Check out the Spending Plan online Calculator at Crown.org (under the Tools ..... Most of the major financial software b
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Call: 1-800-722-1976
Jim Henry Editor in Chief
OK, Do Well is a little odd for a magazine title. These days, you’re more likely to leaf through publications that promise to help you be “awesome,” “phenomenal,” or “the greatest” at everything from growing roses to hang gliding. Do Well is a different kind of title for a different kind of magazine. We’re interested in results—not rhetoric. Anyone who promises you instant success at anything is probably just out to sell you something. We’re out to sell something, too, but we make no false claims that you’ll achieve health, wealth and happiness overnight. We’re “selling” God’s financial principles, and the only promise we make is that if you buy into them, your life will improve in ways that, counter-intuitively, have little to do with money. You will not be awesome or phenomenal or the greatest at anything. Those adjectives are best left to the loving God who gave His only Son, Jesus Christ, that we might one day live for eternity in heaven. In Scripture, God also gives us all we need to live happy, productive lives that reflect His glory, not ours. Nowhere does God promise to make you wealthy, to cure you of disease, or to deliver that “dream job.” He does promise, however, to provide for all your needs. He promises to be faithful, and asks only that you do the same. Whether you realize it or not, God has entrusted you with very special resources. Your talents, skills and interests are gifts from God, and His will is that you use them to advance His kingdom. One of the most difficult concepts to grasp in all of Christian doctrine is that God owns everything. We mouth the words, but too often we don’t really believe it, nor do we act like it. Yet the Bible states clearly that God not only created everything, He’s never given up ownership: “The heavens are yours, and yours also the earth; you founded the world and all that is in it.” (Psalm 89:11). His ownership extends to you, as well, and the resources He’s placed in your hands. How will you use them? Personal finance magazines are, of course, loaded with tips and advice to help readers manage money, and this publication will be no exception. Our goal is to provide you the best possible advice in three key topic areas: personal finance, careers and business. Along with timely, practical information, we will also give you the scriptural underpinning that answers the “why,” not just the “how,” which leads us back to the original question, “Why Do Well?” Other than the Gospel itself, the most critical words that any follower of Christ can ever hear are “Well done, good and faithful servant!” (Matthew 25:23). That simple recognition is what we long to hear the day we stand before the judgment seat. We want to know that we have used God’s resources faithfully for His cause. At Crown Financial Ministries, we want to help you do just that—to help you do well now, so you can hear, “Well done” later.
From the Editor
Why Do Well?
Do Well 1
Do Well Table of Contents
Crown Financial Ministries, Inc. 1035 Old Peachtree Road NW Lawrenceville, GA 30043 Phone: 800-722-1976 • Crown.org Crown CEO
Chuck Bentley
Crown President
Robert Dickie III Editor in Chief
Jim Henry
Managing Editor
Jim Armstrong
10
Features
4
10 Prepare to Do Well in Any Economy Take a look at what’s in store for the world’s economy and your personal finances.
News & Advice 15 Personal Finance
Second Incomes: Should you work for a paycheck, or for yourself?
19 Business
Are you ready to start a family business? Here’s your step-by-step plan.
22 Career
Don’t let these myths and missteps keep you from the job you want.
25 Global
Learn how Crown is sharing hope with the world’s illiterate.
In Every Issue 4 Getting Started
Use these tips and tools to get more from your money.
28 Reaching Out
Now is the time to spread the Good News. 2 Do Well
Lee Holcomb
Sheila Thompson
Exciting changes are taking place at Crown.
22
Advertising and Marketing Relationship Management
6 Crown Steps Up
25
Sales
Jim Klonaris
VideoPlus VideoPlus.com Editor
Erin Casey
Copy Editor
Peter Tepp
Creative Director
Carl Waters Art Director
Amy McMurry
Graphic Designer
Floro Torres
Production Manager
Alan Dwelle
Production Artists
Karla Garcia, Donna Rodgers, Christian Stovall
4
Scripture Translations: Unless otherwise noted, all Scripture quotes are taken from The Holy Bible, New International Version®, NIV®. Copyright © 1973, 1978, 1984, 2011 by Biblica, Inc.™ Used by permission. All rights reserved worldwide. Subscriptions: For subscription information, including bulk subscription rates, go to crown.org/dowellmagazine or call 800-722-1976. Do Well magazine is published quarterly by Crown Financial Ministries, Inc. Postmaster: Send address changes to Crown, 1035 Old Peachtree Road NW, Lawrenceville, GA 30043 Customer Support: For service on your subscription, including renewal, change of address or other customer service matters, call 800-722-1976 or email
[email protected]. Article Reprints: email
[email protected]. We welcome your comments:
[email protected]. © 2011 Crown Financial Ministries, Inc. and VideoPlus.
