Dear Chuck,
My elderly parents enjoy staying connected to family via email, text, and social media, but I’m concerned they will fall for a scam. My Dad recently said he is interested in a high-yield investment he read about on Facebook. Can you write something that I can give to them?
Protecting My Parents
Dear Protecting My Parents,
This is a serious issue, and I understand your concern. You should be concerned for your younger relatives too. Apparently, they are falling for social media fraud more than older people, or at least, they are the ones reporting it.
The Federal Trade Commission recently published a scam report. It revealed that Americans lost $2.7 billion in social media scams since 2021. That is in just the past two years! It is assumed that this number is a fraction of the actual loss since most cases are not reported.
Top Three Most Frequent Scams
Tips to Protect Your Family and Yourself
The FTC recommends that you limit who has access to your posts. Use your privacy settings to protect yourself. Convince loved ones of the need, and help set privacy features for them. Emma Fletcher, senior data researcher for the FTC, reports that criminals “can easily manufacture a fake persona or hack into your profile, pretend to be you, and con your friends. They can learn to tailor their approach by what you share on social media.”
Scammers use AI (artificial intelligence) to gather information put out on social media, including names and numbers of friends and family. Chat GPT is being used to write convincing emails that trick countless people.
If a friend or relative asks you for money, call them directly to verify their identity. Even if the message looks like them, their account may have been hacked. My neighbor lost hundreds of dollars in this scheme. Never buy something before you check out the company. Search its name and the word “scam” or “complaint.”
Be extra guarded with political fundraisers and charitable year-end giving. If someone calls you, resist donating on the spot, listen, ask questions, write down their answers, and then do some careful research. What’s the name of the charity, the address, and a contact number? How much of each dollar goes to support specific programs? Are donations tax-deductible? Tell them you will do some research, talk to your spouse, etc., and get back to them if interested. You may have to be uncomfortably forceful, but do not give without due diligence.
Sham charities often use names that sound like legitimate organizations. So make sure you write it down correctly. Then search the name, address, and phone number. See how they are rated by these organizations: BBB, Charity Navigator, Charity Watch, Wise Giving Alliance, or Candid.
If you feel led to donate, verify that the webpage has an https in the web address. Unfortunately, scammers know how to encrypt too—another reason why thorough research is vital. Paying with a credit card is safest. Be extra suspicious if they insist you give with cryptocurrency or within an emergency time frame. After donating, check your credit card account to see if you were charged correctly. Make sure it is not a recurring donation unless you meant to do so. Keep a record of all donations. You will need them for tax purposes anyway.
Some Dos:
Some Don’ts:
Here are a few extra articles to share with your parents, children, and friends:
The Crown God Is Faithful devotional offers inspiring and practical Biblical wisdom. Subscribe to receive daily devotionals that will help transform your finances and provide much-needed encouragement. May it be a blessing to your family, friends, and you!
This article was originally published on The Christian Post on October 13, 2023.
Dear Chuck,
I know I need to save, but I just can’t. I make good money but find that I’m barely scraping by every month. My lifestyle is comfortable but fragile. What should I do, even though I don’t really want to change?
Comfortable but Concerned
Dear Comfortable but Concerned,
Thanks for your honesty. Most people will never admit that they don’t really want to change when they are comfortable. I am pleased to see you also acknowledge that living without any savings makes your situation very “fragile.”
Benjamin Franklin knew that what you save is just as important as what you earn. He said, “If you would be wealthy, think of saving as well as getting.” The Bible teaches that!
“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)
So, like the wise ant, Christians should practice saving money on a regular basis, even those who are in debt.
Small $5 Purchases May Be the Giant Problem
Perhaps you fall into the category of consumers who think, “It’s only $5, no big deal… why not buy it?” This mentality of being carefree with small purchases is normally what prevents many from saving. It propels others into a dependency on perpetual credit card debt.
Why do we spend on what we do not need?
Discipline is required when it comes to managing money. Otherwise, we spend all that we have—and more— on ourselves! Discipline means saying “No” to things that we don’t need today so we can say “Yes” to things we will need tomorrow. God requires that stewards have a faithful heart and disciplined hands. This is pleasing to Him and gives us the capacity to be generous.
“The wise man saves for the future, but the foolish man spends whatever he gets.”
(Proverbs 21:20 TLB)
Saving and Dependency
We need a financial surplus to meet unplanned expenses and to share with those in need. However, perceived financial “independence” can be a hidden form of financial dependence, relying on money instead of the Lord. Hebrews 13:5 should govern our attitude: “Keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.’” The implication is that money will leave you and forsake you. God never will. Never rely on money as a substitute for total dependence on the Lord.
