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Wednesday, January 15, 2020
Sunday, January 12, 2020
MoneyWalk 32 Diversify Assets Part 3
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The benefit to using federally regulated 401k, 403b, and 457 investment plans offered by your employer is that a portion of your earned income can be placed in these plans on a tax-deferred basis. This allows workers to invest about one-third more than they could have otherwise invested in non-tax-deferred plans offered by other financial institutions. Federal law allows employers to let you invest thousands annually in each plan. You would pay no income taxes on this money until you withdraw it from the account. This gives a greater amount of money the opportunity to experience great compound growth over a few decades of investing, which is usually far better than earning the same percentage growth on a far smaller amount of dollars deposited in a non-tax-deferred plan.
These accounts generally include an array of investment choices such as stock, bond, and fixed-interest funds. In most plans you can select a variety of vehicles that allow you to diversify deposits and accumulations. Many employers will match your investment to a certain maximum level like $2,000 annually or 6% of annual pay. This is free money you won’t get until you invest through these plans. After you build your initial $1,000 emergency fund, it is usually best to get the employer match no matter where you are in the Seven Steps process, unless you cannot possibly pay off your debt within the next year or two by reducing unnecessary expenses or by initiating additional income via second jobs or entrepreneurial endeavors.
A two-dollar match for each dollar deposited gives you an automatic 200% return on your deposit. A dollar match for each dollar deposited gives you 100% return on your deposits, a fifty-cent match for each dollar deposited gives you a 50% return, and a twenty-five cent for each dollar deposited gives you a 25% return. Over the period of investing, this provides for growth on matched dollars that is far greater than you can get from non-matched dollars.
Until you eliminate all non-mortgage debt it is usually best you do not put in these accounts more than the amount necessary to get the employer’s maximum match. Thus, all other disposable dollars can be put toward debt elimination, which will save you from consequences of having loan finance charges that continually far exceed what you could earn in the investment markets, such as debt bondage that:
*Makes you eventually stop investment deposits.
*Causes you to take out loans and/or withdrawals from the account before you retire (for which you might pay extra taxes and a penalty) to try and pay crushing debts and monthly household expenses.
*Severely disrupts or eliminates your ability to build wealth for retirement years, future endeavors, and abundant giving.
*Makes you have to work many more years than you really wanted at jobs you no longer have passion for, because you have not built a sufficient nest egg to live comfortably without an employer dictating your efforts, time spent, and earning power.
*Puts you in the position of living in poverty in your senior years.
You will pay an ordinary income tax rate and 10% penalty for early withdrawal before 59.5 years of age, So, it is costly to withdraw money from the plans. This should keep you from squandering money put in during earning years so you have a chance at building wealth needed to maintain abundant giving, a comfortable lifestyle during retirement, and future entrepreneurial endeavors. Most plans allow you to take a loan against your account up to approximately $50,000 or 50% of your accumulation, whichever is smaller. A downside to doing this is, within five years, you must pay off the loan using after tax dollars and that money will be taxed again when you withdraw it in future years (which means you’re taxed twice for the same money). Also, if you lose your job or are laid off then you must immediately repay the loan or it becomes income to you and at tax filing time you will have to add it to your income and pay taxes and penalty on it.
In both the withdrawal and loan scenarios, for decades, you lose compound growth on the money borrowed that likely would have provided far greater wealth accumulation if the money was left in the account. Unfortunately, about 50% of account holders withdraw and/or borrow from their accounts and some do so several times during their working years. This seems to be one reason why many accounts show meager investment accumulations for many people 55 years and older.
Let’s correct this shortcoming by adhering to the scriptural principle that shows believers continually engage a pattern of investing for growth, which allows them to continually give abundantly and carry out the purposes to which the LORD calls them. Remember, a wise man builds and maintains treasuries, whereas a foolish man spends everything he gets.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 11:14, Ecclesiastes 11:2, Matthew 25:14, Luke 19:13
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
Wednesday, January 8, 2020
Sunday, January 5, 2020
MoneyWalk 31 Diversify Assets Part 2
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The bible contains a principle for spreading your risk. Proverbs 11:14 shows there's safety in the multitude of counselors. Ecclesiastes 11:2 shows you should give a portion to seven or eight to handle future troubles and costs that will arise. Matthew 25:15 shows the Master giving different amounts of money for investment to three different servants according to their different abilities. Luke 19:13 shows Him giving the same amount of money to ten different servants.
