FAITH & FINANCES

21
FAITH & FINANCES “May Christ dwell in our hearts through faith, and may charity be the root and foundation of our life.” (Ephesians 3:17)

description

FAITH & FINANCES. “May Christ dwell in our hearts through faith, and may charity be the root and foundation of our life.” (Ephesians 3:17). FAITH & FINANCES. New financial issues after marriage Making financial decisions A common cause of conflict A “must have conversation” - PowerPoint PPT Presentation

Transcript of FAITH & FINANCES

FAITH & FINANCES

“May Christ dwell in our hearts through faith, and may charity be the root and foundation of our life.”

(Ephesians 3:17)

2

FAITH & FINANCES

New financial issues after marriage Making financial decisions

A common cause of conflict A “must have conversation”

Discuss financial goals: long & short term Understand what is –

A need A want A luxury

Discuss beliefs, convictions & values

3

FAITH & FINANCES

Include faith in financial decisions Trust in “Providence of God” Teaching of the Church as guide Use prayer & reflection to make sound choices CCC ¶143

Submit intellect & will to God CCC ¶2562

Faith is personal Relating with the whole of who we are

Making good decisions Choice is dictated by the will The will is clouded by Original Sin Trust dies in the heart Relying on our own resources

4

FAITH & FINANCES

Deposit of Faith Christian Doctrine Catechism of the Catholic Church

I – The Creed II – Sacraments/Christian Mystery III – Life in Christ IV – Christian Prayer

Ten Commandments Decalogue Duties & rights of each person A path of life

Deuteronomy 30:16

5

FAITH & FINANCES 7th Commandment Exodus 20:15

“You shall not steal” Rights of every person

To work – fair and just wage To have private property To contribute to the common good

Respect for human dignity Virtue of temperance

Moderation for material possessions Means to provide for family & community Works of Mercy

Financial Volunteering Charitable actions

6

FAITH & FINANCES

10th Commandment Exodus 20:17

“You shall not covet…” Greed:

Amass goods without limit Desire becomes excessive

Avarice: Passion for riches Insatiable desire for wealth

Envy: Overwhelming desire for

another’s goods Genesis 4:8 – Cain & Abel

Matthew 6:21

7

FAITH & FINANCES

3rd Commandment Exodus 20: 8-10

“…but the seventh day is a Sabbath to the Lord your God; in it you shall not do any work.”

Sunday is a day of rest God rested Rhythm between working and resting Bring everyday work to a halt Time spent with family

Sunday is the celebration of the Lord’s Day Participate in the celebration of the Eucharist

Find a proper balance Do not let work become your primary focus

8

FAITH & FINANCES

God cares for all things From the least to the great

Luke 12:24 “…how much more important are you…”

Proverbs 19:21 Sacred Scripture

2,300 references to money & material things Teaching principles to guide decisions

Matthew 7:24-27 God has given special talents & resources Be faithful stewards of gifts

9

FAITH & FINANCES

Time 1 Peter 4:10 A gift that is overlooked “Make” the time to pray

Talent Romans 12:6 Matthew 25:14-30 - Parable What we do with what we have

Treasure Luke 12:34 Trust in the “wisdom from above” Give to those in need

Stewardship

10

FAITH & FINANCES

Two divergent paths World’s Way

Love of self & things God’s Way

Love of God & neighbor Matthew 6:19-33 A society of “having” vs “being” Tithing

Rearrange priorities Turn hearts back to God Overcome materialistic drive Contentment Become better stewards Apply Godly principles

11

FAITH & FINANCES

Money conflicts Couple-style managing money Work through money issues Money a strong emotional issue

“Money Personalities” Fearful Franny

Worry about what could lose Over-Spender Otto

Beyond their means Risk-Taker Rita

Even if it means losing everything Stanley the Star

Spends to be recognized Penny-Pincher Paula

Only saving pennies

12

FAITH & FINANCES

Open communication Compromise & balance

Develop a sense of unity Proverbs 15:22 Listen & respect Consider goals & values Women – “heart oriented”

Desire for security Men – “goal oriented”

Achieve the greatest return

13

FAITH & FINANCES

Set-up a financial plan 7 Steps to Becoming Financially Free A Catholic Guide to Managing Your

Money Phil Lenahan Veritas Financial Ministries

www.veritasfinancialministries.com

14

FAITH & FINANCESSTEP 1 – Be a “Steward of Providence”

STEP 2 – Assess Where You Are–Develop A Plan

STEP 3 - $2,000 Emergency Savings

STEP 4 – Eliminate Debt – Accelerate It!

STEP 5 – Rainy Day Fund – Six Months’ Expenses

STEP 6 – Review Insurance & Estate Planning

STEP 7 – Save & Invest with a Purpose

15

FAITH & FINANCES

STEP 1 – Be a “Steward of Providence”

• A faithful steward God’s gifts• Spiritual house in order

• God• Spouse• Children• Work• Church & Community

• Tithing • Learn to be generous• Can start-off slowly

16

FAITH & FINANCES

STEP 2 – Assess Where You Are–Develop A Plan

• Family Budget Meetings• Monthly/Quarterly• Discuss financial issues

• Prioritize your spending• Budget

• Monitor progress monthly• Take corrective steps• A reflection of priorities

17

FAITH & FINANCES

STEP 3 - $2,000 Emergency Savings

• Make it a priority• Use savings or money market account• Spend on unplanned expenses

• Car repair• Medical• Avoid using credit card

• Save up to replace funds spent

18

FAITH & FINANCES

STEP 4 – Eliminate Debt – Accelerate It!

• Most important & critical• Eliminate all consumer debt• Eliminate as fast as possible• Accelerator Repayment Plan

• Pay-off high interest rate first• Repaid Debt Repayment Strategy

• Pay off smallest debt balance first

19

FAITH & FINANCES

STEP 5 – Rainy Day Fund – Six Months’ Expenses

• In addition to $2,000 Emergency Savings• A financial cushion

• Job loss• Illness

• Use a savings account, money market or Certificate of Deposit

20

FAITH & FINANCES

STEP 6 – Review Insurance & Estate Planning

• Shift the risk to insurance company• Especially when you have children• At the minimum have:

• A Will• Health-care directives• Guardianship of children provision

21

FAITH & FINANCESSTEP 7 – Save & Invest with a Purpose

• Grow Emergency Savings & Rainy Day Funds• Save for major purchases

• Down payment on house• Car purchase

• Spending guidelines for home purchase• Home Expense ≤ 30% of gross income

• Mortgage interest & principal• Real estate taxes• Utilities• Insurance• Upkeep & maintenance – 2% home value/year

• Education & retirement