Welcome to the dfree Training Course SED Priority lll l Handling Money God s Way

Transcription

1 Welcome to the dfree Training Course SED Priority lll l Handling Money God s Way Please sign in, take a seat, and get something to eat and drink. We will begin promptly at 7:00 PM. Feel free to look over your agenda and course materials. We will begin soon.

2 Opening Prayer: Dear God, I am beginning a journey toward financial freedom. I pray You will give me the strength to see myself, to help myself, and to trust Your instructions. Thank You for what is about to happen in my life. Amen. FC1

3 Set the Timer Creating Milestones, Setting Goals In this chapter we will walk through action items needed to reclaim your financial future as well as overview the importance of time and money.

4 Reclaiming Your Future In several earlier chapters, we ve looked at the way shortsightedness, impulse purchases, and immediate gratification can short-circuit our attempts at becoming financially responsible and solvent. (100)

5 Meditation: What will your future look like? When will your ship come in?

6 It can be tempting to live in denial about the fact that we alone are responsible for our financial freedom. This is why so many people fall prey to get-rich schemes and the allure of playing the lottery or gambling. (101)

7 God calls us to live in the present even as we keep our minds and hearts on eternity. We must accept our present reality and take responsibility for how we got to this point. However, we must also look to the future and move into the freedom that comes from being grounded in our relationship with Christ. (101)

8 One of the keys to looking into the future is to understand the relationship between time and money especially, if we are to break the shackles of debt and experience dfree living. (101) A clear understanding of how TIME impacts growth of your investments is critical for creating long-term wealth.

9 Time is Money. This principle forms the foundation for virtually every lending institution, credit card company, or corporate business. These entities count on the fact that they will make money over time. (101) Think about how the payday loan companies continue to pop up around every corner in our communities.

10 When we succumb to these services, you are basically placing a mortgage on your future. When we cannot meet our obligations to repay what we owe, then it feels like our future has been foreclosed. If we re going to achieve debt-free living, we must learn to turn the tables and make TIME work for us. (102)

11 The Power Of Compounding With A Monthly Investment Plan Let's say you're able to invest $100 every month or 25 dollars per week. Although that might not seem like a tremendous amount of money, a $1,200 annual investment for 30 years at just 6% a year can make your money grow to over $100,000. That means by investing $36,000 ($1,200 times 30) instead of spending it, you would earn an extra $64, without putting in extra hours at the office. Still not convinced compounding is powerful?

12 Still not convinced com

13 retirement/investment-goal-calculator.aspx Albert Einstein said, Compound interest is the most powerful force in the universe.

14 There is another example to the notion that time is money, called the Rule of 72. In finance, the Rule of 72 is a down and dirty layperson s guide to calculating the length of time it takes to double your money in an investment. While the Rule of 72 is not precise, it does give you a rough estimate of how much interest your will make in a given time period. (104)

15 For example, if you place your money in a account earning 4 percent interest, then it will take roughly eighteen years to double your investment (72/4%=18 years). Now think about the opportunity cost of not choosing your investments wisely. Consider, you have $100,000 to invest but you place your money in a money market at Bank of America that pays 4% compounded monthly instead of maybe choosing a Growth Mutual Fund that has averaged 9% return over the last ten years, all you have done is extended the time it takes for your money to double by 10 years.

16 I encourage everyone to do the math and determine how many doubling periods you have left in your lifetime. If it s late in your career and your professional earning power has reached a plateau, then you may want to invest in a more aggressive, but still sound, investment fund.(104)

17 Yes, it s true that time is money, but also realize that money is not time. While money comes and goes, time passes and can never be regained. Time, along with our health, is truly one of the most precious commodities. (104) GOD has given us this gift of life on this earth for a set period of time, and he wants us to make the most of it. Never attempt to use money to solve a problem for which time is the only answer. (104)

18 Time Flies Just as time has worked against you when you didn t count the future cost of immediate gratification, it can now motivate you to make the most of each and every day. If you are willing to work with it instead of against it, time can truly be on your side as you reclaim your financial freedom. (105)

19 Time is constant, we have twenty-four hours in every day, seven days in every week, and 365 days in every year. Time stops for no one. Only GOD is not subject to its progression. If you want to reclaim your freedom from financial slavery, then never overlook that each morning is a gift from God, with new mercies from him that are as fresh as the dew on a spring day. (105)

20 Remember, just as time can work for us in making money, we must realize that our current economic woes will pass. The God who created the universe gives us a gift far more precious than any amount of money, riches, or earthly treasure. (106) We must use our time wisely as possible, especially regarding the resources with which we have been entrusted. Think about the story in the bible when the wealthy man gave his three lieutenants a portion of his wealth to manage. (106) (Matthew 25: 14-30)

21 Questions? Which Lieutenant are you? Will you be Fired? Are will your actions enable you to hear Well done! You have increased the assets (managed time wisely, invested wisely) with which you were entrusted so you are ready for more responsibility with greater assets.(107) The good news is it is never too late to start investing wisely, both in ourselves and with our resources. Remember, most of us don t plan to fail with regard to our finances we merely fail to plan. If you have made it this far in the book, then you are clearly serious about making serious changes in pursuit of your financial freedom. (107)

22 Now is the time to get serious and make the most of the time you have. Pay attention to financial payment deadlines. Set concrete goals with specific time lines and target dates even if those numbers on the calendar seem so far into the future that you can t imagine making progress. Set the timer, my friend, for your time is now!

23 Fail To Plan, Plan To Fail: Set the Timer

24 12 Steps to Financial Freedom TIME FOR: We want dfree to be a blessing to you and your family.

25 Level 1: Get Started Taking the First Step To Financial Freedom; Assessing Why You Are Where You Are; Understanding Debt, Delinquency, and Deficit Living. Step 1: Admit The Problem Identify the reality of our situation Change our Attitude Importance of Getting Information Our Breaking Point Luke 15:11-32 (17) But when he came to himself, he said, How many of my father s hired servants have bread enough and to spare, and I perish with hunger! Step 2: Address The Mess Addressing our self-image & spending habits; Financial Snapshot Compensatory Spending: Compensates for a sense of unworthiness Conspicuous Spending: Spending for Status Confused Spending: Spending without thought Step 3: Adjust the Attitude Reinforces the spiritual foundations of dfree Examining our spiritual relationship with God Owning our choices Needs vs Wants dfree Commitment Pledge

26 The 12 Steps to Financial Freedom Debt Debt 12. Impact the Culture 11. Ignite dfree Living 10. Invest in Others 9. Maintain the Focus 8. Minimize the Stress 7. Maximize the Margin GIVE BACK Luke 4:18-19 (Deliverance) GET AHEAD Luke 16:10-12 (Faithful Steward) 6. Set the Timer 5. Steer the Power 4. Start the Plan Debt 3. Adjust the Attitude 2. Address the Mess 1. Admit the Problem Debt GET CONTROL Luke 14:28-30 (Count the Cost) GET STARTED Luke 15:11 31 (Prodigal Son)

27 Closing Prayer: Thank You, God, for the victory I have experienced already. You are an awesome God and I commit this journey to you. I believe I can do this because I will depend on Your power to help me. Amen. FC 3