Dear Chuck,
My wife and I started over-spending after receiving a big raise. Since then, we have realized how wasteful we’ve become with God’s money. We are worried about living without a safety net. What steps would help us get back on track?
Big Spenders
Dear Big Spenders,
You may not know that what you have described is one of the most common financial mistakes anyone makes—increasing your lifestyle with every increase in income. Don’t heap too much guilt on yourselves; it is a very hard challenge to even notice. For many, this ever-increasing lifestyle is the proverbial frog boiling in the pot—by the time he realizes his mistake of resting in the warm, cozy water, it is too late.
Get Disciplined
Discipline is the ability to say “no” to what you want today so you can say “yes” to what you need tomorrow. Let me give you an example that will relate to your challenge. In 2015, I decided to drink only water for the entire year . . . no coffee, tea, juice, soda, smoothies, or lattes. Nothing but H2O! For full disclosure, I made it the entire 365 days and felt so good. My only deviation was an occasional water with carbonation.
What difference did it make? For one, it helped my budget! I broke the habit of buying coffee or tea at the airport or for meetings. Cutting sugar and caffeine also caused me to enjoy water, sleep better, and improve my overall health. We can apply that same type of thinking to our finances.
Small decisions can make a walloping impact on our financial health. Here are five basics that can help everybody. They are my personal favorites.
Honor God Off the Top
Right now, you are honoring someone or something first with your finances. It might be the government, Amazon, your mortgage lender, your landlord, or your utility company, but someone is getting the first portion of your income. Replace whoever or whatever is currently first by giving off the top of every source of your income to your church and other ministries that build His Kingdom.
If you cannot give a full 10%, which I think is the appropriate beginning standard, start with what you can do cheerfully. Increase the amount as you are able, and see what a difference it makes in your life. “Trust me on this one!” These are God’s words paraphrased from Malachi 3.
Save Something from Every Paycheck
Pick a day and declare, “No more! I will not go another month without saving something from my next paycheck!” Make the decision and then start saving something—no matter how small the amount. Save something from every single paycheck or any other source of income. Resolve not to spend everything you have by setting up automatic deposits into a savings account. This habit will make you wise like the ant from Proverbs 6:6. Little by little, you will have money saved for emergencies, stress will go down, and financial stability will become a reality.
Stop Getting Tax Refunds
People celebrate tax refunds as if Uncle Sam is rewarding them for their good behavior! While I never like to discover that I owe the IRS money, I don’t like to get a tax refund either.
Let’s say you receive a refund of $3,600. That means you loaned the US government $300 a month for an entire year and waited for them to reimburse you without interest.
By adjusting your withholding or quarterly payments, you pay only what you owe or expect to owe—nothing more. This grants a steady cash flow while also providing funds for giving and saving each month.
Use Cash
Study after study proves that we spend more using plastic. Using cash makes us more aware of when and where our money goes.
It may sound like going back to the Depression era, but the old-fashioned way of cashing a payroll check, dividing the cash into budget categories, and putting the money in an envelope will never go out of style because of its effectiveness! It works! Consider using cash for groceries, Costco, Sam’s, and any place you are tempted with impulse buying. If you usually overspend at restaurants, take a limited amount of cash.
Some people I know, who are really great with money, continue to use the envelope system, though they no longer need to. They say that it allows them to spend worry-free!
Reduce Expensive Debt
Start with a fresh outlook on debt. Ask yourself, “Do I really have to be in debt?”
Far too many people jump from one debt to another and from one card limit to another. They cannot comprehend the freedom of being debt-free. That is why I emphasize paying off the most expensive debt first. Get one paid off. Then do it again . . . and again . . . and again. The major payoff is freedom—freedom from worrying about the future, about income, and about making it to the end of the month. Check out the snowball and avalanche methods of eliminating debt, or get in touch with Christian Credit Counselors.
Summary
These five basic steps will change your relationship with God, your financial well-being, your relationships, and much more! But allow me to add one more: implement a budget. It’s a tool that is designed to help you through thick and thin and protect you from wasting what God provides.
“Moreover, it is required of stewards that they be found faithful.” (1 Corinthians 4:2 ESV)
I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will help bring God’s Word into your daily life.
This article was originally published on The Christian Post on October 11. 2024.
Dear Chuck,
My wife says that I don’t keep track of our money well enough. I think she’s right. I need an easy way to get things under control.
