2018 Maryland Men of Faith: The Want of Men

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Maryland Men of Faith

Edwin G. Romero

Personal Finance

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For more information, please visit www.mmof.org.

Father God in heaven, what a blessing it is to come before thy throne of grace and glory.

And I pray in a very special way that as we do this presentation, very important presentation on personal finance, that you will be the 1 speaking on not this broken servant.

May you be the 1 opening the word and taking us through the specifics of this topic that is destroying many families and many couples.

1 of the first things that I'd like to take you through when I talk about personal finance is this right here because this is the foundation of Personal finance say amen.

Owner partner, and counselor of your finances.

You must keep God as your owner, partner, and counselor.

He owns everything, and we have to acknowledge that.

Well, it affects our spiritual success, it also affects our families, it affects our stress level.

I still have not met 1 person that goes to bed at night and has a pile of bills outstanding and is able to sleep well.

And I've talked about personal finances for a long, long time, and you still have that on the back of your head.

Stability of our marriage, long term planning for retirement.

More and more people are ending up their careers broke.

So you have to make sure that you plan accordingly so that when you retire you have enough funds to be able to survive.

Let's talk about finance here real quick.

And the truth, It has been said people spend money they don't have for things they don't, what?

They don't need in order to impress people they don't even like.

Even your neighbors, they buy new cars and stuff and toys.

I love everybody, but I don't like everybody.

But we like to have what others have, even at the cost of indebtedness.

You must have a plan in place We serve a God of order say amen to that we say we serve a God of order So why are we going to be disorganized?

You want to make sure that you are disciplined enough to be able to manage your own finances.

3 of my favorite quotes, Natasha Munson, money like emotions is something you must control to keep your life on the right track.

Most people want to avoid pain and discipline is usually what?

No, I want to have money, but I don't want to discipline myself.

Discipline is the bridge between goals and accomplishments.

You have goals on 1 side and accomplishments on another side, on the other side.

Alright so financial planning, personal finance, personal Financial planning is the process of managing your money to achieve personal economic satisfaction.

We're going to get down to the nitty-gritty of finances here.

We seek God's wisdom and blessing throughout.

We accept responsibility for our finances.

We are diligent in laying the foundation and then we get educated.

Workshops like this, we read books, newsletters, magazines, and then we ask for counsel from others.

Take a look at this quote from LNG White, When you can stand forth a free man again, owing no man anything, you will have achieved a great victory.

And look at what scriptures talk about indebtedness.

Taxes to whom taxed are owed, revenues to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed.

Owe no 1 anything except to love each other, for the 1 who loves another has fulfilled the law." This talks about debt, talks about indebtedness, talks about plastic, credit cards, car loans, home loans, talks about personal loans.

But let me share with you why personal finance is so important.

This is outside sources that are talking about why it is important for you to know how to handle or manage your money.

Married couples with kids are 75% more likely to be late paying their bills.

When you fill out your W-4 through your payroll office, you're saying, I have 3, 4, 5, 6 dependents.

So I have to come up with money, more money to sustain those lives, right?

People spend 12 to 18% more when using credit cards than when using cash.

And that's why sometimes when you're in trouble with your finances the best thing to do is to get into a cash system so that you no longer borrow money that eventually you will not be able to repay because you don't have the earning power to do so and even when you have the earning power to do so Most people that are in trouble financially live paycheck to paycheck and the earning power that they have is irrelevant to their expenditure.

So we're going to talk about that a little later here.

65% of Americans are living paycheck to paycheck.

Personal Finance

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