Getting Started
“How we handle money is an outside indicator of an inside spiritual condition.” — Larry Burkett
,
Tis the Season
For families and individuals dealing with tighter-than-usual budgets, the upcoming Christmas season may bring on feelings of stress and “not enough” instead of peace and goodwill. Buying gifts on credit and promising yourself that you’ll pay off the debt “as soon as possible” only compounds an already stressful financial situation. Here are a few tips to help you avoid the regret of after-Christmas bills and add to your joy this holiday season.
“Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?”
—Luke 16:10–11
Make a budget. Predetermine how much you will spend on ✶ Christmas. Pray about your decision and then stick to it! Watch out for the “little things.” Factor in the unusual ✶ expenses such as special meals, hostess and teacher gifts, wrapping paper, etc. Don’t let the little things blow your budget.
Share your blessings! Commit to giving a portion of your ✶ Christmas budget to a charity or your church. Plan ahead. Purchase and mail out-of-town presents at least two ✶ weeks in advance to avoid rush delivery charges. ✶ Remember what really matters. Christmas isn’t about the
number of presents under the tree. Focus on the gift of Christ and teach your children the true meaning of Christmas. Establish traditions that include spending time together and doing for others.
4 Do Well
“For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”
—1 Timothy 6:10
Getting Started
?
How Much Should I Be Spending
When you control life’s three main spending categories—housing, food and auto—it is easier to balance the rest of your budget. So, how much should you be spending on the big three? Financial experts recommend the following percentages. Percent of your Category Net Spendable Income Housing 25–40%
Food 6–11% Auto 12–18%
Tally your housing, food and auto expenses. If they add up to more than 70 percent of your net spendable income, you might find that it is difficult to live within your means. Check out the Spending Plan Online Calculator at Crown.org (under the Tools menu) for more specific advice on how to create a balanced budget.
Save a Little, Save a Lot
Clipping coupons may seem like a waste of time, but your savings can really add up. Saving just $10 on your weekly grocery bill can add up to $520 over a year’s time. You could use your savings to take a weekend getaway, pay down debt, or increase your giving.
Is itTime to Refinance?
Save Your Relationship 36% of men and
✔ Have rates dropped more than 2 percent since you
have lied to their spouse about the true price of a purchase. Don’t allow “financial infidelity” to come between you and your spouse.
Interest rates are at an all-time low. By refinancing your 30- or 40-year mortgage to a 15-year loan you can get the best interest rates (currently as low as 3.4 percent) and save thousands in interest payments over time. How do you know if refinancing is right for you?
purchased your home?
✔ Are you planning to be in your home for at least three years (or long enough to pay for the closing fees)?
✔ Do you know your credit score? Boosting your score by
40% of women
Source: SmartMoney.com
even 20 points can help you get a better interest rate. Shop around to find the best rates and terms. Refinancing can save you a few hundred dollars a month on your mortgage—and thousands long-term.
Do Well 5
Crown Steps Up
Meeting Global Demand for God’s Financial Truth
by Bob Dickie | Crown President
E
xciting changes are taking place at Crown. In case you haven’t checked us out in a while, I’d like to highlight a few. It has been a great year, and God has really blessed the efforts of our global staff and faithful supporters worldwide.
Bob Dickie gets to know key staff and volunteers at the 2011 Asia-Pacific Crown Reunion.