Bad at Budgeting
Dear Bad at Budgeting,
Don’t be too hard on yourself. It is easy to lose track of money. In fact, I read some years ago that 60% of people said they would “like to live on a budget,” but only 20% did. That likely means that only 10–15% of people use a real budget now.
As a young married couple, a budget was that “thing” I tried to avoid. The very word put me on the defensive. I thought it was my wife’s way of trying to restrict my way of running the home. It took lots of pain for me to come to my senses. I hope I can help you and your wife avoid that pain.
Budgeting Is Good Stewardship
The truth is, we all need a financial plan—one that we live by day after day. We need a tool that helps us in Biblical consistent living in order to reach our goals. If you read what I write or listen to me on the radio, you know that a budget is a simple spending plan. It is a flexible tool that enables us to manage money wisely.
Everything we have is a gift from God, and a budget helps us to be faithful. It eliminates the fear and anxiety of wondering if bills can be paid. It can bring peace and unity in marriage while breaking the bonds of slavery to money and debt.
It is easy to put off planning in favor of other activities. I know! I earned a degree in procrastination. But Solomon said, “The plans of the diligent lead surely to abundance,” (Proverbs 21:5 ESV). Since he is the wisest man who ever lived, we should pay attention to those words. A budget takes a few hours to prepare, but the benefits are countless.
Any Budget Is Better Than No Budget
Spending Decisions Must Be Reviewed
If you need to cut way back, consider moving or driving a less expensive vehicle. See how you can reduce variable expenses like food, clothing, and entertainment. How about your utility bills? Examine any compulsive, emotional, or instant gratification shopping, and establish habits to control it. Ask the who, when, where, how, and why of spending. Some lifestyle changes can make a big difference.
Drive-throughs, coffee shops, carryout, and birthday gifts add up. Entertainment is a major expense for some people: concerts, athletic events, youth sports, the theater, etc. Streaming services cost both time and money.
In August, Forbes reported that 99% of all U.S. households pay for at least one or more streaming services, averaging $46 a month. That’s $552 a year that could instead help fund an emergency account. Determine what video, music, and video-game streaming is really necessary for your family. 45% of those surveyed by Forbes canceled at least one service in the past year due to high costs.
To avoid overspending, set some purchasing rules. Initially, these might be challenging, but when implemented over time, they can become healthy habits that save you money for years to come:
Extra Tips:
I pray your wife and you can get united on a budget and move forward with joy as you recognize the responsibility and privilege of stewarding everything that passes through your hands.
“Moreover, it is required of stewards that they be found faithful.”
1 Corinthians 4:2 (ESV)
Set and achieve your goals with the help of a personal business coach. Crown’s online Budget Coaching program matches you with a certified coach who will work with you to develop a customized plan to put you on the road to financial freedom.
This article was originally published on The Christian Post on October 4, 2024.
Dear Chuck,
When our child was born two years ago, my wife and I decided that she should temporarily become a stay-at-home mom. Since then, we have struggled financially—oftentimes living paycheck to paycheck. We want to break out of this cycle but need your help.
Struggling Small Family
Dear Struggling Small Family,
Congratulations on starting a family and doing your best to support all of your responsibilities as a husband and father. At Crown, we have helped families break out of this cycle for more than 48 years. There are brighter days ahead.
Living Without a Safety Net
The expression “paycheck to paycheck” describes the situation in which a salary is devoted to cover expenses, with no margin for error. If income is lost, bills cannot be paid, and that applies to people at all income levels. The Covid pandemic exposed the millions of Americans who had to live without a financial safety net because they simply did not have adequate savings.
In April 2024, a CNBC and SurveyMonkey poll reported that 65% of Americans live paycheck to paycheck. In August 2024, a Bankrate survey found that one in three workers are living paycheck to paycheck. 59% are uncomfortable with their level of emergency savings. Of those who carry credit card debt, 67% are trying to maximize their card rewards. The exact number of people living paycheck to paycheck is difficult to determine. Suffice it to say, many—far too many—are experiencing financial pain.
“For Americans, it likely feels akin to walking a tightrope with no safety net,
where the balance between expenses and earnings becomes a delicate dance.”
– Sarah Foster, Bankrate Economic Analyst
God’s Money Managers
This kind of financial strain is not the way God created us to live. When you count down the days until your next payday, feeling anxious every time you buy groceries or pay your bills, you are letting money control you. It is crucial that you retrain your mind to see yourself as a manager, not the owner, of all that you have.
