FAITH & FINANCES
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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)
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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