Dear Chuck,
Is fantasy football gambling? My oldest sons (14 and 17) and husband are really into it and I am wondering if it’s the right decision for them. Does the Bible say anything about something like this?
Thanks,
Concerned Mom
Dear Concerned Mom,
Fantasy football is big business and many do consider it gambling from a legal and moral perspective. Even though it can be played without gambling money, many “leagues” require an entry fee, which involves risking money in an attempt to gain more. Offline betting on leagues is illegal, but rampant. It has culturally been accepted as “entertainment” or “just a football contest” since some argue it is based on more controllable variables than simply random chance.
My understanding is that fantasy football involves compiling a group of players you expect to perform well in upcoming games. Some play for daily prizes, others for only a season, and some do both. You earn a certain number of points based on how well your chosen players perform in real-life games. You win by earning more points than your opponents. The winner of the league is then usually determined by the team with the best win/loss record for the season. Seems relatively harmless, right?
Fantasy sports is a multibillion dollar form of “entertainment” occupying the time of approximately 60 million players here and in Canada, according to the FSTA. That’s a lot of money, and a lot of time invested by a whole lot of people.
A poll of 500 fantasy football participants was recently commissioned by LendEDU.com. Respondents, on average, spent a little under an hour a day working on their fantasy teams while at work. Using the median wage for U.S. workers of $44,148 and assuming players spend 13 weeks researching and playing, then more than $1,100 is lost per player in productivity each season. If 60 million players are using their computer or phone to do research or lineup changes on company time, then employers are being silently robbed.
Whether players bet or not, and whether they use company time or not, the question that still begs to be answered is “why?” Knowing people are dying spiritually and suffering physically around the globe, is this the best use of a Christian’s time and money?
We are a society fixated on entertainment. Believers can get way off mission when distracted by things of this world. Sacrifice, service to others, and spiritual growth wanes when our attention is given to trivial things.
Entertainment appeals to the flesh, but it cannot satisfy man’s deepest longings. It is a temporary fix at best, but can actually be a vice or idol. Disguised in a way that offers fun and “fellowship”, it distracts God’s people from their true calling, demanding time that cannot be given back and money (for those who are betting) that would be better invested elsewhere, and can lead to a gambling addiction. And, unfortunately, statistics show that gambling promotes other vices.
To entice someone to gain money at the certain loss of another violates virtually every principle taught by Christ. It promotes selfishness, greed, and covetousness. It is not God’s way that others must lose their money so that I can win.
Furthermore, we’re setting an example to our families, friends, neighbors and church members. What does this say about what we value? Are we being conformed to the world if we are caught up by the entertainment it offers?
We’re responsible and accountable for our actions regardless of what others do. We’re to look beyond the temporary rewards of the world to the eternal rewards of living in the light.
As Paul proclaimed, “If then you have been raised with Christ, seek the things that are above, where Christ is, seated at the right hand of God. Set your minds on things that are above, not on things that are on earth.” (Colossians 3:1-2)
We don’t have time to waste! Our life on earth is fleeting and the impact, the legacy we leave must be seen through the eyes of faith.
For we ourselves were once foolish, disobedient, led astray, slaves to various passions and pleasures, passing our days in malice and envy, hated by others and hating one another. But when the goodness and loving kindness of God our Savior appeared, he saved us, not because of works done by us in righteousness, but according to his own mercy, by the washing of regeneration and renewal of the Holy Spirit, whom he poured out on us richly through Jesus Christ our Savior… (Titus 3:3-6)
Having this eternal perspective of our money does not come naturally to us. We have to learn what the Bible says about how we are to steward our time and money. Crown’s online MoneyLife Personal Finance Study was created to help you learn what the Bible says about stewardship. Through this online study, you’ll learn what God says about every area of your finances, and how to become a biblical steward. I would encourage you, your husband, and your sons to all enroll together.
Consider asking your men to evaluate their involvement with fantasy football by asking some pointed questions:
Are you preoccupied with this “entertainment”?
Are you honoring your employer by avoiding using your company time to check on your game?
Is it affecting your schoolwork?
Have you kept track of how much time it actually consumes in your day?
Are you borrowing money to play?
Are you chasing losses?
Are you giving more money to the church than you are spending on fantasy football?
Are you causing a weaker brother to stumble?
Does Christ deserve more of your heart?
Regardless of their motive or current fascination with fantasy football, I hope you will be able to make progress in directing their time and attention to the things that truly will matter when the stewardship of our time and money is ultimately evaluated.
I hope they will be able to say as Paul, “Indeed, I count everything as loss because of the surpassing worth of knowing Christ Jesus my Lord.” (Philippians 3:8).
Originally published on the Christian Post, October 6, 2017
Dear Chuck,
My sister’s home in Houston was seriously flooded during Hurricane Harvey. She and her family are fine, but in shock! They lost both cars, and his business is shut down until they can recover. What should they do now? Any advice?
Thanks,
Harvey and Irma
Dear Harvey and Irma,
I am so sorry to learn of the losses suffered by your sister and her family. We have witnessed so many lives lost or seriously disrupted by the onslaught of hurricanes, tropical storms and fires in the United States in the past sixty days, not to mention the devastating earthquakes in Mexico. This is a good question that I have answered privately for a few friends and am happy to share my response more broadly.
