I mentioned last week that I wanted to share some “Steps to Financial Freedom” with you this first month of the new year. This is an excellent time to look at your income and expenses from 2009, as you begin the process of preparing your taxes. Yes, we are required to pay taxes. Remember Jesus’ words? “Render unto Caesar what is Caesar’s and to God what is God’s” (Matt. 22:21). We pay Uncle Sam and we cheerfully give to our Heavenly Father. I remember my Dad telling me he never minded paying taxes because that meant he had made some income. I never mind giving to God out of love for all He’s provided for me. He only requires me to give him a small portion, the tithe (10%), in return. I’d really like to “tithe” to the U.S. Government and then give that much more to the Kingdom! (I don’t think I get to make that choice for now, as I’m not looking to begin a prison ministry from the inside!).

Jerry Tuma, Founder and President of Cornerstone Financial Services, shared some great “Steps to Financial Freedom” in this month’s issue of Charisma magazine. I thought you might benefit from it as well. My personal comments are included.

• Take inventory of your income and expenses. Review or create an honest budget.
• Buy adequate life insurance. He recommends 10 times your yearly earnings for the primary breadwinner of the family (Sorry Honey. That’s why I get on the treadmill and eat Honey Nut Cheerio’s!)
• Pay off all consumer debts. This includes credit cards and finance companies –anything beyond your car and home. (I encourage you not to buy any depreciating asset on credit: TVs, stereos, cars, etc. since they represent primarily consumption, not investment, and usually carry the highest rate of interest.) Try to pay your smallest debt first and then apply that payment to your next largest debt.
• Start an emergency reserve. Dave Ramsey recommends $1,000 initially. Two or three months of your earnings are even better. Begin a long-term savings account as soon as you can. Even a little amount adds up over time!
• Pay off your car. The sooner the better and then maintain it well and drive it for a long time. It’s been said, the cheapest car you’ll ever own is the one you have now. Evaluate buying “pre-owned” to save even more. That’s what we do.
• Prepay on your home. Paying even a little more every month toward the principal or moving to twice per month payments will save you thousands of dollars over time in interest savings(We recently re-financed our home to save 1.75 % in interest. We were able to lower our monthly payment by $200 per month).
• Always put God first in your giving. Even if you are yet to trust God with the tithe; write the first check every month to His Kingdom. You will be blessed!

Blessings to you in this New Year! God is faithful!

Yours in Christ,
Mark

P.S. Remember our service times change this Sunday January 17, 2010! Traditional Worship Service is at 8:30am, Sunday Classes at 9:45am, and Contemporary Worship from 11:00-12:15pm. Invite a friend or two!