Dear Chuck,
I recently read an article from Forbes that staying at a job for more than 2 years means you’ll get paid 50% less. I come from a background where my parents and grandparents stayed with the same company their entire careers, so changing jobs every 2 years to keep a better pay sounds strange to me. But I don’t want to get stuck in a job that isn’t going to be financially advantageous. What would you advise I do?”
Worried About My Wages
Dear Worried,
This is a relevant question. Since we both know that we work for more reasons than just our wages, let’s examine all aspects of the “job hopping for hiring wages” argument.
Changing jobs every few years used to look bad on a resume. It gave the impression you could not commit, get along with colleagues, or hold down a job. But, things have changed.
Employees are learning that in today’s world they must manage their own careers. Millennials, as a whole, are no longer climbing the corporate ladder. They change jobs every few years, knowing it forces them to develop new skills, adapt quickly, and broaden their network. They seek jobs that meet their needs and life goals, where they can learn, grow, advance, and make more money.
A recent study from FutureWorkplace reported that 91% of millennials expect to stay in a job for fewer than three years. With so many recent graduates disinterested in conventional career paths, a life spent at 20 jobs is possible!
Gallup conducted a study in which they called millennials the “job-hopping generation”. They found that 21% of those surveyed had changed positions in the past year – three times the rate of non-millennials. Their top five factors in making a change included:
According to Legal Technology Solutions (LTS) figures, a job or career change in a healthy economic market can offer an average 8-10% wage increase. And, 20% is not out of the question. Companies competing for skilled employees are not afraid to pay more if they can hire the best talent. They find that those who have held multiple jobs can be top performers, bring knowledge of competitors, learn fast, take risks, and build contacts quickly. Plus, their experience gives them valuable insight into the future workplace.
It is worth noting that similar jobs in different industries can demand different wages. Job shoppers need to research opportunities to determine if a new industry is worth the change. Companies seeking your skill set may offer more money, flexibility, or benefits to recruit you to their team.
With any job change comes a certain amount of stress. If you love where you are, a good offer from another company puts you in the unique position to negotiate a raise from your current employer. In fact, it’s courteous to give him or her the opportunity to counter-offer to keep you on staff. It’s possible you’ll get what the other company offered without changing jobs. If not, you’ll have to decide if the extra income is worth relocating and leaving a good situation.
“If you’re constantly starting over, you won’t be climbing upward nearly as fast,” says Valerie Streif, senior career advisor with theMentat.com. “Getting stuck in a similar position across different companies can get old, and then you’ll constantly have issues with finding satisfaction in your career.” She recommends that employees look for opportunities within their company. “Make slight shifts to your situation, rather than always trying to create a new situation.”
Employers know the value of employee retention. Many avoid hiring people who give no indication they plan to settle down soon. A frequent job hopper could lose out to applicants who appear more willing to stay put. Employers must create an appealing environment where they invest in their people and motivate achievement. When employees are valued and rewarded, they will flourish and give their best.
The long-term consequences of frequent job change are yet to be seen. Change can be stressful and may not be worth the additional pay and perks. Those who are constantly looking for something better, may lack contentment and have a hard time settling down anywhere. Employees need to bathe their career decisions in prayer and seek wise counsel.
So, whether you settle down where you are or embrace a lifestyle of frequently changing jobs, remember the bigger picture: “Whatever you do, work heartily, as for the Lord and not for men.” Colossians 3:23
I would also recommend you take the Career Direct assessment to help you understand your unique design and purpose. The assessment will take you about an hour and then you can schedule a session with a professional consultant to go over your results. It’s an empowering process that will help you have more confidence in your God-given design and career.
Originally published on the Christian Post, March 2, 2018
Dear Chuck,
I know there is a new tax bill, but I don’t know how it will affect filing this year. For someone who isn’t very familiar with all the ins and outs of the tax code (who is?), and just wants to be honest and receive the right deductions, it’s a little overwhelming to try and understand. Can you provide some insight? Anything I need to watch out for?
Rendering to Caesar
Dear Rendering to Caesar,
When The Tax Cuts and Jobs Act of 2017 was signed into law back in December, millions started asking and wondering how it would personally affect them. Only a couple changes might impact the 2017 filings you make this year. But, several changes will definitely affect future filings. I will only address those changes that affect personal income taxes.
The good news is that you have two extra days to file this year because they’re not due until Tuesday, April 17th and for the vast majority of taxpayers, we will owe less in 2018.
I don’t know anybody that delights in paying taxes. But, Paul’s advice to the Romans can help us with our attitude. Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God. Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. (Romans 13:1,7)
So not only is it our duty before God to pay taxes but we should also honor those that use our taxes to accomplish important functions for the common good like military defense, roads, education and medical care.
Medical expenses that total more than 7.5% of adjusted gross income (AGI) can be deducted for 2 years beginning January 1, 2017. For example, if your AGI is $50,000 you can deduct any medical expenses over $3,750 ($50,000 X 7.5%) if you itemize your deductions. This is retroactive, so you will see this change on your 2017 and 2018 returns. After this time, the 10% threshold returns.
The tax break for personal casualty losses is retroactive back to 2016 and was expanded to include losses in any federally declared disaster area. The primary place of residence must have been located in a 2016 disaster area and sustained a loss from a federally declared disaster. Typically claimed as an itemized deduction, the new law allows taxpayers to claim the loss if they claim the standard deduction with limitations.