My parents were impacted with property damage by one of the most devastating tornadoes in American history that hit Wichita Falls, Texas in 1979. I understand how overwhelming these events can be!
In the middle of a crisis, people usually can’t think logically. But, there are several important things you need to do when disaster strikes. Your sister has probably already done a number of these steps but hopefully they will help guide her. It is also good for anyone to keep this information where you can find it in a hurry if a natural disaster strikes. We compiled all these points in a checklist to make it simple.
Immediately contact your family and network of close friends. Provide your location, condition, and how they can stay in contact with you. Social media, if available, can be beneficial. Ask for prayer, being honest about your needs and the financial implications. Some may be willing and able to help. Others may offer direction or connect you with people who can assist you.
As soon as possible, contact your church family and give them pertinent information. They will often be the first to mobilize local assistance. Tell them your needs and be willing to accept help. If the disaster is widespread in your community, find ways you can serve others. The Bible tells us that the Body is made up of many parts and each of us has a purpose. “If one member suffers, all suffer together; if one member is honored, all rejoice together.” (1 Corinthians 12:26) Use your gifts and talents to sacrificially support, serve and comfort one another.
FEMA (Federal Emergency Management Agency) is a government agency that supports citizens and first responders during times of emergency. You can find up-to-date resources and information on their website.
Notify your primary insurer(s) and ask about your coverage. Find out what assistance is available, if any, and inform them of your circumstance. Take pictures of the damage you or your property has sustained during the disaster.
You’ll need to reset your budget for the immediate short-term and focus on the essentials while you regroup. This budget is based on the same biblical principles as your normal one, but with key adjustments since your income may be temporarily disrupted. Do not fear or panic. Pray, remain calm and focus on basic necessities. Remember, God is the owner and provider of all things. “The earth is the Lord’s, and everything in it, the world, and all who live in it.” (Psalm 24:1 NIV). He will faithfully carry you through this crisis.
Often employers have plans for assistance or provisions for employees affected by disasters. Make your needs known and ask your employer to work with you while you get your life back to normal. Remain in contact. If self-employed or running your own business, communicate with your key customers and staff. Share plans you’re making to take care of your accounts.
Once you have all the information from relief organizations and your insurance company, make a plan for your future. How has your job or income been affected? Can you recover your losses? Are you going to rebuild? What are your short-term and long-term plans?
The Crown Money Map may be a helpful guide as you contemplate your future financial plans. Carefully make decisions. Be slow to make major financial changes while in shock or grief. Recruit a trusted friend or family member to help. Keep your guard up. Scammers, criminals and con artists prey on those most vulnerable or desperate. Be extra careful when hiring any labor, especially when rebuilding your home. Find helpful tips for hiring a reputable contractor here.
If your job or business is interrupted and extra income becomes necessary, consider a part time job to carry you through. Companies like Uber, Lyft or Upwork offer opportunities for part time, contract work. Many jobs arise during the cleanup and rebuilding following a disaster. It’s possible that an economic boom will occur in the area as relief funds pour in. Consider hiring out as a contractor via websites like TaskRabbit or Handy. Home-based businesses like making meals for workers and volunteers or childcare for families rebuilding their homes are possible ideas.
Job lost his business, his servants, his assets, his children and his health – one right after the other! Amidst the shock, horror and grief he proclaimed:
“Naked I came from my mother’s womb, and naked I will depart. The Lord gave and the Lord has taken away; may the name of the Lord be praised.” (Job 1:21 NIV)
Cast your cares upon the Lord for He cares for you. He will never leave you or forsake you. Don’t lose faith. He can deliver you safely through your darkest valleys.
Feel free to refer your sister and her family to Crown for financial coaching during this team. We have trained volunteers that would be very willing to help them work through the myriad of financial decisions ahead.
We have also compiled all these important steps in a checklist. Download it, print it, and keep it in a safe place. Feel free to share it with others and those trying to recover from these disasters around the world.
Originally published on Christian Post, September 29, 2017
Dear Chuck,
This Equifax security breach has me really concerned. What does it mean if I am among the millions who had their information stolen? What should I do to keep my identity safe?
Thanks,
Looking for the Facts
Dear Looking for the Facts,
You have every right to be concerned!
Equifax is one of three major U.S. credit bureaus. They accumulate data to power organizations and people throughout the world with information to make informed business and personal decisions. But, now we have cause to wonder how well they have stewarded that information.
A fairly unsophisticated attack occurred at one of their U.S.-based web servers. Discovered in July, it was only recently reported to the public. As many as 143 million Americans, half our population, have had their personal data stolen including names, dates of birth, Social Security numbers, and addresses. In addition, approximately 209,000 included credit card numbers and 182,000 documents over disputed charges contained additional personal information.
Equifax claims there is no evidence of unauthorized access to core consumer or commercial credit reporting databases.
