From the monthly archives: October, 2016

We are pleased to present below all posts archived in 'October, 2016'. If you still can't find what you are looking for, try using the search box.

Is your student loan stressing you out?

New college graduates are leaving school with an average of $37,000 in student loan debt and the impact can cause significant stress. Research from the 2016 Employee Financial Wellness Survey by Price Waterhouse Coopers indicates some significant impact to overall financial well being for workers who have student loan debtvs. those who don’t. Almost twice as many employees with student loan debt say they are stressed about their finances (81% to 46%), they use credit cards to pay for monthly necessities because they are unable to afford them otherwise (41% to 22%), and they find it difficult to meet their household expenses on time each month (65% to 35%). The same ratio of 2 to 1 say finances have been a distraction at work for those with student loan debt (50% to 23%). These are all great reasons to make a plan to pay off your student loan debt. To do so, set a goal. That means to determine how much extra you pay towards getting out of debt and over what period of time you will do this to ...

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“Budget Hack” Work to Save Big Bucks

Originally posted on the Christian Post on October 28. To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity. Dear Chuck, I’ve seen that you really encourage people to save $1,000 that they don’t touch at all except for extreme emergencies, but seriously, I CAN’T DO IT!  I need some advice on where to cut because I’m so close to the edge. Got any ideas? Open to Suggestion Dear Open, Trust me, you are not the first person to feel that way or ask that question! Most of us are so busy that we don’t feel we have the time to stop and evaluate our spending. The first thing you need to do is be sure that you have a functional budget. You may be surprised to see just where your money goes when you work through a plan. Crown has some wonderful free tools to help you with that, but let’s assume that you have a good budget in ...

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You can save $1,000…Oh yes, you can!

I just read another story of person who has saved $150,000 at age 26 and wants to have enough money to retire by age 37. You want to know how he did that? He lived on less than he was earning. Substantially less, and put money aside every month. That should come as no surprise. So please, if you are among the 70% of Americans who don’t have $1,000 in the bank, don’t tell me it can’t be done. I’m a man on a mission!  My mission is to help you tackle the first bigobstacle to experiencing financial freedom and that is developing a savings mindset and a saving plan to get to the first destination on the Crown Money Map. To have $1,000 or ten $100 bills in cash, saved and in a place you can get it if you need it.  First, make up your mind. The time is now. Second, develop a plan. Third, commit it to the Lord and act on your plan.  And one more thing: Send me an email and tell me you are making the commitment. I am giving you my email address: chuck@crown.org. I w ...

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Is your car a “wealth slayer? It may be killing your financial freedom.

Jeff Rose, a contributor at Forbes wrote that Experian’s State of the Automotive Finance Study revealed that the average new car payment reached $499 per month last quarter with the average new car loan lasting 68 months. People! Take a look at yourselves! Jeff says if you purchase a new car at 25 with a $500 per month payment and traded it in at the end of each contract, over 30 years it would cost you $179,640. Do you know what you could do with that much money? Assume you save $83 per month, which gives you $1,000/year for a replacement used car. If you invested that monthly payment of $500, less the $83, at 6% for 30 years you would have $394,335.91 and a lot more if you earn a higher rate of return.  By restricting yourself to used car purchases, you could steward that monthly payment in other ways that earn you money, not cost you a fortune in needless interest payments. Instead, you could have: An Emergency Savings Account A work-sponsored 401(k) account An IR ...

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More children are good for planet Earth, not bad!

Apparently there are a handful of folks here in the US who are trying to start a movement to encourage couples to make a pledge to save the planet by having one child or none at all. The article I read, which has gotten lots of national publicity by the way, said to forget global warming. People are the real reason the planet is being destroyed and thus it is immoral – that’s right immoral – to bring more children into the world that are going to destroy the place for those already here. This is twisted, dark, defenseless non-sense. I hope you never believe such a lie against God.  Not only does it contradict the biblical mandate to be fruitful and multiply, that children are a blessing from the Lord and that we  Christians are to increase, not to decrease, it also defies the actual facts. The late Dr. Julian Simon, a psychologist and economist, wrote a book called, The Ultimate Resource, which pointed out the fallacy of the logic that people are simply consumers. He d ...