Imagine hiring someone to manage your finances. What would you look for? What kind of habits or characteristics would you desire to find? If someone were to be solely responsible for every cent spent, what questions would you ask them in an interview? Would you hire someone to handle money the way you do? Personally, I would be pretty frustrated if the person I hired to manage the money I earned could not make it last through the end of the month. If he or she depended on my credit card for daily expenses, I think I would find a new manager!
This is how we should see ourselves every day—as managers hired by God and responsible for the time, talents, and treasures He gives us. Our resources here on Earth are not for us to squander away or use simply for our own benefit. Yes, we must take care of our needs and lovingly support our families, but we do not take a house, clothing, or cars with us to Heaven.
Instead of building our own kingdom on Earth, God said to view money as a resource to build His Kingdom. Use the money He provides for things of eternal value, not just earthly value.
Whether you earn $10,000, $100,000, or $1,000,000 a year does not matter to God if gained in a righteous manner. What matters is how faithfully you manage what He provides.
Change Your Mind and Habits
When you receive a paycheck, give to God first, pay yourself second (save), and then pay everyone else (spend); eventually, multiply (invest) the surplus. If you commit to getting your priorities in order, you will soon develop healthy habits. Do not despise new beginnings. Do not worry about starting small. Just start!
God will see your efforts and the sacrifices you make. For money to last beyond your paycheck, you will have to either increase your income or decrease your spending. A combination of these two could provide temporary relief.
Here are a few ways to make that happen:
Becoming financially literate will increase your confidence in managing money wisely. Crown offers online courses and budget coaches. Do not suffer alone; we are here to help. Blessings to you, your wife, and your child.
A trusted partner of Crown is Christian Credit Counselors. They are a valuable resource to help consolidate debt and get on the road to financial freedom.
This article was originally published on The Christian Post on September 27, 2024.
Dear Chuck,
I am worried about our family’s finances and don’t know how we can ever get ahead. As a husband and father, I need hope and a plan.
Worried About Money
Dear Worried About Money,
Constant financial stress is a miserable condition for you, your spouse, and your children. It is especially troublesome when it is based upon a projected future condition rather than a present reality.
It’s been said, “You can’t change the past, but you can ruin the present by worrying about the future.”
In March 2024, Bankrate surveyed U.S. adults. Roughly 47% of them admitted to worrying about money. It’s so serious that it is impacting mental health. The top issue among those surveyed is the difficulty paying for everyday expenses. Although inflation is trending downward, consumer prices are still high. Those without emergency savings are struggling with increased debt.
Don’t Worry
Many people worry about money: how to make it, how to keep it, and how to grow it. Worry takes a toll on our overall health. It affects our relationships and job performance but solves nothing. Worry has been described as sitting in a rocking chair; you expend energy but make no progress.
In Matthew 6, Jesus told us not to worry about anything and to achieve this by taking one day at a time. We have no guarantee of tomorrow.
Only by trusting God and living by His financial principles will we find freedom. Proverbs 21:5 declares, “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” Here are two practical steps to get you started.
Step 1: Pray
You will never know freedom from financial stress and anxiety until you surrender it to God. Dedicate time to praying about your specific situation, and ask God to take control. Remind yourself of the promises of God in Matthew 6, and start thinking of yourself as a manager, not an owner, of all you have.
Step 2: Make a Budget
This may seem too simple or obvious, but knowing in advance that you can cover your daily, weekly, monthly, and yearly expenses will bring you freedom. Budgeting allows you to see where every dollar goes. You assign a purpose to each dollar, and when it is used correctly, stress is alleviated. It takes a routine, discipline, and planning to be successful, but it is not complicated or burdensome.
Budgeting is an essential part of stewardship. Our Easy Guide to a Budget You Love will get you started. In addition, Crown’s Financial Workbook will be helpful. Be diligent, and you will make progress! With a little up-front investment of time and weekly adjustments as needed, anyone can adapt to living within their means.
Be Hopeful
Replacing worry with hope will help you move forward with confidence. Accept where you are, knowing God is bigger than your circumstances. Live one day at a time in complete dependence on Him. If you have made mistakes, acknowledge them, and take steps toward living as a responsible steward. Daily faithfulness to small goals will lead to big results. Make every effort to live beneath your means to alleviate debt and build savings. Learn to be thankful, and you will discover true joy and contentment.
If you journal, watch for and record God’s blessings. Then go back and review His faithfulness. Share what you experience with your children, friends, co-workers, or anyone in need of encouragement. Whenever you are tempted to worry, ask for faith to trust Him more. Get your eyes off your situation, and focus on Him. As the Apostle Paul said in Philippians 4:6–7:
“Do not be anxious about anything,
but in everything by prayer and supplication with thanksgiving
let your requests be made known to God.