The company says they will send direct mail notices to those individuals whose credit card numbers or dispute data were accessed by the breach. They are offering Free Identity Theft Protection and Credit File Monitoring to all U.S. Consumers for one year through an offering known as Trusted ID Premier. Just know, until recently, the terms and conditions required users to resolve disputes through arbitration, and banned them from participating in class-action lawsuits. So, make sure you read the fine print!
See www.equifaxsecurity2017.com for more information.
Social Security numbers and driver’s licenses can be sold on the black market for $20 a piece, according to Patrick Tiquet, Director of Security and Architecture at Keeper Security. Multiply that by 143 million and you get a picture of the motivation.
These are interesting times! We can identify with Paul’s 2nd letter to Timothy 3:1-2:
“But understand this, that in the last days there will come times of difficulty. For people will be lovers of self, lovers of money….”
Proverbs 22:3 reminds us to do our part: “The prudent see danger and take refuge, but the simple keep going and pay the penalty
Mark Testoni, President of SAP National Security Services, says “Consumers should remain calm and be cognizant of their personal credit report and activity…Check for notifications to see if new credit applications have been filed on your behalf, and monitor your account for adverse action. If your details are circulated on the black market, the big risks are fraudulent credit application on your behalf and bad actors trying to find ways to take advantage of your person (data).”
Check your existing credit accounts for any suspicious activity. Your liability may depend on how fast you spot and report suspicious transactions.
Check diligently over the coming years. Yes, years! Put a repeating reminder on your calendar.
Although I cannot endorse any of these companies, it is time to consider a 3rd party service like IDShield or Lifelock or a paid service from another company because they tend to track more sources, spot and alert customers to suspicious activity. They may bundle assistance to help victims handle problems.
Change your login information on all accounts, especially if you used the same ones on other sites! Be sure it is complex…I mean, really complex!
Alert yourself to phishing attacks in which thieves pose as the affected company to trick people into giving up personal information. Always, always think twice before clicking. Double check to see who sent it. DO NOT download any attachments or update passwords if requested. Place a phone call instead of clicking!
The safest thing is to freeze your accounts with Equifax, Experian and TransUnion rather than only trusting monitoring services. This can keep thieves from opening new loans or lines of credit in your name. However, it also prevents you from getting new credit. Should you need a new credit card or want to refinance your mortgage in the future, you simply have to reach out to those companies to temporarily lift the freeze. Fees may be charged each time you adjust a freeze. Unfortunately, you will have to pay each of the three companies depending on the state where you reside.
Stay informed. It’s extremely important to understand your credit score and report so you can identify any issues or inconsistencies. Our friends at Christian Credit Counselors have a comprehensive ebook that will help you understand your credit so you can protect your identity and improve your score. You can download it for free here.
It’s possible the thieves may hold the information for twelve months and then begin exploiting the data after consumers relax and the Free ID Theft protection expires at Equifax. It is your responsibility to be on guard to protect yourself and your loved ones.
This is not the first breach of information at Equifax. Earlier this year, their payroll group was hacked. When this recent attack was discovered, Equifax’s chief financial officer and two other executives sold shares of the company’s stock together worth nearly $1.8 million. That doesn’t look so good to me.
This is an opportunity to trust in the Lord and for our light to shine in the darkness. The Lord is on our side; therefore, we need not fear. Rather, we can experience complete peace.
Rejoice in the Lord always; again I will say, rejoice. Let your reasonableness be known to everyone. The Lord is at hand; 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. (Philippians 4:4-7)
The Equifax breach has not taken God by surprise. Thieves may steal our ID and cause us loss but they cannot steal our real identity in Christ nor our heavenly treasures. So, we go forward, do our part and rest in His unfailing love.
Originally published on the Christian Post, September 22, 2017
Dear Chuck,
I enjoy downtime from work. Going to nice places helps me to recharge and create family memories. Surely God doesn’t mind if we take great vacations, but I don’t know where to find it in the Bible! What’s your take on this?
Relaxing by the Beach
Dear Relaxing, I like your question! It caused me to pause and think a bit. There are really two parts to it…the ‘are vacations biblical?’ and the key word you used, ‘great’, to describe your preferred type of vacations.
Let me put your mind more at ease, especially if you’re sitting on a sunny beach somewhere in a tropical paradise: vacations are not only permissible, but also profitable. More on that later.
Regarding a proper approach to vacations, the planning and the purpose are of utmost importance and one that believers need to seriously ponder. We have to be careful not to go overboard trying to have a “great” vacation.
Recently I read that Saudi Arabia’s King Salman spent roughly $100 million on his summer holiday in Morocco. In contrast, I drove my family to Texas in a rental car (because my cars have too many miles) and stayed at my brother’s house. And, I loved every minute of it. I had come off a heavy 6 months of writing, traveling, and speaking, and I wanted time with my parents, siblings and children. I didn’t realize how badly I needed the break in my schedule until I got off the “day to day treadmill”!
Often, we don’t realize our need until we get away and relax. But, God knew and planned it for us. For us, it was ‘great’, but not expensive.
We can see in the Bible that God designed many forms of rest in creation, beginning with the creation of the sun and the moon. Our mind and bodies involuntarily shut down every night when we go to sleep. They continue to function, but only as God designed. It is obvious we were made to have rest from our daily work.
