Faith Based Investing

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All retirement plans are not the same. In fact, there is such a wide variety of retirement plans that learning more about your choices is a good idea. Here’s a brief look at the basics of 401k plans…

How do 401k plans work?

Many people have a 401(k) retirement savings plan, which works like this: The plan is funded with pretax dollars taken out of your pay­check (through payroll deductions). If you’re lucky, your company will match your level of contribution or even make contributions on your behalf–after all, the employer contributions are tax-deductible.

How much can you contribute to your 401k?

In 2009, the IRS will let you contribute up to $16,500 a year in a tradi­tional 401(k). However, many employers will let you contribute only up to 10 percent (or less) of your annual salary. The IRS also allows catch-up contributions (additional contributions from those age fifty and above), with a current annual limit of $5,000.

READ PART 1 (401k Plans) HERE

READ PART 2 (Roth Vs. Traditional IRA) HERE

The Importance of a Financial Plan

How do you balance all of the demands of your financial life? Giving, savings, spending, investing, insurance, college planning, estate planning, on and on… It starts with prudent financial planning: creating a proper balance of giving to God’s kingdom, setting aside for financial emergencies, and proper long-term savings. The bigger issue is often knowing where the end goals lie. The question becomes: how much is enough? There comes a point when enough savings have been generated and deciding what to do with the surplus is the next logical choice. There is always a debate between saving and hoarding money.

For many Christians, savings represents the future. Short-term consumption is often delayed for future enjoyment. As Proverbs 21:20 says, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has”. Self-indulgence, poor planning, and abusing money are foreign languages. Instead a focus on minimizing debt, gifting to various ministries, and growing wealth are top priorities for faith-based millionaires.

Trusting in God to be faithful is rarely enough if we disobey his words. How can we expect God to bail us out for our financial mistakes: overspending, over-consuming, under-saving, and mismanagement to name a few? I’m not saying God won’t help us out, but we cannot expect it just by having faith. Short-sightedness can often lead to poverty.

READ MORE HERE

Fuel to Feed the Fire

You may think, I cannot succeed financially; there are too many obstacles. You may not be able to succeed on your own, but with God by your side, anything is possible. He can make things happen that seem impossible. He can open doors that you never thought could be opened. Do you have faith that the Creator of life can supernaturally turn your financial life around? He can make a way for you even when the odds are stacked against you and there appears to be no way. Don’t see God as a small-sized God but rather a God who can help you ac­complish anything.

Do you know people who are always negative? Even if something good happens to them, they still find something to complain about. You know the type: poor me, nothing good ever happens to me, this is just my luck, etc. It is hard to be blessed when you cannot recognize a blessing when it comes. Turn your negative thoughts into positive re­sponses. Things can always be worse. With God by your side, you can get through whatever you face.

READ MORE HERE

Your Attitude is Your Greatest or Worst Asset

Uncommon friends

When Charlie met Frank at a bowling league in November 1998, they hit it off instantly and became the best of friends. Charlie had always been a hard worker, sometimes working two or three jobs as a plumber and an electrician. He made a good living, but never seemed to save enough to get him closer to financial freedom. Now in his fifties, Charlie had the expectation that he would always have to work to make ends meet.

READ MORE AT:

http://www.christianpf.com/importance-of-a-positive-attitude/

Here is Jay’s latest article at www.christianpf.com

http://www.christianpf.com/christian-view-of-life-insurance/

Control your Spending

The day Janet came to see me she appeared to have it made: years into retirement, she had a few hundred thousand in various savings accounts, a house that was paid off, and financial freedom. However, what appeared to be built on solid ground in reality had a foundation made of sand, and possessed the ability to become quicksand if immediate financial remedies were not administered.

To read more: CLICK HERE