According to a new Bankrate.com survey, “People who earn more than $75,000 have a greater fear that they’ll run out of money in retirement. Overall, 23% of survey respondents say their top worry is that their savings will run out, but 29% of those in the $75,000-and-up income bracket say the same.”
According to an article at Time.com, “These fears persist despite the fact that about half of high-income Americans say they’re happy with the amount they’re socking away for retirement, compared 
to the 29% overall who say they’re happy with their current retirement savings. And even among those earning more than $75,000 a year, more than a quarter say just keeping up with basic living expenses is hampering their retirement savings”.
A few ways to avoid outliving your savings is to get out of debt, learn to live on a budget, and reduce your cost of living as much as possible. This will enable you to increase your savings and add to your cushion now as opposed to worrying about the future. In addition, adjusting your lifestyle downward now will likely add more margin to your life and reduce stress.
A 91-year old recently widowed friend of mine has followed these steps and is doing very well on his fixed social security income. His children are ready to welcome him into their homes anytime he needs their help. So far, he says no help is needed. He still works part-time, uses a chainsaw, and takes no medications. He says God is taking very good care of him and he has more energy than most 60-year olds that I know.
My challenge to you is to escape the trap that nearly 70% of Americans are in: Living with less than $1,000 in savings! Here are a few more tips to find that $1,000 and put it away for future emergencies.
2. Cut down on data. Your mobile phone is likely a place to save lots of money. Consider going to a non-smart phone to stop paying for all the data expenses. Possibly go to a simpler contract to limit your use to what is necessary. Getting the kids a flip phone vs. a smart phone is another place to save money.
3. Adjust your thermostat to reduce your utility costs. By being slightly less warm or cold in your house, you can save money every month. During the nice weather months, shut down the central units and open the windows.
4. Go to a cash only program for all of your shopping. Research shows you will spend far less using cash, keep up with your budget more easily, and find ways to keep back some cash each month by handling it daily vs. using plastic.
5. Look for opportunities to earn extra money. Can you bake, cook, sew, draw, tutor, teach music lessons, take great pictures? You likely have a talent or skill for which others are willing to pay! By turning an existing talent into extra income, you can earn your way to that extra $1,000 you need to set aside.
According to the Balance, 133.7 million Americans went shopping on Black Friday weekend in 2014 and spent a total of $50.9 billion. Stores count on bringing in at least 30% of their annual sales
just between Thanksgiving and Christmas, making you the apple of thousands of marketer’s eyes.
So how can you avoid getting dragged into the biggest shopping day of the year and find the best deals while not breaking the budget?
Here are 10 tips to keep you from overspending this holiday season.
Hopefully these tips help you have a very merry Christmas within your budget and set you up for success in the New Year! Check out this survival guide printable and find more helpful tips like these at Crown.org.
Originally posted on the Christian Post on November 18th.
Dear Chuck,
I’m in a company where it feels to me that people who are good at flattering the boss – but not necessarily are good at their jobs – get promoted, while more talented people get ignored or passed over. It’s so frustrating to look around and see the kind of people in positions of leadership who don’t seem to deserve to be there. What does the Bible say about dealing with people in authority who seem like a disaster?
Passed over at work
Dear Passed Over,
One of the things that can make a workplace truly unbearable is dealing with difficult leadership. But you don’t have to take my word for it. This is a question many wrestle with every day but the Bible is not silent on the issue.
Scripture gives us many stories illustrating a Christ-like response to apparent unjust leadership. In the book of Daniel, the prophet deals with three pagan administrators who unfairly rise to prominence by his good work. Or in Luke 18, the parable of the Unjust Judge illustrates God’s sovereign care for us and His promise that justice will be done.
In Psalm 73, Asaph felt exactly as you do, writing: “…I envied the arrogant when I saw the prosperity of the wicked. They have no struggles; their bodies are healthy and strong. They are free from common human burdens; they are not plagued by human ills…This is what the wicked are like — always free of care, they go on amassing wealth. Surely in vain I have kept my heart pure and have washed my hands in innocence. All day long I have been afflicted, and every morning brings new punishments.” Asaph had, in his own words, a bitter attitude from watching the “wrong people” get ahead.
Gallup would agree with Asaph, finding that companies choose the wrong manager 82 percent of the time! As a result of the struggle to deal with incompetent, distant, or even unkind leaders, billions of dollars are lost and only one-third of employees report feeling engaged in their workplace – leaving the rest wondering when will the day end.
But as Asaph continues to reflect on the good fortune of those who are not following the Lord or working honestly, he observes that their successes are short-term because they will not have help when a day of disaster comes. (And difficulties come to everyone.) Meanwhile, for those whose hearts are set on the Lord, there is help from a loving God. Asaph writes, “Yet I am always with you; you hold me by my right hand. You guide me with your counsel, and afterward you will take me into glory.”
