Prioritizing My PAYMENTS If you are unable to make all of your minimum payments, then use the list below to determine what you should pay first. It will help you prioritize your financial obligations. 1. HOUSING: Take care of the mortgage / rent and utilities first. Now, if the mortgage payment has run out of control and it is 60% of one’s take home pay, then it is high time to sell the home or triple your income within a couple of months. 2. FOOD / PRESCRIPTION MEDICINE: You need to eat before the first bill is paid. This doesn’t include restaurants. This includes groceries bought utilizing coupons and with much attention to frugal living. This also includes required prescription medication. 3. TRANSPORTATION: If transportation is required to produce income, then it is imperative that the vehicle payments, insurance, taxes, gasoline, and maintenance be funded. If you live in an area with public transit, then ensure your metro cards are funded for necessary transportation. 4. BACK TAXES: Owing the government back taxes is a terrible thing, and it must be addressed. 5. SECURED DEBTS: If there is additional money remaining after housing, food, transportation, and back taxes are taken care of, it is time to pay any secured debt payments you have. This is debt where the lender can come take something like a car, boat, motorcycle, tractor, etc. If the lender repossesses the item, they will sell it at a wholesale auction and come after you for the difference. 6. FAMILY & FRIENDS DEBTS: If you owe family or friends, and you still have some money left, it is essential to pay on these debts owed. Unpaid debts to family and friends have been the cause of untold relationship issues since time began. Avoid this! 7. UNSECURED DEBTS: It is time to address the unsecured debts (credit cards, private student loans, signature loans, etc.). One thing to note is unsecured debt holders will be screaming and hollering the loudest because there is nothing they can come take from you. As a result, they will try to play upon your emotions to get you to pay them before you pay anyone else, and it works! Do not keep your credit cards current while letting your house payment fall behind. 101
Tips for Preparing a List of MY FINANCIAL ACCOUNTS 1. MAKE SURE TO INCLUDE: • DEBT OBLIGATIONS • BANK ACCOUNTS: • CHECKING • SAVINGS • CDS • INVESTMENT ACCOUNTS: • IRAS • 401K • 529 • 403B • BONDS • LIFE INSURANCE ACCOUNTS & POLICIES • REAL ESTATE 2. CHECK THE BENEFICIARIES LISTED ON EACH OF THE ACCOUNTS TO ENSURE THEY ARE UP TO DATE. 3. MAKE SURE YOU NOTIFY ANY OF YOUR BENEFICIARIES. 4. COVER YOUR BASES. SAVE THIS INFORMATION IN MORE THAN ONE LOCATION AND SHARE IT WITH AT LEAST ONE OTHER TRUSTED INDIVIDUAL. YES, UP TO DATE NO, I NEED TO UPDATE YES, I’VE NOTIFIED MY BENEFICIARIES NO, I NEED TO NOTIFY MY BENEFICIARIES 102
Financial Accounts TYPE INSTITUTION ACCOUNT NUMBER ACCESS INFO KEY: Insurance (INS) Investment (INV) Bank Account (BK) Power of Attorney (POA) Estate Planning (EP) Jewelry (J) Real Estate (RE) 103
Money SCRIPTURES PLANNING Proverbs 21:5 - “The plans of the diligent lead to profit as surely as haste leads to poverty.” Luke 14:28-30 - “Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying, ‘This fellow began to build and was not able to finish.’” Proverbs 29:18a - “Where there is no vision, the people perish...” SEEKING WISDOM Proverbs 15:22 - “Plans fail for lack of counsel, but with many advisers they succeed.” Proverbs 4:7 - “The beginning of wisdom is this: Get wisdom. Though it cost all you have, get understanding.” Ecclesiastes 7:12 - “Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: Wisdom preserves those who have it.” DEBT II Kings 4:1 - “The wife of a man from the company of the prophets cried out to Elisha, ‘Your servant my husband is dead, and you know that he revered the LORD. But now his creditor is coming to take my two boys as his slaves.’” Proverbs 22:7 - “The rich rule over the poor, and the borrower is servant to the lender.” Romans 13:8 - “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.” SAVING & MARGIN Genesis 41:25-57 - (specifically v34 where they determined to save 20% of the harvest to prepare for the time of famine) “Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance.” Acts 4:36-37 - “Joseph, a Levite from Cyprus, whom the apostles called Barnabas (which means Son of Encouragement), sold a field he owned and brought the money and put it at the apostles’ feet.” Proverbs 21:20 - “The wise store up choice food and olive oil, but fools gulp theirs down.” TEACHING CHILDREN Proverbs 22:6 - “Train a child in the way he should go, and when he is old he will not turn from it.” OWNERSHIP Psalm 24:1 - “The earth is the LORD’s, and everything in it, the world, and all who live in it . . .” 104
Money SCRIPTURES DILIGENCE Proverbs 10:4 - “Lazy hands make a man poor, but diligent hands bring wealth.” Proverbs 6:6-11 - “Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest. How long will you lie there, you sluggard? When will you get up from your sleep? A little sleep, a little slumber, a little folding of the hands to rest and poverty will come on you like a bandit and scarcity like an armed man.” Matthew 25:14-30 (Parable of Talents) GIVING Malachi 3:10-12 - “Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,” says the LORD Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that you will not have room enough for it. I will prevent pests from devouring your crops, and the vines in your fields will not cast their fruit,” says the LORD Almighty. “Then all the nations will call you blessed, for yours will be a delightful land,” says the LORD Almighty. I Timothy 6:17-19 - ”Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. In this way they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of the life that is truly life.” II Corinthians 9:7 - ”Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” Acts 4:34-35 - “... that there were no needy persons among them. For from time to time those who owned land or houses sold them, brought the money from the sales and put it at the apostles’ feet, and it was distributed to anyone who had need.” INHERITANCE Proverbs 13:22 - “A good man leaves an inheritance for his children’s children . . .” INVESTING II Corinthians 9:6 - “Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” Proverbs 13:11 - “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.” Proverbs 14:4 - ”Where there are no oxen, the manger is empty, but from the strength of an ox come abundant harvests.” Ecclesiastes 11:2 - “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” 105
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Topics Include DISCOVER HOW TO TAKE YOUR FINANCES TO THE NEXT LEVEL Many of us have experienced the stress and frustration that can come from finances. It’s easy to feel like winning with your money is impossible. In this six-session study, you’ll discover how to win with your money and make progress like never before. This study provides practical next steps and easy-to-use tools that will help you take life-altering steps toward your fully funded life. You can become financially free. Discover the road map to your fully funded life today! The Fully Funded Life Ladder Budgeting Saving Debt Investing Insurance Sustaining the Gains