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Ask Chuck: The Priceless Value of Friendships 

Dear Chuck,

I’m a small business owner concerned about the decline in real friendships. My business is built on them, but most of my young staff think social media is enough. Have you ever written about friendships and business growth? If so, where?

Friends Are Priceless

 

Dear Friends Are Priceless,

What a great topic! I have never written about this but totally understand your concern and correlation to business. I have asked my staff to do some research on your questions.

While friendships are personal and often a challenge to realistically quantify, we are witnessing some of the harmful effects in our society of mandatory COVID isolation, remote schooling, and work-from-home situations. Plus, for some, technology has become a substitute for human relationships. As a result, many do not know what they are missing.

Friendships are a blessing from God that enriches our lives. They bring happiness, wisdom, encouragement, and laughter while stretching us to be our best. They comfort us during stressful times and bolster us with courage when fear threatens peace. They add a level of accountability and discipleship to our lives. I have always said that my true friends multiply my joy and divide my sorrow.

God said, “It is not good for man to be alone.”

God, our Creator, knew that we needed companionship. We are designed to live in fellowship with Him, our spouse, our family, and each other. These relationships are the source of our true riches, which are all the things money cannot buy.

The number of friends is less important than the quality of friends. Research shows that the average person has three to five very close friends, 10 to 15 people in their circle, and 100 to 150 acquaintances in their social network. Close friends are those you can trust with anything and vice versa. For believers, these relationships will make you a better person. They are those who willingly speak truth into your life and expect the same of you; they are those with whom you can be completely transparent without the worry that they will reject you.

Science-Backed Benefits of Quality Friendships

Ask Chuck The Priceless Value Of Friendships 

Expert Tips for Making Friends 

Tracey Brower PhD: “Make strategic investments of your time to enhance your sense of belonging. When you reach out to initiate activities, open up and also support others, you’ll achieve terrific friendships and fulfillment—leading to experiences of closeness and wellbeing.”

Marisa G. Franco Ph.D.: “When you assume people like you, you are friendlier, and the more they really will like you. Affirm, compliment, and praise others for what you appreciate about them or something they said. It wins friends.”

Jane Story at The Gospel Coalition: “We all want to be known and loved.… Initiate and respond.… Listen and ask questions.… Move toward difficult things.… The real secret sauce of the deepest relationships is their endurance through tough things.… You’ve got to lean in… even if you have no words to say…. It’s more important to show up and feel uncertain than it is to be perfect.… It is because we are already loved and secure that we can offer friendship to others. Extend the love of Christ to those around you. Lifelong friends will appear.”

If you desire to get to know someone better, invite them to:

Financial Benefit of Friendships

Social skills are a key determinant of wealth because they are necessary to effectively interact with people. There’s a saying, “Your network is your net worth.” Friends impact our financial health in a number of ways: when seeking employment or a career change, for counsel about handling money or running a business, and to connect to a broader network of individuals. They pray with and for us, encourage us, sharpen us, lend a helping hand, and strengthen us. You never know how a friend of a friend can help in time of need.

What the Bible Says About Friendships

One of the greatest examples of friendship we read about in the Bible is between David and Jonathan. 1 Samuel 18:1 says that “the soul of Jonathan (the son of Saul) was knit to the soul of David, and Jonathan loved him as his own soul.” (ESV, parentheses mine)

John 15:13: “Greater love has no one than this, that someone lay down his life for his friends.” (ESV)

Proverbs 17:17: “A friend loves at all times, and a brother is born for adversity.” (ESV)

Proverbs 27:9: “Oil and perfume make the heart glad, and the sweetness of a friend comes from his earnest counsel.” (ESV)

Ecclesiastes 4:9–12: “Two are better than one, because they have a good reward for their toil. For if they fall, one will lift up his fellow. But woe to him who is alone when he falls and has not another to lift him up! Again, if two lie together, they keep warm, but how can one keep warm alone? And though a man might prevail against one who is alone, two will withstand him—a threefold cord is not quickly broken.” (ESV)

Luke 6:31: “And as you wish that others would do to you, do so to them.” (ESV)

Proverbs 18:24: “A man who has friends must himself be friendly. But there is a friend who sticks closer than a brother.” (NKJ)

Proverbs 18:1: “Whoever isolates himself seeks his own desire; he breaks out against all sound judgment.” (ESV)

Proverbs 22:24–25: “Make no friendship with a man given to anger, nor go with a wrathful man, lest you learn his ways and entangle yourself in a snare.” (ESV)

Thank you for the great question. I hope you will share this with your staff too.

I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will provide encouragement by bringing God’s Word into your daily life.

This article was originally published on The Christian Post on February 14, 2025. 

Ask Chuck: Help! I’m Broke, and Valentine’s Day Is Coming! 

Dear Chuck,

Valentine’s Day seems bogus to me; yet I’m feeling the pressure to do something special. Any tips for someone who is broke? 