Scripture guides, encourages, and motivates each person to diversify talent, mind, time, and money in order to get the most out of them and to help protect against inevitable emergencies and catastrophes that will take place in life. Jesus diversified by choosing twelve very different men with different traits and talents who would work together to share the gospel with the world. One chose to follow the tempting of satan who thought he would be the inevitable emergency / catastrophe to destroy the investment Father God made to establish the only pathway to salvation and eternal life. This did not destroy the plan because remainder went on to become ministers investing gospel seeds in every region of the world they could reach. The safety of mission and huge return that continues to be harvested from Jesus starting with an investment in twelve different men and then incorporating every believer into communicating and living according to the gospel resulted in almost half the people currently on earth naming Jesus Christ as Savior and LORD.
The diversification principle also applies to the financial stewardship arena leading you to invest through several different financial institutions, brokerage houses, or financial advisors. Brokerage accounts, 401k’s, 403b’s, IRA’s, Roth’s, etc. give you a low-cost way to invest in several different vehicles such as company stock, bond, and REIT mutual funds. Many institutions no longer require big deposits to open accounts and you can often invest as little as $25 per month or paycheck and automate regularly scheduled investment deposits via your employer or bank / credit union. Also, for many people, these instruments allow investment that exceeds 25% of your gross annual income at the point you are situated to do so. You certainly will be able to invest more, and should be so inclined, once you eliminate all your non-mortgage debt and establish your $10,000+ emergency fund per steps two and three of my seven step plan.
Another form of diversification you should engage is to cover with insurance areas that traditionally bring major loss when uncovered by huge saving / investment funds or insurance, such as health, disability, long-term care, life (when you care for dependents), home, and automobiles. This greatly stops resulting liability for loss / costs from putting / keeping you in financial bondage and positions you to continue building wealth. It can also be rewarding to diversify (in a debt-free manner) into other vehicles such as real estate, gold, silver, and entrepreneurial endeavors that create increasing long-term value and passive streams of income. Be careful not to overdo it buying insurances or amounts thereof and warranties or investing in things that provide very little or no real benefit because this will impede your ability to build wealth, give abundantly, and serve in the way the LORD’s desires.
The benefits of employing diversification are (a) the LORD’s blessing and reward poured upon those who obey scriptural guidance, (b) Peace experienced by greatly reducing risk of total or majority investment loss during economic downturns or via unscrupulous institutions or financial advisors, and (c) Joy expe-rienced by allowing you to enjoy great long-term investment growth the market has historically displayed.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 11:14, Ecclesiastes 11:2, Matthew 25:14, Luke 19:13
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
Sunday, December 29, 2019
MoneyWalk 30 Diversify Assets Part 1
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Are you familiar with the term, "don't put all of your eggs in one basket?" This advice was given so, if an accident occurs, a ma-jority of eggs would survive and be useable in the future. If you place eggs in several different baskets, it is improbable that most baskets would be affected and thus most of your eggs would re-main intact, valuable, and useable. However, if you place all the eggs in one basket and it is damaged, then all of your eggs will likely be destroyed and lose value.
This concept is based on the diversification principle noted in the bible – give a portion to seven or eight because you do not know what trouble may come upon the land. The father of our faith, Abraham, was rich in cattle, silver, and gold and lots of workers. The parables of the talents and minas show the master diversified by spreading his wealth among of number of workers who were to tend, trade with, and grow the portions entrusted to them. Indeed, the LORD diversifies by giving each person the responsibility and ability to spread the gospel by evangelizing and making disciples of men, women, and children within each arena of our lives.
Every wealth building plan should include a process that spreads assets over a number of different holdings, savings, and investment vehicles. You should also use this principle when seeking advice because there is safety in a variety of counselors to help manage life and resources. Yet, many people foolishly put all their savings and investments in one vehicle under one institution’s control, or worse yet under one person’s control. There have been many stories about people losing their entire life savings when their one vehicle goes bankrupt or the person or institution controlling it embezzles the money and it is not properly insured. Many also lose far more purchasing power than had to be lost when the value of that one investment vehicle drops substantially and they do not have growth from other investments to offset the loss.
Minimize your risk by:
(e) Saving for short-term emergency needs in a couple of government insured accounts (at least $10,000 once you eliminate all non-mortgage debt).
(f) Investing the bulk of your assets for the long-haul (10+ years).
(g) Researching to understand which investment vehicles are worthwhile.
(h) Choosing at least a few to invest in that have positive long-term historical track records (mutual funds, etc.).
Diversification does not stop investments from being affected by economic downturns and it is likely you will not get the annual return of the hottest stock. However, this type limits the size of asset downswings so they won’t be anywhere near those for people who had all of their money in the many risky investments that do not do well each year. It also allows you to obtain far greater long-term growth than those who put all their investment money in low risk fixed-income vehicles. In addition, it definitely stops the ability of one person to Madoff with all your money.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 11:14, Ecclesiastes 11:2, Matthew 25:14, Luke 19:13
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
Sunday, December 22, 2019
MoneyWalk 29 Promotions Come From The LORD
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Work well done should be appreciated via promotions (generous raises, higher level positions, accolades, awards, etc.). However, your employer, volunteer organizations, and even leaders in the Church will not recognize your good work(s) at different times during your life. At some point, you will inevitably feel like you didn’t receive recognition or just compensation when you deserve it. This is a spiritual test of your character. Failure to receive it is an opportunity for you to display godly humility, patience, and love toward those who seem to have forgotten or passed over you. You will only display this type of character when you believe God is the author and finisher of your life and faith and that He will open doors of promotion that are specifically for you when you’re ready to handle the new level of responsibility.
