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rparlo -> RE: What Forms of Saving Do you Use For Recession? (4/6/2008 2:10:43 AM)
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My plan remains the same with the same minor flexibilities that it has always had. First, I devote my life to Christ and try to spend time with Him and in His word everyday and by the grace of God Almighty my wife and I are able to employ all of the biblical principles that follow. Second, I seek to be loving to my wife at all times, spend quality time with her each day, pray with and for her, and verbally let her know I love her each day. Third, I recognize that involvement in at least one ministry at my local church is good for me and my family no matter the current economic situation because it helps me engage and fulfill my and the church's God-given desire to worship Christ, disciple the saints, and evangelize the lost. I ask the Holy Spirit to help me balance my involvement to make sure it is in proper proportion for the season according to God's will for my life.
Fourth, but also evident in some of the above, I work reasonable hours to obtain the income that my skills can bring and trust that God will (if He desires) in his timing provide more than my skills could merit and that no matter what income I have from time to time He will take care of me as much as necessary in every season because I am His. Fifth, we have a spending plan (budget) that helps us refrain from spending more than we receive in income. Its priority item is tithing and offering to Christ via our local church and providing gleanings for the poor no matter what our seasonal income looks like. All that we are, ever hope to be, and have is God's and He can use it any way He chooses!!!
Sixth, God has helped us owe no man anything but love. It took us eight years to get there (after being steeped in debt) but we’ve lived God’s debt-free will for the past 8 years and we love it because we’re not moved by the national or local economy. Seventh, we've been able to save 6 months immediately liquid cash reserves in a money market account and a money market fund, so that we can handle emergencies and unforeseen needs that arise. We place income that will be used to pay usual periodic bills and cash reserves to meet emergency/unforeseen needs in accounts that provide good guarantees or histories of return of principle and earned interest and growth. That money needs to be available quickly when we need it for a rainy day. Once we reached our six month of income cash reserve target all excess funds we invest in vehicles with a possibility of greater returns than we can earn in our cash reserve accounts. If we spend the cash reserve below the six month figure, then we reduce our discretionary spending first and long-term investing next (or a portion thereof) until we build the account back up to the six-month figure.
Eighth, we automatically payroll and EFT deduct 30% of our gross income into investments that have long histories of much higher returns than investments in non-equity instruments. We aspire to hold on to these equity investments for a very long time and let them compound and grow to enormous levels, as God wills.
Again, we are always cognizant that it is all His and we’re only stewards of His possessions. If He tells us to go sell all that we have, give to the poor and come follow Him, then we’ll do it without hesitation because He alone is the Prize.
In conclusion, we don’t use any special type of savings to ward off a recession or live through one. We just keep following biblical principles no matter the current earthly economic conditions. There is never recession in heaven and as long as we’re in God’s care, then we’ll have all we truly need at any given point in time. So don’t focus your attention as much on the type of savings account, rather focus your attention on following biblical financial principles at all times. Then, you’ll become recession proof because your trust is in God Almighty!!! I hope this helps you.
Proverbs 3:5-12, 11: 24-25, 13:20-25, 16:1-321:20-21, 22:6-9, 24:1-4, 27:23-27, 28:18-20, 30:7-9, 31:10-31
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