Category Archives: Tips, Tidbits and Inspiration

House Rich, but Savings Poor – A Great Example of a Financial 1/2 Truth

The following short summary for financial advisors of a recent study on savings and debt levels in Canada got my attention, and not for the stats it revealed, rather for what it isn’t say – as always…

My comments are written in italics for you to see why our current world view of finance is NOT God’s plan – no matter how much we try to add scripture to support a debt free lifestyle.  God’s plan is for increase and sustainable income that benefits everyone.  A financial model that focuses on saving for retirement for self isn’t sustainable, and in fact feeds the self-focus that leads to a life of debt.  This doesn’t mean ‘don’t save’ it means that saving is only 1/2 the truth.  God’s plans are about Him, community, and increase – not about lack, uncertainty, or financial slavery.

The latest Manulife Bank Homeowner Debt Survey reveals many Canadians find it difficult to pay for today and plan for tomorrow.

  • Only 4 in 10 are very confident they’ll save  enough for retirement
    • We don’t actually need savings in order to leave work.  We need income to support the plans and purposes God has placed in each of our hearts to fulfill.  The concept of saving for retirement assumes that you will then use or draw down those savings (or hope to accumulate enough savings to live on the interest generated from them. The common teaching is to grow the savings, then live off your savings and hope you have enough after you ‘retire’.  Mathematically this requires approximately 1/3 of your after-tax income in order to maintain a similar lifestyle after leaving work and invokes fear and insecurity over ‘not having enough’.   
  • 1 in 4 expect home equity to make up more than 80% of their wealth at retirement
    • Another ‘depletion’ strategy that anticipates drawing down savings, and encourages chasing high returns in order to accumulate savings and / or equity.

Faced with rising housing costs, homeowners struggle to balance saving, debt repayment and daily expenses. [Interesting how the concept of earning additional income through entrepreneurial thinking isn’t even mentioned as an option]

Many may arrive at retirement house-rich, but savings-poor, which could require them to make difficult decisions [A series of defeatist, depletion-type strategies not in alignment with God’s plan for increase, abundance, generosity and prosperity in ALL areas of life]:

  • retire later than planned
  • accept a lower standard of living
  • downsize their home
  • borrow against home equity

Helping your clients achieve the right balance of saving, spending and debt repayment can start with a simple conversation. Visit the Solutions Centre where you’ll find tips to start the conversations, debt-management worksheets, and more insights to support your advice.

$1000 a Day

If you learn how to manage your pennies, you can also learn to manage a whole lot of money. Which would you prefer:  $1000 per day for 30 days of a penny doubling for 30 days?  Do the math and you’ll quickly discover how the small things repeated consistently produce the biggest results in the shortest amount of time.

This is the theme of the Power Money Course.  Order yours today to find out what those ‘small things’ are for you to realize your own $1000 per day (or more or less depending on what you really need to pay for the life you’d like to live).

How to Win the Lottery

Today (August 23, 2013) starts our 50 day countdown until October 11, 2013. That day happens to be my 50th birthday.  In celebration and in preparation for launching new MoneyMinding programs we are giving away $250 cash.  For every 50 Power Money courses sold we’re giving away $125 to the winning name and $125 to the person who referred the winner if applicable.  All you need to do is forward the 50 tips.  The easiest way is to ‘like’ MoneyMinding on Facebook or follow me on Linkedin. Power Money is the most comprehensive, practical personal money program you’ll find anywhere. It’s unique.  It’s powerful in what it can do for expanding financial capacity.  And, it’s the foundation and pre-requisite for other valuable MoneyMinding programs I know you’re going to want to participate in in the future.

How to Win The Lottery:

I’ve heard some people estimate that 90% of the population is looking for more money.  I’ve also heard that only 30% of that 90% are willing to do something about it.  The rest just want the easy way out so hold on to ‘lottery thinking’ by chasing windfall opportunities and quick fixes. To win the lottery in your life, you can invest a couple hours a week to learn how to build a system and financial foundation that is uniquely suited to you in order to experience the results of unlimited and sustainable income in your life.   Order the Power Money Course today to create your plan for financial results beyond what you previously thought possible. Blessings, Tracy