Certainty in Uncertain Times With Sharon Epps
FaithFi: Faith & Finance | Dec 6, 2023
Show Notes
WHAT IS THE CURRENT STATE OF ECONOMIC UNCERTAINTY ACCORDING TO RECENT RESEARCH, AND WHAT ARE ITS EFFECTS?
Economic uncertainty is at a high, as indicated by the International Monetary Fund's World Uncertainty Index. Covering data from 143 countries over the past 60 years, the current level of uncertainty is among the highest since 2000. This uncertainty can lead to fear, decision paralysis, and irrational decision-making.
- Economic uncertainty is significantly high currently, comparable to the highest levels since 2000.
- This uncertainty can cause fear, hinder decision-making, and lead to irrational choices.
- Historical perspective shows that economic uncertainty is a recurring phenomenon.
WHAT PRACTICAL STEPS CAN WE TAKE DURING UNCERTAIN TIMES?
To navigate uncertain times, focus on God's control and promises, such as His assurance in Hebrews 13:5 ("I will never leave you nor forsake you") and the call for contentment in 1 Timothy 6:8. Acknowledge that economic consequences often result from not following God's principles. Ask yourself about the worst-case scenario and its likelihood, recall God's past faithfulness, and avoid the trap of thinking the current situation is the worst ever. Follow God's principles in managing finances, knowing that you have done your best.
- Trust in God's control and focus on His promises for assurance.
- Recognize the potential consequences of an economy not aligned with God's principles.
- Reflect on past instances of God's provision and avoid exaggerating current circumstances.
- Adhere to God's principles in financial management, focusing on what's within your control.
WHAT ARE THE FOUR THINGS WE CAN DO WITH MONEY AND HOW SHOULD WE APPROACH EACH?
The four things we can do with money are: live on it, give it, owe it, and grow it. For living, spend less than you earn. In giving, practice open-handed generosity. For owing, avoid the use of debt. In growing, save diligently for future needs.
- Spend less than you earn for living expenses.
- Practice generosity in giving.
- Avoid debt accumulation.
- Save diligently for future financial needs.
HOW CAN WE TAKE A PROACTIVE APPROACH TO DEALING WITH UNCERTAINTY AND HELP OTHERS?
Certainty is found in God, the Creator, Sustainer, and Provider. FaithFi's work focuses on directing people to God and His unchanging principles. To support this mission and help create a movement of faithful stewards who can withstand economic uncertainty, consider contributing to FaithFi's fundraising goals. Such contributions assist in spreading the message of wise financial decision-making grounded in faith.
- True certainty in life is found through a relationship with God.
- Supporting FaithFi helps spread the message of managing finances according to God's principles.
- Contributions to FaithFi aid in creating a community of faithful stewards equipped to handle economic uncertainties.
ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:
- I have a 25-year-old niece living at home with minimal debt, and she is considering real estate investment but is unsure due to the high market. What would be the best financial move for her?
- We've been advised to move some money from an IRA to a fixed index annuity. Is this a wise decision, considering the potential limitations and fees of annuities?
- I'm 65 and still working. Would it be beneficial to start drawing Social Security now, or should I wait until I reach my full retirement age at 66 and eight months?
