Great Money Milestones

Have you set certain goals for yourself in the area finances.

There are some good reasons to do that, but our trainer says, for a lot of people that can have us focused on the wrong objective as believers were motivated by something entirely different than momentary satisfaction something entirely different than just simply make sure that you have the newest and best car and upgraded home. Not that those things are bad in and of themselves, to become the motivation you can find yourself discontent.

You can find yourself frustrated because there never can deliver on the suppose it promised that they make. This is family life today. Our hosts are David and Wilson on Bob Lapine. There are biblical ways to think about money and there are worldly ways to think about your finances.

Talk about the difference between those two approaches today stay with us and welcome to family life today. Thanks for joining us. You think the average young couple in most local churches today is headed in a good direction when it comes to money or do you think they're headed in the direction that's gonna cause problems formally boil boy, that's a loaded question is I would say in all defense. My first thought was oil out of murder probably headed and not a good direct line but yet then I think there's quite a few that have really be. I think in some ways because of 2008 and 2009 have seen the devastation money can have the dates that I got have a plan so that that's encouraging. I think the thing that I felt bad about for these kids coming out of college is the amount of college debt that they have from school loans and it's devastating and I feel there's a sense of hopelessness. Can I ever get out of hand.

I think the average young couple where they're starting today is different than where we started because I didn't start with student loans, but if you're starting today and then you've got $40,000 in student loans and you're trying to buy a house or you're trying to have a child or you're trying to do this and that you're just starting with a bigger burden already on it. It's interesting to me were talking with our trainer this week who wrote a book called the marriage challenge and are welcome back.

Thank you for having so you work at an institution of higher learning, and I'm guessing the more than one or two of the students there are taken out student loans so that they can get a similar degree. We are very passionate about trying to keep our tuition down and our costs as low as is possible to work where seminary which means that were sending out ministers, pastors, missionaries, not just in our own state and nation but literally around around the world and so because of that.

Making sure that our students don't take on student loan debt. Another we can't completely prevent them right. But we knew everything that in our in our power to reduce the likelihood of them getting student student loans because if they have student loans then their ability to say go overseas and be on a mission field diminishes dramatically and so what we want to do is we want obviously prevent that burden from happening. This is much as possible, but across the nation, is absolutely a problem for I think were at $1.5 trillion right now and in student loan debt as as a nation. You're right, college students there graduating with a ton of debt and likely their entering marriages without with a lot of death by the way, we've got undergraduates on our staff in our church is a graduate of southeastern Baptist theological seminary in Wake Forest and he has no debt owed to southeastern. He still has undergraduate debt is paid off, but he was able to get through seminary in large part because you've made this a priority there and to try to help these young men and young women were going to the seminary not incurred debt because you know that's gonna encumber them as they try to do what they're studying to do yet is mission-critical for our school down about you loving us thinking about, there's the parent side of this school that as well. When you're a parent you're trying to help alleviate differ your kids with tears about eight so here it was what we did.

We tried to set aside money so that our kids could get a basic college education maybe two years community college and finish up at a state school. We do have enough money to kinda cover that if they want if they want to go somewhere bigger better nicer either raise the money themselves. Or they get scholarships to be able to do it and by God's grace number kids graduate with student debt and they look to us today and say thank you so much because they're looking at their peers and they recognize what a head start. They've got in life and the choices and the options that are available to them that their peers can even consider because they don't have the school debt issue and I I recognize some families can't put aside the money to save for two years community college, but I would say to those families. Let's help your son or daughter.

Figure out how the part-time job in a work-study something. Do everything you can to try to fight going into the $30,000 in debt per year for your kid to go to some elite schools. That's my predisposition I think to a lot of times as parents, we don't pray about this with college. We started praying because we were in ministry. From the time we got married we weren't making much money and we taught how are we can do this with our kids and God provided in miraculous ways. But part of that he was talking to our kids about this college cost this much where this college class this much and leaving kind of unique and go where you want but working a leaning helping them lean toward the cheaper and really wise in tailing in the same with our kids.

By God's grace. They didn't have any school debt out of college as well Art you're talking not to the moms and dads in this book the marriage challenge or talking to the kids who are the ones who are graduating, getting married and have some of this debt and there think and how do I get from where I am today.