The brackets remain the same but some tax rates drop and income thresholds have changed.
Standard deduction has nearly doubled: Singles $12,000. Joint filers $24,000.
Personal Exemption for you, your spouse and dependents has been eliminated.
State and local tax deduction, SALT, is capped at $10,000 for single or married itemizers. If married and filing separately, it drops to $5,000.
Child tax credit is now $2,000 for those under 17 and available in full for single parents earning up to $200,000 or married couples who earn up to $400,000. The amount refundable jumps from $1,100 to $1,400.
New temporary tax credit of $500 for non-child dependents: children over 17, elderly parents or adult children.
The individual mandate, that penalizes those without health care, was eliminated and goes into effect in 2019, affecting 2020 returns. However, taxpayers without coverage must claim a waiver or exemption (usually based on hardship) or face a penalty called the shared individual responsibility payment.
For the 2017 tax year, the penalty, payable in 2018, is equal to 2.5% of your adjusted gross income or $695 per adult and $347.50 per child, up to a maximum of $2,085, whichever is higher. According to the IRS, electronically filed tax returns will not be accepted “until the taxpayer indicates whether they had coverage, had an exemption or will make a shared responsibility payment.”
Mortgage interest deduction remains unchanged for current homeowners, but has been lowered on new mortgages for 1st or 2nd homes to the first $750,000 of their mortgage debt between December 31, 2017 and December 31, 2025. Interest deductions for home-equity loans are not accepted.
Those who file divorce or separation agreements after December 31, 2018 will no longer be able to deduct alimony payments and recipients will no longer treat alimony received as taxable income.
Only official national disasters qualify for deductions through 2025.
Deductions for bicycle commuting has been eliminated, as have tax preparation, investment fees, and unreimbursed job expenses. In addition, moving expenses for work are no longer deductible with possible exceptions for military members.
Money exempt from the estate tax has been doubled from the current $5.49 million for individuals and $10.98 million for married couples. Few people will be affected.
The annual gift exclusion increased from $14,000 to $15,000 per person per donor beginning in 2018.
It’s all God’s. He knows how hard we work to earn each dollar and how difficult this season is for many Americans. It is an opportunity to depend on Him and to prepare our taxes with a clear conscience. Proverbs 10:9 says, Whoever walks in integrity walks securely, but he who makes his ways crooked will be found out.
Remember how the scribes and chief priests desired to entrap Jesus. They posed a question for him that’s applicable to us. ‘Is it lawful for us to give tribute to Caesar, or not?’ But he perceived their craftiness, and said to them, ‘Show me a denarius. Whose likeness and inscription does it have?’ They said, ‘Caesar’s.’ He said to them, ‘Then render to Caesar the things that are Caesar’s, and to God the things that are God’s.’ (Luke 20:22-25)
Go and do likewise.
If you want to learn more about what the Bible says about all aspects of your finances, enroll in Crown’s online MoneyLife Personal Finance Study. Seven weeks could change your financial future!
Originally published on the Christian Post, February 16, 2018
Dear Chuck,
I saw that Amazon just opened its first grocery store. The store has all kinds of technological advancements, and you don’t even have to pay at a register. While this seems really cool, what kind of impact will these kinds of advancements have on my finances? And does the Bible say anything about it?
Not Ready for Amazon Go
Dear Not Ready,
While this may not impact all of us yet, it is a shopping trend that we should all better understand because it is possible that this method will be used by many retailers in the future.
On January 22, Amazon Go opened in Seattle. It is the first store to operate without cashiers and is drawing worldwide attention. A smart phone and payment system linked to an Amazon account enables people to shop without waiting in line. Cameras and sensors track purchases via an Amazon Go app on their phones.
Customers scan the app on electric readers at the entrance of the store, pick up what they want and carry it out as the Amazon technology charges their account. Hundreds of cameras, painted to blend in with the ceiling, track the movement of products. No carts are needed, and products are monitored as they go directly into a purse or shopping bag.
Assorted high-end foods and beverages are shelved in the space of a typical convenience store. A small seating area and counter are available for those who desire to eat in.
Pros and Cons
There is a financial drawback to this innovative method of shopping. People who enjoy the convenience of Amazon Go will have to keep a mental tally of how much they’re spending. Because they do not witness the cash leaving their wallets or have to surrender a debit or credit card, it is easy to spend more than they realize.
Amazon Go bypasses the barriers of time and money, and makes shopping a pleasurable experience. The app simplifies the purchasing process but could cause problems with a person’s budget if not carefully monitored.
Research shows the use of paper money rather than plastic proves effective in curbing spending. This runs contrary to the Amazon Go plan. In fact, we recommend cash diets for those desiring to get out of debt or sticking to a budget, because paying with actual bills is painful. Every transaction requires the physical parting of cash. Mindless spending is curtailed as every purchase is evaluated and visible bills are a reminder to be frugal. One writer at CNBC recently reported how she saved over $1000 in just two months on her cash diet. Many others could testify to the effectiveness of the practice.
This ease of purchasing at Amazon Go is welcomed by many shoppers and the automated security that prevents shoplifting may be welcomed by store owners. But, these come with a cost that could lead to loss of privacy. Will our country embrace the convenience without thinking through the cost of machine surveillance? Think about the ramifications of recorded files of anything people do. Technology is moving fast and we need to be aware of the positives and negatives without becoming paranoid.