Through fellowship with Christ, we have the great gift of God’s help and counsel in the day-to-day struggle. And we know that no matter how bad things seem in the moment, there is a day of reckoning, and frankly, that should lead us to pray for our leadership when we see them headed the wrong direction.
Yet the problem remains that too often companies promote someone who looks next in line, rather than considering whether they have the skills to manage people and projects. That failure hurts all in the company.
The skills of a good manager are rare – Gallup finds that after five decades of study, only one in ten has what it takes to lead.
According to Gallup, great managers exhibit certain definable skills:
In 1 Timothy 3:8–13, the Apostle Paul lays out the qualities that churches should look for when choosing leaders in a church. Leaders “should be worthy of respect, not hypocritical, not drinking a lot of wine, not greedy for money, holding the mystery of the faith with a clear conscience. And they must also be tested first (have some experience – emphasis added); if they prove blameless, then they can serve…”
My advice for you and those who currently suffer under poor leadership at work is first to remember, as Asaph did, that with God on your side, you have a lot to be thankful for. Second, to learn all that you can in your current work environment to either get promoted yourself or leave for better opportunity.
Consider the advice in Ephesians 6:5-8 given to the slaves at the bottom of Roman society: “Obey your earthly masters with respect and fear, and with sincerity of heart, just as you would obey Christ. Obey them not only to win their favor when their eye is on you, but as slaves of Christ, doing the will of God from your heart. Serve wholeheartedly, as if you were serving the Lord, not people, because you know that the Lord will reward each one for whatever good they do, whether they are slave or free.”
God’s Word does not instruct us to accept a bad situation as permanent or to believe that circumstances can’t change. He tells us to serve wholeheartedly – offer good work and remember that the One who blesses us is not the same as who signs the paycheck. He is Sovereign and we often are placed under these “wrong leaders” to grow our character and to make a difference just like Daniel or Joseph did in their challenging circumstances.
But I offer a word of caution for those of us who manage; God is watching our stewardship of the people in our care and will hold us accountable for how people and resources are managed. And as Psalm 34:17 notes, “The righteous cry out, and the Lord hears them; he delivers them from all their troubles.” Would you want to have a boss who acts like you? Do you believe God is pleased with your leadership? Take a minute to consider how God sees your leadership.
Crown has dedicated 40 years of ministry to teaching what God has to say about our finances, career and businesses. You can receive practical principles and daily encouragement from God’s Word in the God is Faithful devotional, sent straight to your inbox.
Christine wrote me with this question:
I have worked several different jobs. I have retirement money affiliated with each employer. I am considering consolidating to one new account, but I am confused on who to invest with and what type of account to open? Your suggestions would be greatly appreciated.
Christine, you have a few basic options to consider:
First, be sure it is to your advantage to move the money from your former employer’s 401(k) plan. It you are allowed the same options and controls over the account as an existing employee, it may be to your benefit to leave the money where it is. Ask a professional financial advisor to help you analyze this option.
Depending on some variables, you can chose to leave the plan you are in and roll the funds into a traditional IRA account with a bank or financial institution. You may also leave the plan and roll your stock into an IRA inside a brokerage account. Your choice will depend on what you intend to do with the funds once they are consolidated. Do you want to have a professional manage your funds or do you intend to manage your own investments?
Another variable is your age. If you are approaching 59 1/2, you may be better served to stay in your employer’s plan and take a lump sum distribution at retirement age and have your funds managed by a professional financial advisor. There are a number of helpful articles online if you simply search for “How to Roll Over a 401(k)” and read the articles from reputable investment firms.
Here is an article by Fidelity.com about a simple 3-step roll over checklist that is applicable to your situation even if you do not chose to work with Fidelity. You can learn more about investing and retirement accounts, and find helpful resources at Crown.org.
According to Heather Gilmore, a writer for The Dollar Stretcher.com, “emotions can lead to the desire to shop or, on the other hand, shopping can lead to emotions. Shopping can be prompted by 
sadness, grief, loss, insecurity, guilt, and excitement.”
Shopping can create a pleasurable experience making people want to experience the “high” again.
The after-shopping experience can involve positive or negative emotions that can affect future decisions about shopping. A person might feel guilt over having spent more money than what they had set aside in their budget. This may then create an unsettling feeling during future shopping experiences. It may create an aversion toward shopping (a feeling like a person should not purchase needed things), which might make future spending less likely, or create such an increased feeling of guilt or shame that there is no desire to purchase anything in the future.
Experts understand this and market to your emotions – merchants from grocery stores, furniture marts, and car dealerships are all targeting your feelings towards shopping. By learning to separate your identity from the things you buy, you will spend far less money in pursuit of making yourself feel good. That is why God’s Word makes it clear that we enter the world naked, we leave naked, and naked has no pockets. We should recognize we are not going to take any of those purchases with us after we die. Hopefully, that will help us remain emotionally neutral towards our spending choices.