Will the school a bunch of money were trying to put down a down payment on a house were trying to start a family and all of this.

How do we ever get to her resolve it. We can even think about setting aside money for our own kids educationally and paid for yet and you've got a pathway in the book the marriage challenge and most people are stunned at where you start the first step in your journey to getting financially solvent is what start giving everybody here that Miles not only on the if you are trying to get solvent and you've got a lot of money that you owe people in your drug start giving start giving and this is not an art rain or saying it's a Bible thing is we about the Bible and money and money management. We see that giving is to be our priority. We talked earlier that Adam and Eve must've taught this to their kids can enable why is that important is got me our money, no got got does not get our money.

He sees just fine doesn't need our time to accomplish his mission is because it's a reflection of our heart. When the Scripture talks about money is often tied to our hearts.

It's reflection of of our priorities and what and I stop and think about this.

We are to share the communicable attributes of God as followers of Christ.

We want to be like God, so God is loving, we want to be loving God is gracious.

We want to be gracious, guess what God is giving the giving nests of God. God so loved the world what you do.

They gave the giving this of God is one of his communicable attributes. You can't be Christlike and not be giving my right, you're absolutely right and I like to showcase the generosity of a friend I bite, but simply walking through the principles of giving, that we find in Scripture.

First of all giving is to be a priority. Proverbs 3, nine, among other places that were to give our first in our in our best what that means for us is you take a portion of our gross incomes, before taxes, and commit that to God.

Principle number two is to make sure the giving is done proportionately. Now what I mean from my proportionally is that those who have more, give more this have less, give less we give according to what what God has had has given us. We see that throughout Scripture.

You can point to Malachi 310 where it talks about taking 1/10 I and giving that to the storehouse or to the to the local church.

I want to get hung up on that on that 10%, but it is a proportion of what we have.

We will we have been given principle number three is to give sacrificially giving sometimes get hurt and directory should hurt if we follow what we see in Scripture is not always comfortable is not about the leftovers. And so if you're making given a priority mean that you're using your the first thing that you do with your monies give it's going to be sacrificial and finally giving is to be done cheerfully. I God loves a cheerful giver, and so as we look at those this four principles we see God leading us and each of them so principle number one giving is to be a priority word, we see that God gave his his first and is best. His is is one in his only son Jesus giving is to be done proportionately where it where do we see that well God who owns everything, the creator of the sun, the moon, the stars gave us the gift that simply could not be matched the largest gift that's ever been known so gay proportionally. We are to give sacrificially how does God lead us in that may be a little bit more self-explanatory in the sacrifice of Jesus and then were to give cheerfully that sexy found in Isaiah 5310 where we see God finding pleasure in the crushing of his own son says that he found pleasure in that now course you have to ask the question why and how how can that happen will God was looking to the lens of eternity and he saw the outcome is a 5310 says that he he looked at that the seat he looked at me and you and what the outcome would be because the sacrifice of his son. So even admits of sacrifice we can still find joy because were looking through the lens of eternity and were saying that Kate what will happen with these resources, God is gonna take these resources and do things and in impact lives in ways that we simply cannot and may not even even know until were on the other side of eternity. I was talking with our church about this recently, and I I said not that the way we've done it his way.

Everybody should do it by just settling to share with you what has been our pattern. So when I first came to faith. Somebody said you know you should start giving and I was a member of the local church at that point, but I was involved in the parachurch organization. So I started given the parachurch organization and then when I got involved in local church.

That's where my primary giving goes to the local church. I still that still the case today, and when Mary and I got married. It was just a pattern that both of us had out early on we said here's holding try to do working to take our gross income every month and will give 10% off the net to our local church and then will take whatever the difference between the net and the grosses and 10% of that's gonna go to parachurch organizations and will be out at least 10 in South attends a magic number. Like you said, but it's a good place to start and was the first check we wrote every month. It wasn't what, let's get to the end and see how much we got left know it's gone first and then we live out of the restaurant and then I said, over time.

We've said let's try to give more proportionally next year than we gave last year so that every year if it was 10 last year. Let's try to be 10 1/2 this year and let's try to be 11, the year after that I must just try to work our way up a little bit every year to close to hundred percent sometimes 1/4%.