Finally, there is the possibility that cashier jobs will become obsolete if the technology of Amazon Go eventually spreads. The company says its technology just alters the role of employees. Rather than cashiering, they’re cooking, stocking or offering customer service. But, 3.4 million cashiers must be wondering how secure their jobs will be in the future, just like truck drivers are wondering how their positions will be impacted by self-driving vehicles.
Whether or not this technology will be economically worth replicating is yet to be seen. It’s certainly a novelty worthy of our observation. And, the impact on our lives cannot be dismissed. Living with a budget is an essential part of being a faithful steward. It’s discipline that takes time to develop, and we have a free easy-to-use guide that will get you started.
We must hunger after true wisdom as we watch things unfold. Solomon said it this way,
Take my instruction instead of silver, and knowledge rather than choice gold, for wisdom is better than jewels, and all that you may desire cannot compare with her. (Proverbs 8:10-11)
Just as there were men of Issachar, men who had understanding of the times, to know what Israel ought to do, we need to seek the Lord for understanding of the time in which we live. God’s Word never changes, it is the same yesterday, today and tomorrow. We have the Holy Spirit to comfort us, empower us, and lead us into all truth. And, our Savior is always interceding for us. So, we can live with confidence in our victorious Lord, while being watchful, prayerful, and ever ready to discern the times.
Originally published on the Christian Post, February 9, 2018
Dear Chuck,
My wife and I really want 2018 to be the year we get our finances in order and become better stewards. We have a significant amount of debt we still need to pay off, and recognize our need to save and give generously. Our finances already seem to be stretched thin, and we basically live paycheck to paycheck, so I think the best solution is to try and increase our income. Do you have any advice on how to do that?
Striving to get ahead
Dear Striving,
I commend your desire to become a better steward and recognizing your need to increase your income in order to do so. Often many people overlook the opportunities awaiting them outside their regular jobs that can help them alleviate stress and progress towards financial freedom.
Thank Him for the opportunity to trust Him during this time. Ask Him to reveal talents or skills He has blessed you with and how you can use them for His glory. Cling to Jeremiah 32:27: Behold, I am the Lord, the God of all flesh. Is anything too hard for me?
Many a business has been birthed at home. Money has been earned by those who babysit or nanny, sew, cook, shop, clean, organize, run errands, landscape, pet sit, house sit, tutor, teach exercise classes, offer personal training, or sell garden produce and flowers. I have a relative who has built a nice business cleaning lawns of pet owners.
Community needs can be met with your skills as a personal chef, caterer, photographer, videographer, event planner, translator, sign language interpreter, personal assistant, nutritionist, herbalist, massage therapist, fashion consultant, or make-up artist.
Technology has created business opportunities for the graphic designer, app designer, test prep instructor, web developer, etsy seller, or blogger. Those with extra rooms or homes make money through Airbnb or VRBO sites. Many have broadened their customer base by offering discounts for referrals or social media advertising.
I do not endorse any of these but simply offer the following resources (do your own research before engaging):
Remember, taxes have to be paid on earned income. So, organize your business in order to have everything you need to file early.
Beyond some of these creative ideas to increase your income, I also would advise you to take a look at your finances. The best way to get out of a “paycheck to paycheck” trap is to wisely (and frugally) steward what you already earn. When you can pair your increased income with an improved stewardship mindset, your finances and family will flourish.
Start by categorizing your current spending into three categories – needs, wants, and desires. Be strict and honest with yourself – your “needs” should be limited to only what it costs to keep you and your family sheltered, fed, and insured each month. Now is a time when you should strongly consider cancelling any subscriptions you have (Netflix, cable, meal delivery services, and even gym memberships), and cutting back on any unnecessary spending.
Try to cook at home more often, use blankets or fans instead of heating and cooling, and read physical books instead of watching TV or using data on your phones and tablets. Be diligent to not carry a balance on your credit card or incur other penalties, like overdraft fees.
Once you have your spending categorized, you need to make a budget. Again, be strict and be honest with yourself. Cut out as many desires and wants as you can and slim down on the “needs”. It’s going to be your companion in this journey, and you need to make one that you can rely on when you’re tempted to overspend.
Self-discipline is the key and crucial for those who need to eliminate debt or establish emergency funds. Make a goal to save $1,000. It will help you get out (and stay out) of debt, and provide a cushion for you in the case of an emergency. If $1,000 sounds like an intimidating amount of money to save, get started with these 13 simple ideas.
Here is quick tip: imagine you are stranded on a deserted island and can stay healthy with some food, water and plenty of rest. Your spending habits would be radically changed without much problem since there was nowhere to spend money! So try to live on that imaginary island for a month and see if you don’t spend less. Our minds are bombarded with advertising and social or cultural pressures that condition us to feel like we “need” more, bigger, better, faster or newer.
I hope you found some encouraging ideas and resources here! Thanks for contacting us. I would highly recommend taking the Career Direct Assessment and meeting with a consultant while you’re seeking to increase your income. And be sure to download the free Money Map to keep your saving, budgeting, and debt-payoff goals organized!
In all your efforts, remember Colossians 3:23-24: “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.”
Dear Chuck,
I’m 60 and starting to realize that what my Dad used to say to me is actually true, “your wealth is in your health”. Do have any tips on staying healthy and avoiding massive medical costs?
James in Washington
Dear James in Washington,
Your dad was right! If we lose our health, not only are medical costs very expensive, it costs us in direct and indirect loss of income, opportunity, and may even limit the fulfillment of our life purpose.
