Financial Goals: Are you in the 3%?

The first step of the financial planning process is finished. You have figured out where you are financially by calculating your net worth and summarizing your cash flow. These reports have identified some obvious problems, financial strengths and some action steps to take. So what do you do next? It has been said that a man without a plan is like a ship without a rudder – he will end up somewhere, but probably not where he intended. That brings us to the second step of the financial planning process – the “where you want to go” question – setting […]

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How Does Your Cash Flow?

Last month’s article dealt with step one in determining where you are financially. You learned that calculating your net worth/balance sheet (what you own minus what you owe) was the starting point in developing a biblically-based financial plan. This month you will become familiar with step two, which is calculating your summary of cash flow/income statement (what’s coming in minus what’s going out). This starting point will identify any obvious problems, financial strengths and some immediate steps that can be taken (i.e. spending less than you make). If the statement of net worth is like a snap shot, then the […]

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It All Adds Up

Proverbs 27:23 states, “Be sure you know the condition of your flocks; give careful attention to your herds.” Did you know that the message behind this statement can also be applied to your specific financial situation? Here’s how; the first step in determining where you are financially is putting together a statement of net worth. In simplest terms it is a list of everything you own minus everything you owe (assets minus liabilities). It’s a snap shot, frozen in time, of every single financial decision you have ever made. It reflects your propensity to accumulate, and conversely, your propensity to […]

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Financial Planning 101

There are three things you need to know in order to develop a “Christian” financial plan. First, you need to know your eternal position because of what Christ Jesus has already accomplished on your behalf. Second, you need to know exactly where you are. And third, you need to know where you want to be. You need to know your eternal position because of what Christ Jesus has already accomplished on your behalf. “The mind of man plans his way, but the Lord directs his steps” (Proverbs 16:9). An often used phrase from a past mentor was: “A man without […]

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