And the peace of God, which surpasses all understanding,
will guard your hearts and your minds in Christ Jesus.” (ESV)
Set and achieve your goals with the help of a personal business coach. Crown’s online Budget Coaching program matches you with a certified coach who will work with you to develop a customized plan to put you on the road to financial freedom.
This article was originally published on The Christian Post on September 20, 2024.
Dear Chuck,
I like nice cars. However, I just paid off a new car that I purchased, and I learned what depreciation means—the hard way. I am determined to drive it as long as I can. Do you have any tips to help me avoid financing one in the future?
Car Depreciation Drives Me Crazy
Dear Car Depreciation Drives Me Crazy,
I am sorry you have had to learn the hard way about the steep depreciation of a new car. It is so costly that I don’t think the average purchaser would agree to do it if they calculated the amount in advance. A great outcome of this experience is that you never have to repeat it!
Here is the plan: take great care of the car you have, save money to buy your next car (used) with cash, and escape car payments and new car depreciation from now on.
Here are some helpful tips to be a good steward of your vehicles.
Keep Cars Well Maintained
Routine oil changes and maintenance are key. The car will run better, you will get better gas mileage, and expensive repairs can be avoided. Besides prolonging the life of the car, you will increase safety, knowing it will not break down unexpectedly. Here is a good guide for scheduling maintenance.
We typically do whatever maintenance our trusted mechanic tells us is essential. We prefer to spend money on prevention than to be caught with inopportune repairs. For example, we just spent over $1,000 on new tires. The ride is smoother and quieter, but at that price, I want to take care of them by rotating regularly and inflating properly.
Hand wash and wax it. You can save yourself hundreds of dollars with these 20 Cleaning Secrets Only Car Detailers Know. Drive-through washes can actually damage a vehicle. DIY washing protects the paint job while removing dirt, sap, salt, and more. Experts say to wash biweekly, or as needed, and wax every one to three months. I use a shop vac and an inexpensive pressure washer. Initially, you will need to invest in some supplies. If you live near saltwater or where roads are salted in winter, get some salt-removing spray or vinegar. Condition leather seats every one to two months, along with interior surfaces. A little elbow grease goes a long way in protecting both the inside and outside of your vehicle.
Consider where you park. When on dirt, the undercarriage is exposed to dampness, which can cause rust. When exposed to the sun, a windshield shade will guard the dashboard and decrease interior temperatures.
Prevent rodents and insects. A few years back, squirrels ate through the hoses under the hood of our car, costing me several hundred dollars to replace. Keep the interior of your car clean, and set any traps inside and outside when necessary.
Use your senses. Don’t ignore things you see, smell, or hear that are out of the ordinary. Procrastination can be expensive!
Do not carry unnecessary weight in the car. Simply decluttering your trunk and cargo area will eliminate extra stress on the engine, mechanical system, and suspension parts of your car. Plus, you will get better gas mileage!
Extend the Life of the Battery
Here is a list of ways to prepare your car for fall.
Budget for Repairs and Maintenance
Start with $100/month for newer vehicles, more for older ones. Anticipate what needs to be done in the future, and set aside extra money when possible. Take advantage of tire sales, and find a reputable mechanic or dealership that you can trust.
When to Replace a Car
When it comes time to replace a vehicle, October, November, and December are good months to consider buying. Dealers need to move old models since new ones are arriving on their lots. See these tips for optimal times to buy. AAA reports that the price of new car ownership continues to climb. That is why I recommend buyers try to find a dependable used car if at all possible. Check out this study of cars, trucks, and SUVs that are most likely to last more than 250,000 miles. Hint: the top five are all Toyotas.
Now that yours is paid for, you can begin socking away money in a replacement vehicle account. Consider applying your car payment to an account specifically dedicated for cars. This way you will be prepared to purchase one in the future without having to pay interest. You learned a valuable lesson on depreciation. So move forward with joy along with the responsibility and privilege to steward that vehicle—and everything else that passes through your hands.
“Moreover, it is required of stewards that they be found faithful.”
1 Corinthians 4:2 (ESV)
I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will help bring God’s Word into your daily life.
This article was originally published on The Christian Post on September 13, 2024.
Dear Chuck,
I helped my parents downsize this year. It took months because they had accumulated many things throughout their marriage. I was deeply convicted. How can I avoid the same problem and teach my children to live differently? Is it Biblical to be a “minimalist”?
