Debt Freedom

Session 5 – Q&A and Resources

Citibank offers Biweekly

Enrollment fee: $375 Transaction fee: $1.50 Do-it-yourself: FREE!

Banking

Buying a car

Credit

Financing your education

Investing

Insurance

Identity theft

Much, much more

Available online at: www.ConsumerAction.gov

Resources: Debt Reduction

http://www.mint.com/blog/goals/your-bailout-slash-your-credit-card-debt/

http://www.credit-factor.com/debtfree/10-steps-to-reduce-personal-debt

www.fact-sheets.com/loans/managing_personal_debt/

Resources: “Gurus”

http://www.daveramsey.com/articles/article-list/category/lifeandmoney_debt

http://www.clarkhoward.com/categories/personal-finance-credit/

http://www.suzeorman.com/index.cfm

Resources: Budgeting & Planning

http://financialplan.about.com

http://www.ehow.com/how_4590322_personal-savings-plan.html

http://financialplan.about.com

http://www.wisc-online.com/objects/ViewObject.aspx?ID=ABM3102

Personal financial planning

Teenagers spending/savings plan

How to create a personal savings plan

Resources: Credit Score & Forgiveness

https://www.annualcreditreport.com

Free credit reports from all 3 agencies

http://www.myfico.com/crediteducation/creditscores.aspx

FICO

http://www.freecreditreport.com/

Loan Forgiveness

www.finaid.org/loans/forgiveness.phtml

http://www.fact-sheets.com/loans/managing_personal_debt/

Q & A

Debt Freedom: Financial Stewardship Education

The Debt Freedom Series is part of the overall financial stewardship education offered here at the ROHCC.

Financial stewardship education is learning what God has to say about this area of our lives, then recognizing His authority over our lives and possessions.

The fact that God put all things, including money, at our disposal means we have an obligation to use them according to His plan.

Therefore, we must seek His wisdom and understanding through the study of His Word.

Crown Financial Biblical Study

The Crown Financial Biblical Study offering includes all the ingredients of a how to achieve financial freedom coupled with personal attention from the teachers, accountability for follow through, and the building of healthy relationships. The study helps participants to implement biblical financial principles.

Over a ten-week period, the participant's track spending habits, develop a plan to reduce debt, develop a financial statement, financial goals, and a budget. Crown Financial combines Bible study, prayer, fellowship, and practical applications in a way that leads to spiritual growth as well as financial freedom.

Crown Ministries has helped many of our members commit to faithful Christian Stewardship, personal spiritual growth, and increased ability in money management.

Well Known Financial Stewardship Programs

Crown Financial Ministries® Financial Peace University (FPU)

Founded in 1976, is an interdenominational ministry dedicated to equipping people around the world to learn, apply, and teach biblical financial principles. Crown has taught or equipped more than 50 million people in over 80 nations with the life-transforming message of faithfully living by God’s financial principles in every area of their lives. The ministry is located in the United States, Canada, Latin America, South America, and Africa, and is expanding into Europe, India, Asia, and Australia. Crown relies on approximately 250 employees and over 10,000 passionate volunteers worldwide to help ignite True Financial Freedom around the globe.

A biblically-based 13-week video training series for adults, and a companion series targeted at teenagers that has been offered in schools across the nation. Some topics covered in the series are cash flow planning, investing, saving, credit, retirement, and giving. It is Dave Ramsey’s life-changing program that teaches you to achieve your financial goals by eliminating debt, saving for the future, and giving like never before. More than 1 million families have attended FPU with amazing results. You will be challenged and motivated to make a plan for your money and change your family tree forever!

COMPARE Crown Financial Ministries® Financial Peace University (FPU)MISSION STATEMENT:

Equipping people worldwide to learn, apply, and teach God’s financial principles so they may know Christ more intimately, be free to serve Him, and help fund the Great Commission.

To empower and give HOPE to everyone from the financially secure to the financially distressed.

STRENGTHS:

Crown Financial Ministries provides a very strong teaching that is heavier on the Biblical basis for how to handle money. It is delivered in a loving way that is sure to fill someone with hope.

Dave has gone through bankruptcy, made his way back and is a millionaire. He often chronicles his mistakes, and shares how he was victorious. Most of his best advice comes when talking people down from the edge of financial ruin and giving them hope.

ACTION PLAN:

Your Money Map: A Proven 7-Step Guide to True Financial Freedom.•Destination 1 – Save up $1,000.•Destination 2 – Pay off all credit cards, increase savings to 1 month living expenses.•Destination 3 – Pay off all consumer debt (cars, furniture, student loans), increase savings to 3 months living expenses.•Destination 4 – Save for major purchases (car, home, etc), save for retirement, children’s education, starting a business.•Destination 5 – Buy a home (affordable), begin investing wisely, and start prepaying the mortgage on home.•Destination 6 – Home mortgage paid off, childrens’ education funded, estate plan in order.•Destination 7 – True Financial Freedom: retirement funded, free to be more generous with my time and money.

Baby Steps from “The Total Money Makeover: A Proven Plan for Financial Fitness”•Baby Step 1 – $1,000 starter emergency fund.•Baby Step 2 – Pay off all debt using Debt Snowball (except mortgage).•Baby Step 3 – 3 to 6 months living expenses in savings.•Baby Step 4 – Invest 15% of income in Roth IRA’s.•Baby Step 5 – College fund for children.•Baby Step 6 – Pay off home early.•Baby Step 7 – Build wealth and Give!

Which Program? For FPU, Dave Ramsey began counseling couples at his local church.

Soon after offering private counseling services, Ramsey began attending every workshop and seminar on consumer financial problems that he could find. He developed a simple set of lessons and materials based partially on his own experience and on works and teachings by Larry Burkett (co-founder of Crown) and Ron Blue. In 1992, after many requests from his clients, he wrote his first book Financial Peace.

Its message is similar to the message given by financial talk show host Dave Ramsey, claiming that getting out of debt and controlling one's expectation of living are two important parts of Christian discipleship. In fact, Dave Ramsey credits the late Larry Burkett as one of his mentors who helped him get out of debt and form his thoughts and ideas on finances.

When looking into Crown and Financial Peace, it appears that Crown’s focus was more internal while Financial Peace had the potential for more participants outside of the church (outreach).

We believe this is the reason that some churches choose to host both Crown and Financial Peace classes.

We humbly thank you for your attention during this series and for your focus and your determination to make a difference in your lives and in our community!

And thank you, Pastor Hale, for your vision, your courage, and for the confidence in us to deliver God’s Word through these teachings.