But you're always saying how can we get more next year rather than how can we cut back that philosophy.

I can't tell you that the reason my kids went to college without having to take out student loans is because we gave time and I'm not trying to be all you know if you do this God's gonna work the magic up for you, but I do believe that when you start with that presupposition then you say generosity is going to drive us and we love doing it. We look forward to doing it. I think God has a way of saying you know what I can trust you with more I can take her some of these things for you and it really doesn't make sense to both people looking from the outside world trying like that stupid. Why would you guys do that. I know for Dave and I we seen those same circumstances where we've given of bonfire 10% maybe for a capital campaign for our church and I remember praying like Lord Dave saying hey we really need to pray about this amount and when we gave it seems ridiculous didn't remember and I clearer think this is dumb things down.

That was one of those go to God were and you know the interesting thing is the pastor you're asking your whole congregation to do this you get a lead so is go to God and it was a capital campaign for a building, mostly, and we felt like God gave us a number that would be equal to our one of our son's college education while and we said this is crazy again said this is stupid. We committed it in less than six months later and were not sinners and equation here, but that son got a full scholarship and in athletics, Holly football and it was late and he still holds that overhead. He says not get an almost monthly will bring that upwards that money it it's gone. Yes you this is you both mentioned that that tied number just to clarify it, you know art, what would you say to.

There's a couple listening in their thinking, we want to start doing with Bob and David, and an art of just talked about. We've never given an milestone number one is be generous.

Let's be generous. They've never done this where they start loving 10% is a great goal to get to. If you have not given and you're just reluctant to doing so is start with at least 1%.

Start always a start somewhere and then watch what God does more than likely if it's 1% even realizing it without when exit was not that much money and I can give a little bit more.

Try start somewhere so that 1% and then and I include this in the marriage challenge. It's called the take off and takes you to months for 7K go go to 3% thing go to 5% and seven and then by the end of the year yet 10%.

So make it a goal now at the same time, some listeners would say I've have been giving a tither 10%. All of my life.

I would say will let's revisit what it means to give is your giving sacrificial or has 10% become a box that's just been future checked him and then you feel like you're in good you've done your your deed.

If that's true then, even though your giving more than this person who's given 1% still doesn't mean you're necessarily giving biblically and what the Scripture teaches us about giving because that element of sacrifice is missing. So it's a great goal to get to but don't let it be a limit maybe look at the new New Testament getting there going way beyond the timbers, and even if you and you look at the Old Testament start looking at the number of times that there commanded to give you next gets above that the 10% mark as well you know we said there's a path and it starts with giving and then we can get stuck talking giving and I will make sure we get down the rest of the path here for folks and just, walk them through it, but I just want to say because there may be some folks are listing and they're gone. I know our family life today is doing shows or the dog about giving you have your nonprofit. Let me just say we believe first of all, that your primary giving should be your local church. So that's number one euro say anything different than that right us and tell us because that we don't want you taken away from the ministry local church to support us, but we do want people who share the vision of the values of this ministry to say I want to invest there.

I want to see this expand and grow it will be a part of what God is doing through this ministry.

