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How are you holding up?

"A good man leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous." Proverbs 13:22

A Global Crisis Geo-political instability is at levels not witnessed since World War II. The national average for gasoline is approaching $5 per gallon. Grocery prices are up 20%. Investments, savings accounts, and retirement plans are decreasing monthly. Americans are stressed and wondering if they’ll have enough to support a lifestyle they have become accustomed to. Stay Calm & Remember Your Training There’s no better time to return to the basic principles of personal finance that were covered in MD5. The principles are timeless and should be used as a guide to evaluate your current financial state. 5 Wise Principles Christian author and financial advisor Ron Blue has the 5 Wise Principles for personal finance.

  1. Spend less than you earn

  2. Avoid debt

  3. Give generously

  4. Save for the unexpected

  5. Set long-time goals

Take Your Baby Steps Radio talk show host and Christian debt/savings coach Dave Ramsey has the 7 Baby Steps.

  1. Save $1,000 in a beginner emergency fund.

  2. Pay off all debt (except house) using the debt snowball.

  3. Put 3-6 months of expenses in savings.

  4. Invest 15% of household income into Roth IRAs and pre-tax retirement plans.

  5. Save for children’s college education using tax-favored plans.

  6. Pay off the house early.

  7. Build wealth and be outrageously generous.

Find Financial Contentment Blue and Ramsey’s plans are grounded in scripture. Both plans start with spending less than you make and avoiding debt. We all need to be mindful of these simple guidelines during such unpredictable times. Having a good financial plan and sticking to it long-term is the only way to find financial contentment. Proverbs 22:7 The rich rule over the poor, and the borrower is slave to the lender.

Roger Smithson MD5 Facilitator

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