Change the Rules
Yesterday I wrote about changing the rules. If you do not like the results, I suggest you change the rules. Following the same rules that got you in trouble in the first place will only produce the same end result. Without a change, you are doomed to repeat past mistakes. Look at things in a new way. Follow the rules below, and you will find financial freedom. (Please note that the following allocations would apply to those who have already paid down substantial debt; otherwise, the percentage allocated to recreation could be dramatically reduced and the remainder used to pay down debt.)
The rules are:
1. Pay God first: 10 percent toward giving (minimum)
2. Pay yourself second: 10 percent into long-term savings
3. Pay for necessities: 60 percent into a checking type account
4. Pay for recreation: 10 percent into your fun account
5. Pay for freedom 10 percent into a financial freedom account
Though learning to live on 60 percent of your salary is a tough feat for anyone, it should be your ultimate goal. If you control what you spend, you will find a way to live within your means. Reduced spending may also allow you to give more than 10% and save more for the future. If you have a burning passion to change, you will. Otherwise, you will be afraid. Don’t let fear get the best of you. Fear may be present, but work to overcome your fears. If you are willing to do only what is easy, life will be hard. But if you’re willing to do what’s hard, life will be easy. Training your own mind is the most important skill you could ever own in terms of both happiness and success. You should recondition your mind with the knowledge that spending keeps you trapped in a world of limited financial progress. It impacts your ability to give and save more.
How do you possibly get to this point?
One of the reasons I wrote The Faith-Based Millionaire was to help Christians get a better handle on their financial habits. I see the body of Christ struggling just as much as non-believers – deep in debt, little to no savings, trapped in fear! It shouldn’t be this way. As Christ-followers, we are called to a higher standard.
I carefully study the lives of my clients over the last decade. I looked specifically at those who had both faith and wealth and found 12 essential habits that lead to faith-based wealth. Ever notice most of the great men of the Bible were fantastically wealthy? It is no coincidence that when you follow God’s principles, you become abundantly blessed. It is not a guarantee, but rather your surest path toward financial freedom. For more ways to incorporate your faith into your finanial plan, get the latest updates at www.jayperoni.com. This site is dedicated to the latest news, blogs, and podcasts on faith-based investing, seeking financial freedom, and above all: helping you grow closer to Christ through your finances.