I want to be a part of my ministry or not starting here to be manipulative, but were starting here because the Bible says this is a part of how were to live for as kingdom minded people only get the rest of the path because you start with giving then you put money aside for emergency fund. And you say 1500 is a good number 1500 to cover what I call a minor emergency. So if a if your tire goes flat. If your washer for some reason no longer works or dryer no longer works. Yet money set aside for that. I don't want to understate the importance of the 1500 right now 40% Americans can afford an emergency. This $400 or more. So getting to that $1500 is a big deal. So once your giving and once you we've gotten the 1500 that's in this rainy day emergency fund. Next thing you say is if your company's got a 401(k) or a 403B retirement thing you give as much as is being matched by the company right that's right. So, some companies have what they call AAA company match and what happens a you put 3% into your retirement account and they agree to match. Maybe, maybe 100% up to that 3%, so an additional 3%. If your company if your organization offers some type of company match take it death that's free money right there and I would argue to save its own money because it's a part of your employment. There is part of your benefits. If you're not participating. That if you're not getting that match in your you're leaving money on the table and even if the company match seems small. I can't explain it enough how important that small amount can mean over a long period of time as if something is called compounding is where money is basically making money off of off itself. You'll be amazed at what the hundred and $25 a month you're putting aside what that winds up looking like in 15 years and there's there's a chart in the marriage challenge that demonstrates the power of compounding, so I assume that somebody sits side with her, 16, 17, 18, through their summer job $2000 a year so $6000 over a three-year period of time and that's it and they simply invest that $6000 in the S&P 500, which is just it's in an index in which you can you which you can invest if the return mirrors that that particular index then from ages 16 to 65 and I'm using real return from the S&P 500. The $6000 turns into $600,000 and that's the power of compounding, so it may seem like small a small amount of money 3% may seem small but over a long period of time, it can actually equate to a lot of money. So take advantage of retirement account, then make sure you get rid of all of your debt would accept the mortgage you say it's okay to have a mortgage or pay on that down. It's an appreciating asset that's right. So get rid of the credit card debt. Get rid of the school debt rid of anything that's on your car loans pay all of that off. Leave your mortgage loan then start to save 3 to 6 months of living expenses for a major emergency. So you'd like to think if you lost your job, you could go for six months in an emergency situation then kinda live on and on what you got saved. Then the next thing is to put 15% of your gross income toward retirement and then save for college or pay off your mortgage and you and would live generously.

You start with have been UN with live generously and and giving us a starting place, but generosity is is really the goal is not, that's right. So our goal is to manage our money in a way that allows us to advance God's kingdom that allows us to use our resources to live and give generously so not talking about financial health. Just for the sake of financial health in Italy. I have no interest in that I get excited about helping people get financially healthy so that then they can be a part of reaching the community and that in the world for Christ always say that you're not not getting out of debt so that you can simply go by another toaster. If you need new toaster that's fine you thinking about, but that's not why you're getting out of debt. You're getting out of debt because there's an unreached people group subgroup that is never heard of the name Jesus. Nobody's come going on to tell them yet on the other side of the world and you're getting out of debt so that that group can hear about truth about Jesus for the first time you're getting out of debt. So the people in your community can hear about Jesus, sometimes for for the first time. That's the motivation.

As believers were motivated by something entirely different than momentary satisfaction something entirely different than just simply make sure that you have the newest and best car and upgraded home. Not that those things are bad in and of themselves, but to become the motivation you're gonna find yourself discontent.

You can find yourself frustrated because there never can deliver on the promise that suppose a promise that they make. God has wired us for generosity were designed for generous living are designed not to be hoarders but conduits through which his generosity flows. We already know you're an outlier because it 16 you started an IRA.

Okay, so we we know that you're married.

I married, kids, three married, three kids, you're in higher education, which is not a field that is known to be a place where you make a ton of money. That's right, every paid off all that except mortgage at yes in the mortgage is very close to be paid off.

You got 3 to 6 months worth the living subsidy is in a little bit more because my wife is is more of the of the saver on the saver, but she's a like a real safe at home. I goodness and I sacrifice for her sake but by actually allowing us to have a little bit more and therefore are you putting 15% of your gross toward retirement more yes so you're live in this.

Yes, which means that you can be making decisions, you're gonna that are going to look a little bit odd that Anton get some lessons on it will throw the minute and upon their arms. Did they get new notebooks when they go to school. You're able to pay for basic state do they go to public school and are it's a really good school. Not that I have anything against private school home homeschooling but we just made some decisions that allow us to make generosity a priority. That's remote motivating factor, even for for paying off our mortgage. That's why were doing it so that we can live and give more generous. I'm just wanting people here.

It's not impossible. This is not something you read Newco will nobody's come in the can actually live like that art and his wife are doing it, and there are others who are doing it, and the liberation that comes down to the liberation the word I think of his freedom and most people when I think about money, that's not what they think. They think bondage they think anxiety I can remember laying in bed not be no sleep, sweating, thinking about college fund for my kids think about paying the mortgage, and freedom was so far and you know why I had no plan had no milestones just doing the American thing. Living paycheck to paycheck. I want those and by that, and when we got a plan and said okay here's the thing. Here's thing when you have a plan and you start to live it again.