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Do you have $1,000 in savings that you could access right now?

I am talking about cash that you can put your hands on and use if needed. Not money you would have to borrow or a line of credit on a credit card. If you said no, according to a recent survey published by USA Today, you are among the almost 70% of Americans in the same condition. The survey revealed that 34% said they have zero savings and 35% reported they have some but less than $1,000.  Now, if you are among that group, let’s change this, starting right now.  I want you to take these three simple steps: Make a decision and a commitment that in less than one year you will have a full $1,000 in a savings account at the bank or in a safe place at home. Got that?  Make the commitmenttoday. Say it aloud. Write it down. Write it on your bathroom mirror. One year from today, with God’s help, I will have saved $1,000.  Make a plan to save something every single month, without fail. Something. $10, $25, $50. It only takes $83/month or $2.80/day. You need a simpl ...

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Is Divorce Easier for Brad Pitt and Angelina Jolie?

Originally posted on the Christian Post on October 21. To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity. Dear Chuck, Recently several close friends to me have divorced, causing so much chaos and pain and financial difficulty, but then you see celebrity divorces like Angelina Jolie and Brad Pitt after 12 years and six kids, or the break up of Naomi Watts and Liev Schreiber after 11 years and two kids, and they are smiling for the cameras while the media talks about them splitting millions of dollars. Maybe if you have millions of dollars, divorce is not a big deal. Do you think that with lots of money, divorce can work out well? Troubled for my friends. Dear Troubled, The short answer for your question is NO. The end of a marriage is not merely about splitting up assets, though that has a huge impact on a couple. There is pain, suffering and most ...

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Lessons From My Dad On Money and Finances

Today’s guest learned a valuable lesson about money from his dad. My guest today is David McAlvany, President of McAlvany Wealth Advisors and author of his newest book, The Intentional Legacy. David, what was the best thing your dad taught you about money and finance? “My dad is in the money management business and has been for decades. He left me with an extreme aversion to debt. When I went off to college, I may have been the only kid who didn’t have credit cards in their pocket. It forced me to develop habits to buy only that which I could afford. Of course, I didn’t have a credit history when I graduated, but that’s a different issue and not a really big deal. As I’ve moved into a professional career, I’ve witnessed so many people start businesses and feel like they have to borrow in order to grow their business. But many of those have lost their businesses ultimately because of the pressure and strain of not being able to make payments on ...

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Good Advice On Planning For Retirement

Are you thinking about and planning your retirement? My guest today is David McAlvany, President of McAlvany Wealth Advisors and author of his newest book, The Intentional Legacy. David, what is the single-most important tip you would give a person planning their retirement? “Through no fault of their own, the rules have changed. You used to be able to count on 4% of your savings to supplement your retirement income. Today, it’s no longer possible. This is for two reasons. One, interest rates have been set so low by the world’s central banks that you can’t count on the magical 5% coming in from your bank’s certificates of deposit. Two, in the equity markets, things are so overvalued that you now have a growing list of professional investors. This includes John Bogle of Vanguard funds, who says you can expect only 2% per year over the next decade because things are so overpriced today. You have to lower your expectations and anticipate to draw 2% instead of 4% - which ...

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The Single Most Important Tip About Money For A Young Person

Do you need a tip for managing your money wisely from a young age? My guest today is David McAlvany, President of McAlvany Wealth Advisors and author of his newest book, The Intentional Legacy. David, what is the single-most important tip you would give a young person about money? “I would actually give them two tips! One, that money is a tool. You should never fall in love with it because it will never love you back. Two, design into your expectations of making money the desire to save and give. The more you save, the more you can give. Saving also gives you flexibility to invest and do many other things in the future. I am reminded of the story of John Templeton. After making hundreds of millions of dollars, a young boy asked him, “How do I make a fortune?” John responded simply, “Save.” When asked how much to save, John explained to the boy that he should save 51% because the Chinese were saving 50% and that extra 1% would be vital to have any sort of advantage. ...

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