Week 2 - GENEROSITY
The Parable of the Rich Fool - Are you rich towards God (taking care of the needy and those who need to know God) or are you rich towards yourself (More abundant lifestyle for me)?
Challenge: Give to God FIRST (First 10% of your earning, your time, etc). Don't give God your leftovers.
Week 3 - RESPONSIBILITY
A. Give, Save, Spend (in that order).
If you give and save up front, then you won't spend all your money first.
B. PLAN - Know Where You Want to Go - Have Goals.
Read Luke 14:28-30
C. Responsibility - We are Stewards of what God Gives Us. Lead well.
Read Titus 1:7-9
D. Management Tools - Know How to BUDGET. Don't blow your money on worthless stuff.
Read Proverbs 12:11
We looked over Phil's family budget by % and discussed them as well as looking at Dave Ramsey's recommended % for each category in a budget. See Phil if you want to go over this.
E. Understand Compound Interest
1. This can help you save money if you start early (we cited examples such as this one).
2. This can destroy you if it is unpaid debt. (Proverbs 22:7 - borrower is slave to the lender).
-Don't let your student loans destroy the rest of your life.
-Live within your means. Don't try to live it up to meet how others are living.
-Choose cars (pay cash if at all possible) wisely and keep them a long time.
-The longer a loan is, the more money you pay.
-Avoid 30 year home mortgages like the plague. They take away your ability to give and save. Just because the bank is willing to loan you a certain amount doesn't mean you have to take a loan for that much. A big house with stressed people over money is far less fun than a smaller (still plenty big) house with no worries over money.
STUDENT LOANS!!!
-How much debt are you willing to go into? What will that equate to in monthly payments as an adult?
-Do what God wants you to do with your career, but if your career is a low income (social work, teaching, etc) than choose your college wisely so you don't have so much debt that you can never spend time at home with your kids.
-Make sacrifices now to make life easier later.
-Work hard for scholarships, especially if you want to go to a private school.
-Punch in numbers in this loan calculator to fully understand how much money you may owe someday! This can work on cars, homes, and student loans.
The average college student has $27,000 in student loans. See the image below to see what that means. A $27,000 loan turns into $49,000 in payments!!! Of course, having less loans, pay off the loan early, and so forth will minimize the amount of interest you pay.
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