Seeking to Minimize My Stuff
Dear Seeking to Minimize My Stuff,
Minimalism is a philosophy of life that stresses “less is more” through simplicity and self-denial. It has its roots in Eastern mysticism and is not supported by the Bible. So, no, I don’t think “being a minimalist” is Biblical. However, I think minimizing the control materialism has over our lives is supported by the Scripture!
It is easy to purchase things we do not need simply because we can. A friend who cleaned out her deceased mother’s clothing told my wife she found 30 pairs of black pants, some new with tags. Now why would a woman need that many? Thirty pairs is enough to rotate once each day for an entire month! This discovery of black pants was among the multitude of clothing and unwanted household items that were donated.
We should ask ourselves the same question? Do I need five hammers, four staplers, three hair dryers, eight brown belts, twelve pairs of jeans, etc.? Here are a few reasons why we accumulate too much stuff:
A helpful question for our overstuffed closets is, Why do we fail to do something about it? Here are some common excuses:
A Biblical Perspective on Stuff
The accumulation of things takes a toll on us. In addition to the stress of disorganization, or lack of storage space, things can distract us from fulfilling our purpose and strain our relationships. Deeper still is the fact that many unknowingly try to find their identity in things. That can put a toll on finances and rob us of the riches found in Christ. Jesus gave this warning in Matthew 6:10–21:
“Do not lay up for yourselves treasures on earth,
where moth and rust destroy and where thieves break in and steal,
but lay up for yourselves treasures in heaven,
where neither moth nor rust destroys and where thieves do not break in and steal.
For where your treasure is, there your heart will be also.”
Ways to Prevent Buying What You Do Not Need
Get Uncluttered
It is worth spending a weekend each month decluttering. Start with a closet, the kitchen, or the garage. Just start somewhere! Have a plan on what to do with it all. Here are your choices: trash, donate, or sell. This article may be helpful on simplifying with children.
I remember a story written by the chief accountant for John D. Rockefeller—one of the wealthiest men who ever lived. When asked how much his client, Mr. Rockefeller, left behind after his death, he replied, “Everything.”
Like Rockefeller, we, too, will leave everything behind. No matter how much or how little we have, we cannot take it with us. In 1 Timothy 6:7, Paul said, “For we have brought nothing into the world, so we cannot take anything out of it either.” Our stuff will not matter in eternity. What does matter is how we use the time, money, and possessions that God has given us.
We’re told in Psalm 24:1, “The earth is the Lord’s, and everything in it, the world, and all who live in it.” If we believe that God owns everything, then we have the privilege and responsibility of managing all that we have according to His principles. In fact, the first step to faithful stewardship is knowing what God says about money. How we manage money and possessions determines how we will manage greater things.
God not only owns our stuff, but He also owns you and me! Our lives reflect what we believe. If we truly understand that we are His, then we should naturally want to honor Him with our obedience. The standards He set are ultimately for our good and His glory!
When we renew our minds with Biblical financial truths, we fulfill what God desires in a wise and faithful steward. That is why we must turn again and again to the truth in Psalm 90:12:
“So teach us to number our days that we may get a heart of wisdom.”
The accumulation of stuff can often cause a lot of debt. If you or someone you know are struggling with credit card debt, a valuable and trusted resource is Christian Credit Counselors. They can help consolidate debt to get on the road to financial freedom.
This article was originally published on The Christian Post on September 6, 2024.
Dear Chuck,
I’m encouraging my 16-year-old to get his first real job. It is not easy to do these days. My goal is to make the experience of looking for and landing a job as positive as I can. How can I encourage and prepare him?
Determined Dad
Dear Determined Dad,
Good for you! I cannot overemphasize the importance of encouraging and helping teens find a job in a healthy environment. Study after study shows that learning to work outside of the home earlier than later will benefit them for their entire life.
Benefits Gained by Working as Teens
The Downside of Working as Teens
Types of Work
Set Some Motivating Goals
Certainly for a teenager, getting good grades in school should not be compromised as a result of taking on an outside job. Explain the joy of earning money to save toward a car, college, or costly hobby. It can be a way for them to purchase clothes and gifts, build their own business, or cover gas and car insurance.
What to Look for in a Job
Suggest that they seek advice from those they respect. Teachers, coaches, neighbors, family friends, and your church community can be reliable resources and provide references. They may also know of job openings.