We can use the envelopes right but it could be.

Envelopes are not envelopes but you still have to have a plan and a budget in these milestones delivered by you can go to the movie as I we sit at the bar church and you can buy the big popcorn you know you can live in freedom because why first fall. I'm giving him put money away Bubba and then walking there's like I don't have to be getting it that little teeny. It's like, let's enjoy the movie because we taking care of those things. And again it's not simple but it's like you said, are the times I've got a make hard decisions that really are important. That matter, and you'll sleep at night. That's how that the milestones build off of one another so they get you started and it's amazing when you get to milestone seven or even milestone eight and you look back on it.

It's amazing what God did to this is amazing how it is because you took these little steps along the way that allowed you to experience living and giving generously in ways that you just when able to do before. Thank you for helping couples like you for help and I 70. I hope a lot of couples will get this book. I would love to see small groups of young couples are going to read this material together and holding one another accountable and challenging one another and say let's do this.

Let's get out of the spin cycle or him and let's start to the live in alignment with God's desire for us and to advance his kingdom.

We got copies of arch book the marriage challenge available in our family life today resource Center go online to family life today.com to order, or call one 800 FL today.

Again, our website is family life today.com you can call to order the book the marriage challenge. Our number is 1-800-358-6329 that's one 800 F as in family L as in life, and then the word today. I don't know if we realize this is parents, but how we talk about money. Our kids are paying attention.

In fact, Marianne and I used to have conversations about the yeah what what what would I do about that more thought that expense in our kids get anxious to get nervous like are we going to the poor farm and they didn't even know what the poor farm was the district us talk about that David Robbins is here with us in the studio you were shaped by conversations you heard your parents have yeah I vividly remember in high school my parents starting to talk about money intentionally and together in a way that they had not previously in this refreshed and renewed way and it marked me because it I saw there one escrow I saw how the same page they got.

I remember some of those financial meetings where I was going to close my ears and go to another room but I also remember how they would get up from the table and go for a walk and keep talking it's shaped my life and shake my view of money and you're asking yourself like where are we even in where to even start. I loved art suggestion that he shared about just having a conversation with your spouse about your money personalities, especially in your current season of life obviously don't make it accusatory but talk together about what personality you think each other reflects when it comes to money being a saver or spender investor or ignore her and you would do this often with premarital counseling and as newlyweds and we can enter out of the gate well but then life just takes his course and we just settle into well this is who we are when it comes to money, but God has more for us than that and it will shape you to have these conversations and it will shape your family now. It's a good word. Thank you, David.

We should also mention for our listeners. That money is on our mind here at family life during the month of May. Because of the matching gift that has been made available to us by some friends of the ministry. Every donation we are receiving this month is being matched dollar for dollar up to a total of $250,000 and by the way thank you to those of you who have already called or gone online and made a donation. Your donation has been doubled as a result of this matching gift and were grateful for that. When you make a donation today.

In addition to that donation being matched were also send you a couple of thank you gifts will send you two books from Aaron and Jamie IV book that Aaron wrote for husbands in the book Jamie wrote for wives.

They both have the same title. Complement the surprising beauty of choosing together over separate in marriage, along with the books will send you a flash drive that includes some recent conversations that Dave and Anna and I have had about some of the highlights of the last 28 years here at family life guest. We've had ideas that have been shared on this program just the stuff that has stuck with me over the years so you'll get the flash drive and the books as our way of saying thank you, when you make a donation today. Yet again, you can do that online@familylifetoday.com or call one 800 FL today to do that now tomorrow morning to talk about some of the unique challenges that couples who are in blended marriages face when it comes to money. This is actually something you should be thinking about before you form a blended family run deal will be here to talk about how smart stepfamilies handle financial issues to infer that I want to thank our engineer today.

Keith Lynch got some extra help from Bruce Goff and our entire broadcast production team on behalf of our hosts Dave and Ann Wilson. I'm Bob Lapine. See you back next time for another edition of family life today. Family life to a is a production of family life of Little Rock, Arkansas. Accrue ministry help for today hope for tomorrow