Be Doers of the Word
FaithFi: Faith & Finance | Oct 18, 2023
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Show Notes
SELF-EXAMINATION:
- Start by taking an honest assessment of your current financial situation and feelings towards money.
- Worrying about bills, arguing with a spouse, or avoiding charitable giving are signs of needing a change.
- Change can be daunting, but it is beneficial when facing financial troubles.
TURNING TO SCRIPTURE:
- Isaiah 43 highlights that God is doing something new and will provide a way.
- Rely on biblical truths, such as those in Hebrews 4:12, can guide financial actions and mindset.
- Psalm 24:1 emphasizes that everything belongs to God, shifting the perspective from personal ownership to stewardship.
- Embracing this principle can change one's mindset about money management, knowing that it's God's resources you're managing.
TRUSTING IN GOD'S PROVISION:
- Scriptures like Luke 12:24 affirm that God provides and cares for His creation.
- Using the Bible as a financial guide can help in areas of spending, saving, investing, and debt reduction.
PRACTICAL STEPS TO MANAGING MONEY:
- Begin by choosing one biblical financial principle, like saving as per Proverbs 21:20.
- Taking steps such as developing a budget can help in effectively managing finances.
- The FaithFi app can help you in using the envelope system.
SEEKING ACCOUNTABILITY:
- Changing financial habits is more effective with the support and encouragement of others.
- Find an accountability partner to check in regularly, boosting chances of success.
Proverbs 11:14 and 27:17 stress the importance of guidance, counsel, and mutual support.
CONCLUSION:
Implementing biblical principles and tools can lead to transformative financial changes and reduced worries about money.
On today’s program, Rob also answers listener questions:
- How can I best manage a large sum in a Marcus account with ETFs, aiming for a conservative approach since I'm in my early 60s and considering retirement?
- Which 401k option should I choose between traditional and Roth, and how much percentage of my paycheck should I contribute?
- How can I best invest for my grandchild's future educational expenses, and are there any other custodial accounts where I can make additional investments over the years?
- With $12,000 of my traditional IRA in fixed income and being two years away from required minimum distribution, should I move it to stocks?
RESOURCES MENTIONED:Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
