My wife will be speaking at the second anniversary of the Professional Men's Christian Fellowship Meeting at Baldwin Park on Saturday, June 13th at 6:30 PM. Having worked with her on the outline for her topic, Spiritual Empowerment During Economic Slowdown or Financial Issues During Recession, I wanted to share some excerpts here.
Personal Skills related to Financial Management
a. Earning potential
i. Education
ii. Training
iii. Ability
iv. Societal Need
b. Personal Management potential
i. Budgeting
ii. Time – everybody gets the same 24 hours per day
iii. Talents – Know which talents serve you best
iv. Treasures – Money Management – Cash Flow
v. Keeping up with the Neighbors – Things – Needs v. Wants
Source of Financial Crisis
A. Spending more than we earn
1. Knowing what we earn
a. Gross Pay – Wages Tips and other Compensation
b. Federal Tax Withheld
c. Social Security Tax Withheld
d. Medicare Tax Withheld
e. Health Insurance Paid by Employer
f. 401K or other Retirement Contributions
g. All other deductions (Union Dues)
h. Net Pay
2. Knowing what we spend
a. Fill up the gas tank
b. Lunch out
c. Dinner out with the family
d. Trip to the Grocery Store
e. “Unexpected Expenditures”
New Tires, brakes, car repairs not covered by the warranty
Medical co-pays
Emergencies
3. Spending Wisely - Budgeting
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