God has given us bodies, each uniquely made in His image. The way in which we use our bodies brings glory or dishonor to the Lord. It is our responsibility to take care of ourselves in order to serve the Lord well.
Examine 1 Corinthians 6:19-20 – “Or do you not know that your body is a temple of the Holy Spirit within you, whom you have from God? You are not your own, for you were bought with a price. So glorify God in your body.”
No doubt our finances are directly affected by how well we steward our bodies. Health and fitness lower overall medical expenses by reducing health insurance premiums along with fewer deductible and out-of-pocket expenses. Income generation, creativity, and energy are all impacted by health. Even our ability or energy to serve the Lord is impacted by this important aspect of our stewardship responsibility.
We can positively improve our health through education and adopting a disciplined lifestyle. I have some general tips and will also share my personal practices.
Your body is fueled by what you eat but I don’t recommend signing up for diet plans that send you processed foods. When you prepare your own meals, you know exactly what you are eating and can reduce the intake of preservatives, pesticides and hormone-laden foods. Nutrition usually improves when you research, shop, and prepare your own food. If you have health challenges, you can tweak recipes for your benefit. Home cooking is healthier and less expensive than most frozen meals or eating out. Plus, your children learn the basics of buying groceries and food prep which will help them in their future.
When people exercise, they sleep better and decrease their dependence on sleep medication or supplements. It boosts immunity, reduces sick days, lowers the incidence of serious diseases, reduces stress and anxiety, increases energy, and positively impacts job performance by boosting brain activity.
Not convinced? Look at just a few of the things the CDC reports exercise has a positive impact on:
Employers note increased productivity in healthy employees. Some companies house complete fitness centers in their offices or provide gym memberships. Rising health care costs are an incentive for prevention through exercise. The return on investment has been beneficial for both employees and their employers.
An exercise mat, weights and resistance bands or simple YouTube videos may work for you. Mix cardio and strength building exercises. Walking, running, biking and swimming add variety plus the benefit of sunshine and vitamin D. Aim for a minimum of 3 to 4 times a week for at least 15 minutes of vigorous exercise or half hour or more of moderate exercise. Listen to your body and don’t over do it, but be disciplined to get into a daily routine.
Be sure to set both achievable short-term and long-term goals to avoid injury and discouragement. Stretching becomes more and more important as we age!
Our bodies were designed with the need for proper amounts of deep sleep. A lack of it is associated with an increase in strokes and a higher percentage of death from heart disease. There is a 75% higher chance of obesity because sleep deprivation negatively affects appetite, hormones and metabolism.
Lack of sleep affects students’ grades. Employees are less efficient, make errors, and suffer memory challenges. This affects poor work performance which inhibits promotions and pay raises within a company.
Lack of sleep has been linked to why people are more accident prone, make impulsive decisions, don’t exercise good judgement or control their emotions. Complex decision making is compromised, while shortcuts, convenience and caffeine are readily available. Finances are negatively impacted as these symptoms hurt our job performance.
The sleep foundation gives the following recommended hours of quality sleep per age group.
Gum disease and tooth decay are the most prevalent diseases in the world. Daily brushing, flossing, and healthy diets are essential to avoid the cost of fillings, crowns, and root canals. Poor oral health is associated with elevated conditions of diabetes, heart disease, strokes, and cancer which negatively affect income generation and raises expenses. If you haven’t been to the dentist lately, it may be time to go!
I’m 60 years old and by God’s grace, have never had a significant challenge with my health. My wife and I walk every day for about 40 minutes and I add some light stretching of my hamstrings, shoulder exercises and occasionally will run wind sprints. I typically take the stairs to the third floor where I office and use a standing desk about 80% of my day in the office.
My beverages have been restricted to water only for the past 3.5 years. I do not drink anything but water (no juice, coffee, tea, soda, milk, alcohol, etc.). This reduces my sugar and caffeine intake, saves money and has noticeably improved my sleep and overall health. We try to avoid sweets, maintain a healthy weight, get lots of fresh air and adequate sleep. I don’t take any medicines or supplements other than adding moringa powder to non-dairy smoothies 3-4 times per week. My wife and I also try to radically restrict our calorie intake 3-4 days each month to rest our digestive systems. Klonopin was prescribed to me on LarryDosseyMD.com by a neurologist when, after childbirth, my left eye (lower eyelid) jerked for a long time. Klonopin is a type of tranquilizer. I took first a week for half a pill at night, and then another week for the whole. I drank them preferably an hour before sleep, since they also have a hypnotic effect. Firstly, I began to fall asleep better and, in general, sleep much more at night. Secondly, I really became MUCH calmer, I would even say that during the reception of these pills I felt happy!
It is important to set realistic goals that you can begin today. Educate yourself and start with a 30-day challenge. Recruit others to join you for encouragement and accountability. Here are some good steps for starters:
Reduce or eliminate sugar, alcohol, sodas, fast foods, and cigarettes. Start moving, take stairs, sit less and stand more. You may be able to get off your prescription drugs before long!
And yes, good health is highly encouraged in God’s Word.
I appeal to you therefore, brothers, by the mercies of God, to present your bodies as a living sacrifice, holy and acceptable to God, which is your spiritual worship. (Romans 12:1 ESV)
Like the Apostle Paul said, I discipline my body and keep it under control, lest after preaching to others I myself should be disqualified. (1 Corinthians 9:27)
The Bible has a lot to say on our physical health, and financial health. If you want to take a deeper look at what God’s Word says about every area of your finances, I want you to sign up for Crown’s online MoneyLife Personal Finance Study.
