financial freedom for families session 1

Financial Freedom for FamiliesMarcus G Valles

5 Steps to Financial Freedom

1. Take a Financial Physical2. Set Goals (Think Long term)3. Spend less that you earn4. Build Emergency Savings5. Avoid Debt6. Long Term Investing

1. Take a Financial Physical Lessons from Joseph

What is our current status? How tough is it really? (famine)

What do goals we want to achieve as a family? (survive, sell to nations ..)

How do we plan to get there? (saving and storing strategy)

Things not to skimp on when in Financially Challenged (broke!):

1. Giving (because it acknowledges God’s provision)

2. Mortgage Payments3. Utilities4. Car Maintenance5. Health Insurance6. Fun Time with family (low cost options)7. Long Term Vision8. Bible Reading and Prayer

Critical Questions for a Financial PhysicalBalance Sheet What to I own? (Assets) What to I owe? (Liabilities) How strong are my safety nets? (Equity)Income Statement / Cash Flow How much am I earning? (Income) How much am I spending? (Expenses)

2. Set GoalsLife Goals Closer to God: Personal Spiritual / Devotional Goals Closer to Home: Family Quality Goals Closer to Church: Serving in 247 Church Closer to Community: Serving the WorldMoney Goals Breather Goals Consolidate Goals Debt Goals Saving Goals / Investing Goals Life Style Goals Education Goals Vacation Goals Insurance Goals Giving Goals Career Goals Household Goals

Goals need to be:

3. Spend Less than you Earn Warren Buffet: Buy Low, Sell High …. … $65 billion http://www.forbes.com/billionaires/list/#

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5 Short Term Uses of Money

7 Questions about your spending plan What is my spendable income? What have I been spending in last 12-24

months? What are my current debt obligations? What would I like to spend? In what ways would my future be improved if I

spent less? What expenses are fixed and out of my

control? What expenses do I have control over?

6 x Long Term Uses of Money

3. Spend Less that you Earn: The Spiritual Dimension

What do you think these statements mean?

For where your treasure is, there your heart will be also (Matt 6:21)

You cannot separate money and worship

3. Spend Less that you Earn: The Spiritual Dimension Top Sources of Temptation that will

make you spend More than you earn! …….

The Millionaire Next Door

Spending Decisions

Home Family Car/s Travel and Vacations Insurance Saving Providing for Retirement

Professional Development School and Training the Children

Listen to King Agur Prov 30:7 … Two things I asked of You,

Do not refuse me before I die: Keep deception and lies far from me , Give me neither poverty nor riches;

Feed me with the food that is my portion, 9 That I not be full and deny You and say, "Who

is the LORD?" Or that I not be in want and steal, And profane

the name of my God