He placed man in the garden with the job of working and taking dominion over it. Like Adam, we too have to work, some more physically than others. But, we are to each to thrive in our work, to ultimately bring glory to God. And, in his perfect plan, God designed our hard work to be followed by sleep, which renews our weary minds and bodies, recharging us for a new day of work.
In fact, Solomon noted “It is in vain that you rise up early and go late to rest, eating the bread of anxious toil; for he gives to his beloved sleep. (Psalm 127:2 ESV) So, I view sleep as a gift from our loving Father in which we are to close our eyes and rest in total dependence on him.
Beyond daily rest, God gave the Sabbath, a holy day set apart for spiritual and physical refreshment each week. It is a time for us to exercise faith in His provision as we rest from our labors. It’s the day in our week to worship with other believers, in a spirit of thanksgiving for his bountiful provision for life here and in eternity because of Christ’s work on the cross.
God also instituted feasts, annual times of celebrations, for His people to pause and remember the Lord and all He did for them.
In addition, God set aside the Sabbath year – an entire year of rest every seven years – for the land.
And the data indicates that these periods of rest are truly valuable!
We are to rest so we are prepared to work as unto the Lord, no matter what He calls us to do. Reorienting our hearts and minds to what really matters refreshes us to better work as unto the Lord.
Rest equips us for serving. “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.” (1 Corinthians 6:19) You need to take care of yourself and your family.
So go on your vacation with a well-planned budget, proper motivation and the hope of rejuvenation. The believer should never take a vacation from our faith. Rather, we vacation to deepen our commitment to Christ. Seek to attend a church or worship service wherever you are. Continue your family devotions and express your gratitude for God’s goodness! Go prepared to share the hope that is in you with those God puts in your path.
And, may your days off, holidays, and vacations recreate within you the hope for fruitful labor in the advancement of God’s kingdom.
Thanks again, it makes me dream of my next vacation just answering your question!
Crown hosts an annual Gathering to give our ministry partners from around the world an opportunity to gather, relax, and hear about the incredible things God is doing in and through our ministry. We meet in beautiful Asheville, North Carolina to rest, enjoy the beauty of Autumn in the Blue Ridge Mountains, and celebrate life transformation. And you are invited to join us! It’s one of our favorite times all year, as we get to fellowship with our ministry partners and friends. Learn more and register here!
Dear Chuck,
A gentleman at work confided in me of his desire to file for a “Medicaid divorce” due to his wife’s mounting medical bills. Is that biblical? Is there a different solution?
Need Counsel to Counsel
Dear Need Counsel,
I must confess that this is the first time I’ve heard the term, “Medicaid divorce”. I was in disbelief so I had to do some homework on this one.
Medicaid, a combined state and federal program, is a state-specific insurance program for low-income individuals with limited financial assets, regardless of their age. Eligibility is determined by a couple’s total income and assets. Certain limitations govern the amount of monthly income allocated. In other words, if you make too much money or have too high of a net worth, you don’t qualify.
So, what I found is that couples are considering “Medicaid Divorce” when the costs of one spouse’s medical needs are becoming too much of a burden, but the couple doesn’t qualify for Medicaid (due to their total income or assets).
By legally divorcing, and disproportionately distributing more assets to the healthy spouse, the needy spouse’s total income/assets plummet, likely qualifying them for Medicaid assistance. Then the healthy spouse doesn’t have to deplete his or her assets to cover the medical costs, and preserves their quality of life by receiving the majority of the couple’s assets.
To answer your question directly, I think this is a bad idea. It is not supported by Scripture and yes, there are better alternatives. Let me explain all this so you can provide counsel to your coworker.
Finances are an important part of marriage. Disagreements and mismanagement account for the majority of divorces in America today among young and old. Lack of knowledge, discipline, and planning are contributors. My wife, Ann, and I just wrote a book about the topic of money and marriage. We are so passionate about helping couples unite their hearts, and finances, but unfortunately many couples are never able to do so. The reasons I believe people seek divorce when facing heavy medical expenses include:
Health care costs have grown dramatically and with people living longer, it is necessary for people to plan ahead. This means sacrifices must be made for long-term financial health. Education is key, along with unity in philosophy and goals, and a willingness to be disciplined for the long haul.
Considering a divorce because you cannot afford to take care of a sick spouse is a devastating situation. It reminds me of why God said, “Go to the ant, O Sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.” (Proverbs 6:6-8 ESV)
Just as the ant takes the opportunity to gather and put aside an amount for later, so must God’s people. The first 60 years of a person’s life are usually where you generate the most financial surplus. The financially “lean” years begin in the latter part of life. The funds consumed during those years cannot be recovered later. Which is why Christians must ask themselves, “How much is enough?” Otherwise, our flesh will desire to consume all we make on houses, cars, clothes, eating out, vacations, etc, squandering savings and the potential for multiplication of surplus.
Wise StewardsStewardship encompasses the entirety of managing the resources with which God has blessed us. The spiritual leader “Must be one who manages his own household well.” (1 Timothy 3:4 ESV)
That means you choose to live contra mundum (against the world) by consistently spending less than you earn to be prepared for the future.