To save, you have to plan. Make some sacrifices to meet your goals, and the savings earned will far outweigh whatever pleasure you forfeit. Sometimes, all that is required is time to plan meals, shop sales, find free entertainment, and have some creativity for gifts and vacations. Other times, extra income is needed. The easiest way to save money is to simply spend less:
Wealthy Yet Fragile
Chad Johnson “Ochocinco,” a former NFL wide receiver, saved 83% of his salary by living frugally throughout his playing career. Despite the fact that he earned more than $48 million, he flew coach and bought fake jewelry at Claire’s. He claims to have lived a while in the Cincinnati Bengals’ stadium rather than spend money to purchase or rent a home. He said, “The more you make, the more you spend, if you have no discipline and no structure.”
Other NFL players did not fare as well. They invested in bad business ventures, trusted unscrupulous money managers, had failed marriages ending in divorce and child support, or spent wildly when succumbing to peer pressure. Dan Marino, Vince Young, and Luther Elliss are among those who lost millions. The “It’s only $5” mentality became “It’s only $5,000, why not buy it?” Your finances will always be fragile, no matter how much you earn, if you spend all that you have month after month.
Spenders can become savers by intentionally changing their mindset. They know, “If I save $5 a day, I’ll have $6,465 in just one year!” They can ignore the pull of the world because they find greater security, power, impact, and joy in living and saving God’s way.
Do you want more tools and tips regarding financial freedom and purpose? Are you interested in receiving ministry updates from around the world? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.
This article was originally published on The Christian Post on October 6, 2023.
Dear Chuck,
Can you explain what you mean by financial freedom? Are you using the term in place of the prosperity gospel?
Prosperity vs. Financial Freedom
Dear Prosperity vs. Financial Freedom,
A dictionary definition of freedom is 1) The condition of not being in prison or captivity, 2) The condition of being free of restraints, especially the ability to act without control or interference by another or by circumstance, and 3)The condition of not being controlled by another.
Financial freedom manifests itself in every aspect of our lives—from relief from worry to a clear conscience before God and others to the peace of knowing that God is in control of our finances. It is freedom from the bondage of debt, freedom from the oppression of others, freedom from envy, covetousness, and greed, and freedom from resentfulness.
This does not mean we will get rich or avoid all difficulties in the area of finances. Often, God will allow the consequences of earlier actions to remain in order to reinforce the lesson. He does not promise to remove every difficulty. But no matter what circumstances we encounter, God promises His peace or shalom. We are human beings and subject to making mistakes. Even when we understand God’s principles, it is possible to step out of His will. But as soon as we admit the error and submit to God’s leadership again, we are back under His guidance.
However, we have an enemy who wants to put us and keep us in financial bondage. In John 10, Jesus described him as a thief who “comes only to steal and kill and destroy.” I’ve experienced that. I’ve felt the burden, worry, and tension of overdue bills, self-consciousness before God and others, and the mistaken belief that I was in control of my finances. Not until I learned God’s financial principles was I able to experience finances and life differently.
Financial Freedom Found
Like many, I misunderstood financial freedom. I had it confused with financial independence—the reaching of a financial goal or milestone. I had no clue how to live as a steward of God’s resources. I thought they were mine. The world had convinced me that I could use money however I wanted. My eyes were opened when I went through a Crown Bible Study and transferred ownership of everything to God—and I mean everything! I gave God complete control of my life and promised that I would never let money be in control of my decisions again. I believed that He would keep His promise to provide everything we needed according to His perfect plan. It was then that I became free. So, I am no longer an owner. I am God’s temporary manager who desires to be faithful to His purposes.
Financial Freedom Practiced
Biblical Truth about Financial Freedom
Financial freedom is the result of trusting God with everything.
“You shall love the Lord your God with all your heart and with all your soul and with all your mind and with all your strength.” (Mark 12:30 ESV)
As a steward, you will find contentment in living for Christ.
“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. (1 Timothy 6:6–8 ESV)
Therefore, “Keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.’” (Hebrews 13:5 ESV)
I hope this helps you understand and experience freedom from the love and control of money. It has allowed God to use me far beyond anything I could have dreamed or imagined!
Want more tools and tips regarding financial freedom and purpose? Subscribe to our emails at Crown.org (on the homepage) and receive helpful articles, resources, and more sent to your inbox.
This article was originally published on The Christian Post on September 29, 2023.