New Media Initiatives Crown launched multiple new media initiatives in the past year to broaden our reach and serve our customers here in North America. Our new Do Well magazine (you’re reading the premier issue now) is tailored to meet the needs of our longtime donors and supporters as well as new members of the Crown community. Subscribing to Do 6 Do Well
Well is a great way to learn more about this ministry, stay updated on global news, and get practical advice and tips on personal finance, careers and business—from a biblical perspective. We made a strategic move into video in March of this year and launched Crown.tv to keep in touch with our partners globally. With the addition of new features and segments, the Crown.tv audience continues to grow. Plans for this exciting medium are to expand this to multiple programs each month highlighting practical teaching and support for these troubling economic times. If you haven’t seen Crown.tv yet, make sure to subscribe to it at Crown. org/media/Videocast. (It’s free!) Each broadcast is packed with timely insights from Chuck Bentley and other guests on important economic issues of the day, all seen through a biblical lens. It’s information other media outlets will never provide. Thirty-five years after our founder, Larry Burkett, pioneered the Christian personal finance space, Crown is honored to continue his mission and legacy in serving God’s people here in the United States and globally. Now, more than ever, Larry’s teachings ring true. His book The Coming Economic Earthquake (written in 1991) was tremendously prophetic. Our CEO Chuck Bentley continues the legacy Larry started all those years ago, keeping believers informed on important economic events that affect their bottom line. His new weekly article called “Handwriting on the Wall” is available for a free subscription by going to Crown.org/Handwriting. Its popularity is growing virally as our audience appreciates the fresh biblical perspective in a rapidly changing world.
Chuck Bentley joins with Crown’s hosts to celebrate delegates from 10 nations at the closing banquet of the 2011 Asia-Pacific Reunion.
Our Focus and New Resources Crown is focused on serving others in three key areas: personal finance, careers and business. In these uncertain times, more people than ever are coming to us in desperate need of answers. As you know, there is no end of worldly advice about managing money that ignores the reality of God, His ownership and His provision. In sharp contrast to the world, Crown bases all of its teaching on solid biblical principles that continue to draw people back to Christ as the only lasting answer to financial problems. As you can imagine, in these difficult economic times our product offerings in the areas of personal finance and stewardship have
These Brazilians are excited to receive the Crown Money Map™ in Portuguese.
never been more desperately needed. Chuck’s new book, The Root of Riches, has already had an amazing impact. It is being used as a Bible study for small groups and church-wide campaigns. The phone continues to ring with requests for Chuck to speak around the globe to new audiences about the biblical truths outlined in the book. You’ll be excited to hear that we are making plans to introduce a new small group Bible study early in 2012. (Expect more about that in the next issue.) Meanwhile, the classic Crown small group study will remain a cornerstone resource for us as it continues to transform lives each and every day. With the highest sustained unemployment rate since the Great Depression, and the new phenomenon known as “underemployment,” we’re ramping up delivery of Crown’s hugely popular assessment tool Career Direct ®. More than ever, Career Direct is serving believers who need to discover their God-given skills, talents, interests and values, both here in the United States and, increasingly, around the world. We’re making Career Direct available in many languages to meet rapidly growing global demand for the product. Career Direct required millions of dollars in funding and thousands of hours of scientific research and development to create. It remains today our most popular and sought after resource, and it’s poised to meet the needs of millions of people around the world in the coming years. Jan and Alet Strydom are training Career Direct ® Consultants all over the globe to serve in their local areas helping members of those communities. This is being met with great fanfare everywhere they go. Becoming a Career Direct Consultant offers a great new income Do Well 7
Crown Steps Up opportunity for those who are dedicated to helping others find their God-given design and then work within it. Crown is now creating jobs globally and we are hiring! For those who would like more information on how to become a Career Direct Consultant in your area, please visit Crown.org/careerdirectglobal.
Serving Businesses As if our economic troubles in the United States weren’t bad enough, in recent years we’ve had to contend with fraud and deceit from companies like Enron and Worldcom, and the Ponzi schemers Bernie Madoff and Tom Petters. At a time when many fear a global economic meltdown, others are asking, “What happened, and how can we fix it?” At issue is the continual erosion of our nation’s foundation, which was built on biblical principles. Crown is committed to training leaders at every level in business, from the new employee to the CEO, the proper way to conduct business based on God’s Word. Just as business leaders here in the United States look for answers to our economic problems, their counterparts from South America to Asia are looking for ways to prevent the same problems from occurring in their countries. Crown is making an impact within the global Christian business community. Business by the Book, by Larry Burkett, continues to be our flagship product for those who want to establish a business by God’s design. As with other Crown resources, Business by the Book is now going global, as demand for the resource continues to grow around the world. I just returned from Asia, where I was amazed at marketplace leaders who said this book had a tremendous impact on their lives. You’ll be even more encouraged to know that Crown is now updating the Business by the Book seminar and study here in the United States. We’re also launching a new strategic partnership with Wade Myers. You can read his article on page 19. Wade’s materials are outstanding for the seasoned business professional and for those wanting to launch a family business. This partnership will grow in the coming months to meet the changing needs of our U.S. and global business customers.
