.

Some debt is OK as long as you have the resources to pay it off. Most people have mortgages, but most people have mortgages that are way too big because their downpayment was way too small or they are living a home they have no business living in because they can't afford it. Most people pay for a new car long after it isn't worth anything. That's why most people don't have a pot to empty out the window.

Make sure you invest in something other than bank accounts or other interest-paying vehicles. My choice is and always has been low cap, conservative mutual funds. Depending on what fund(s) you are in, you can earn an enviable rate of return based on dividends, not interest. Reinvest the dividends and watch your money grow. Invest the same amount every month regardless of the share price and you will always come out ahead. It's called "dollar cost averaging," and it is powerful. A good fund will double your investment every 7 years or so.

It may take several years, but if you work at it and make sure your family is board, you will be debt free. You just have to want it badly enough. And always remember what my Dad taught me: You can either have money or you can have things, but you can't have both. Most people exchange their money for things. And you can only do that once. So make sure thing thing you are exchanging your hard earned money for is worth it. Because once that money is gone, it's gone.

[Guest Biblicist]

Well, maybe it's my heritage....but managing money was something I was taught from my father's knee.

Always pay yourself first, before you pay others. Regardless of how much you owe, always save something for yourself before you pay anybody. Ten percent is my minimum.

Destroy your credit cards immediately. Or at least work to pay them all off and do NOT use them. I have a bunch of credit cards with zero balances; I use them for ordering airline tickets and so on, but I never carry a balance. If you can, don't consolidate your debts, but work with your creditors to pay them off.

Once your debts are paid off, do NOT go back into debt.

Make sure you have adequate life insurance if you are married. If you are single and have expensive life insurance, consider dumping it or getting real cheap term.

Until you are debt free, stop living like you are: stop eating out all the time, stop taking trips you can't afford, stop all renovation projects unless your house is falling apart, if you can't make your car payments, sell it and buy an old clunker. When you are debt free, buy your car and fix your house up. If you have cable, get rid of it.

If you work during the day, consider getting a part time job for the evenings until your debts are paid off. Same thing for your wife. People who dont have crushing debts and/or collection agencies calling them can afford the luxury of watching TV all evening long. It won't be forever, either. If you have kids, make sure they understand what you are trying to do and make sure they contribute to the effort in some way. Make it family project.

Wealth is created, not by working 8 hours a day...but by what you do when you are not working. There's plenty of money out there, all you need to do if be smart and find a way to get it or create it. For most people, it's a second or even third job. But remember, all this is temporary until you are debt free.

Have a written plan for paying off your debts and stick to it. Debt is NOT glorifying to the Lord.

Some debt is OK as long as you have the resources to pay it off. Most people have mortgages, but most people have mortgages that are way too big because their downpayment was way too small or they are living a home they have no business living in because they can't afford it. Most people pay for a new car long after it isn't worth anything. That's why most people don't have a pot to empty out the window.

Make sure you invest in something other than bank accounts or other interest-paying vehicles. My choice is and always has been low cap, conservative mutual funds. Depending on what fund(s) you are in, you can earn an enviable rate of return based on dividends, not interest. Reinvest the dividends and watch your money grow. Invest the same amount every month regardless of the share price and you will always come out ahead. It's called "dollar cost averaging," and it is powerful. A good fund will double your investment every 7 years or so.

It may take several years, but if you work at it and make sure your family is board, you will be debt free. You just have to want it badly enough. And always remember what my Dad taught me: You can either have money or you can have things, but you can't have both. Most people exchange their money for things. And you can only do that once. So make sure thing thing you are exchanging your hard earned money for is worth it. Because once that money is gone, it's gone.

Sage advise Marnie, your dad would be proud.

[Marnie]

Sage advise Marnie, your dad would be proud.

Maybe, but he would be embarrassed of all my typos! Lordamercy! Coffee....I need more!

[Guest]

"This poor man cried, and the LORD heard him, and saved him out of all his troubles."

Psalms 34:6

It may take several years, but if you work at it and make sure your family is board, you will be debt free.

You just have to want it badly enough.

And always remember what my Dad taught me: You can either have money or you can have things, but you can't have both.

Most people exchange their money for things.

And you can only do that once.

So make sure the thing you are exchanging your hard earned money for is worth it.

Because once that money is gone, it's gone.

Wise Words From A Wonderful Sister.

I Didn't Need To Do Any Of That However!

I Was Blessed Enough To Marry One Smart Cookie And To Give Her The Reins To Our Monies And To Kept My Grubby Little Hands Off!

Another View

Train up a child in the way he should go: and when he is old, he will not depart from it

Proverbs 22:6

So make sure the thing you are exchanging your hard earned money for is worth it.

Carol Says.......

"With Kids Saving Money And Acquiring Monitory Wealth Is Almost Impossible For Most Working Families"

"Time Will Not Wait For Earnings To Pay For Developmental Opportunities As Children Grow"

"It Is WHAT You Invest Your Money In That Should Be The Key To Family Spending"

$200 For Branded Sneaks.

Or $20 For Sneaks And $180 For Water Color Paper And Water Color Pigments And Brushes And Books.

$150 For Branded Jeans.

Or $20 For Blue Jeans And $130 For Electric Parts And Solder And Heat Shrink And Books Of Theory Or Circuits.

$300 For A Branded Watch.

Or $20 For A Watch And $280 For A Used Flute And Lessons And Sheet Music.

Etc.

Every Year The Child's Goals Will Change And You Can't Wait If You Are To Facilitate Their Growth.

Our Son Wanted To Be A Veterinarian Doctor So For Years We Lived With Huge Glass Tanks Of Hot Rocks And Snakes And Lizards And Fish And Cats And.....

Credit Is A Tool.