Dear Chuck,
I’m a single Mom. I struggle with money and time management. My children, now teenagers, don’t have basic financial skills. How can I get them ready for real life?
Worried Single Mom
Dear Worried Single Mom,
Take heart; you are not the only one! Married and single parents alike struggle to get their children ready for the financial realities of life.
Let me encourage you. Do not beat yourself up. You have probably taught them more than you can see in their lives right now. It took me years to learn and apply Biblical financial principles. I can only imagine how I made my parents suffer. Thankfully, a basic foundation was laid in me, for Dad taught me the value of hard work, the priority of giving, consistency in saving, and the importance of living with integrity.
Investopedia defines financial literacy as “…the ability to understand and effectively use various financial skills.” Biblically financially literate people know how to create a budget, manage debt, give, save, invest, and plan for the future. Armed with the confidence to make wise decisions, they can:
WalletHub conducted a nationally representative survey of current college students, with questions ranging from opinions of their financial future to how they would grade their personal finances. Here are some of their findings:
Your children may know more than you think. It is easy for us to observe their mistakes, but we need to encourage their wise use of money. I have learned that they respond better to praise than correction. Proverbs 16:24 says, “Gracious words are like a honeycomb, sweetness to the soul and health to the body.”
Cover the Basics
Here are some basics to help anyone on their journey to Biblical financial literacy.
I cannot emphasize this enough. A dear friend who is in his 80s has finally come to grips with this concept. It is so contrary to the way the world teaches but has changed the way he looks at everything. It should impact the financial decisions we make every day.
This reveals where money goes (in addition to giving and debt reduction) and provides motivation to save and invest.
Use a budget. It is an effective way to reach short and long-term goals. Exercising discipline and self-control will develop good habits. Accountability with a trusted individual will strengthen resolve. Learn to give first.
Eliminate bad debt (credit cards, payday loans, money owed to friends and family), and wisely limit good debt that will improve your financial position (like a mortgage).
Pain is a great teacher. Give them the opportunity to experience lack and the need to be disciplined with money.
Adjust the budget as needed, and verify that short-term goals are realistic.
Time-Saving Tips
Crown.org has numerous opportunities for people to learn to effectively steward the resources God has given. Biblical financial literacy can be gained through our classes, Bible studies, coaches, radio programs, and articles. Check out the options here. For help teaching children of all ages, see here.
As you wait to see progress, do not lose hope. Pray fervently, and trust God to do His work.
“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 4:6–7 ESV)
The Crown God Is Faithful devotional offers inspiring and practical Biblical wisdom. Subscribe to receive daily devotionals that will help transform your finances and provide much-needed encouragement. May it be a blessing to your family, friends, and you!
This article was originally published on The Christian Post on September 22, 2023
Dear Chuck,
We have so many in our church who spend money without discernment and give no serious thought to their financial future. How can I communicate a need to be prepared without sounding like an alarmist?
Worried about Freespenders
Dear Worried about Freespenders,
While I appreciate your concern, there is not a lot that you can do to give advice to those who do not want it. However, I will share what I have written regarding a similar concern, and maybe it will help you when the opportunity presents itself.
Being Prepared and Prudent
In 2020, I wrote a small book entitled Seven Gray Swans. It was a year of great uncertainty, with a limited vision of how we could navigate our way through a global pandemic and its economic consequences. My intent was to help others see obvious threats and make plans to avert their impact. I also wrote it to bring hope from a Biblical perspective. The Bible advises us to do scenario analysis and take reasoned action. Proverbs 27:12 makes this very clear: “A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences.”
In his book Virtues Work, Alexander Cummings helped me to grasp the importance of the oft-overlooked and undervalued virtue: prudence. He defines it as choosing the best path to a worthy goal. It is putting reason and reality, as opposed to your emotions or wishful thinking, in charge of your decision-making. Prudence avoids impulsivity, shallow thinking, and quick decisions, which are foolhardiness, while avoiding the paralysis of indecisiveness, which leaves you at the mercy of your circumstances. Few expected the level of sustained inflation brought about by the impact COVID-19 had on the economy.
As we can see now, some were prepared for the resulting storm of inflation. Others are still suffering from ignoring the warnings.
You Can Introduce Them to a Gray Swan
So, what is a gray swan? It is a term used to describe a potentially very significant event that is considered unlikely to happen but is still possible. Because there is a slight chance that the event will occur, it should be anticipated, for it could shake up the world, the economy, and the stock market. It could, therefore, greatly impact our personal economics or the direction of our lives.
