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SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT

SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT. BAPTIST GENERAL CONVENTION OF TEXAS. 214.828.5266 frank.palos@texasbaptists.org. CHRISTIAN FAMILY MONEY MANAGEMENT OVERVIEW Page 61. Gross Income $50,000 $ 4,167

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SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT

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  1. SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT BAPTIST GENERAL CONVENTION OF TEXAS 214.828.5266 frank.palos@texasbaptists.org

  2. CHRISTIAN FAMILY MONEY MANAGEMENT OVERVIEW Page 61 Gross Income $50,000 $ 4,167 Tithe (10% of Gross) - 5,000 - 417 Taxes (15% of Gross) - 7,500- 625 Net Income $37,500 $ 3,125 Savings (10% of Net) $ 3,750 $ 312.50 Living Expenses (70% of Net) $26,250 $ 2,187.50 Debt Retirement (20% of Net) $ 7,500 $ 625.00

  3. LIABILITIES(Excluding Car and House Mortgage) Total for Debt Retirement (20% of Annual Net Working Income) $4,500 Ann DbtRtmt (AA) $375 Mthly DbtRtmt (E) (A) (B) (C) (D) Creditors Balance Due % for Debt Rtmt. Monthly Pmt. 1. Sears $ 4,500 30% $112.50 2. JC Penney $ 4,000 27% $101.25 3. MasterCard $ 3,500 23% $ 86.25 4. Discover Card $ 3,000 20%$ 75.00 $15,000100%$375.00 (BB) (CC) (DD) Tot. Bal. Due Tot. Mthly Pmts.

  4. LIABILITIES (Excluding Car and Mortgage) Total for Debt Retirement (20% of Annual Net Working Income) $7,500 Ann Debt Rtmt (AA) $625 Mthly Debt Rtmt (E) (A) (B) (C) (D) Creditors Balance Due % for Debt Rtmt. Monthly Pmt. 1. Visa $ 8,500 41% $256.25 2. MasterCard $ 6,000 29% $181.25 3. Discover Card $ 3,200 15% $ 93.75 4. Dillard’s $ 3,000 15%$ 93.75 $20,700100%$625.00 (BB) (CC) (DD)

  5. General Cost Saving Suggestions* COST SAVING MEASURES CAR INSURANCE Take a defensive driving course Increase deductibles Mutli-car policy FLEX PLAN (pre-tax and daycare) CHANGE W-4 MORTGAGE Pay extra on principal Make bi-monthly payments Make additional payment annually *Each individual must consider their particular circumstances and values.

  6. AMORTIZATION SCHEDULE Page 71 Loan: $120,000 Loan Length: 30 YEARS Interest: 8% Monthly Payment: $880.52 Total Paid: $316,983.99 PAYMENT INTERESTPRINCIPAL 1 $ 800.00 $ 80.52 2 $ 799.46 $ 81.06 3 $ $ 180 $ 616.01 $ 264.51 181 $ 614.25 $ 266.27 358 $ $ 359 $ 11.60 $ 868.92 360 $ 5.81 $ 871.50

  7. Credit Card Overview Amount: $2,000 Monthly Payment: $15 Interest: 20%Payoff Time: 33 years Total Interest: $7,126 Total Paid: $9,126 Extra Monthly Interest Saved Years Early $ 3 $ 2,800 13.6 $ 10 $ 4,885 22.8 $ 25 $ 6,000 28.2 $ 50 $ 6,500 30.6

  8. GOD’S PROMISE “Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness! Matthew 25:21

  9. HELPFUL WEBSITES • soundmindinvesting.cominvestment strategies (Christian) • crown.org Christian financial management information • crosswalk.com array of Christian subjects and resources • marriagebuilders.com marital advise and studies • marriagesavers.org training for marriages in crisis • ask.comask any question and get an answer

  10. CREDIT COUNSELING WEBSITES • Christianccc.org 888.520.4422 • cornerstonecredit.com 888.752.6463 • DebtFreeChristian.org 800.624.9747

  11. SUCCESSFUL CHRISTIAN FINANCIAL MANAGEMENT BAPTIST GENERAL CONVENTION OF TEXAS 214.828.5266 frank.palos@texasbaptists.org

  12. MORTGAGE SCHEDULE OVERVIEW Loan Amount: $95,000 Interest Rate: 8% Length of Loan: 30 year Monthly Payment: $697.08 Interest: $633.33 Principal: $ 63.75 Total Paid (30 years) $250,948.80 Principal Paid (5 years) $ 4,683.92 Interest Paid (5 years) $ 37,140.88 Total Paid (5 years) $ 41,824.80 Total Paid (15 years) $163,416.60

  13. CHRISTIAN FAMILY MONEY MANAGEMENT OVERVIEW ANNUALLYMONTHLY Gross Income $30,000 $ 2,500 Tithe (10% of Gross) - 3,000 - 250 Taxes (15% of Gross) - 4,500- 375 Net Income $22,500 $ 1,875 Savings (10% of Net) $ 2,250 $ 187.50 Living Expenses (70% of Net) $15,750 $ 1,312.50 Debt Retirement (20% of Net) $ 4,500 $ 375.00

  14. AMORTIZATION SCHEDULE Loan: $95,000 Loan Length: 30 YEARS Interest: 8%Monthly Payment: $697.08 Total Paid: $250,948.60 PAYMENT INTERESTPRINCIPAL 1 $653.33 $ 63.75 2 $632.91 $ 64.17 3 $632.48 $ 64.60 4 $632.05 $ 65.03 $ $ $ 348 $ 57.65 $639.43 $ $ $ 359 $ 9.17 $687.91 360 $ 4.58 $687.08

  15. MORTGAGE PRE-PAYMENT SCHEDULE LOAN: $95,000 LOAN LENGTH: 30 YEARS INTEREST: 8% MONTHLY PAYMENT: $697.08 TOTAL PAID: $250,948.60 EXTRA MONTHLY INT. SAVED YRS. EARLY $ 25 $23,126.06 3.7 $ 50 $39,317.85 6.3 $ 75 $51,496.61 8.4 $100 $61,090.09 10.1

  16. MORTGAGE SCHEDULE OVERVIEW Loan Amount: $120,000 Interest Rate: 8% Length of Loan: 30 year Monthly Payment: $880.52 Interest: $800.00 Principal: $ 80.52 Total Paid (30 years) $250,948.80 Principal Paid (5 years) $ 4,683.92 Interest Paid (5 years) $ 37,140.88 Total Paid (5 years) $ 41,824.80 Total Paid (15 years) $163,416.60

  17. PRINCIPLES FOR SUCCESS THE CHRISTIAN . . . is not to love money . . . must determine his/her priorities . . . must understand the requirement of work . . . must place proper value on honesty . . . must understand the wisdom of saving/investing . . . needs to understand the benefit of sharing . . . must be aware of the problem of borrowing

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