And Carol Allowed No Rust To Gather.

Our Son Is Now An EE Engineer With Motorola.

Much Of His Learning Was Done Outside Of School.

Much Of His Hands-On Learning Was Done On Our Credit.

Many Of His Teachers Were Pioneers In Electronics.

They Were HAM Radio Operators.

As He Operated His Amateur Radio Station, They Mentored Our Son.

It Was Not Until Our Son Was Grown And Married...

It Was Not Until They Were Out Of College And Standing On Their Own Feet...

That We Were Able To Became Debt Free!

I Thank God For Credit.

I Thank God For Carol

I thank God For Both The Means And The Will To Pay Our Debts Off.

Love, Your Brother Joe

Oh Oh!

Start-Opinion

Most Of The Ministries That Tell You NOT To Use Credit And To Send Them Your Family's Funds......

Are In Hock Up To The Tips Of Their Pointy Little Ears.......

To Buy Air Time.......

So They Can Solicit Your Money.......

So They Can Tell You Not To Use Credit.......

So They Can Use Credit.......

To Buy Air Time.......

So They Can Solicit.......

I Truly Believe They Should Get NOT One Cent Of The Monies God Has Provided You For The Ministry Of Raising Up Your Children Before The Lord.

End-Opinion

[Marnie]

C'mon, Joe. Don't hold back! What do you really think about this?

[Vickilynn]

"This poor man cried, and the LORD heard him, and saved him out of all his troubles."

Psalms 34:6

It may take several years, but if you work at it and make sure your family is board, you will be debt free.

You just have to want it badly enough.

And always remember what my Dad taught me: You can either have money or you can have things, but you can't have both.

Most people exchange their money for things.

And you can only do that once.

So make sure the thing you are exchanging your hard earned money for is worth it.

Because once that money is gone, it's gone.

Wise Words From A Wonderful Sister.

I Didn't Need To Do Any Of That However!

I Was Blessed Enough To Marry One Smart Cookie And To Give Her The Reins To Our Monies And To Kept My Grubby Little Hands Off!

Another View

Train up a child in the way he should go: and when he is old, he will not depart from it

Proverbs 22:6

So make sure the thing you are exchanging your hard earned money for is worth it.

Carol Says.......

"With Kids Saving Money And Acquiring Monitory Wealth Is Almost Impossible For Most Working Families"

"Time Will Not Wait For Earnings To Pay For Developmental Opportunities As Children Grow"

"It Is WHAT You Invest Your Money In That Should Be The Key To Family Spending"

$200 For Branded Sneaks.

Or $20 For Sneaks And $180 For Water Color Paper And Water Color Pigments And Brushes And Books.

$150 For Branded Jeans.

Or $20 For Blue Jeans And $130 For Electric Parts And Solder And Heat Shrink And Books Of Theory Or Circuits.

$300 For A Branded Watch.

Or $20 For A Watch And $280 For A Used Flute And Lessons And Sheet Music.

Etc.

Every Year The Child's Goals Will Change And You Can't Wait If You Are To Facilitate Their Growth.

Our Son Wanted To Be A Veterinarian Doctor So For Years We Lived With Huge Glass Tanks Of Hot Rocks And Snakes And Lizards And Fish And Cats And.....

Credit Is A Tool.

And Carol Allowed No Rust To Gather.

Our Son Is Now An EE Engineer With Motorola.

Much Of His Learning Was Done Outside Of School.

Much Of His Hands-On Learning Was Done On Our Credit.

Many Of His Teachers Were Pioneers In Electronics.

They Were HAM Radio Operators.

As He Operated His Amateur Radio Station, They Mentored Our Son.

It Was Not Until Our Son Was Grown And Married...

It Was Not Until They Were Out Of College And Standing On Their Own Feet...

That We Were Able To Became Debt Free!

I Thank God For Credit.

I Thank God For Carol

I thank God For Both The Means And The Will To Pay Our Debts Off.

Love, Your Brother Joe

Oh Oh!

Start-Opinion

Most Of The Ministries That Tell You NOT To Use Credit And To Send Them Your Family's Funds......

Are In Hock Up To The Tips Of Their Pointy Little Ears.......

To Buy Air Time.......

So They Can Solicit Your Money.......

So They Can Tell You Not To Use Credit.......

So They Can Use Credit.......

To Buy Air Time.......

So They Can Solicit.......

I Truly Believe They Should Get NOT One Cent Of The Monies God Has Provided You For The Ministry Of Raising Up Your Children Before The Lord.

End-Opinion

Shalom Brother Joe,

Have I told you lately how much I love you as a Brother and I am so blessed as I read your posts? Please tell Carol, that she has a wonderful husband and thank her for sharing you with us!!!

[terter]

Yes, our lives would be so much better off if we followed God's Word - "Rom 13:8 Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law."

There are thousands of ways to save money if you'll search on dogpile.com use "frugal." Ideas are varied such as:

mortgage info including bi-weekly mortgage payments,

homemade laundry detergent for 2 cents a load,

25 cents a loaf bread (no kneading, no machine in an hour),

put a timer on your hot water heater,

make yogurt using an ice chest,

clean and maintain appliances especially clean the back of older frigs, replace AC filters, etc.

maintain vehicles & buy used ones,

eat peanut butter and eggs for protein - reduce meat intake, and

organize bills and paper work in order not to pay late fees, get refunds, have warranty info, etc.

Want to buy something - check it out and see how it's going to impact you overall - all finance charges, your bottom line, etc. If buying a used vehicle, you'll find out about their problems by doing an internet search. Keep credit cards in a block of ice. They say we reduce our spending by 15% just by having a budget and keeping to it - can use spreadsheet.

With the internet, forums, financial calculators, this should be the most financially savve generation there has ever been.