Simply put, a gray swan is an obvious danger that we tend to ignore. The current inflation run-up is an example. Had we taken the risk seriously, we could have prepared before the big storm hit. Here are some practical steps to protect against gray swans or a major crisis. Perhaps you can use these to help your friends at church prepare for the unknown.
Increase Your Capacity to Weather Storms
Get Free of Encumbrances
Reduce Vulnerability to Loss by Diversification
Don’t Conform to the World’s Philosophies
Consider hosting a small group or inviting folks over to discuss these important issues.
If credit card debt is a burden, Christian Credit Counselors is a trusted source of help for a debt management plan. They can help one get on the road to financial freedom.
This article was originally published on The Christian Post on September 15, 2023.
Dear Chuck,
A young man recently asked to marry my eldest daughter. I have three girls, so I know that the way we do this first wedding will likely set a precedent for the following ones. I am not a wealthy man, but I want my family to celebrate this occasion in a beautiful way. Do you have advice on how to save money on a beautiful wedding?
Frugal Father of the Bride
Dear Frugal Father of the Bride,
Well, I have four sons. I’ve never bought a wedding dress or paid for a wedding, but I’ve been to some pretty extravagant ones, and I have officiated a few that were way out of my comfort zone when it comes to expense. So you are my kind of guy. You want to honor your daughter and future sons-in-law but within proper financial constraints!
Even though a wedding is a special day—an event that should be a once-in-a-lifetime experience—there is no reason to go into debt for a beautiful covenant-making ceremony before God and man. That is the baseline, but let’s get more specific.
Weddings are Expensive
Most couples today anticipate sending invitations to between 130–150 guests. They willingly spend thousands for the perfect venue. A wedding planner is hired, along with a caterer, photographer, and videographer. Then there’s the cost of flowers, a cake, music, hair, make-up, dress, shoes . . . and the list goes on and on! Add in the cost of transportation to a destination wedding, and it is easy to see how people accumulate major debt for a wedding. The average wedding expense for couples marrying in 2022 was $30,000.
The $100 Wedding
That is why I like the story of Ellie and Carson Simon. I don’t know them, but my wife found their story online. They were married during Covid, so only 16 guests were invited. The venue was outdoors in Glen Canyon—a drive accessible for both families.
Ellie found a dress for $20, borrowed a veil from a friend, and went barefoot. Her three sisters had fun doing her hair and makeup in the car. She picked her bouquet from the side of the road. A pre-wedding picnic was prepared by a friend of the family for everyone. Then Ellie’s grandfather performed the ceremony while guests took photos with disposable cameras. The entire wedding cost a mere $100.
Many people cannot imagine asking friends and family to help with such an event. And, yet, this is what can make a wedding all the more special. Most people I know would find great joy and purpose in helping if simply asked.
The Frugal Part
An article at NerdWallet.com references average cost figures based on The Knot’s annual Real Weddings Study. They offer a significant number of ways to save money. It is worth the read to see where costs can be reduced.
Unfortunately, debt often begins before the wedding occurs. Couples may bring consumer debt, student loans, and other financial issues into their marriage. Transparency must be established and honest communication practiced. Contrary to the way proposals took place back in my era, more and more couples rely on professionals and costly engagement rings. This can cause financial stress before the wedding even takes place.
Make a budget, and stick to it. Refuse to be influenced by what the world says a great wedding should be. Rather, look to the Word, and encourage your children to focus their time, energy, and finances into becoming a godly couple. This special day can be celebrated without the glitz and glamor promoted by the wedding industry.
Dad, you (and your spouse) should ask the Lord for guidance. Seek the advice of older people in your church or family. Will your daughter be paying for anything? How about the groom or his family? How much can they realistically afford? Stress that the focus should be on the marriage covenant made before God, not on a ring, a dress, a venue, or anything else. There is great value in keeping things simple. The bride and groom will experience less stress, enabling them to thoroughly enjoy their wedding day and the days leading up to it.
The Beautiful Part
A simple ceremony that I remember well is a small one where the wedding party sang the favorite Christian songs of the bride and groom as they entered and departed the chapel. Weddings are a reflection of our relationship with the Lord. The Bible begins and ends with a wedding. The most beautiful part of a wedding is the bride and groom’s commitment to the Lord and each other. When people experience a beautiful, God-glorifying ceremony, they are touched and inspired, regardless of the budget.
Let your daughters know what you can afford without debt. Ask them to be creative in using those funds, and whatever your budget, aim to glorify God. Be sure to thank Him for providing what you are able to afford.