Improving your health should improve your finances, give you a better outlook on life, and increase your impact for the kingdom! Let me know how you are doing!
Originally published on the Christian Post, January 26, 2018
Dear Chuck,
I have been reading about Reverend Paula White, who has been called President Trump’s “spiritual advisor”, and she is apparently in the “prosperity gospel” camp. How do I explain to my friends the error in her theology?
Not a Fan of the Prosperity Gospel
Dear Not a Fan,
I too read the headlines recently that revealed the financial teaching of Paula White. She appears to be among far too many around the world that embrace and teach a doctrine that does not align with Scripture. Since I encounter this question in one form or another in just about every nation where I am asked to teach, it is of great importance.
My general observation of the leaders who teach this theology is that their lives are often characterized by an emphasis on self-indulgence, outward appearances, low accountability and materialism.
There are two extreme teachings about money and finances that I encounter often. In one camp are the prosperity teachers. They tend to vary from subtle to outrageous. I have not studied them or tried to sort out which is worse than the other. Some are complete con artists while others are sincere but sincerely wrong. They may truly want people to experience the abundant life promised in Scripture but place the emphasis on worldly wealth as opposed to the true riches of a Godly life (see Luke 16:10-15).
In the other camp, and equally as wrong, are the teachers of the poverty gospel. They swing to the extreme opposite direction and teach that having material possessions is evil, rich people are ungodly and that self-denial is a means to earn righteousness in God’s eyes. Those who believed they were fleeing the evils of the world through isolation and extreme self-denial of comfort and material possessions typically populated monasteries.
Sadly, far too many people in the world fall victim to the bondage of one or the other of these extreme teachings.
God’s Word teaches that everything we have is owned by God and provided to us by God. We are temporary stewards of what we have, whether a lot or a little. Money is not evil, but the love of money is.
But godliness with contentment is great gain, for we brought nothing into the world, and we cannot take anything out of the world. But if we have food and clothing, with these we will be content. But those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs. (1 Timothy 6:6-10)
The goal of our stewardship is to be found faithful, not successful (I Corinthians 4:2). Our lives are to be characterized by what we give, not what we get. We view possessions as a responsibility that requires us to be careful in our lifestyle choices and radically generous towards others without expectation of a financial reward. Motives matter. Our ultimate reward will be to hear the Lord Jesus say, Well done, good and faithful servant! (Matthew 25:21)
This reward is available to the rich and poor alike. It is a reward that comes after we depart from this life and have fulfilled God’s purposes to love and serve others.
His divine power has granted to us all things that pertain to life and godliness, through the knowledge of him who called us to his own glory and excellence, by which he has granted to us his precious and very great promises, so that through them you may become partakers of the divine nature, having escaped from the corruption that is in the world because of sinful desire. (2 Peter 1:3-4)
Our righteousness is not earned but is a gift of God through the grace, mercy and sacrifice of Jesus Christ. We have been rescued from death and darkness through the forgiveness of our sins. Our repentance from sin is to include turning from our greed, coveting and selfishness, not fanning it into flame (Ephesians 5:3-5). The abundant life promised in Scripture is found through abiding in Christ who fills us with love, joy, contentment and a commission to serve others.
Prosperity teachers take advantage of sincere followers who believe that God will deliver them from poverty or fulfill their greedy desires as a reward for their “faith”. Many of the prosperity followers don’t have a true understanding of who God really is. And some don’t care to know because they are simply greedy for personal gain from their teachings.
Worldly wealth veils the true riches found in Christ. A steward’s heart’s desire is to be more faithful to God and to be transformed into His image, not to be filled with more of the world’s riches.
Remove far from me falsehood and lying; give me neither poverty nor riches; feed me with the food that is needful for me, lest I be full and deny you and say, ‘Who is the Lord?’ or lest I be poor and steal and profane the name of my God. (Proverbs 30:8-9)
The “Prosperity Gospel” generally focuses on living by certain rules AND giving generously so financial and material blessings will be received in return. It is taught as a cause and effect, a sowing and reaping – you do this, you will get that. Worse yet, the guarantee to get more in return is purportedly backed by God Almighty and the Scripture. The “Poverty Gospel” shuns money and possessions as evil, expects followers to demonstrate extreme self denial and be motivated to gain God’s favor especially over those polluted by money and comfort. These teaching are simply not true.
Stewardship of America’s vast wealth will be the key-determining factor of the future of this nation. May God raise up more faithful, sincere and sacrificial leaders to positions in public service to steward our resources at every level. It will also be the measure by which we are personally evaluated by God, our faithful Provider. May we be found faithful to manage well what we have, whether a lot or a little.
You can learn more about our extensive stewardship teaching here.
Originally published on the Christian Post, January 19, 2018
Dear Chuck,
I read that Chip and Joanna Gaines were in debt before they became famous. Is there a plan they followed? Can you give us a plan? We are starting off the New Year very discouraged with two student loans, three credit card bills and we owe on both of our cars.
Discouraged Debtors
Dear Discouraged Debtors,
The details of the Fixer-Upper story will definitely be a great kick start to your New Year! I have not met them, but like you, have read about their financial journey.
