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Financial Steps toward Freedom
By admin | October 29, 2007
Yesterday, I had the privilege of teaching my first Financial Learning Experience. In it we got to talk a lot about our lives and money and ways we can come out ahead just by following biblical principles. My passion is to teach people how to put their money in a position that will enable them to be free from worry and also be put in a position to do EXACTLY what they were put on this earth to do.
I know too many people who are stuck at their job just because if they miss a single paycheck they would not be able to make ends meet.
According to the Wall-Street Journal, 70% of Americans are living paycheck to paycheck.
This means they are in a stressful situation and each month all their money comes in and goes right back out and they are left wondering where all their money went.
I want us to put our money in a position that we are free to do ANYTHING God tells us to do and actually do what we were put on this earth to do. These are my Financial Steps to Freedom, that will help you make this happen.
Step 1) Build a Starter Emergency Fund
A starter Emergency Fund is $1,000 in the bank ($500 if your income is below $20,000). I want you to put this in place because life is going to happen. Money Magazine says that 78% of people will have a major negative financial emergency in any given 10 year period. Your refrigerator is going to stop running, your car is going to break down, your air conditioning is going to blow the only variable is we don’t know when. Life is going to happen, we might as well be prepared for it.
The other reason why I want you to put this in place is because your get out of debt plan or your financial goals take a major hit when life happens and you don’t have something in place to cushion life’s blows.
Step 2) Get out of Debt
Check out Attack that Debt on a detailed plan how to eliminate debt from your life.
Step 3) Build a Fully Funded Emergency Fund
A fully-funded emergency fund is 3 to 6 months of expenses saved up. Once you get this emergency fund saved up you have freedom from your finances. Every day when you go to work you are CHOOSING to be there, rather than being a slave and FORCED to be there. You are in a position to do whatever you were put on this earth to do and that is powerful. You are now able to be in tune and do whatever God might call you to.
Not only are you free from your finances, you are also in a position to be free from the financial burdens of major emergencies. Most of the time when a major emergency happens we have a life crisis and a money crisis. Now you can eliminate one of those. Imagine how great it would be if you lost your job and you did not have to rush into a job that you hated just because you needed to make ends meet. You could wait a month or two and accept a job that you are really passionate about.
My passion is to make our money be a blessing to us and control it rather than letting it control us.
Topics: Freedom |
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