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Today on MoneyLife

Wednesday, August 20, 2008

Chuck Bentley: The Bag Lady Syndrome

Download and listen to this program. To download MP3, click here

Chuck Bentley Chuck begins the program talking about lessons we've learned from Michael Phelps’ success in the Olympics:

Preparation (Michael Phelps had a specific plan to accomplish his goal and the discipline to follow it)
Simplicity (one focus - swim faster than anyone else in each race)
Tenacity (never quit)

We need to apply these lessons to our finances:

Set financial goals (have a spending plan)
Be disciplined (stick to it)
Keep focus on making steady progress toward your goals
Never give up
Anyone can get their finances in order

Chuck mentions Proverbs 22:29, "Do you see a man skilled in his work? He will serve before kings; he will not serve before obscure men."

In the second segment, Chuck teaches on overcoming financial fear. Bag Lady Syndrome is irrational fear of being financially destitute in the future. People have money but are afraid of losing it.

Financial fear is a big problem for women. Chuck's wife Ann has experienced this. How do you refocus when you’re afraid?

Give to the needy in secret
Pray in secret
Fast in secret

Chuck put these spiritual disciplines into practice and started experiencing God’s presence in a greater way. He reminds us that the Bible telling us we can’t serve two masters. We should stop worrying and trust God to take care of our needs. See Matthew 6.

In the third segment, Chuck continues teaching on overcoming irrational fear. If you’re worried about finances, you must transfer that into trust in God.

The first practical step in getting your finances in order is to develop a spending plan. The second step is to develop an emergency fund (save $1,000, starting with 10% of every dollar earned). The third step is to get out of debt. Your financial margin is increased through saving and reducing debt. Chuck cites Hebrews 13:5 and Proverbs 23:5.

Chuck’s closing thoughts:

50% of women surveyed have “Bag Lady Syndrome”
Men can have it too, often react by making rash decisions
Be gracious to those gripped by fear
Fear is a tool of Satan
God wants us to have victory over it
To do that, you must refocus on God
Grace of God will help you overcome
Money Map is a tool to help you take action
Consider Titus 2:11, "For the grace of God that brings salvation has appeared to all men."

Fearing the Future

Many financial decisions that Christians make are motivated by fear of the future rather than by trust in God and in His provision.
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God Will Provide

For many people, the biggest obstacle to becoming a successful investor is the belief that investing is too difficult for them to handle.

Steps To Making a Budget

In making a budget, there are several steps, each requiring individual effort.

The Need for Emergency Savings

The common biblical attitude is to save on a regular basis, and it is important that Christians develop good habits to replace bad habits.