Want more tools and tips regarding financial freedom and purpose? Subscribe to our emails at Crown.org (on the homepage) and receive helpful articles, resources, and more sent to your inbox.
This article was originally published on The Christian Post on September 8, 2023.
Dear Chuck,
I have friends living in Canada. They say the cost of living is so high that many people feel like they cannot afford to live there anymore. Those who had savings are drawing down to make ends meet. What advice would you offer me that I can use to encourage them?
Looking for Financial Tips
Dear Looking for Financial Tips,
I have read about the suffering in Canada, and it is well-documented to be a serious problem. I hope we can encourage your friends or others who are desperate right now.
The Bank of Canada has raised rates several times to try to curb inflation, but it remains a problem. People have taken to TikTok to express their pain and frustration. Many Canadians are being forced to make difficult decisions. Even middle-class families are having to choose between buying food or paying their bills. A survey from Food Banks Canada revealed that nearly one in five people went hungry over the last two years. Today, many are living paycheck to paycheck, unable to save, and foregoing vacations, extra-curricular activities for their children, and nutritional supplements.
The Angus Reid Institute, a not-for-profit, non-partisan research foundation, reported on the problem in April. They said two-thirds of Canadians were cutting back discretionary spending. 40% had to take money from accounts they try not to touch, while 35% say they had to defer contributions to their RRSP or TFSA (retirement and savings accounts). 13% borrowed from friends and family, 11% sold assets, and 8% sought a bank loan. 34% said they were in either “bad” or “terrible” shape, a 6-point increase from July 2022. However, not all areas of the nation reported financial pain.
Inflation is often called “an invisible tax” because it takes money out of our pockets and is non-productive. Two areas creating problems for Canadians are the high cost of housing, particularly the financing costs for homeowners, and food costs.
Adjustable Rate Mortgages
1/3 of Canada’s residential mortgages are adjustable loans with no fixed interest rate. Lenders typically require borrowers to make fixed payments. So, when interest rates rise, more of the payment goes toward paying interest rather than principal, extending the amortization period.
Some Canadians have extended their amortization periods to more than double the typical 25 years—and some as long as 90! Lenders are doing it automatically to protect households from greater monthly payments. However, the higher debt load is a concern to regulators. Higher interest could hit the trigger rate—where interest exceeds the fixed payment. This could lead to forced home sales, higher delinquencies, or a depressed housing market.
Extending amortizations was a temporary solution to prevent higher payments. But lenders will eventually force customers to pay down the principal. If not, homeowners will have generational mortgages: mortgages that are passed on to children. These keep borrowers in debt and increase the amount paid in interest. Fortunately, Canada’s lenders require borrowers to return to their original amortization upon renewal. An initial 25-year note extended to 60 years would return to a 20-year note upon renewal after five years.
Food Costs + Mortgage Rates
The Financial Post reports that a record increase of 30.6% in mortgage interest costs, along with higher grocery prices, have severely impacted the growth in inflation despite the fact that energy prices are lower than a year ago. Even though the Bank of Canada expects inflation to return to a 2% target by 2025, economist Tiago Figueiredo believes it will be a “long time” before prices are brought back into balance. “As time passes more mortgages will renew at higher rates and any excess savings will be exhausted which should weaken demand going into the latter half of the year.”
My Advice for Your Friends
When times get tough, families must come together and attempt to care for one another. If stuck with an adjustable rate mortgage that is no longer affordable, sell the house, and seek creative and economical places to live, like tiny houses or garage apartments; you can also trade skills for rental fees.
In a similar way, seek solutions to lower the cost of the food you eat. Older cooks should teach the younger ones how to fix frugal, nutritious meals. One Canadian website shared grocery shopping tips here:
Another website offered these tips:
These tips are helpful for anyone wanting or needing to reduce their grocery costs.
Prepare for the Future
We should all prepare for difficult times. Since no one knows the future, we should live like the ant in Proverbs 6: “Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest.” She works and saves for the days to come.
Canadian borrowers should prepare for a spike in mortgage payments, assuming rates remain high. Find ways to increase income or reduce expenses in anticipation of higher payments. Fund an emergency savings account, and reduce consumer debt. When possible, begin paying extra toward the principal every month.
Sacrifices will be necessary, but trusting God in the process and seeking His guidance will build resilience and hope for the future. This may be a time to effectively share the Gospel.
Hopefully, Prime Minister Trudeau and his new cabinet will develop an effective plan to help relieve the nation’s suffering before Parliament meets in September. May the Body of Christ serve with love and compassion during this time.
