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The Now, Then, Us and Them: How to Leave a Legacy

My wife and I were privileged to go see the Legacy Journey tour live this past week.
The Dave Ramsey team put on an incredible event. We had a great time and were inspired.

If you care for your family and love helping others then The Legacy Journey is for you. It’s built for those that have already been been through Financial Peace University and need some inspiration and push to take it to the next level.
It’s about leaving a Legacy for our children, their children and beyond.

The theme centered around 4 words.
Now, Then, Us and Them.

The NOW
1 Timothy 5:8. But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.

Get educated, get as big of a shovel as you can and get out of debt.
No matter how big our heart is, we must take care of ourselves first, so that we can have the means to then care for others.
It’s not being selfish; it’s actually the opposite. We must fill our own cup before we can begin overflowing to others.

The THEN
Proverbs 29:18. Where there is no vision, the people perish.

This one is about Retirement Investing, Insurance and College Funding.
Once we have control of our finances, are debt free and have an emergency fund built up, THEN we can start putting money aside for our future and our children’s future.
We must be disciplined in planning with out money instead of just living for the moment.

The US
Proverbs 13:22. A good man leaves an inheritance to his children.

This step is about more than money.  It’s about character.
“What good is money if the person who is holding it is not a good man”.
“More money makes you more of what you are – good or bad”.
You must have a good handle on your personal life, your marriage and your kids.
Love God, go to church, build a strong marriage and teach your kids about life and giving.

THEM
Proverbs 28:27. He who gives to the poor will not lack, but he who hides his eyes will have many curses.

Once we have built a strong foundation for us to live on that will not crumble, then we can be in a position to reach out and help others.
We are blessed to be a blessing and giving is fun!

Let’s build a legacy?
Let’s be good managers of what God has given us.
Take care of the Now, build the Then, stabilize the Us and give to Them.

May God thoroughly Bless you!

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Budgeting 101: Creating a Budget

Budget

 

Living on a budget is not something everybody does, but it is something that everyone should do.

As Dave Ramsey says, “If you don’t manage your money, your money will manage you”

For those ready to take control of their lives and their money, creating a budget is the first step.

Be intentional about getting started.  Don’t just let each day go by and see if time just happens to tap you on the shoulder and suggest that you sit down and do this.  Schedule a day and time that you can sit down for an hour, then follow these steps.

 

Step 1: Grab a pencil, some paper, a calculator and sit down at the table.

  • Use a pencil because you likely will need to so some erasing.
  • Lined paper would be helpful, but not necessary
  • Don’t sit on the couch in front of the TV.  Sit at the dinner table where you can focus.

 

Step 2: At the top, write down how much you make in a month.

  • This part can be tricky if your income is variable. There are multiple ways to budget with variable income.  For now pick an average of what you expect to make each month.

 

Step 3: Start making a list different places that your money goes each month.

  • Don’t worry about the amount spent on each item yet.  Just list everything that you can think of that your money goes to.
  • Start with the items that are essential to life first.

Examples of essential items

  • Tithing
  • Savings
  • Mortgage or Rent
  • Power or Electric
  • Food or Grocery (not dining)
  • Gas
  • Water
  • Gas
  • Phone/Internet/Cable
  • Auto insurance
  • Home insurance
  • Life insurance

Examples of non-essential items

  • School misc
  • Kids activities
  • Birthdays
  • Recreation
  • Dining
  • Kids allowance or commission
  • Clothes
  • Home maintenance
  • Music lesson
  • Dental
  • Eyecare
  • Medical
  • Retirement
  • Vacation
  • Christmas
  • etc…

The the non-essentials will look different for everyone, but it is is important to get everything that you can think of listed.

 

Step 4: Write a dollar amount beside each and every item

Some you will know and some you might have to estimate.

 

Step 5: Pick up the calculator and punch in the income number at the top of the page, then start subtracting each item from that number.

Most of us will run out of money before we get to the bottom of the list.

 

Step 6: Balance your budget by adjusting the numbers or items until all of the money is accounted for and your final number is 0.

 

In future posts I hope to go into more detail about why I listed things like vacations, birthdays and Christmas in the monthly item list.

I would also like to explain further why I think that tithing and saving are essential to life budget items.

For now…Have fun creating your budget.  It will feel good to take control of your money.


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