Financial Faith

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  Week 5 - FINANCIAL PLANNING  
 
 

"Live for the line not the dot"
Randy Alcorn, The Treasure Principle


This week's devotionals focus on God's vision for us: living out a financial plan that puts us in a stable financial position and results in peace. This road includes many challenges - hard work, good advisors, wise choices, and following a plan. I recommended that you work closely with a financial advisor.

Learn from the Master: Memory Verse

Proverbs 27:23
Be sure you know the condition of your flocks, give careful attention to your herds

In Proverbs, Solomon, the richest man to ever live, shares much of his wisdom on how to manage finances. He challenges us to ask advice, espouses hard work, expects a plan, and promises reward for sticking to your convictions!

These next devotionals are much more practical, so plan on spending whatever time you need in prayer so that you can get direction from God on carrying out the specific challenges.

Prayerfully, all of the devotionals in this series have led you to see God's plan, his will, his sovereignty and his belief that you can be a faithful steward of what he has entrusted you with.

 
 
  Day 33 : Start Saving!  
 
 

Proverbs 13:11
Dishonest money dwindles away, but he who gathers money little by little makes it grow.

Proverbs 13:22
A good man leaves an inheritance for his children's children, but a sinner's wealth is stored up for the righteous.

- Your financial plan must include saving!

- How do you get started? Have specific targets for every Rupee saved. You are not saving to hoard, get rich, or selfishly spend but to be responsible, prepared, and make your money grow.

Dave Ramsey identifies three reasons for savings:

Emergency Fund - immediately put in the Rs. 10,000 bank for "emergencies"

- Learn what is/is not an emergency!

- Build this reserve up to 3-6 months income after you kill your debt.

Future purchases - car, furniture, vacation, luxury item, or house

- Never lease or buy using debt, always save up and buy with cash.

Wealth building

- Save for retirement then save for your kid's college

- Save for vacations, mission trips, money to give to others, pay off a house, etc.