Let us pray for our brothers, sisters, and friends to the north.
The Crown God Is Faithful devotional offers inspiring and practical Biblical wisdom. Subscribe to receive daily devotionals that will help transform your finances and provide much-needed encouragement. May it be a blessing to your family, friends, and you!
This article was originally published on The Christian Post on August 31, 2023.
Dear Chuck,
My brother and sister-in-law worked very hard to build a highly successful business. They know the Lord and have everything money can buy, but they are very unhappy people. How can I help them?
Rich Yet Poor Family
Dear Rich Yet Poor Family,
I have met people all over the world who chased the dream of having it all by striking it rich. It is an empty pursuit as old as time itself.
Some that I have known put their entire identity in money. Some lost spouses and families in the pursuit. Some committed suicide when they lost their business or wealth. Some got so preoccupied with business that they failed to see the needs of the poor. It reminds me of the parable of the sower. Jesus referenced the seed that was sown among thorns: “…this is the one who hears the word, but the cares of the world and the deceitfulness of riches choke the word, and it proves unfruitful.” (Matthew 13:22 ESV, emphasis mine)
Introduce Them to Biblical Financial Principles
This is not an easy topic to broach with anyone—especially family. Yet you can see that money has not brought them what they truly need. There is a deep emptiness when one discovers, with disappointment, the unfulfilled promises of money. The Bible warns of this and offers a way of living that brings joy and future rewards. My advice is to get them into God’s Word to discover the true riches He promises to faithful stewards.
“If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?” (Luke 16:11 ESV, emphasis mine)
The Deceitfulness of Riches
Poverty is not God’s norm, but neither is lavishness and selfishness. It is clear from God’s Word that affluence presents the greatest threat to one’s walk with the Lord. “For where your treasure is, there your heart will be also.” (Matthew 6:21 ESV) Perhaps nothing in our society reflects this better than when the wealthy who have lived for themselves face the end of life, look back, and realize their entire lives were spent in futility.
In the Parable of the Rich Fool, Jesus said, “Take care, and be on your guard against all covetousness, for one’s life does not consist in the abundance of his possessions.” The rich man was referred to as a “fool.”
Consider The Rich Man and Lazarus. The rich man dressed in purple and fine linen and feasted sumptuously every day. But he had no regard for poor Lazarus, who desired to feed off what fell from the rich man’s table. The rich man suffered in Hades and desired that his five brothers be warned about the life to come for those who lived with selfish indulgence.
“If riches increase, set not your heart upon them.” (Psalm 62:10b ESV)
“Whoever trusts in his riches will fall, but the righteous will flourish like a green leaf.” (Proverbs 11:28 ESV)
Misplaced Treasures
“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.” (Matthew 6:19–21 ESV)
“For what will it profit a man if he gains the whole world and forfeits his soul? Or what shall a man give in return for his soul?” (Matthew 16:26 ESV)
“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. . . . 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. (1 Timothy 6:9–10, 17 ESV)
The Solution: Give Generously
Most people of wealth are challenged when they hear the Parable of the Rich Young Ruler, who asked Jesus what he must do to have eternal life. Jesus knew his heart and told him to sell his possessions and give to the poor, and he would have treasure in heaven; then follow Jesus. He challenged his identity, his security, and his temporal view of wealth, and it appears the young man failed the test and tried to hang on to his position, power, and money in this world. But God’s Word does not end there. Many more passages show us that the issue is to become unselfish and generous.
The Apostle Paul said, “In all things I have shown you that by working hard in this way we must help the weak and remember the words of the Lord Jesus, how he himself said, ‘It is more blessed to give than to receive.’” (Acts 20:35 ESV, emphasis mine)
“Whoever gives to the poor will not want, but he who hides his eyes will get many a curse.” (Proverbs 28:27 ESV)
“Each one must give as he has decided in his heart, not reluctantly or under compulsion, for God loves a cheerful giver. And God is able to make all grace abound to you, so that having all sufficiency in all things at all times, you may abound in every good work.” (2 Corinthians 9:7–8 ESV, emphasis mine)
Approximately two-thirds of the New Testament references on giving apply to helping the poor, suffering, and persecuted Christians. In 2 Corinthians 8–9, the Apostle Paul addressed the topic to raise financial aid for suffering believers in another location, possibly due to persecution. He commended the Corinthians but challenged them to give:
“But since you excel in everything—in faith, in speech, in knowledge, in complete earnestness and in the love we have kindled in you—see that you also excel in this grace of giving.” (2 Corinthians 8:7 NIV, emphasis mine)
Ask the Lord to give you the opportunity to share with your brother and sister-in-law. Pray they will have eyes to see the poor. May they develop compassion for the persecuted church, the suffering, and the oppressed. Pray that they will desire to excel in giving and, in so doing, find joy beyond measure and the true riches promised to God’s faithful stewards.