Sharing the Hope of Christ Around the World From a global standpoint, the God Provides ™ film series continues to be our No. 1 ministry tool. Now translated into 35 languages and released on every continent, God Provides is getting rave reviews. We continue to hear stories of the tremendous impact the films are having around the globe, especially in areas with low literacy rates. God Provides was specifically developed to help reach the millions of people globally who cannot read. The film series transcends all boundaries, both geographic and linguistic, as the Lord uses it to touch lives and lead people to Him. Everywhere God Provides goes, it seems to spark revival. In Brazil alone, a Christian businessman has donated a million dollars to ensure that the films reach more than 10 million people in the next decade. He believes it is one of 8 Do Well
the most important outreach tools released in Brazil. Many of you gave generously to fund the creation of God Provides. You need to know that your faithful support is having a huge impact, sparking mini-revivals and leading people to Christ everywhere it goes around the globe! Please visit Crown.org/GodProvides to learn more and see firsthand the stories of people whose lives have been
changed by this amazing film series. I want to thank our faithful supporters who have stood by Crown, enabling us to develop world-class materials that are available to believers everywhere in the hour of their greatest need. People are searching for truth, and we are committed to helping spread the gospel and impact lives in the United States and abroad. Because of your generosity, we are in position to make an enormous difference for God’s kingdom. We believe the need for Crown’s message of biblical stewardship has never been greater. We need Seminar Instructors, Crown Associates, Career Direct® Consultants, Small Group Leaders and short-term missionaries using our materials. Let me know how and where you’d like to join us! We invite you to continue following Crown through our various media channels and, above all, please keep us in your prayers. DW Bob Dickie is President of Crown and lives in Knoxville, Tenn., with his wife Brandi and their four children. Bob has an extensive background in the military, business management and nonprofit sector. A proud graduate of the University of Tennessee at Knoxville, he is sometimes heard around the Crown home office humming “Rocky Top” (the unofficial fight song of the Tennessee Volunteers).
Prepare to Do Well in Any Economy by Chuck Bentley l Crown CEO
10 Do Well
“Isolating the economy from any other event, a prudent observer would say that we have a problem. Notice that the United States’ economy and most of the world’s
economy is unstable.
The value of the U.S. dollar is shrinking on the world market.
• Inflation is growing, while real production has dropped off. • The trend toward economic collapse—where inflation runs away and is followed by a major depression—seems irreversible. • Politicians make decisions based on what is popular rather than financially sound. • Rather than working on a feasible solution to our problems, government officials quibble about which support group should get the most handouts. • Most families live on the brink of disaster. The excessive use of personal and business credit has weakened the already shaky family structure.”
—Larry Burkett, Your Finances in Changing Times, 1975
Over 35 years ago, our late founder, Larry Burkett, warned of the dangers of a pending economic crisis. He picked up on this theme in greater detail in 1991 in his best-seller The Coming Economic Earthquake. And today, we find ourselves in the midst of the greatest economic crisis since the Great Depression and possibly in history. While many economists point to federal deficits, trade imbalances, globalization, job loss or massive deleveraging, I think we are in a cycle that calls for a greater change than simply tweaking economic policy or financial behaviors.