Unfortunately, many in our aging population are not in good medical OR financial health. Debt is the culprit taking the form of credit card debt, auto debt, mortgage debt, and student loans.
And, the numbers of those with negative net worth is startling. Unemployment, ignorance, laziness, dependence on the government or family, depression, drug and alcohol abuse, obesity and health crises can be contributing factors.
“A prudent man sees evil and hides himself, but the simple go on and suffer for it.” (Proverbs 27:12 ESV)
God desires for us to live responsibly. Our ultimate dependence needs to be fully placed on the Lord as Solomon instructed. “Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths.” (Proverbs 3:5-6 ESV)
Long-term care planning is essential. The high costs of medical care can be offset with long-term care insurance. Premiums increase with age, so this is something to explore early while one is in good health in order to protect assets and take advantage of tax-qualified premiums.
So, the counsel I would give is to remember his vows and love his wife as Christ loved the church and gave himself up for her. Divorcing the one you love for money is both tragic and unnecessary.
Try sharing some practical solutions and encouragement to see what God will do to provide their needs.
Practically, he should take one day at a time. He must consider the sale of assets, downsizing his home, and following these recommendations to save more money while he is still employed.
Most importantly, he must surrender all pride and humbly seek the wisdom of God. Let me know how it goes. I pray that you can convince him not to divorce his spouse for medicaid coverage.
Originally published on the Christian Post September 8, 2017[/vc_column_text][/vc_column][/vc_row]
Dear Chuck,
My wife and I have always tithed off our gross income. A few years ago we made the difficult decision to take our Social Security benefits to try and make our mortgage payments every month. Now that we are on a fixed income, I’m wondering if we should continue to tithe off our gross income (which is usually a stretch each month) or tithe off our net income?
Gross or Net
Dear Gross or Net,
Thank you for an excellent question. I wish for two things: 1) that I had more detailed information about your financial picture and 2) that more people had your same concern! Regardless, I will give you a principle-based response and trust that it will guide your decision.
I am sorry to hear that you are having difficulty making your mortgage payments. It is not clear to me if you have other income in addition to your Social Security benefits. God knows your circumstances and your heart. What’s important is that we see giving as a privilege, not a burden or something we must check off before we die. It’s an opportunity to participate in advancing His kingdom.
The word tithe literally means “a tenth”. The Bible describes the giving of a tithe as a testimony to God’s ownership. It was through the tithe that Abraham acknowledged God’s ownership. Abraham had no law – that didn’t come until later with Moses. Abraham gave because he loved God and was convicted that the tithe belonged to Him.
Abraham was a faithful steward, willing to surrender everything, even his precious son, Isaac. When convicted by God, Abraham obediently surrendered a tithe because he understood its significance.
The amount of the tithe is important to us when we acknowledge that God already owns all that we are given, we are just returning a portion to honor Him. Given as a testimony, the tithe reaps a great harvest because it’s the seed we plant for God to multiply.
At Crown, giving is an essential part of our map to finding financial freedom. We encourage everyone to include giving as a financial habit early on in their journey, and it’s included in every Destination on the Money Map.
Please understand that the exact amount you give is not important to God. Paul pointed out in 2 Corinthians 9:7, “Each one must give as he has decided in his heart, not reluctantly or under compulsion, for God loves a cheerful giver.” There is freedom here. God wants a surrendered heart that willingly shares out of love and obedience to Him without expecting something back. After all, He’s blessed us beyond measure already, so our giving should be one of gratitude in His honor.
It is my personal conviction that the giving of a tenth (10% of our gross income) is the beginning point of learning to be a cheerful giver, it is not the endpoint. As my friend Randy Alcorn says, “I view the tithe of 10% as I view a child’s first steps. His first steps are not his last, neither are they his best, but they are a fine beginning. So is the tithe. Tithing is for many the first toddler’s step of stewardship. It is the training wheels on the bicycle of true giving. It may not be a home-run, but it gets you on base—which is a lot further than the majority of church members ever get.”
Giving with the proper attitude and an eternal perspective opens our hearts to the needs of others. We see the world through God’s eyes. Pay close attention to how personal Jesus makes the issue of generosity in this final parable.
When the Son of Man comes in his glory, and all the angels with him, then he will sit on his glorious throne. Before him will be gathered all the nations, and he will separate people one from another as a shepherd separates the sheep from the goats. And he will place the sheep on his right, but the goats on the left. Then the King will say to those on his right, ‘Come, you who are blessed by my Father, inherit the kingdom prepared for you from the foundation of the world. For I was hungry and you gave me food, I was thirsty and you gave me drink, I was a stranger and you welcomed me, I was naked and you clothed me, I was sick and you visited me, I was in prison and you came to me.’ Then the righteous will answer him, saying, ‘Lord, when did we see you hungry and feed you, or thirsty and give you drink? And when did we see you a stranger and welcome you, or naked and clothe you? And when did we see you sick or in prison and visit you?’ 40 And the King will answer them, ‘Truly, I say to you, as you did it to one of the least of these my brothers, you did it to me.’ (Matthew 25:31-40 ESV)
Do we trust that God can make better use of our funds than we would? If so, then we can readily sacrifice “our” tithe, recognizing that it is insignificant compared to the promises, blessings, and glory awaiting our obedience. Giving is ultimately between you and God. Pray and ask for confirmation as to the amount, then give regularly and cheerfully.
