Money Management

Money Management

Many people today suffer from

poverty, and has blamed many factors for their financial failure, except themselves, no, it’s not the factors without but the factors within, ignorance is one big2 factor that has robbed people of their opportunity to become wealthy, knowing this therefore, let us pursue what the Bible suggests the Most important thing for you to do … ………………..

Pro 4:7 Getting

wisdom is the most important thing you can do. Whatever else you get, get insight.  Wisdom is simply applied knowledge

Declarations: Where attention goes,

energy flows and result shows Rich people manage their money well; Poor people mismanage their money well It is not how big or small I receive but it’s what I do with it that matters! God wants to multiply in my life whatever I am able to

Where do we get

wisdom? 2.God and His words 3.Wise people 4.Life’s experiences: both negative and positive 5.Streets and marketplace: Copy a

More Wise Sayings & Tips: Rich people think of their

future, poor people think only now Create a simple, but effective money management system that affects your future Until you show you can handle what you’ve got, you won’t get any more! The habit of managing your

God wants me to apply

the principles of financial success Savings Budgeting Debt eliminating Investing Giving

Savings – create a habit to

save at least 10 % or more from your active income Expenses > Income = No savings  broke & in debt Income > Expenses = Savings  good ( chance ) Income - Savings, then expenses  better Income - Savings then invest  best

Budgeting: A financial plan

A road map

Using money on purpose

Understanding expenses: There are three basic types of

expenses: Fixed expenses ( obligations )  happen every month E.g. Mortgages/ Rentals ; Car payments; Fees, Debts ( Credit cards or borrowed money) Variable expenses ( needs )  occur regularly, but are subject to fluctuation E.g. Communications, Fuel, food , Medicines, Utilities, Bills, Groceries Discretionary expenses ( wants )  items determining your particular

Practical Steps to take 1. Budget your money

according to the order of obligations to wants 2. Employ a method of dividing your money into your predetermined accounts.  E.g. Envelopes, accordion file, well disciplined checkbook, use some form of accountability plan

Food

Rent/Mortgage

Tuition Fees

Credit Card/ Debts

Groceries

Kids’ allowances

Bills/ Utilities/ Clothes*

Transportatio n/Fuel

Medicines/ Health services

Communicatio n

Jars of wisdom : For every

peso you receive, break it down into 10 parts:

Tithes

10%

1.00 Savings /FFA account 10% P 1.00 Obligations 30% P 3.00 Needs 30% 3.00 Play & Education 10% 1.00

P

P P

Debt Eliminating Pro 21:17 Indulging in

luxuries, wine, and rich food will never make you wealthy. Reasons why people get into debt: 1. No emergency funds, no savings 2. Overspending, lack of self control (Expenses > income )

Key steps that will lead to a

debt free life

1st Make a commitment to

stop buying on credit (debit card) or Pay within the grace period 2nd Focus on paying every debt that is listed in your name pay the smallest debts every extra peso goes to paying

debt: Yard sale, part time job, a

3rd Practice self

control - live within means  Self control is an absolute fundamental for wealth, growth and freedom. Commit today to

Investing Pro 9:11-12 Wisdom will

add years to your life. You are the one who will profit if you have wisdom, and if you reject it, you are the one who will suffer. Pro 14:23 Work and you will earn a living; if you sit around talking you will be

Investment is simply your

savings put into a system of business where it multiplies without or little participation or effort. It is your money working now for you, instead of you working for your money. Income  Savings  Investments  Wealth or Financial freedom 

2 Primary sources of

passive income: 1st Money working for you: investment earnings from financial instruments such as:  Stocks, bonds, T-bills, money markets, mutual

2nd Business working for you: This

entails generating ongoing income from businesses where you do not need to be personally involved for that business to operate to yield an income. Examples: Rental real state; royalties from books, music or software; licensing your ideas; franchisor; own storage units; own vending or other types of coin operated machines; and network marketing.

Challenge :

GNCC’s 2008 financial forecast 2 Million or 42,500/ week – How? GNCC’s 12 tribes of financiers for

An amazing story: Exodus 36:3 -6 They received from

him all the offerings which the Israelites had brought for constructing the sacred Tent.  But the people of Israel continued to bring Moses their offerings every morning. Then the skilled men who were doing the work went and told Moses, "The people are bringing more than is needed for the work which the LORD commanded to be done.“

WOW!!!!! Can this happen to Good News?

How? When everyone of us will obey what Paul said…… Paul’s exhortation: 1 Cor.16:1-2 Now, concerning what you wrote about the money to be raised to help God's people in Judea. You must do what I told the churches in Galatia to do. Every Sunday each of you must put aside some money, in proportion to what you have earned, and save it up, so that there will be no need to

Purpose  To help  Every Sunday  Regular  Put aside money  Habit of savings & giving  In proportion to income  Active work & investments  No need to get a special offering  



We have

W - work I - invest S- Savings E- Expand Decide now and act now! Announcement: Watch out

for the Life Success Seminars – “Financial freedom seminar & Business solutions “ 2008