Let's Talk Finances

[Landon Caeli]

What are your finances like? Do you own property? Do you have investments? What are your financial goals? Do you have any tips? How do you budget, do you have a budget sheet you use monthly, or do you wing it? How much do you spend on groceries each week? Do you eat out? Is it easy for you to save money?

...Tell me anything and/or everything. Thanks. I need to learn.

 

[Landon Caeli]

Personally. I've spent the last 17 years working sun up to sun down, and my wife, who is mathematically handicapped (God bless her tender soul) has not been able to produce fruits from my labor. So now that I'm only working 5 days a week for the first time in my life, I might have time to salvage our financial lives. So I need help. Thanks.

Really, I just want to own a home... With a backyard, and evergreens and a garage... My life-long dream.

 

[Dave L]

What are your finances like? Do you own property? Do you have investments? What are your financial goals? Do you have any tips? How do you budget, do you have a budget sheet you use monthly, or do you wing it? How much do you spend on groceries each week? Do you eat out? Is it easy for you to save money?

...Tell me anything and/or everything. Thanks. I need to learn.

See Matthew 6:24-34. It works. I made a career out of it and retired early from my own pocket.

 

[Landon Caeli]

See Matthew 6:24-34. It works. I made a career out of it and retired early from my own pocket.

I don't understand.

 

[Dave L]

I don't understand.

Did you read it? It's the best life a person can live if you practice it.

 

[Landon Caeli]

Did you read it? It's the best life a person can live if you practice it.

That's the life I've already been living. I want to put my money to use instead of squandering it.

 

[Dave L]

That's the life I've already been living. I want to put my money to use instead of squandering it.

You are on the right track.

 

[Landon Caeli]

You are on the right track.

But I've had millions of dollars slip through my fingers. Literally... And nothing to show for it... Nothing to hand down to my children.

...I kind of feel like a...fool.

 

[Dave L]

But I've had millions of dollars slip through my fingers. Literally... And nothing to show for it... Nothing to hand down to my children.

I don't collect money but live by faith from day to day.

 

[Landon Caeli]

I don't collect money but live by faith from day to day.

Jesus collected money. He even had a treasurer.

I think it's foolish to squander money when it could have been used more wisely. I could have had an estate with horses and cattle by now, if I were smarter... All it would have taken was discipline.

...But I don't think it's too late to start.

 

[Landon Caeli]

Show me your budgets! Right Meow!

...You guys talk about religion and politics all day long, but finances are off the table..? Pheh!

 

[Landon Caeli]

I think I might understand... Finances are a royal pain in the behind for everyone, and a constant source of anxiety for all. And that's why nobody talks about it. Is that right..?

 

[lismore]

Hello Landon,

A helpful tip might be to budget and work out what % of your weekly income you are going to spend on what.
Trying to set aside a good % each month to save and invest. Make this a priority. Even little by little it will grow Proverbs 13:11. I would suggest a high interest fixed rate cash ISA or equivalent.
Don't rent a property, this is futile. You could rent forever and still own nothing. Buy your own property, even if it's extremely humble. When it's yours then rent is not required.

God Bless

 

[Lost4words]

My owner provides for me.

 

[jacks]

HERE is a good article on the questions you asked. Basically figure out how much you "need" and save the rest. Slow but steady wins the race.

 

[Athanasius377]

This is my field. I have letters and numbers reflecting my credentials but I don’t want to come off as giving solicited financial advice. I also have a background in accounting. It sounds like you may have owned a business or were pretty close to the top. In my experience people fail for two reasons.

1. Failure to plan sufficiently for the future. Whether it’s far enough in the future or for initial success. This is not something you will be able to see or plan clearly. You need someone to help you here. Don’t be afraid to take good advice from someone who is qualified to do so. Hopefully not anyone you are friends with. Being friends with that person will cloud his or her judgement.

second, that bad things can and will happen. Markets won’t always be as good and the key is to mitigate risk so that if you are taken by surprise. Or a plan built so you aren’t wrong by a whole lot. Only wrong by a little. And always keep an eye towards the long term so as not to sacrifice your future for the sake of today.

