There are many free resources for developing budgets. One of the tools I currently use is Soon to
be Out of Debt 2016 by One Beautiful Home. I downloaded the workbook for a nominal fee and
personalized it. Once you are cognizant of your net income and expenses, start building a
savings of a minimum of six months of living expenses. Now that you have begun to regain or
improve control of your finances, retain a reputable financial advisor. Your credit union or
bank may offer this service at no charge or for a small fee. Your financial advisor can review
your budget and can also assist you in obtaining appropriate amounts of life, renters or
homeowners, and car insurance. A significant life event can be devastating, not only physically
or emotionally but also financially; build some protection through your insurance policies.
Become a Forward Thinker
I recently heard a very true statement. What you sow in your thirties; you will reap in
your fifties (Proverbs 22:29). The Law of Reaping and Sowing also applies to your
finances (2 Chron. 9:6). Will you have enough to sustain yourself in retirement? Please
do not depend on social security to sustain you. You must take responsibility for your
own future.
Educate Yourself about Finances and Money
Never stop learning about finances and money (Isaiah 50:4). There are
opportunities all around you, in library books, on the internet, your next door
neighbor… Align yourself with those who are also forward thinkers.
Moving Beyond the Basics
Once you feel that you are back in control or have better control of your finances,
you can look toward investing. Your financial advisor can assist you in developing
the appropriate mix of vehicles for low, moderate, and high risk investments.
Finally, build more than one funding stream, especially passive income; this strategy
will pay dividends for your future.
Rhondra O. Willis, Ph.D. is an author, accreditation specialist, Ph.D.
Chair, investor, and publisher. She is a lifelong learner who believes
that to whom much is given, much is required.
www.rhondrawillis.com
NOTE: This does not constitute as financial advice that you would
receive from a Certified Financial Planner.
FAITH HEART MAGAZINE I 12