In the mean-time and in between time and after you get each promotion, use biblical financial principles such as working hard, respecting authorities that supervise you, and completing assignments well and on time. This helps leaders see it is in everyone’s best interest to make higher-level opportunities and responsibilities available to you. This attitude and course of action also helps you build treasures in Heaven and on Earth in a manner that gives you access to them when God knows you need money and resources to complete steps toward your destiny.
Almighty God is totally reliable and has the master plan for your life. When you use His plan it produces peace, joy, and right-standing from which to receive even greater blessing and reward. Recognize this building block and order your life in such a way that you utilize it to move you ever forward. In the financial arena, using biblical money management principles is necessary to open the windows of His prosperity plan over your life. Keep this in mind as you do so, some people have been promoted but fail to recognize their promotion because it didn’t show up the way they wanted it, as more money, or as a more prestigious title and role.
Open your spiritual eyes to understand these are not the only ways in which the LORD can promote you. He is able to (a) promote you by causing people to give you things free you would otherwise have to pay for, (b) cause events to take place that can reduce your expenses, (c) put you in places and among people who can open doors for you, (d) bring about situations where it costs less than normal to conduct business / ministry, (e) etc. These scenarios give you more disposable income for ministry, charitable giving, and family care. Everyone committed to working as unto the LORD throughout life will see numerous promotions over time. So, don’t let satan blind you to the reality of your promotions and don’t be envious of promotions that others receive. Keep working faithfully & efficiently and He will surely promote you when the time is right.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Psalms 75:6-10, Proverbs 3:31-35, Daniel 4:28-35, 1Peter 5:6-7
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
Sunday, December 15, 2019
MoneyWalk 28 Debt Elimination Methods
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There are two main methods of debt elimination; (a) the Smallest Debt Method and (b) the Highest Finance Charge Method. For method (a) you would list all your debts starting with smallest debt on the top line of a chart and then list the next largest debt on each line below until the last line shows the largest debt you currently owe a single creditor. Next to each debt list the name of the creditor then the required minimum monthly payment. You would then pay the minimum monthly payment for all the debts and pay all surplus money along with the minimum payment for the smallest debt until that debt is totally eliminated.
Method (b) would have you list all your debts starting with the one with the highest finance charge on the top line of the chart and then list the one with next highest finance charge on each line below until the last line shows the one with the highest finance charge you are currently paying. Next to each debt you would list the name of the creditor, the finance charge percentage, and the required minimum monthly payment. You would then pay the minimum monthly payment on each debt and put all surplus money with the minimum payment for the debt with the highest finance charge until that debt is totally eliminated.
The smallest debt method (sometimes called the snowball method) gives you a psychological benefit by helping you quickly eliminate small debts, which motivates you to continue the process. Most people usually have a few creditors to whom they owe several hundred dollars. The highest finance charge method (sometimes called the avalanche method) minimizes the amount of finance charges you pay during the process of eliminating debt. Most people’s highest finance charges tend to be on debts with higher balances. People who engage the smallest debt method are far more likely to stick with the process (because of quick payoffs on a few accounts within the first few months of engaging the process) than are people who chose the highest finance charge method.
There are a small number of math / accounting genius’ who love tracking and getting the most out of the math and thus are excited about using the highest finance charge method. However, most people’s biggest problem is behavior not math calculations, and they have short attention spans with regard to following particular processes unless the process more quickly shows them a benefit that will turn into greater benefit down the road as they continue to use the process. If they had been operating in a higher math intellect all along then they would not be in financial bondage in the first place. Thus, they were engaging in poor behavior which is what led to their financial predicament. In this regard, they will do far better following the smallest debt method, which motivates them to correct behavior and continue on the road to total debt elimination.
Total debt elimination using the smallest debt method on average takes six weeks longer than when it would come using the highest finance charge method and it allows the average person’s debt to be paid off in 2 to 3 years or less while paying only a little more in interest than under the highest finance charge method. Yet, if one starts the highest finance charge method and does not continue on the path until completion then no method will benefit him, regardless of the fact that his math-genius-self thought the highest finance charge method was the best. Thus, the smallest debt method is generally the one people should use to get out of debt.