Some argue that they gave God a portion of the paychecks from which their Social Security deductions were taken during their working years. And, that their responsibility to tithe has been satisfied. Let’s examine each of those scenarios to determine what would need to happen if you decide you want to continue to give a full 10% of your gross income.
Regardless of where you fall in these three categories, I would still encourage you to pray about what God is asking you to give. Like I mentioned before, tithing shouldn’t be a box we check, but an outward reflection of the inward condition of our heart.
Be certain that you don’t use your giving of money to avoid the responsibility of involvement in other expressions of generosity. We can shield ourselves from the needs around us by driving into our gated communities, playing golf, and shopping online, while missing the pain others live in on a daily basis. Retirement years afford the time to give of our experience, our wisdom, and our abundance.
As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share, thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life. (1 Timothy 6:17-19 ESV)
Hope this helps. Whatever you decide to give, you will never regret striving to be as radically generous as possible.
Originally published on Christian Post September 1, 2017
Dear Chuck,
My wife and I have a mortgage, a car loan, and some student debt. In addition, we’re maxed out on several credit cards after a series of bad spending decisions. Should I use my 401K to pay off my household debt?
Thanks,
Need Help
Dear Need Help,
Millions of Americans are in the same boat as you and your wife, so I am very glad you asked an honest question that will help so many others.
A man recently told me he postponed marriage seven years because his debt level was so bad. He told me “he could not afford a wife”. He was in love but, chose to steadily work his way out of the mess so he could be married free of loans. And he swore to never get enslaved again.
So here’s my advice for you:
You’ve already taken the important first step, you’ve admitted there’s a problem.
Nothing is impossible with God, but you and your wife must quickly adopt some lifestyle changes to find relief. Your age and complete financial picture could alter my counsel, and God knows your situation better than you or I.
Humble yourself before Him and pray with your spouse. Confess your sin of poor stewardship. Ask Him for strength and patience to work your way out of this, for provision and peace. Pray for self-control to avoid any future debt. If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him. (James 1:5)
Paying off debt with your 401K is not advisable unless your debt is causing severe mental, emotional, or physical problems in your marriage. It’s a quick solution, but will not solve your spending problem. If you are younger than 59 1/2, you’ll pay taxes and a stiff penalty for early withdrawal and miss the benefit of a long-term investment.
Look at your 401K as a nest egg that you don’t touch until retirement. If you view it as accessible cash, a savings account, or hard-earned money you deserve now, you’ll never solve the real issue at hand.
If absolutely necessary, borrow against your 401K instead of withdrawing the money. Rather than paying high interest to someone else, you’ll pay a lower interest to yourself. Any funds your employer deposited into your account are ineligible for debt repayment unless it’s a true hardship case and the IRS determines that.
Moving forward, keep the following principles in mind.
Use the Debt Snowball Method. It is by far the best method to use, because it will help you create a debt-payoff plan to save you time and money.
Start by listing your debts from smallest to largest balance. You’ll include the principal owed, interest rate, minimum balance, and name of the creditor or loan. You’ll need to reference your budget to determine how much extra cash you can put towards additional payments to drive down your debt. (This step is CRUCIAL, as you’ll never make much progress continuing to only pay the minimum payments.)
You’ll apply your extra cash to the first loan with the lowest balance. Once the first loan is paid, apply what you were paying towards it (the minimum payment + the extra cash) to the next debt and see your debt elimination ‘snowball’!. It will reduce the length of that loan and total interest you pay. Continue until each debt is paid off.
Regardless of your debt, you should contribute a percentage of your income that will generate the maximum employer match. If your company will match your contributions up to 6% of your pay (meaning they pay 6% of your salary), then take advantage of it. While paying off debt, you should contribute less. This keeps you in the savings habit while paying off the debt.
Make sure your investment is diversified and know what kind of fees you’re paying. It’s suggested that people not invest much 401K money into employer’s stock because if the company fails, you risk your job and retirement. Seek a reputable financial planner to ensure you’re in a healthy position.
I have given you a lot to think about and you can’t do it all at once. Remember to take one day at a time, cast your fear and anxiety on the Lord, and be diligent to do your part. You will be surprised at how quickly you can make progress! We are here to help!
Originally published on the Christian Post August 25, 2017
Dear Chuck,
Every time I turn on the news, there seems to be so much violence, political turmoil and turbulence in the stock market. I don’t feel like I can trust the media and things always seem to be spiraling out of control. I want to shepherd my family well and be a good steward, but sometimes my fear makes me think we should prepare for the worst. How can I make wise financial decisions to protect and prepare my family to live in these crazy times?
Thanks,
Worried and Unprepared
Dear Worried,
I agree with you, we are living in unsettling times. I commend your desire to be ready if and when those tough times hit.