Forgetting God Phillip Yancey wrote an excellent article about the relationship between decadence and discipline in Christianity Today that I have cited many times. It is so relevant to my view of our economic problems that I want to share a portion of it here. Gordon Cosby, the founding pastor of Church of the Savior in Washington, D.C…. noted that high-commitment Christian communities begin with a strong sense of devotion, which expresses itself in a life of discipline. Groups organized around devotion and discipline tend to produce abundance, but ultimately that very success breaks down discipline and leads to decadence. Cosby termed this pattern the “monastic cycle”—with good reason, for the movements led by idealists such as Francis of Assisi and Benedict of Nursia repeatedly demonstrate the cycle. In the sixth century, early Benedictines worked hard to clear forests and cultivate land, investing their surplus in drainage, livestock, and seed. Six centuries later, according to historian Paul Johnson, “Benedictine abbeys had virtually ceased to be spiritual institutions. They had become collegiate sinecures reserved very largely for members of the upper classes.” The abbots absorbed about half the order’s revenue in order to maintain their luxurious lifestyles, becoming “unenterprising, upper-class parasites....” As the Old Testament shows, entire nations can fall into the same pattern. Hebrew prophets sounded the loudest alarms
during times when ancient Israel appeared to be thriving. Whenever the economy boomed and peace prevailed, the Israelites attended less and less to spiritual matters and looked instead to military power and alliances for their security. In the prophet phrase, they forgot God. Perhaps we should call this trend the “ human cycle” rather than the “monastic cycle,” because it applies to individuals as well as to religious movements and nations. Beginning with Adam and Eve’s brief sojourn in paradise, people have shown an inability to handle prosperity. We turn to God out of need and forget God when things go well.1 As Yancey points out, this is more than a “monastic cycle,” it can also be used to explain economic cycles as well.
Economic Cycles
Repeat
Hard Work and Discipline
Decay and Destruction
Abundance and Comfort
Indulgence A quick look at this cycle will tell you where both Europe and America find themselves today.
1 Philip Yancey, “Forgetting God: Why Decadence Drives Out Discipline,” Christianity Today, Sept. 1, 2004. http://www.christianitytoday.com/ct/2004/september/21.104.html
Do Well 11
Prepare to Do Well in Any Economy So Where Is The Hope? “The prudent see danger and take refuge, but the simple keep going and suffer for it.” (Proverbs 27:12) It was Larry’s hope, and I share it today, that we understand the very fragile economy that surrounds us, see the danger we are facing, and take action. God’s Word repeatedly warns us to be prepared for storms of every kind. A great example of this is found in the parable of The Wise and Foolish Builders. “Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built
his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand. The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash.” (Matthew 7:24-27) Notice two things about this parable: First, both houses get the same storm; both the wise and the foolish will experience trials. Secondly, the wise builder must do more than hear God’s Word; he must put it into practice. Our true hope should not be in a recovery, but a revival. A revival is a sincere turning back to God’s ways and wholeheartedly embracing our personal need for them.
Fo ur Sce Dele vera ge & n Divi a s
Storm Clouds Gathering
ion
Grow th Fu Return t eled o Normalc y
12 Do Well
As the fragile global economy becomes more and more uncertain by the day, I want to share with you the possible outcomes that we face today, illustrated in the graphic below.
rio
Bailo u Coll t Until apse
s
Unificatio n& New Wor ld Order
Scenario I—Deleverage and Division The possibility exists that corrective measures to deleverage the massive debts in the Eurozone will lead to the breakup of the now economically consolidated nations. Should the austerity plan fail and Greece default on its debt, it will be difficult to contain the ripple effect. This event, though highly unlikely, would have significant negative consequences, according to experts, including sovereign and corporate default and the collapse of the banking system and international trade. While this scenario looks bleak, I prefer that economically weak nations be allowed to fail and start over than to have stronger countries continue to bail them out.
Biblical clarity on issues, events and trends that impact our lives
Sign up to receive the free email newsletter, Handwriting on the Wall™. Every issue will feature biblical clarity on issues, events and trends that impact our lives. Visit Crown.org/Handwriting to sign up!