The Crown God Is Faithful devotional offers inspiring and practical Biblical wisdom. You can subscribe to receive daily devotionals that will help transform your finances and provide much-needed encouragement. May it be a blessing to your family and you!
This article was originally published on The Christian Post on August 25, 2023.
Dear Chuck,
A friend from work is burdened with medical bills due to multiple emergency room visits with their young child. Their daughter is fine, but the bills have stressed them out. How can I help them?
Crazy Medical Bills
Dear Crazy Medical Bills,
I am sorry to say that I hear this story far too often. Unfortunately, the cost of health care in America is a serious burden for many. According to a 2021 Census Bureau study, 19% of households could not cover medical care when needed. A Consumer Financial Protection Bureau report in 2022 revealed that when debt collectors contacted consumers, the reason was typically for medical debt. I will provide advice for you that you may pass on to your distressed friends.
The Big Picture
In February of 2022, a survey of 1,250 American adults by Affordable Health Insurance found that 56% have medical debt. 25% owe $10,000 or more. Emergency room visits were a factor for 44% of Americans. One-third of those with medical debt say it is very unlikely that they will be able to pay off the debt in their lifetime.
More than half a million families seek bankruptcy protection from medical bills annually. But bankruptcy is not always the best choice for those seeking relief. It is very hard on your credit; Chapter 7 bankruptcy can remain on credit reports for up to ten years from the filing date, and Chapter 13 can remain for seven. Thankfully, medical debt is now being handled differently by the major credit reporting agencies. Paid-off medical debt that was formerly in collections will not appear on reports. A one-year grace period is given before unpaid medical debt is listed, and debt less than $500 will not show up on credit reports.
Know Your Options
The number one source of medical debt is emergency room (ER) visits. The cost is high due to high-tech equipment and time-sensitive testing. You will pay more than if you went to an urgent care center or primary care physician. I recently took my wife to an urgent care center while we were on vacation, and it was much nicer than any hospital or doctor’s office that we have visited. The care she received was not substandard either.
ER visits average around $2,600 without insurance. But that varies depending on location, time of day, and severity of the condition. Prices typically run less in rural areas. Daytime visits cost less than nighttime visits due to the cost of staffing. The number of treatments, tests, and medications will naturally impact the total cost. The key is knowing your options for care before they become necessary.
Urgent care clinics are good for cases that are not emergencies but too distressing to make it through the weekend or overnight. Primary care physicians are best for non-life-threatening concerns. If they can’t help, they’ll refer you to someone who can. Many provide call-in advice after hours. Telemedicine is the most economical option and is understandably surging in popularity.
Ask Chuck Help For Crazy Medical Bills
Cost of Medication
A report from the Moran Company reveals that hospitals are charging an average of 500% of what they pay for medicines. One patient researched her costs and discovered a $700 charge for each push of an IV. The average cost at the time was $200. She found that a similar drug was available in tablet form for the price of a cup of coffee!
Always ask for generic drugs if you need a prescription filled. See if the doctor can provide samples. Ask what discounts the pharmacy can provide.
Learn to advocate for yourself and your family. Upon receiving a hospital bill, do not rush to pay it. Instead, plan to negotiate a lower bill or a reasonable payment plan. You, however, must come prepared to defend yourself with records and solutions.
Negotiate for Lower Bills
Here’s how to lower your bill:
Expect to spend some time in the process. Always conduct yourself as an ambassador of Christ. Be winsome in your communication, and glorify God in all that you say and do. If you are unable to get satisfactory answers, keep trying.
Medical costs are crazy expensive. So pray for good health, know your options in advance of the need, and work toward avoiding high-cost care.
If credit card debt is a burden, Christian Credit Counselors is a trusted source of help for a debt management plan. They can help you get on the road to financial freedom.
This article was originally published on The Christian Post on August 18, 2023.
Dear Chuck,
My wife and I have decent jobs but spend everything we earn. My parents recently told us that we don’t spend money wisely. I was offended at first, but I am rethinking our habits. I heard you on the radio talking about this. What do you suggest we do to change our habits?