Here are a few tips:
Will an economic disaster of biblical proportions occur within our lifetime? It’s possible, but no one knows the future. In John 16:33 Jesus instructed his disciples, “I have said these things to you, that in me you may have peace. In the world you will have tribulation. But take heart; I have overcome the world.” Knowing this, we can experience an abundant life full of joy and peace regardless of what happens, for we belong to the One who knows our future.
Countless men and women have lived and died in difficult situations. Noah, Joseph, Moses, David, Ruth, Esther, the prophets, the disciples and the apostles are just a few of God’s servants that suffered many trials. Yet, they all trusted God.
If we believe God is in charge, reigning from on high, we can trust Him regardless of what we may face.
“The prudent see danger and take refuge, but the simple keep going and suffer for it.” (Proverbs 27:12)
Immersing ourselves in the Word will give us a proper perspective on world events. “If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him.” (James 1:5) We have an advantage the world does not – the Holy Spirit. He is our Counselor, and will help us discern issues we can’t understand on our own, because as children of God, we have the mind of Christ.
Armed with wisdom and discernment, we can prepare for the future whether a calamity strikes or not.
In fact, preparation will reduce the fear of uncertainty.
Seek the counsel of wise advisors, and get your financial house in order. Plan as though danger is coming like Joseph did in Egypt. Write down goals you want to accomplish over several years and throughout the rest of your life. You can use the Money Map as a guide.
Don’t “hunker in a bunker” out of fear, but be wise and prudent so that you are prepared to help others in the event a calamity.
I understand the temptation to be fearful about these unsettling times, and wrote a whole book about it. The S.A.L.T. Plan will help you understand biblical principles about possible economic outcomes, and how you need to prepare. We don’t know what tomorrow holds, but we do know God will never leave us or forsake us. So, if or when a catastrophe strikes, we can rest in the knowledge that the peace of God, which surpasses all understanding, will guard our hearts and minds in Christ Jesus. (Philippians 4:7)
Originally published on the Christian Post August 18, 2017
Dear Chuck,
I have a 2011 Toyota Prius because I commute 100 miles to work and back per day. I owe over $12,000 on it and it has 111,000 miles on it so far. We recently found out it costs over $2,300 to replace the hybrid battery. My question is – should I downgrade to a non-hybrid car now while its value is still fairly good, or continue with the payments and try to save to replace the battery when necessary?
Car Confused
Dear Confused,
It is encouraging to see that you are thinking ahead about how to best steward your transportation budget! With a commute that long, I commend you for seeking wisdom on how to steward your vehicle well.
This is a more complex question than it may first appear since there are many variables that can affect your final decision. I’ve done some research on your car, but please consider this advice as a starting place since I don’t have all the details about your car and financial situation. I’ll make some assumptions to help illustrate the overarching principles you can follow as you pray about this decision.
STEP 1: DO YOUR RESEARCHThe most important variable is the current value of your car. Using the Kelley Blue Book website, I selected the options regarding the model of your Prius, the upgrades, and overall condition to give it the maximum value.
Using this as a benchmark, and assuming you could sell the car to a private party, they quote the present value of your car at $9,062. If you were to trade it in, the value would be about $6,600.
Since you still owe $12,000 on the car, and its approximate value is $6,600, that means your car is assumed to be worth $5,400 less than what you currently owe the bank. If you were to sell the car now, you will likely not be able to pay off your current loan. In fact, you would still owe the bank money and still need to replace your transportation. But remember, that I’m assuming your Prius is in excellent condition.
Therefore, your least expensive option is to prepare to replace the hybrid battery. This will increase the value of the car and keep you on the road for the least amount of cash outlay.
But you should still consider the following:
Now, let’s talk about some practical ways to save up for a new battery and continue to steward your vehicle wisely.
Dropping over $2,000 on a new car battery is not something most people factor into their monthly budgets, or plan for with an emergency savings fund.
But since we are called to be faithful stewards, Christians should adopt these financial disciplines in preparation for situations just like yours.
It sounds like you are financially aware and concerned with making the right decision. God will honor you for that! Proverbs 21:5 says, “The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.”
Continue to plan for the future of your finances by making a budget (if you don’t already have one). It’s not as hard as it may seem, and it will give you much more freedom TO spend. And, you can adjust it from month to month as you need!
Your budget is going to be key for saving enough money to replace your car battery. If you decide to use an app on your phone, set a savings goal of $3,300 – this will help you save $1,000 as an emergency fund and the $2,300 to replace your battery. Once you’ve met that goal, set a new goal to save 3 months’ of living expenses.
Crown’s Money Map walks you through all the savings goals like these. You can download your own copy for free to stay on the right track.
Now that you have your $1,000 saved in an emergency fund, you need to develop a plan to pay off the rest of your car.
If you also are struggling with credit card debt, first get in touch with Christian Credit Counselors. They have a wonderful team of professional counselors to help you put together a plan to pay it off.
And if you have any other debt (including student loans or a mortgage), use the Debt Snowball Method to make a plan to pay it off. It’s a simple, easy method that saves you time and money by “outsmarting” your debt.