Scenario II—Bailout Until Collapse This scenario results when political leaders and bankers fear the consequences of facing reality. They live in denial that accepting the pain is best for everyone and work hard to kick the economic can down the road to avoid any short-term consequences. Some pundits call this the “extend and pretend” policy. I call it the mindset that will create the Mother of All Bubbles, the sovereign debt crisis of the two largest economies in the world: Europe and the United States. This scenario has far more devastating consequences than deleverage and division. David Galland of Casey Research writes that recent statements by former Federal Reserve Chairman Alan Greenspan and Obama economic advisor Larry Summers—that the United States would never default on its debts as long as it can print money and borrow—miss the real danger: “Of course, Greenspan and Summers were referring to an overt default—of just not paying—and not to a covert default engineered by inflation. Unfortunately, like virtually all of the power elite, both miss the point that the mountain of debt that has been heaped up since 1971 is fast reaching the point of collapsing like a too-big tailings pile and taking the monetary system down with it.” 2
Scenario III—Growth-Fueled Return to Normalcy This scenario is for optimists, and I certainly hope it eventually wins out. It is still possible that our nation will reverse course and kick into a long and steady period of economic growth. This would avert any significant period of recession and pave the way for an increase in jobs, wages, real estate values and corporate growth. That, in turn, would provide needed tax revenues to end our nation’s wildly out-of-control deficit spending and debt accumulation. John Mauldin, a widely read market analyst, takes this position. He believes our political leaders “get it”—they see the potential for a global disaster and thus will take the corrective action necessary to keep the train on the tracks. John is not alone in this assessment; many very bright investors also believe we are now on this path. I sincerely hope they’re right, but I’m not so optimistic. You can follow John’s analysis at john mauldin.com and I’ll leave it to him to make his case.
To do well means to be a good and faithful steward of the resources God entrusts to you; to be prudent and watchful. That is our part; He is responsible for the results. Scenario IV—Unification and a New World Order I must insert a disclaimer here that I am neither a conspiracy theorist nor a prophet. However, I do keep up with world events and there is some evidence that unification of the world’s economic superpowers is at least a remote possibility. Since coming to the brink of a worldwide f inancial meltdown in 2008, many leaders, including members of the G20, have called for new rules to govern the global economy. A 2009
2 David Galland, “Is the US Monetary System on the Verge of Collapse?” Casey Research, Sept. 20, 2011. http://www.caseyresearch.com/articles/us-monetary-system-verge-collapse
Do Well 13
How do I get prepared? Develop a solid plan and stick to it. God’s Word gives us all the tools we need to get ready for an economic crisis of biblical proportions. The SALT Plan™ is a very practical, how-to resource. Not only will it help you prepare financially, but it will also help position you to fulfill your God-given purpose in the midst of hard times.
Get your copy of The SALT Plan as you give a generous gift in support of Crown Financial Ministries today. Call 800-722-1976 or visit Crown.org/SALT. Available for shipping December 2011. Reuters article revealed that the groundwork is being laid for a more unified global economy: “The Group of 20 is set to become the premier coordinating body on global economic issues, reflecting a new world economic order in which emerging market countries like China are much more relevant.… “By making the G20 the new global economic coordinator, countries are committing to maintaining cooperation even after the global financial upheaval and recession recede.” 3 The growing influence of the Group of 20 makes it at least plausible that through this new world “economic order,” much of the globe could be controlled without a unified government or political structure in place. The Eurozone is a pilot project for economic interdependence without political union.
Doing Well We don’t know which, if any, of these scenarios will play out in our future. We do know, however, that God’s Word is a sure guide for every economic scenario. It covers all contingencies. The good news is that Christians can do well in any economic circumstance. To do well means to be a good and faithful steward of the resources God entrusts to you; to be prudent and watchful. That is our part; He is responsible for the results. For Christians, this means we must filter out the ungodly advice that competes for our minds. We must be able to discern the narrow path of God’s ways, ignoring the broader path of the world. 14 Do Well
From the parable of the Wise and Foolish Builders it is obvious that doing well means building your house upon the rock. Building on sand… not so good. But who or what are the rock and the sand? Contrary to popular belief, the rock is not your bank account. If you imagine that God only spares those who have a large stockpile of resources, you would be wrong. The rock in this parable is Christ, of course, and the sand is anything else—a big salary, high net worth or a leveraged lifestyle. God is not against planning or wise financial moves, but doing well in any economy is keeping your heart faithful to serve God, even in the midst of crisis. Too much emphasis, even by Christians, is placed upon financial success. It’s causing a great deal of needless stress. John Wesley had the world’s easiest plan for financial success from God’s perspective: “Make all you can, save all you can, give all you can.” God will take care of the rest. DW Chuck Bentley is the CEO of Crown and author of The Root of Riches: What if Everything You Think about Money Is Wrong? Chuck once dressed as William Wallace, including the kilt and blue face paint, to make a dramatic point about God’s call to financial freedom. He is known to be willing to do whatever is necessary to advance biblical financial truth.
