10 Key Financial Principles
Jesus talked more about money than He did about prayer.

• Give to God first.
  Proverbs 3:9-10

  • How much did God give to you? (2 Cor. 8:9)

  • God accuses Israel of robbing Him. How? (Mal 3:8)

  • The average American gives about 2% to charity.

   

• Learn to be a saver.
  Proverbs 13:11

  • 9 our of 10 families live paycheck to paycheck.

   

• Learn to spend less than you earn.
  Proverbs 21:20

  • Most families spend more (about 10%) than what they make.
    Pro 20:11

  • In 95% of families, the majority of debt comes from the husband.

   

• Have cash in an emergency fund.
  Proverbs 10:2
  • Borrow from yourself in time of need.

   

• Do not finance pleasure items.
  Proverbs 28:20
  • The average American has nine credit cards.  Over 200 million credit cards are used every day.
  • $480 billion charged on every year.
  • $1 million every minute is charged on credit cards.
  • Only 25% of Americans have credit cards bills paid off.
  • Average American owes $7,000 at an average rate of 15% on their credit cards.
  • On average, once a person is $800 in debt, they never get out.
  • You will spend 30 to 40% more with a credit card.

   

• Protect the family with adequate life insurance.
  1 Timothy 5:8
  • Consider eight times annual salary.
  • Consider term insurance.

   

• Retirement plan in progress by age 40.
  Proverbs 6:1-11, 13:16

  • $1.00 a day saved for 40 years at 12% is $296,000.  Yet consider the following:

    • 25 percent of persons over age 65 must continue to work out of financial necessity. (Source: SS Administration)

    • Fewer men are worth $100 at age 68 than at age 18, after 50 years of hard work. (Source: Dewey's Economic Table)

    • Total liquid assets of persons age 65 & over are approximately $4,000 per capita. (Source: National Council on Aging)

    • 93 percent of the men age 65 who have failed financially said it was because of a lack of a definite plan.

    • 87% retire at poverty level of annual income.

     

• Own your home by age 65 or retirement.
  Proverbs 23:3-4

  • Make mortgage payment every 4 weeks instead of  each month and reduce 30 year mortgage down to 21 years.

   

• Beware of automobile cost.
  Proverbs 22:7

  • Have an extra $400,000 when you retire by buying a car every 10 years instead of every 3 years.

   

• Live to the glory of God.
  1 Corinthians 10:31