Break the Cycle – Part 10

Break the Cycle – Part 10

Seven Baby Steps: Plan, Focus, Control

 You need to establish a Budget to have a plan for your money each month.

Habakkuk 2:2 KJV And the LORD answered me, and said, Write the vision, and make it plain upon tables, that he may run that readeth it.

Habakkuk 2:2 MSG And then GOD answered: “Write this. Write what you see. Write it out in big block letters so that it can be read on the run.

  1. $ 1,000 to start an emergency fund

$ 500 (if income is $20,000 or less)

  1. Pay off all debt using the Debt Snowball

Proverbs 6:4-5 NKJV Give no sleep to your eyes, Nor slumber to your eyelids. (5) Deliver yourself like a gazelle from the hand of the hunter, And like a bird from the hand of the fowler.

Proverbs 22:7 NKJV The rich rules over the poor, and the borrower is servant to the lender.

 Steps Out of Debt: 

  • Quit borrowing more money !
  • You must save
  • Sell
  • Take a part-time job.
  • Prayer really works.
  1. 3-6 months of expenses in savings

       You Should Save for 3 Reasons:

  • Emergency Fund
  • Purchases
  • Wealth Building

Proverbs 21:20 NIV In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.

  1. Invest 15 % of household income into Roth IRAs and tax-advantaged retirement accounts
  • Have a dream meeting with your spouse or accountability partner.
  • Identify the GAP.
  • Numbers change when people

Proverbs 16:9 NKJV A man’s heart plans his way, But the Lord directs his steps.

  1. College funding for children
  • An Education Savings Account (ESA) funded in growth stock mutual funds is best.

You Can Pay for College if You:

  • Select an affordable
  • Aim for scholarships.
  • Get a job.
  1. Pay off your home mortgage.
  • It is not wise to keep your home mortgage as a tax deduction.
  • What could you do if you had no payments?
  1. Build Wealth and Give!
  • Your most powerful wealth-building tool is your income
  • Giving is possibly the most fun you will ever have with money.