3 Lesley Wroughten, “SNAP ANALYSIS: New World Economic Order Takes Shape at G20,” Reuters, Sept. 25, 2009. http://www.reuters.com/article/2009/09/25/us-g20-imf-snapanalysis-sb-idUSTRE58O1FB20090925
Personal Finance
Top Money-Saving Apps by Jason Price
Evolving smartphone technology and mobile apps have changed the way we spend money and manage our finances—for better and for worse. For example, some apps make it easier to buy things—which might not be so good if you’re tempted to spend every time you spot the latest deal sites online. But there are also apps that can help you boost your productivity and save money. Here are a few ways you can use your smartphone to save money and manage your finances. Calculate Your Tips A great way to ensure you’re not under or over tipping is by using the QuickTip app. Simply decide what percentage you want to tip on your final bill using a nifty slider and it automatically calculates the tip amount. You can rest your mind at the dinner table! Personal Finance Software Most of the major financial software brands now offer mobile apps that allow you to create a budget and monitor purchases. By entering transactions when you make them, you can avoid the hassle of doing it all at the end of the day. Crown Mvelopes® is an award-winning app that offers the simplicity of envelope budgeting on the go.
times the product and company already have a loyal following. When searching for the right business for you, beware of companies that take advantage of people who want to work from home. If something sounds too good to be true or requires a great deal of cash to buy in, investigate it thoroughly. Check with the following agencies on the legitimacy of a company by typing “at-home” in their search boxes:
Deals and Coupons Interested in finding a great deal? Be careful. Daily deal apps can entice you to spend more money than you normally would by tempting you with irresistible sales. That said, apps like Groupon provide you with local deals in your area that can result in significant price reductions if enough people sign up for them. Other apps that can help you find great deals in your area include the CraigsList and Yowza apps.
The Federal Trade Commission (ftc.gov)
Save on Gas GasBuddy helps you locate the cheapest gas in your area. This app provides prices and station addresses and lets you sort by the cheapest price so you’re not tempted to stop and buy gas at the first station you see (unless you’re out of gas!).
Being your own boss can be rewarding and liberating. As long as you understand what it requires of you (and you form good work habits while maintaining your family priorities), working from home can be a very successful experience. That said, the peace of mind that accompanies a paycheck-based job outside the home is also appealing. I have worked both and benefited from each. List the pros and cons for yourself. Remember, there is no one-sizefits-all answer; you and your family should embrace the option that works best for you. DW
Keep Track of Bills We all know keeping track of bills is important and missing a bill isn’t a good thing. If you’re the type of person who needs a reminder, check out the Pageonce app. This app helps you avoid late charges by sending your bill statements to your phone with due dates. What mobile apps do you use to help you manage and spend your money wisely? Let us know! Send an email
[email protected]. Jason Price blogs @ onemoneydesign.com. 18 Do Well
Better Business Bureau (bbb.org) Direct Selling Association (dsa.org) National Fraud Information Center (fraud.org) FBI (fbi.gov)
Jonni is an expert on shopping and frugal living and has authored three books, including Miserly Moms—Living Well on Less in a Tough Economy. Jonni and her family live in Colorado Springs, Colo., with a huge dog named Mowgli who thinks he owns the house. Contact her at miserlymoms.com.
Business
Tips on Getting Started ¡ S tart a low-cost and low-risk business to simply teach your family about entrepreneurship, such as washing cars, mowing lawns, etc. While the cost of their “tuition” is inexpensive, the value of their lessons is greater than most college courses. ¡ S tart a family investment club. Teach your family (or learn along with them) how to evaluate companies and their investment potential and set up a small trading account to make trades and track investment choices. ¡ Create new family games. Play fun games, such as “what would you do right now if you had to earn $1,000?” to stir your family’s imagination and foster their creativity. ¡ S eed money as major gifts. Consider a gift of “seed” money for starting a business at major gift-giving occasions, such as graduation, weddings, etc. ¡C elebrate major milestones. Take time to celebrate whenever your family launches a new business, lands the first customer, receives the first real payment, becomes profitable, etc.