If you have found yourself in a situation where you are overwhelmed with unsecured debt, there is help. Christian Credit Counseling is a non-profit credit-counseling agency. Their mission is to help families eliminate credit card debt.
Originally posted on the Christian Post on November 4th.
Dear Chuck,
With just days to go until the election and so much fighting on all sides, I wonder if the Bible has anything to say to us about how to govern when this mess is over. Where do we go from here to create a fiscally sound government?
Ready for it to be OVER.
Dear Ready,
Thank you for the question that is on everyone’s minds right now. With just days until the vote for President, U.S. House, U.S. Senate, Governors, state officials et al, I believe many Americans are
ready to see this election in the rearview mirror. But election day will be just the beginning for those who are given the privilege and responsibility to lead our country. I’m praying for this election, and I urge you to do the same.
How do we move forward? We need to unify around the most critical issues and return to working together to solve our problems. I believe the best way forward is for “we the people” to expect all who take office to make their number one priority a commitment to biblical stewardship. After all, a politician’s first priority is to act as a representative trustee of the needs of the citizens.
Stewardship of our Debt
Plagued by debt and torn apart by bitter rivalries, America is at a fragile financial crossroads. In September, the national debt had reached over $19.4 trillion – more than $60,000 per person! When the debt is divided among the current taxpayers, the amount owed is even more outrageous. Incomes have generally decreased, while costs (like Obamacare) have increased dramatically. Meanwhile, too many families as well as our national leaders have borrowed money to keep going.
Eventually, this house of credit cards will collapse if not properly addressed.
I’ve written before that the Founding Fathers would roll over in their graves if they knew how deeply indebted we are as a country. Our second president, John Adams, once observed, “There are two ways to enslave a nation. One is by the sword. The other is by debt.” And yet only one president, Andrew Jackson, ever managed to achieve a debt-free America.
A Call for More Stewards
In order for this nation to survive and have the capacity to sustain our children, we need to return to our biblical foundations. As the Proverb says, “Where there is no vision, the people perish,” and a vision for biblical stewardship must be established now in order to sustain this country into the future. To address this need for a shared vision, Crown launched an online petition, urging all elected officials, who have a sacred trust, no matter their political affiliation, to carefully handle America’s resources as responsible stewards.
No one party, and no one person has led us to this point. Still, too many of our nation’s leaders have failed their mandate to be good stewards – to responsibly manage the resources entrusted to them by the electorate and, ultimately, by God. Every day we are called to steward our resources – our time, money, and talents. We know that God is the owner of all our resources – we are simply the managers. As 1 Corinthians 4:2 observes, “Now, a person who is put in charge as a manager must be faithful.”
The #StewardThisNation campaign calls on our elected officials to spark the change in our country, but it’s just as important for us to be faithful stewards in our own lives. We must faithfully manage our resources responsibly, be an example in our communities, and serve as an advocate for people in need around us.
Together, we can call our nation’s leaders to seriously manage the crisis before us. As resources become scarce and burgeoning debt threatens our future, join us as we stand in the gap and call others to a higher standard of stewardship. God poured out opportunity and prosperity on this great nation and it’s our responsibility to ensure that is not wasted.
Soon the election will be over, but the hard work of making the right choices begins for us all, at home, in state capitols, and in Washington, D.C.
God bless us all indeed.
With medical expenses being the number one cause of financial hardships, it pays to work at staying healthy. Here are few simple
tips/benefits for staying healthy:
the leftovers for lunch the next day.You should be inspired to start today!
For more helpful tools and resources, visit Crown.org.
Yahoo Finance recently reported that paying with cash helps you save and gives you more joy. Avni Sha, a professor at the University of Toronto Scarborough, studied the effect of paying with cash and says it does indeed make us more frugal and adds positive emotion to transactions. Further, it potentially promotes repeat business.
Cash forces you to consciously think about what you are buying. Rather than blindly using your credit card and deferring payment, cash forces you to make that decision at checkout. It enables you to say “no” when your children ask or beg for things that they do not need. Each dollar you physically spend leaves fewer in your wallet.
That causes a pain that we need to occasionally experience.
For a minimum of two weeks, monitor what you spend and record all transactions. Does that mean you will be miserable for two weeks? NO! It may be a challenge, but go in with a positive mindset and the desire to reset and track your habits. You may find some holes than need to be plugged.
Pick one day a week where you spend no cash whatsoever. How is that possible? Avoid stores! Pack your lunch. Bring your thermos of coffee. Stay home and avoid being in situations that tempt you to spend.
Host a potluck so you don’t have to provide the entire meal.
It’s a great way to have fellowship for much less than what a meal out might cost.