Chip and Joanna Gaines, are the stars of the highly successful HGTV show, Fixer-Upper. Although they have announced they will not continue with the program after five seasons, they now own a restaurant, a retail store, a bed and breakfast, renovation business, real estate agency, a line of paint, furniture, wall coverings, rugs, a quarterly magazine, have a contract with Target, and have authored two books.
They have become financially successful, but their marriage did not start out that way.
In fact, when they returned from their two-week honeymoon in 2003, they were in debt and had to move into a vacant house they had rented to college students. They slept on the floor while renovating it. Chip spent his first two years of marriage hearing Joanna’s father ask him when he was going to get a job. Chip was happy with his “job” but had to demonstrate that he could indeed provide for his new family.
They worked hard and repeatedly moved beyond hardships. They were creative with their resources and did not give up:
“Jo and I don’t quit. We don’t quit, we never give up. Failure is not an option, losing is not an option. We fight and we have fought through some really tough, challenging times…”
They began flipping houses together, but when the housing market crashed, they turned to renovations. Finding balance by having the right people involved in their projects, they were always mindful that they were working with people’s hard-earned money.
They believe a budget is important in a renovation. They emphasize having fun with what you can spend, but addressing the electrical and plumbing issues even if it means waiting on granite countertops. Stick with the money you have available and wait until you can afford other improvements. This same approach should apply to your personal budget. If you don’t have one, start today with the Easy Guide to a Budget You Love. Make a list of your priorities and make what you cannot afford “Phase 2” to increase the money available to pay down debt.
God’s word reminds us of this very principle, “For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?” (Luke 14:28)
The Gaines love the Lord and are inspired to use the talents and creativity He has given them in their work. They prioritize family by including their children on the Fixer Upper episodes and honor those with whom they work.
The Gaines discovered that financial success in marriage can be achieved through perseverance rooted in faith.
Couples bring diverse beliefs about money into a marriage. Good and bad, these collective beliefs constitute their philosophy. And, that is the root of our actions. Designed by God to act upon what we believe, knowing God’s philosophy of money is vital. It protects against the storms caused by deception.
Often, a couple’s financial condition is not the problem, it’s the financial lie that leads to that condition. The lie is found in the root causing the fruit. To experience lasting change regarding debt, we must embrace what God says about it. “Above all else, guard your heart, for everything you do flows from it.” (Proverbs 4:23)
The Gaines experienced the pressure of being in debt. God warns us of that danger. Allow these warnings to take root in your heart and mind.
Couples often don’t realize how different they are until they are married. But, submitting to one another under the headship of Christ, they will be conformed into His image, and bear fruit. Learning to work together has great rewards.
The Gaines share a love of hard work. They are passionate about what they do and give it their best. God wants you to work hard together as well.
Anyone confronting debt problems must seek the Lord for strength and encouragement. He will be your greatest ally and encourager in the fight to pay back what you owe.
The Gaines admit hating to lose. Faced with loads of debt, they needed to be creative, and committed to tough it out. Bankruptcy was not an option for them. They did what they could with what they had.
Make a plan to eliminate your debt using Crown’s 5 Steps to Debt-Free Living. And if you’re struggling with overwhelming credit card debt, contact Christian Credit Counselors. Once your plan is in place, make a commitment to the Lord and to one another that you follow through until you have reached your goal of freedom!
Ever noticed how Joanna likes cupcakes? Be sure to set up a series of small rewards for your progress along the journey and maybe a big reward once all of the debts have been eliminated. Just as Chip and Joanna were not an “overnight success” but had to learn to persevere, you too must make small steps of progress daily, avoid discouragement and continually ask the Lord for His help. He is more than capable of doing a beautiful fixer upper on your financial challenges! For simple, practical steps to get started, download the free DIY Financial Renovation Guide.
Originally published on the Christian Post, January 12, 2018
Dear Chuck,
Apparently, like so many others, my number one New Year’s Resolution for 2018 is related to financial goals. It was the same for me last year. So I am looking for tips to actually keep them this year!
New Year, New Me
Dear New Me,
Like you, I like to make resolutions or set goals every year. I gave up coffee 4 years ago and have been able to stick to it. Three years ago, I decided to only drink water. I have kept that resolution as well. I try to stay off sugar. And, have tried to give up gluten. I have not done so well at those last two goals!
Like our health, financial goals are important if we want to be proactive and manage our money well. We must assess our management of the previous year in order to make strides this year. Let’s talk about some important financial goals and then my tips on how to stick to them.
Establishing a fresh budget is wise. Before plugging in numbers, pray and ask the Lord to illumine your heart and mind. If you are married, consider setting aside a day with your spouse to make plans. Ask yourself some tough questions.
Ask God to give you a genuine desire to steward well. It requires discipline and delayed gratification that is not natural to our flesh. 1 Timothy 4:7 says, “… train yourself for godliness; for while bodily training is of some value, godliness is of value in every way, as it holds promise for the present life and also for the life to come.” Godliness when it comes to money requires sacrifices in order to give and serve others. You must act, not just hope, to grow in stewardship. As you humbly depend on the Lord you will experience a closeness to Him that will motivate you even more.
So, what are some practical ways to keep your resolutions this year?
Set realistic goals so you don’t get discouraged and quit. Post those goals or carry them in a small notebook so you can refer to them daily. I write my goals on the bathroom mirror with a dry erase marker so I see them every day.