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step-by-step process should help you to “count the cost” and increase your chances of success:
1. Define. Define criteria as laid out below so you can evaluate each opportunity and avoid the temptation to compromise later when you generate ideas: • Spiritual evaluation criteria—Seek to build Kingdom value and honor God in all you do. Does this business honor God? Will it cause anyone to stumble? Does the product or service add value? Is it healthy? Does it fit with Scripture for how we should live our lives and manage our affairs? • Personal evaluation criteria—Seek alignment between you, your family and the opportunity. Is the context of the business idea consistent with your goals? Is this venture a good fit with the combination of spiritual gifts, passion for serving others, abilities, personality, experiences, knowledge and available resources of time and money? • Business evaluation criteria—Develop a set of criteria to help craft the best possible business model. What are the industry, financial and operational characteristics of the venture? How will your offering provide value for customers? What will the customer relationship look like? (For 50 of the most critical criteria of how to analyze an opportunity, see newventurelab. com/analysis for a free, online analysis tool.)
A family working together can provide a platform for a more unified family vision, improved relationships, and our children’s character development. 2. Generate. Generate ideas with a focus on the value to the customer. The more ideas, the better, as some will be rejected when fully vetted. Look at unsolved problems and unmet needs and determine how you will solve or meet them. See “Tips on Getting Started” for suggestions on setting the stage for thinking more entrepreneurially as a family.
3. Evaluate. In this phase, the ideas generated in Step 2 are evaluated using the criteria established in Step 1. This is the serious research and business planning stage, and while it is not necessary to have an elegant business plan, you must do the critical customer research to fully test your vision. It is much better to have customers and lack a plan, than have a plan with no customers. Don’t invest any more time in an idea if it is an obvious no. By using this methodical process of starting a business—and with God’s guidance—you will hopefully develop
Global Crown recognizes the powerful tool of film to teach God’s transformational truth to all people across the world. Short films are the perfect tool to reach those living in poverty, who can’t read or write, and engage those emerging generations that are immersed in a world of digital video and television. Our pOpular GOd prOvides™ series is
available in the fOllOwinG translatiOns:
• English/Spanish – Spoken by 390+ million worldwide. • English/Arabic – Spoken by 452+ million worldwide. • English/Hindi – Spoken by 405+ million worldwide. • English/Swahili – Spoken by 40+ million worldwide. • English/Mandarin – Spoken by 1+ billion worldwide. • English/Tamil – Spoken by 74+ million worldwide.
Find out more about these translations and new translations coming soon at Store.Crown.org or call 1-800-722-1976.
to come under the saving influence of God’s Word. Vernacular videos that accurately portray biblical stories—like the God Provides™ Film Series—are a powerful and effective way to proclaim the Gospel to both reached and unreached groups
60% of world’s population is illiterate; another 1.36 billion people are semi-literate. in their own language. Pastors and lay leaders serving in the most remote villages of Asia love showing and teaching from them... just like pastors and Sunday school teachers do here in America when serving in their local church.”
God Provides ™ has so far been produced in 30 languages, including Arabic, Mandarin, H i n d i , Ta m i l , Swahili, Karen (c o v e r s p a r t s o f Burma), Spanish, French and
Indonesian. Other languages, such as Portuguese and Russian, will soon be added to the list. Crown’s ultimate hope is that by placing this tool in the hands of those who can’t read or who prefer to learn through audio or visual means, we will become a small part of fulfilling Romans 10:14, which says: “How, then, can they call on the one they have not believed in? And how can they believe in the one of whom they have not heard? And how can they hear without someone preaching to them?” God Provides ™ in its various translations is available both overseas and in the United States. If you or your church has a heart for missions and need a culturally relevant and powerful tool to help in your outreach, please consider this resource. To learn more about God Provides ™, available translations, or to preview each of the six films, visit: www.crown.org/GodProvides. Megan Pacheco is Crown’s Director of Global Product Development. She loves to shop for bargains and can say, “When does this go on sale?” in five languages. Do Well 27
