Financial Coaching for Kingdom Men

Do you feel the burden of debt—the constant payments, the rising interest, the lack of margin? Debt is a tool that can become a burden that limits generosity and future potential. Many of us use debt to make it through the month and if that is where you currently are, that’s OK.  Let’s continue to learn more about personal finances.   First we learned about our income and how  it is a powerful wealth building tool that God uses to provide for us.  We then discussed our expenses and how as stewards it's up to us to make wise decisions with the money God has given us.  Now what happens when we spend more than we make at any given time?  Often time that leads us into debt.   Some common causes of debt are lifestyle creep, keeping up with the Jones’s, purchasing a house, purchasing vehicles that are more than our budget, medical bills, furnace goes out, student loans, signature loans, payday loans, having poor insurance coverage, and retail thera...

  You know your income, but where is it all going? Most people can track their income but fail at controlling where the money goes. This failure is what keeps people trapped and not moving forward on their financial roadmap.  Do you know where your money is going? Early in my career I knew and worked with a great brother who was an accountant.  At the time we were living paycheck to paycheck and trying to make ends meet.  We were discussing with him our finances and our hopes and dreams and during one of our conversations he stated it doesn’t matter how much you make as much as it matters how you spend the money you make.  He knew people who were making $20,000 a year and were able to pay off debt and live comfortably.  He also knew people who were making $100,000 per year and not even able to pay their bills.   At the time, I would have to say I didn’t believe him as much as I should have.  As we began to make more money it became evident th...

Do you feel like you are shackled in the prison of debt and see a debt management plan as an easy break out plan? A "Debt Management Plan (DMP)" usually refers to a formal arrangement through a credit counseling agency.  The benefit of this process is that you sign up, pay a monthly fee, you pay the agency your payments for the debts,  and they make the payments for you to your creditors.  You give them the ability to access your account and make payment arrangements on your behalf.  One payment instead of 3, or 5, or 10 payments, sounds wonderful.  But does it help you to change your habits around money?  Is it faster or less expensive?  Are they really doing what is expected or are they pocketing the money, making interest on the money, not paying the bills until they are delinquent and then the creditors are willing to make a deal?   While the thought of making one payment and someone else will work their magic and the debt will disappear...