Before using this approach it's best to establish an emergency fund of at least $1,000 and close all charge cards and cut up them up, so you won't be tempted to use them again because they charge you approximately 15 to 30% interest which equates to 15 to 30 cents on each dollar you have charged.
To work optimally, the method requires you to become disciplined. Those who are resolute and willing to sacrifice for their desire to be a godly steward of money the LORD entrusts to them will engage biblical financial principles that increase their giving and reasonable, fruitful living so they can continually experience the satisfaction of spreading the gospel of Jesus Christ at home and abroad. Such engagement will not leave you burned out, depleted, or in financial bondage. Instead it will take you to The Wealthy Place as you engage the work and ministry for which the LORD fashioned you.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Deuteronomy 28:12-15, 43-45, Proverbs 22:7, Luke 16:8-9, Romans 13:8
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
Sunday, December 8, 2019
MoneyWalk 27 You Choose The Reward
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The bible is full of promises and rewards that can be obtained by faithfully honoring Jesus Christ. This means following the guidance and instruction of the Holy Spirit in order to obey Christ’s commandments. Each time you stumble or sin or by immaturity make a wrong decision, be quick to repent of it and turn to God asking Him to help you and resolve to never do it again.
When reading the bible, you'll find numerous Old Testament scriptures in which God promised Israel blessings in return for loving Him by living holy. He made similar promises in the New Testament to born again believers and identified that many blessings contained in the Old Testament still apply to present day believers. Rewards that faithful followers can count on:
1. Being given a positive future, a worthwhile earthly purpose, and sure eternal destiny in Heaven upon confessing with your mouth that Jesus is Lord and Savior and believing in your heart that God raised Him from the dead to provide your salvation, eternal life, and fulfill His purposes through-out eternity.
2. Being made the head and not the tail.
3. Being in the wealthy position of lenders instead of the poor position of borrowers.
4. Being prosperous and having good success.
5. Having your storehouse filled with overflowing increase.
6. Having more blessings poured out from the windows of Heaven than you can use on yourself. You are blessed to be a blessing to many others.
Simply put, it's been God's plan all along that mankind would respect and worship His son Jesus Christ and live in a way that's pleasing to Him. These blessings have been available throughout the ages to any race, culture, or nationality of people that would honor the LORD. If you want a blessed, peaceful, and joyous life financially and otherwise with treasures in Heaven awaiting you, then honor God by using His biblical money management principles.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Psalm 2, Proverbs 3:9-10, Malachi 3:8-12, Matthew 6:33, Luke 6:38
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
Sunday, December 1, 2019
MoneyWalk 26 Plan and Budget For Financial Health
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Diligence in mapping out your financial future month-to-month and year-to-year and writing it down on paper is what it takes to repair damaged finances and/or maintain good financial health. A negative financial condition should make you turn from the money management principles you've used up to this point in time and turn to God's principles for managing money because He always has your best interest in mind. He wants to bless you and use you to bless many other people.
If your situation is going to positively change, you must develop a monthly budget that lists your tithes & offerings and all your bills and then subtracts them from your net monthly income. Such budgeting shows, after all other bills are paid, what you have left to spend on personal items, savings, and investments. It should be calculated for each month for an extended period of times like six to twelve months.
This short-term planning of anticipated income, giving, and expenses is vital for bettering your financial health, because it gives you a good estimate of the amount of income you are able to save and invest. This exercise also shows how much money must remain in your account to cover deficits that would otherwise show up in future months and it shows how much discretionary income remains each month so you know the amount you can reasonably use to make purchases during current and future months.
If your budget shows you have a deficit going forward, then you need to find more income producing work that will allow your budget to show a surplus each month. This can be done via asking for raises and promotions at your primary job, looking for better paying work, taking on secondary jobs, or by engaging no cost low cost entrepreneurial efforts. Surplus money identified by your budget should be used to progressively (1) build a reasonable emergency fund, (2) eliminate debts, (3) save and invest at least 10% of your monthly gross income, and (4) give more abundantly.
The planning / budgeting process helps you properly care for yourself, your family, and Church ministry. It also helps build wealth from which you can generate more than adequate monthly income for the time in life when you may desire to retire or have to retire due to unforeseen circumstances.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 27:23-27, Habakkuk 2:2-4, Luke 14:28-30, Philippians 4:11-20
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at
https://www.amazon.com/s?k=Randy+Parlor&i=stripbooks&dc&qid=1573343045&ref=sr_nr_i_1
https://www.amazon.com/s?k=Karen+Parlor&i=stripbooks&ref=nb_sb_noss
You can find many other MoneyWalk articles on Facebook at https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of the computer screen
You can connect with Randy Parlor on
https://twitter.com/RandyParlor
https://www.linkedin.com/in/randyparlor/
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
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