Otherwise, if your car loan is the only debt you have, work your budget to come up with at least an extra $100 a month to pay off your loan. This may mean you cut out cable, slim down your grocery bill, make coffee at home, and skip eating out for awhile, but I promise it’ll be worth it. Check out some of our other ideas on how to cut down on expenses.
In addition to using your budget to slim down on expenses, come up with some creative ideas on how to increase your income. Be sure to protect your family time if you add any extra work, but finding side jobs or working extra may be the temporary solution to getting out of debt. Use any bonuses, tax refunds, or gifts to put straight towards paying off your debt.
God never says that debt is a sin. But His word warns us repeatedly of the dangers of debt. Take Proverbs 22:7 for example – “Just as the rich rule the poor, so the borrower is servant to the lender.”
Experiencing the freedom that comes with being debt-free is worth the discipline and sacrifice right now.
Once you have your functional budget, $1,000 saved, your new battery in place, and a plan to get out of debt, you’ll be well on your way to living a life of financial freedom! Congratulations!
Continue to be a faithful steward and seek the Lord’s plan for your life and finances. As I mentioned before, following the Money Map is a great way to stay on the right track.
Thousands of others have gone through the Money Map and are currently going through it now. You can join them on the journey to financial freedom!
I am praying that you are able to make a wise decision and that this will set you on a path to a better financial future.
Originally published on the Christian Post, August 11, 2017
Dear Chuck,
My kids are growing up too fast and I’m afraid I’ve been a little overprotective. The term helicopter-mom can sometimes hit too close to home. I have three sons, 7, 11 and 13 and I want them to be able to take care of themselves and a family once they are on their own. How can my husband and I start teaching them about good money management and stewardship when they don’t have any income?
Thanks,
Hovering
Dear Hovering,
You ask a great question. Preparing your children to be good stewards is essential and the earlier the better! This lesson for your children is so important that it needs to be a team effort between you and your husband, and you can start now for all three. So, here we go.
God’s Word tells us that the way someone handles finances is a clear indication of whether or not he/she can handle greater things to come: “One who is faithful in a very little is also faithful in much, and one who is dishonest in a very little is also dishonest in much. If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?” (Luke 16:10-11)
Statistics reveal many Americans don’t know how to handle money. Almost 70% of Americans don’t have $1,000 saved – in fact, barely 4 in 10 have $500 saved. Collectively, Americans owe over $700 million on credit cards, $1.34 trillion on student loans, and some are more concerned about affording vacations than having enough retirement savings. A growing number will be broke at retirement.
Faithfulness means you say what you will do and do what you say. It means keeping your word. It means taking responsibility without making excuses. It means your heart is true and wants to do the right thing.
This means they have the ability to say no, delay gratification, and set and keep goals. This is key to avoiding the terrible financial bondage of perpetually spending all that you have (and more).
You must accept the responsibility of withholding in the short run in order for discipline to be ingrained in your children’s mind in the long run. Don’t yield to the weaknesses of an undisciplined, demanding child. Teaching him/her to wait while young will pay dividends for the rest of their life.
A disciplined child of any age expects very little and rarely demands anything. But, the undisciplined forcefully demands more and is only temporarily satisfied.
Discipline born out of humility and patience will develop courage. Suffering under pressure will produce resiliency necessary in today’s world. We parents must allow them to fall and get back up so they will grow strong. Learning to do without or waiting will develop character and determination.
There are numerous ways to teach financial faithfulness and self-discipline to your sons. Start with showing them how to make a budget and stick to it. Every dollar that comes into their hands should be divided into giving, saving and spending according to percentages you establish. This will set a habit for life. Learning to allocate all sources of income into these simple categories should become habit before they leave home.
My wife, Ann, and I made saving fun by matching everything they deposited in an official savings account. For example, when our boys had $50 saved, we would take them to the bank and add $50 of our own money, so the deposit was $100. It isn’t long before a teenager realizes that’s a pretty good deal! Not everyone can do that, but some kind of reward will motivate them.
Work involves self-discipline. Our boys had numerous chores expected of them. In the early years, they put away their books, toys, and clothes, and moved on to more challenging work the older they became.
Hire them to do extra chores for you occasionally. Encourage them to work for someone else or start their own business. Many small business owners love to mentor capable young people. Relatives, neighbors, or church members may take a child under their wing to pass on what they’ve learned. This builds confidence and people skills in a controlled environment.
Model giving so they see the joy it brings. When young, they can give of their own possessions. It’s precious to see their generosity blossom. With age, they will see the needs of others that they can provide out of their money or possessions.
Teach them how to shop wisely. Show them how you pay bills. Educate them with books, podcasts, internet videos etc. Crown has resources available for children of all ages. Look into some of them and put them into practice for you own children!
You only have a few years to build a strong foundation before they leave home. Remember the goal is not that your children will be good with money, but that they desire to manage money for God’s glory.
Finally, emphasize the hope to one day hear, “Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master.” (Matthew 25:21)
One of Crown’s newest resources will set you and your family on the right track to faithful stewardship. The Money Wise resources for your children and teens will give you practical ideas on how to teach biblical principles to your children.
Originally published on Christian Post, August 4, 2017