In short, know where every penny is going. Get control of outflows first then work in increasing income. If you need to make a settlement for debt to pay less than what is due then do it. Eliminate any consumer debt or payments like cars and the like. Remember a car is just a tool that is considered a wasting asset. Meaning at some point in the future it’s worth is zero. Work out better terms for your mortgage if you can since interest rates this low can also benefit you. Lower lower you monthly expenses as much as you can.

And here is the most important part. Your wife must buy into this 100%. It’s all or none or you will be in this position again the first time you show signs of building wealth.

And no matter what always live below your means. I graduated college after being on scholarship luckily with no debt and $1600 in my pocket in 2003 and living in a crap apartment with a minivan on its last leg. Now the only debt I have is my mortgage on our dream home that will be ours in less than 8 years. I do pretty much what I want when I want. Yet that was after being unemployed for almost a year and making several mistakes along the way. I just had a plan and when I got off it I got back on it ASAP.

 

[DiscipleHeLovesToo]

What are your finances like? Do you own property? Do you have investments? What are your financial goals? Do you have any tips? How do you budget, do you have a budget sheet you use monthly, or do you wing it? How much do you spend on groceries each week? Do you eat out? Is it easy for you to save money?

...Tell me anything and/or everything. Thanks. I need to learn.

i have more than i need, own my home and property, have no debt, and have regularly invested in the Kingdom of God since i almost lost it all a couple of decades ago. my financial goals are to have bread to eat and an increasing amount of seed to sow (1Cor 9:6-15). tips:

if you haven't been giving, start now - even if you send $1.00 a month to your favorite ministry (surely there is something that you can do without to free up one dollar a month), God will multiply your giving back to you over time, but even 100 fold multiplication works out to zero if you are giving zero to His efforts to get the Gospel out and bring people into fellowship with Him.

starting right now, evaluate everything you spend money on: if you can't eat it, and it doesn't help keep you warm and dry (or contribute to those things), you don't need it - focus on needs, starve 'wants' - begin with your recurring expenses, and be ruthless until you have some financial breathing room.

pay off all your debts as quickly as possible, and resolve to borrow nothing going forward (except for true needs, and only with the Lord's OK).

and don't forget the obvious; don't steal (if you get too much change back from a purchase, don't keep it, pay your debts, etc.)

 

[Anthony2019]

Fortunately these days I am in a comfortable position financially, however a couple of decades ago, things were very different.
These days I recognise the value of saving and avoiding getting into debt. I limit my use of overdrafts and credit cards for emergency borrowing and only use them if I am satisfied I can repay the balance quickly and in full.

 

[High Fidelity]

Well, you're 43 so you won't benefit as much as if you'd started earlier, but in terms of long-term savings you really want to take advantage of compound interest. Most banks that offer you savings accounts with fixed interest rates are safe, but the rates really aren't that great. I'd look into a Vanguard ETF as their returns are great, the one I like averages around 9% return annually, as is a blend of 80% stocks and 20% bonds. Of course with stocks they can go up or down, which is why I said average of 9%, but typically it's going to be your best option. So what happens is, for example, you put $500 into one and it makes 10% ($50) today. Tomorrow when trading starts again you now have $550 in play, so if you make 10% again, you'd now make $55 which again would be reinvested and it snowballs. Over time it's ridiculously good.

So I'd look into that for sure and I'd also look at options through employers. I'm not familiar with the US but I think that's your 401k and Roth IRA. Research those for sure. I think it's the Roth that people try and max out as it's tax free gains? Not sure.

 

[Landon Caeli]

HERE is a good article on the questions you asked. Basically figure out how much you "need" and save the rest. Slow but steady wins the race.

This site is super helpful, with having tips on variable incomes (which has been the source of my problems). I particularly liked this as well:

6. Decide how much to save
Once you've got your financial goals, decide how much you need to save for each goal. If you want $100,000 for a house down payment in five years, save $1,666 monthly

...I think that's something I might be able to do!