Even though a teen may have never held an official job, he/she can create a resume that highlights any prior work and volunteer experience, mission trips, awards, accomplishments, special skills, or interests. A cover letter expands details of the resume and explains why they are interested in working for “XYZ” company. Make it interesting and sincere so they will be remembered. Do not do for them what they can do for themselves. For example, show them a sample resume, but let them write their own by themselves. Then you or a trusted individual can offer tips to improve it. You may also want to help them set appointments or network among your friends to find opportunities.
Prepare for an Interview
Interviewing is a skill that improves with practice. Have your teen read and discuss the following articles: 4 Steps to Nail an Interview, 10 Things You Should Never Say in an Interview, and What Employers Really Look For.
When teens get contacted for an interview, prepare them with a variety of questions. Why are you interested in this particular job? Why do you think you would be a good fit? What do you know about our company? What are your career aspirations? If interviewed, tell them the importance of sending an appreciation message. If they do not hear back after the application is submitted, send a follow-up message expressing interest.
Encourage Entrepreneurship
If no jobs become available, consider helping them start their own business. While this can be a very challenging way to get experience, if they have the drive and determination, they will make far more money than by being an employee. Jobs like window washing, mowing yards, cleaning up debris and junk, detailing cars, or painting house numbers on curbs can be low-cost and lucrative.
Learning to Work and Manage Money
Apart from the financial benefits, learning to work with diligence and doing tasks to the best of your ability and in a timely manner is priceless. Diligence encompasses honesty, purpose, energy, excellence, and enthusiasm. All work should be as unto the Lord so that He can be seen through us. Aim to be a positive witness for the Kingdom of God.
“Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.”
Colossians 3:23–24 (ESV)
Emphasize good stewardship habits with the money they earn. Teach your teenager to give, save, and invest. The habit of tracking spending, creating a budget, and making short and long-term goals will prepare them for life regardless of the job they take or the education they pursue.
Do you want more tools and tips on financial stewardship? Are you interested in receiving ministry updates from around the world? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.
Dear Chuck,
I own a small business that I want to operate with Christian principles. I know Larry Burkett wrote “Business by the Book” years ago. Can you point me to some frameworks that will guide me? We have four employees but are growing rapidly.
Small Business Owner
Dear Small Business Owner,
Larry Burkett, our late founder, did write Business by the Book in the early ‘90s. It was one of his bestsellers and is still relevant to this day because God’s principles are timeless.
In James 1:22, we are told to be “doers” of the Word. A business is the perfect environment for living out this truth. It is a means for both providing for your family and employees and demonstrating the truth of the Gospel in action. I am happy to provide some frameworks for you and examples of those who have lived out these principles in the marketplace for many years.
Your Identity
As a business owner, you must establish a proper identity. Start with an honest answer to these questions: Are you a business owner practicing Christianity? Or are you a Christian practicing business? There is a profound difference between these choices. In the first choice, our identity is in the world; in the latter, it is firmly fixed on the world to come.
Christians need to recognize that we are merely temporary managers of God’s businesses. Everything belongs to Him, and He’s the source of it all.
“Everything in the heavens and earth is yours, O Lord, and this is your kingdom. We adore you as being in control of everything. Riches and honor come from you alone, and you are the ruler of all mankind. Your hand controls power and might, and it is at your discretion that men are made great and given strength.”
– 1 Chronicles 29:11–12 (TLB)
Ask Chuck God’s Principles For A Small Business
Your Policies
The policies governing a business’s actions reveal whether it is actually being used to serve God. Owners and managers who operate the business as God’s stewards run the business according to His principles and precepts. This requires an understanding of those principles and precepts so that business decisions will yield God’s wisdom and peace.
The purpose of businesses run by Christians is to glorify God. Every decision, from hiring to firing to paying to promoting, must be made in harmony with Scripture under the direction of the Holy Spirit. Each must be done with excellence and integrity.
Your Minimums
Most people think the Ten Commandments are the basic guidelines. These definitely apply, but several others set a business dedicated to God apart from the business world. They are not lofty obscure goals. They are simple ways to honor employees, customers, and the Kingdom of God:
Your Priority
Early on, the urgent thing is to make payroll. Later, it becomes urgent to earn a greater profit or build a bigger company. There will always be stress and pressure as you compete in the marketplace. Yet, most of these will be trivial the second after we die, which is why it is vital that we strive to keep an eternal focus day to day.