Young and Broke
Dear Young and Broke,
I respect your humility in admitting your situation. You are not alone! Many people today do not handle money wisely and, therefore, live from month to month on the edge of a financial disaster. The government, friends, and family enable people, but in many cases, basic financial tools are not known or are simply ignored. God’s financial principles are the answer to poor financial habits. I call them the economic virtues of working, giving, saving, spending, and investing. Let’s consider Warren Buffet’s example to inspire you to better spending habits.
Warren Buffett is one of the richest people alive today. He is CEO of Berkshire Hathaway and a world-famous investor. The company is worth hundreds of billions of dollars. Buffett, 92, has exercised frugal habits in his personal life. Yahoo Finance recently reported the things he says people should avoid if they want to better their financial condition. My comments are indented and italicized.
Neglecting Personal Development
Invest in your skills and education to boost your earning potential.
Take advantage of any extra training or certification offered at work. Become a reader, listen to podcasts, seek a mentor, and become a life-long learner.
Relying on Credit Cards
Avoid carrying a balance due to high interest rates. Control your spending.
Some cards carry up to a 29.99% variable rate! That adds nearly 30% to every purchase unless you are dedicated to paying off your cards every single month. To work your way out of credit card debt, choose the snowball or avalanche method or a balance transfer, or work with the Christian Credit Counselors. Here is help for getting debt under control. Utilize a budget to help manage your money and reach specific goals.
Frequenting Bars and Pubs
Choose affordable social gatherings. Gather at homes to save money.
People spend more money while under the influence of alcohol. There are numerous reasons to consider giving up the habit if you want to positively impact your wallet and improve your health and quality of life!
Chasing the Latest Technology
Buffet chooses functional over flashy. Carefully assess whether a technology upgrade is a need or a want.
This takes self-control. Postpone purchases until the need outweighs the want.
Buying New Cars
Buy pre-owned, and drive as long as they are reliable. Avoid the depreciation of new vehicles.
Routine maintenance can extend the life of your cars. Deposit an average monthly car payment into a dedicated account so that you have the funds to buy when the time comes.
Unused Gym Memberships
Free or low-cost fitness routines at home work well if practiced regularly.
Invest in some basic equipment, and follow a YouTube instructor. If you need the accountability of a gym or trainer, then join a healthy environment where you are sure to go.
Unnecessary Subscriptions
These can be costly! Review regularly, and cancel those not used frequently.
Check your bank/credit card statements for those you may have forgotten.
Over-Reliance on Skincare Products
Find a simple, effective routine.
Be discerning with social media influencers and aware of FOMO (fear of missing out). Use basic products regularly, and protect yourself from the sun.
Regular Nights Out
This gets expensive. Try budget-friendly home-cooked meals and movie nights.
Budget for quality time with your spouse. Seek friends who share similar values and financial priorities.
Gambling
Understand the odds. Seek long-term wealth accumulation, not momentary thrills.
Choose to invest wisely and carefully rather than gambling to try to gain money quickly.
Smoking
This is a costly habit. Quitting will save you money and possibly lengthen your life.
A carton of cigarettes can cost as much as $100 or more. The long-term costs are significant. Ask God for help to break this habit.
Ask Chuck Practical Advice For The Young And Broke
The Golden Key to Managing Money
The key to financial margin is to live beneath your means. Learn to be content by giving thanks for all you have. Rather than seeking more, see what you can live without. Challenge yourself to make some sacrifices. Try dropping subscriptions, driving older cars, living in smaller quarters, postponing expensive vacations, or putting off buying new clothes. Look at this not as punishment but as an intentional way to reach financial goals and, thus, improve your financial life. Enjoy the progress you make each month, and celebrate milestones!
Proverbs 10:4 says, “Lazy hands make for poverty, but diligent hands bring wealth.” (NIV) Think of the enormous contrast here. Keep busy working hard, serving others, and taking care of the things you own. This will keep you from wanting to spend.
Ask like-minded friends to join you, and encourage one another on the journey. Your parents may be the best encouragers of your new direction and habits! You may need to make significant lifestyle changes. Godly stewardship matters because we are managing God’s property. We don’t own anything—it all belongs to Him! How we manage the resources He provides ultimately impacts our eternal destiny, so be faithful.
I would like to invite you to our Crown Reunion in Ridgecrest, North Carolina, from October 12–15, 2023. Here, you will learn more about financial stewardship, meet our staff and some of our international partners, and grow spiritually with new friends. More information is available here: https://www.crown.org/reunion/.
This article was originally published on The Christian Post on August 11, 2023.