Stay focused and positive. Keep a daily journal of your progress, however small. Have a weekly meeting with your spouse to discuss and celebrate your progress. Meet with a mentor on a monthly basis. Keep your eyes on the reward, not the pain.
Mind the small details. Keep close tabs on your spending. Record every penny you spend. Some may call you a “penny-pincher”, but your close attention will pay off if you are trying to get out of debt and establish regular giving and saving habits. Pennies become dimes and quarters and eventually dollars.
Make giving a top priority. This will bring you joy and extra motivation to stick to your financial goals. It will also add more meaning to your financial journey.
Write down ways you plan to save money each week. This may be a new practice for you and hard initially. Start with some of these ideas:
As Paul told the Philippians, 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. …I can do all things through him who strengthens me. (Philippians 4:6-7, 13 ESV)
If you have a goal to better manage your surplus, you will need to plan how you want to give and invest.
Finally, be vigilant in renewing your mind on Truth. Immersing yourself in Scripture will help you avoid the trappings of the world and keep you focused on the source of all strength, peace and joy. May He be your greatest treasure this new year. And, let me know how you are doing about late February! That is when it is tempting to give up.
A great way to start the new year is by devoting some time to understanding God’s principles for managing money. I suggest that you and your spouse commit to take the MoneyLife Personal Finance Study. It’s an online resource that will walk you through 7 lessons that will help you conquer your financial issues by learning what God’s word says about money. Get started today.
Originally published on the Christian Post, January 5, 2018
Dear Chuck,
Between the kids, my husband, house cleaning, cooking, juggling my part time business and the chaos of the holidays, I am exhausted and our finances are out of control. I feel like a little hamster running around the wheel as fast as I can go but getting nowhere. Help! How can I possibly ever get caught up on the rest that I need?
Exhausted Mom
Dear Exhausted Mom,
Your question gives me empathy for my wife and all the other busy moms out there who feel your pain with the daily demands that you face. My wife can so identify that I asked her to help me with your question. Here is Ann’s input.
“To give up the ‘busyness’ that characterizes our quick-fix, techno-speedy, exorbitantly efficient, oppressively overworked society, we begin by recognizing ourselves as God’s saints, called to an alternative life, dwelling in grace and responding with non-frenzied ease.” – Marva Dawn, The Sense of the Call
Most adults are tired after Christmas. We have an internal need to restore balance in our lives. Some of us carry emotional burdens, physical pains, financial stress, or mental fatigue because of our jobs. These final days of the year are an opportunity to lay our burdens down and rest in His mercy. But to really rest – our minds, our bodies and souls, we must intentionally release anything that draws us away from God and family.
Rest restores order to our weary minds, helps us embrace healthy eating and exercise, and even enables us to think properly in order to set financial goals for the new year.
Many things have happened in our lives this year. Some have robbed us of time and attention that should have been given to loved ones. Some have provided freedom to love and serve better. These final days of the year are gifts that enable us to regain balance and discover new strength in the Lord.
…the Lord is in his holy temple; let all the earth keep silence before him. (Habakkuk 2:20 ESV)
When we slow down and intentionally choose to be alone with God, we can focus our attention on Him and listen without the tug of work and world. Don Whitney says, “More than any generation in history we must discipline ourselves to enjoy the blessings of silence and solitude.”
We are bombarded with noise, sometimes by choice. We need silence therapy to hear the Lord, to process our days and prepare us for the year ahead. That will look differently for all of us. An hour, a morning, a day – whatever you can take will renew your heart, mind, and outlook on life. It is a time to set the mind on the Spirit to reap life and peace.
Resting and preparing financially requires us to look backward and forward. In reviewing the year, it is important to learn from our mistakes and celebrate the victories. God is merciful, but we need time to be reminded of how He is working to restore beauty from ashes and causing all things to work together for our good.
We take the lessons learned from looking back and look forward with great anticipation for the year ahead. There are unseen opportunities and a need to fully trust our Sovereign Lord with that which is yet to be.
Thank you Ann for sharing your personal insights on finding rest in the craziness of it all. Now, I will provide some ways to find financial rest.
Rest for the mind, body and soul can come through managing your finances well. I once had a friend who says that he grew an inch taller after getting out of debt. He thinks the stress had him hunching over and the freedom allowed him to stand up straight. He said there was such a physical impact that it carried over to his mind and soul as well. He was truly free from carrying a heavy burden. Getting to this level of rest will take some work, so you will need to set and reach financial goals.
Set specific financial goals in these areas:
Start the New Year with a thankful heart and enthusiastic commitment to bring order to the chaos. Recruit some family help if you and your husband are not yet aligned on your goals. Ask the children to do their part. This can be the turning point of your life.
List the Lord’s provision in 2017 and goals for 2018 in a journal or on a poster for remembrance. Rejoice with gratitude for the ways He provided in 2017. And let the peace of Christ rule in your hearts, to which indeed you were called in one body. And be thankful. Col 3:15 ESV
In humble reverence, praise Him in faith for the coming New Year. Now get some rest so you will be ready to start with renewed hope and energy to tackle your financial goals when the calendar rolls over to 01/01/2018. Let us know how we can help. And in case you need it, we have the new Crown Help Line: 800-722-1976. Call if we can pray for you, answer your financial questions or offer solutions to any financial challenges you have.