The top priority of a business should be to always glorify the Lord. However, if all other business disciplines are ignored in pursuit of this, the work will be short-lived. Discipleship, caring for one another, and setting an example of integrity are crucial. But so is creating an excellent product or service, ensuring fair pricing, and treating your employees, customers, and investors well.
Therefore, the priorities of a business boil down to this:
Compared to eternity, the profile of a business is rather trivial, and a lifetime of work is rather insignificant. If used wisely, though, a business can be used to change the lives of people forever. I suggest you find a group of mentors or a board of advisors to help you maintain your focus on Christ while meeting the demands of a growing business. There are many excellent marketplace ministries that can help you do that. Check out Faith Driven Entrepreneur or C12.
Your Examples
The following companies are a few examples that operate with excellence and use all that they have to glorify the Lord. They bless their employees who, in turn, serve their customers with excellence. Check out their mission statements and values; they are very inspiring.
Your Heart
Growing a business involves risk and the potential for loss. Always remember that the business is neither your identity nor your provider. Keep Jesus in your heart during the ups and downs; He will supply your every need and guide you through the storms.
“And my God will liberally supply (fill until full) your every need according to His riches in glory in Christ Jesus.”
– Philippians 4:19 (AMP)
I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will help bring God’s Word into your daily life.
This article was originally published on The Christian Post on August 23, 2024.
Dear Chuck,
Most of my retirement is invested in the stock market. My fear skyrocketed when things went crazy recently. I realize I need to make some changes for my physical and emotional health. How can I keep calm when the market is not?
Nervous Jitters
Dear Nervous Jitters,
Thank you for your honest email and request for some Biblical perspective. Financial markets are certainly volatile right now, but you and I can be at peace in the storms. Let’s look back at what just happened before we look forward.
Volatility Spikes
On Monday, August 5th, the Japanese stock market suffered its worst day in 37 years. It fell 12.4%, causing U.S. stocks to drop 3%. The VIX fund (index of volatility) jumped to its highest level since 2020 in the early pandemic days. The very next day, things calmed down, and the fear factor dropped significantly.
A Wall Street Journal article by Jason Zweig on August 9th explained it this way: “The simplest explanation of all: Markets went haywire early this week because markets consist of people, and crazy behavior is contagious.”
A Forbes article by Bill Stone on August 11th said this: “Investors should be prepared for continued volatility due to uncertainty about economic growth and the upcoming election. A recession is not the base case in the short term, but it is appropriate to give notice to the rising risks from slowing job growth and restrictive monetary policy from the Federal Reserve.”
To paraphrase Mark Twain, truth is stranger than fiction because fiction has to make sense.
Markets don’t.
When Stocks Go On Sale
A friend of mine once said that when the markets begin to drop, he sees it as stocks “going on sale” and the best opportunity to buy. Unfortunately, we tend to follow the crowds and sell when everyone is selling and buy when everyone is buying. We should work to set our emotions aside and do the inverse, which is to buy low (when stocks are dropping) and sell high (when prices are rising).
“Financial marketers grab and hold your attention online by playing on your emotions, especially fear and anger. . . . You don’t have to try to make sense of markets that make no sense. And you certainly shouldn’t listen to anyone trying to make you panic. Learning how to talk back to statistics is your first line of defense—and the best way to maintain an even keel when markets go bonkers,” said Jason Zweig.
A Money Watch article by Aimee Picchi on August 9th said this: “The roller-coaster in stocks carries some key lessons for investors and consumers alike. First, expert[s] say, it is important to resist the urge to join the herd of panicked investors rushing for the exit. Second, investors should be preparing for expected rate cuts from the Federal Reserve.”
“Here are five lessons from investment experts about this week’s market swings: don’t try to time the market; have a long-term plan; volatility is normal; watch the economic data; and prepare for Fed interest-rate cuts,” said Aimee Picchi.
My advice:
A Foundation That Cannot Be Shaken
In the parable of the house upon the rock in Matthew 7:24–27, we learn that nobody is exempt from storms. In fact, we should expect them. The wind and rain will come for each of us. These give us an opportunity to have our foundation tested. If we have built our house upon the rock (Jesus Christ), we will be able to endure the storms. It does not guarantee we will not lose money, but we cannot lose that which is more precious than silver or gold—our eternal salvation from sin and death through faith in Him. The following verses will help you renew your mind during market storms:
Keep your life free from love of money, and be content with what you have, for he has said, “I will never leave you nor forsake you.” So we can confidently say, “The Lord is my helper; I will not fear; what can man do to me?” (Hebrews 13:5–6 ESV)
“Set your minds on things that are above, not on things that are on earth.” Colossians 3:2 ESV
“Rejoice always, pray without ceasing, give thanks in all circumstances; for this is the will of God in Christ Jesus for you.” (1 Thessalonians 5:16–18 ESV)
Do you want more tools and tips on financial stewardship? Are you interested in receiving ministry updates from around the world? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.
