8 Habits of Wise Women Managing Money With Miriam Neff
FaithFi: Faith & Finance | Jan 18, 2024
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Show Notes
Miriam Neff back on the program. She’s the founder and president of Widow Connection, a ministry dedicated to helping women overcome and thrive after the loss of a husband. She’s also co-author, with her daughter Valerie Neff Hogan, of Wise Women Managing Money.
THE IMPORTANCE OF WOMEN UNDERSTANDING FINANCES
Miriam Neff discusses the importance of women, including widows and single moms, understanding and managing finances. She emphasizes that women manage over 51% of wealth in the U.S., and this number is growing.
- Every woman should understand finances, regardless of their marital status.
- It's crucial to acknowledge that all possessions are God's and manage them accordingly.
- Knowing the 'why' behind financial management is essential as it aligns with God's purpose.
EIGHT HABITS OF WISE WOMEN MANAGING MONEY
Miriam Neff outlines eight habits for effective money management, particularly for women who may suddenly find themselves in charge of household finances.
1. ACKNOWLEDGE ALL BELONGINGS AS GOD'S: Recognize that everything, including income, housing, and personal belongings, are God's resources.2. TAKE RESPONSIBILITY FOR FINANCES: Emphasize the importance of being aware and responsible for personal finances.3. CREATE A SPENDING PLAN BASED ON INCOME AND VALUES: Develop a budget that reflects income and aligns with personal and spiritual values.4. CONSIDER THE HEART'S ATTITUDE TOWARDS MONEY: Reflect on personal attitudes and priorities regarding money to ensure they align with biblical teachings.5. AVOID EXCUSES IN FINANCIAL MANAGEMENT: Resist justifying poor financial decisions and take personal responsibility for money management.6. TAKE PERSONAL RESPONSIBILITY: Acknowledge personal control over financial decisions and resist blaming circumstances or others.7. REGULARLY REVIEW AND ADJUST FINANCIAL PLANS: Continuously reassess and adapt financial plans to accommodate changes such as inflation.8. INVEST IN KINGDOM PURPOSES: Encourage investing in projects that have eternal value and contribute to God's work.Miriam stresses the importance of these habits not only for financial stability but also for aligning your financial decisions with your faith and values.
STICKING TO THESE HABITS:
- Reminders
- Accountability partner
- Avoid giving detailed information
ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:
- I own some collectible coins for over 20 years, including slab coins and rare pennies; when is a good time to sell these, and do they fluctuate like the equities market?
- I've retired and have a rollover IRA worth $119,000 and a Roth IRA worth $11,000; should I consider withdrawing from my IRA to pay off a $40,000 roof replacement loan with a 10% interest rate?
- I bought property a few years ago intending to give it to my son, who built and sold a house on it this year; how can I manage the capital gains tax since the property was still in my name at the time of sale?
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.