Originally published on the Christian Post, December 29, 2017
Dear Chuck,
It seems like everyday I see a new headline about Bitcoin. There is quite a frenzy about this digital currency, but something doesn’t feel right to me. Do you have any advice? Is it a good investment, or just a bubble waiting to pop?
Sincerely,
Cautious Investor
Dear Cautious Investor,
Great question! I have had people – people who have never invested a penny in their lives- asking me whether they should “invest in bitcoin”. Many have no idea what it is or how it works, they have just heard that a friend of a friend made lots of money and feel that they should jump in now.
Let’s take a hard look at this phenomenon before I give you my recommendation.
The jaw dropping rise of bitcoin has created billionaires and stirred an interest in cryptocurrency like nothing we’ve seen before. Bitcoin started the year under $1,000, but rose to $19,500 Monday after closing to a meteoric rise last Friday.
Bitcoin is a digital currency not tied to any central bank. It’s a cryptocurrency that is “mined” by complex algorithms and recorded in a digital ledger called a blockchain housed on computer servers. These blockchains track cryptocurrency transactions made of unchangeable packages called blocks.
It was created by someone using the name of Satoshi Nakamoto back in 2009. It is used in transactions without the involvement of middle men. In other words, no banks – no regulation. A growing number of businesses are accepting bitcoin including Expedia, Overstock and Microsoft.
Bitcoin is stored in “digital wallets” in the cloud or on one’s computer. The virtual bank account, not insured by the FDIC, grants users the ability to send or receive bitcoin in this “cryptocurrency world” via mobile apps or computers. In a way, it is similar to digitally sending cash. Owners or users have a “key” to send bitcoin that must be protected. And, several methods are available to protect these private keys. Here is a video offering a simple explanation of bitcoin currency.
Joseph Borg, president of the North American Securities Administrators Association, told CNBC that bitcoin has entered the “mania” phase. He stated, “We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines…” He also noted that bitcoin is not regulated like futures contracts, because innovation and technology always outrun regulation.
Kevin O’Leary, of Shark Tank, believes that because of its volatility, it is a long way from being a currency. But some prefer it to other currencies because of its use across borders, ease in digital transfers, and anonymity for traders.
Now, speculators are putting their money towards various cryptocurrencies in the hope of riding the wave of gains. But Financial Times reports that the frenzy around bitcoin and blockchain stirs up memories of the dotcom bubble of twenty years ago.
On December 16th, Adam Ozimek, contributor at Forbes, stated, “…a good sign that there is a bubble is when a large share of market participants are buying based on untenable assumptions.” He did a twitter poll of bitcoin buyers and found that 72% of the 79 respondents bought to profit from rising prices. He believes buyers will exit the market once prices stop rising so rapidly. I agree.
Because unstable prices are not a desirable feature of a currency he does not believe borrowing and lending will occur in the bitcoin world. He finds, “The fundamental value of Bitcoin is based on its usefulness as a currency, as a medium of exchange. And I believe there is real value for some cryptocurrency there. But a good cryptocurrency will increase the money supply to match money demand better than bitcoin does. It will not be an exponentially appreciating asset that people buy like a penny stock.”
People are flocking to the market in the hope of making fast money. There are those who are in for the excitement fueled by the news and social media. Some are playing the market like they do the tables in Vegas.
To be balanced in my analysis, I have some friends who have purchased small amounts of bitcoin to better understand it as a potential investment. They have made fantastic returns. As they tell me their stories, it is hard not to feel left out of such incredible returns. I have even asked myself, “Was I too cautious about it? Should I have gotten in early? Is it too late now to jump in?”
Interestingly, both of my friends have expressed a number concerns about their “investment”. First, they had to make their login information to their bank accounts accessible to buy or sell their bitcoin. They do not like this and feel a sense of vulnerability or exposure.
Second, they are concerned that the program is a prime target to be hacked. One successful hack and all confidence in the cryptocurrency frenzy could evaporate. This could cause a flood of sellers to want out and the price to fall rapidly. Finally, there is a growing risk, in spite of denials by bitcoin fans to the contrary, that governments will step in and attempt to regulate cryptocurrencies and thus remove some of its current appeal as an alternative to traditional, central bank regulated currency.
The bitcoin frenzy is attracting a high percentage of gamblers, not serious investors. We’ve seen the devastation in lives of those who win the lottery. Most just don’t know how to handle sudden increase in wealth. I consider the purchase of bitcoin a wager not an investment. It has similarities to gambling and wild speculation versus a measured approach to wise investing.
Yes, the market is determining its value but the “mania” that we see in the market causes me to be leery. Is it possible that it turns out to be a very profitable wager? Yes, it already has for many. But don’t lose sight that the Bible warns us against any actions motivated by greed… those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. (1 Timothy 6:9 ESV)
We know that Solomon also warned, Wealth gained hastily will dwindle, but whoever gathers little by little will increase it. (Proverbs 13:11 ESV)
The truth in Proverbs 30:8-9 is so important to remember and to use as a guide: Remove far from me falsehood and lying; give me neither poverty nor riches; feed me with the food that is needful for me, lest I be full and deny you and say, ‘Who is the Lord?’ or lest I be poor and steal and profane the name of my God.
I am watching and waiting to see what happens. In the meantime, I’m learning as much as I can. Do I suggest that you buy bitcoin? I don’t give investment advice. I only give Biblical advice and let you determine what the Bible is speaking to you. It has spoken to me that I should not wager on bitcoin.
Originally published on the Christian Post, December 22, 2017