Have a produce party where everyone brings something to eat that they have grown (or perhaps bought from a local farmer).
If you do eat out, use coupons. Choosing to meet friends for breakfast or lunch is typically less expensive.
See how you do! Let us know how much you saved or some tips you can share with others at crown.org.
We’ve got lots of resources available to help you with your financial challenges. And if you need extra help tackling overwhelming credit card debt, our partners at Christian Credit Counselors are experts at developing debt management plans. Get started today by visiting crown.org.
Originally posted on the Christian Post on October 21.
Dear Chuck,
Recently several close friends to me have divorced, causing so much chaos and pain and financial difficulty, but then you see celebrity divorces like Angelina Jolie and Brad Pitt after 12 years and six kids, or the break up of Naomi Watts and Liev Schreiber after 11 years and two kids, and they are smiling for the cameras while the media talks about them splitting millions of dollars. Maybe if you have millions of dollars, divorce is not a big deal. Do you think that with lots of money, divorce can work out well?
Troubled for my friends.
Dear Troubled,
The short answer for your question is NO. The end of a marriage is not merely about splitting up assets, though that has a huge impact on a couple. There is pain, suffering and most often financial hardship, and while men and women suffer, children can suffer the most.
I believe that is one reason God is very direct in Scripture that He hates divorce (Malachi 2:16). It is important to remember that He
does not hate divorced people! He hates the split because He knows the tremendous fallout that occurs when a family is broken apart, regardless of the reason. A quick look at the numbers show that women and children are most likely to suffer the greatest harm.
Research has shown that after divorce only 3% of men experience poverty, while 19% of mothers become impoverished. Once women become poor, they are less likely to break out of poverty.
In single parent households, many children experience poverty. FamilyFacts.org notes:
“By age six, 68 percent of children in non-married households had experienced at least one year of poverty, compared to 12 percent of children in married households. By age 12, 78 percent of children in non-married households had experienced at least one year of poverty compared to 18 percent of children in married households; and by age 17, 81 percent of children in non-married households had experienced at least one year of poverty compared to 22 percent of children in married households. The study found that ‘children in non-married households who are one year old have exceeded the risk of poverty that children in married households experience during their entire 17 years of childhood.’”
In fact, a child’s household income dropped by an average of 52 percent after a divorce.
Poverty rates are amazingly lower in two-parent households: “The likelihood of single, unemployed mothers being in poverty dropped from 100 percent to 35 percent if they marry the father of their children: Marriage more than doubled the family income of these mothers and their children.”
I share the conviction of the President of Focus on the Family Jim Daly who says that if you really want to reduce poverty, fight to reduce divorce.
But it’s not just higher rates of poverty that can impact kids. The emotional toll of divorce can lead to trouble in school, destructive behaviors and difficulties building lasting relationships of their own.
The Daily Mail noted an interesting statistic that after divorce more than 3 out of 4 parents thought their kids had handled the break up well, but the kids saw things differently. In reality, just 18 percent said they were happy about the split, and they reported all kinds of self-destructive coping mechanisms. It’s heartbreaking for the children, who have no choice in the matter, to cope with events outside of their control. And that loss of control can lead to some dangerous behaviors.
One of the impacts on children that really breaks my heart is the fact that after divorce, many children drift away from the church and support system of a faith-centered community. They lose faith in God the Father and struggle to understand how to relate to authority.
Research has shown that money and divorce are often closely linked. Arguments over money are one of the leading predictors of divorce. I’m so concerned about building strong marriages – financially, emotionally, and spiritually – that I’m writing a book right now on the topic. I’m also praying for the marriages of those around me, and I urge all of us to do the same, because strong marriages protect more than just those who are in the home. They strengthen our entire society.
For single mothers and those struggling with poverty, I urge them to get some financial counseling, to make the most of the resources they have. Our loving, heavenly Father wants to help the broken hearted and those in need, and there are people standing by ready and willing to lend a hand. We also have many practical and helpful resources for finding financial freedom at crown.org.
I recognize that often the divorce occurs because one party is unwilling to be reconciled. My cousin, who experienced an unwanted divorce, told me he felt death would have been less painful than the agony and heartache he experienced. But long before that day comes, I hope all who consider divorce or are tempted to believe it “can work out well” (with lots of money) as you have stated in your question, will seek Christian counseling, work hard to be reconciled and consider the long term impact on their children.
While it’s not just about the money, truthfully, two are better than one for many reasons – finances included. It must be very painful to endure the break up of a marriage in the public eye as Brad Pitt and Angelina Jolie or Naomi Watts and Liev Schreiber are experiencing. But don’t be deceived in thinking it is not a big deal. From my experience counseling couples, divorce is a tragedy for every family, and I hope and pray those who read this will turn to the Lord for help, work hard to save their marriage, and avoid a divorce.