This article was originally published on The Christian Post on August 16, 2024.
Dear Chuck,
Our adult son, age 30, still relies on us for money. We send him about $1000/month to cover shortfalls caused by inflation. We are debating whether we are enabling or empowering.
Supportive Parents
Dear Supportive Parents,
You are among millions of families in the same predicament. Many Millennials (adults between the ages of 27 and 42) and Gen Zers (adults between 18 and 26) are still financially dependent upon their parents. Let’s examine the data and trends; then I will offer my advice.
Adults Still Supported by Their Parents
A recent Axios survey conducted by The Harris Poll in June reports that 1/3 of Millennials and over 60% of Gen Z consumers rely on parents for some financial support. 65% admit the need is due to overspending on non-essentials. A majority of those surveyed believe it is better to treat themselves instead of holding off; they say they deserve more expensive purchases “after surviving the last few years.” 43% are trying to keep up with friends.
According to recent census data reported in Knowledge at Wharton, nearly half of 18-to-29-year-olds are living with their parents—the highest number since the Great Depression era from 1929–1941. The main reason is the delay of marriage and families. Plus, income is not keeping up with housing costs.
A Pew Research Center study published in the New York Post reveals that more than half of those aged 18–34 depend on some form of allowance from their parents; only 45% are completely independent. A Harris Poll commissioned by DailyPay shows that only 1/4 of Gen Zers are able to pay all of their bills on time. Rather than having parents send money, many choose to live with them. One in five adults ages 30–34 have parents helping with household bills.
In 2022, Matt Schulz, chief credit analyst at Lending Tree, told the New York Post, “We’re likely to see young adults continue to put off important financial and personal milestones because they just can’t afford them. They’ll keep waiting longer to marry, have kids, buy a house or start a business…” Some can’t. Others won’t.
According to a survey conducted by Experian, published in the Business Insider, more than half of Millennials and Gen Zers are financially dependent on their parents. 70% of Millennials feel ashamed when asking their parents for financial support. 60% of the younger group feel the same way.
Set Boundaries Now
In 2020, Northwestern Mutual published an article for parents who were helping young adults during the Covid-19 crisis. They listed five important things to consider when providing financial support:
Provide an Off Ramp
Parents often provide money for food, cell phones, housing, transportation, insurance, medical expenses, and student loans. For the good of both parents and their children, a level of accountability and a cut-off date can motivate the younger generation to live within their means. I recommend that parents and their children learn to apply Biblical financial principles. They are timeless and grant freedom and protection. Crown offers online training, budget coaches, and many other resources. Learning to track spending and create a budget is essential for discovering where money goes and reaching financial goals. For help, go to “How to Make a Budget” and “The Easy Guide to a Budget You Love.”
An alternative to giving financial assistance is setting up a family loan. You can find more on the topic at Crown, Bankrate, and NerdWallet.
Empowering or Enabling?
Every family is different. It is common for adult children in other nations to live at home while working and contributing to household expenses. Here in our own country, it can be beneficial for both parents and their children. Open dialogue, proper boundaries, and mutual respect are necessary to make this a comfortable living situation.
It is important to realize that some parents provide in ways that others cannot. Unfortunately, some jeopardize their financial future by continuing to pay for things their children should cover. Wise parents allow their children to grow up and take responsibility for their spending habits. This provides the young adult with a means to gain much-needed dignity. Of course, there are exceptions. Even I have stepped in to help on occasion. The point is that there is a time to let go. When it becomes a dependency and an expectation, you have reached the point of enabling. You and your spouse can probably agree when that point has been reached. Then agree to make a plan to bring it to a peaceful end.
Thankfully, many young adults are self-sufficient and stepping in to help their parents and grandparents. What we see happening in America is a wake-up call for families. Parents must set an example by managing their own finances wisely. Children observe how we work, give, save, spend, and invest. The manner in which we live day to day speaks louder than words.
If credit card debt is holding your young adult children or you in bondage, a valuable and trusted resource is Christian Credit Counselors. They can help consolidate debt to get on the road to financial freedom.
This article was originally published on The Christian Post on August 9, 2024.