Broke on Valentine’s Day 

 

Dear Broke on Valentine’s Day, 

I feel your pain, having been exactly there a few times in my past. While the holiday may seem bogus to you, it may not be to the one you love. So many feel the pressure to go all out on gifts for Valentine’s. Bombarded with advertisements, it is easy to spend far more than one can truly afford.

Last year, total spending for Valentine’s Day approached $26 billion! The average American spent $136 on significant others and family members. Most money went toward jewelry, but candy or flowers were purchased more than anything else. Gifts were also purchased for pets, classmates, teachers, friends, and coworkers. Yet some research suggests that more than nine billion dollars of gifts were unwanted by the recipients. Ouch!

Expressing Your Love Does Not Have to Be Expensive 

With a little time and thought, you can express your love in ways that won’t jeopardize your financial well-being. Be creative. Write a letter, make something, or plan an experience instead of buying gifts. Prioritize time with loved ones. Research shows that experiences are often remembered longer than gifts. 

Setting a budget will free you from overspending. Giving what you can afford will prevent unnecessary stress. In fact, you can make an eternal impact this Valentine’s Day by committing yourself to be a godly steward. You will demonstrate love to God and your family that can impact generations. 

Ask Chuck Help! I’m Broke, And Valentine's Day Is Coming!

Keep an Eternal Perspective 

Jesus didn’t die on the cross so we could pursue what the world says is important. We were bought at a price, and by His love and grace, we are beckoned to come, serve Him, and build His Kingdom—not our own. 

You become a steward when you acknowledge that you are not an owner but God’s temporary manager. And in that role, you are required to be faithful to His purposes. Regardless of whether He’s entrusted you with a little or a lot, seek Him first, and allow Him to have total control over your finances. 

Paul told the Galatians: “I have been crucified with Christ. It is no longer I who live, but Christ who lives in me. And the life I now live in the flesh I live by faith in the Son of God, who loved me and gave himself for me.” (Galatians 2:20 ESV)

Our ambition should be to become rich toward God, not rich in the eyes of men. When that becomes your heart’s desire, you’re on the path to hearing, “Well done, good and faithful servant.” (Matthew 25:23) 

Your self-worth isn’t tied to purchasing gifts, so why spend more than you can afford? If you’re worried about impressing someone, perhaps you need to rethink that relationship!

We love because God first loved us. So love one another free of financial stress and worldly expectations. Here are some no/low-cost ideas my wife gathered:

Loving well doesn’t have to cost a lot. Just make people feel special by showing thoughtful consideration of their importance and value to you. Devote time talking together and listening carefully, remembering that we love because He first loved us.  

Crown’s course Money Dates helps spouses and engaged couples connect on the topic of money. Making financial decisions together as a unified couple will help to eliminate financial stress.


This article was originally published on The Christian Post on February 7, 2025. 

Ask Chuck: Biblical Principles of Investing During Rapid Change

Dear Chuck,

I am a recent widow. I have been advised to move my investments out of foreign stocks due to possible economic turmoil under our new administration. My advisor is not a Christian; what Biblical principles can guide me? 

Worried Investor 

 

Dear Worried Investor, 

That is very interesting advice from your investment advisor and seems to me like a bit of a knee-jerk reaction. Possibly, he is reacting to the rhetoric about tariffs or promises of “the golden age of America” coming from President Trump. The world is a very big place, and there are many great companies outside of the United States that may or may not perform very well in the long run. It concerns me that he is advising you to make changes with blanket statements apparently based on more of a hunch than a careful analysis of each company or asset in your portfolio. 

I have written in the past that the United States stock market tends to perform about the same under a Democratic or Republican President, so it is always best to be measured and steady. 

I do not give investment advice, and certainly, your advisor may turn out to be correct. However, you requested that I point you to the Biblical principles that can guide you as you interact with your professional advisor. Here is a framework that will help you make a better decision. 

Biblical Investment Principles

First, invest only in those things which you understand. Proverbs 27:23 (NIV) says, “Be sure you know the condition of your flocks, give careful attention to your herds.” Imagine having your investments in sheep and depending on someone to make all the decisions for you. It is far better to know for yourself what is going on with your sheep. In fact, we are instructed to “pay careful attention” to any investment that we have made. 

Recommendation: Ask your advisor for an analysis of the stocks, funds, or individual companies that may be impacted by this decision before you agree with his recommendation. Look at each one in detail if possible, and determine if some or all should be terminated. 

Second, diversification is safer than concentration. Solomon advised in Ecclesiastes 11:2 (NIV): “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.” If you do the math, we are instructed to limit our investments to no more than 12–15% in any single asset class. I am often asked by nervous, security-conscious investors if they should “put everything into gold”—not according to the Bible. Diversification is suggested based on the reality that no man knows the future. We can use our minds, do an analysis, and avoid making foolish mistakes, which is what I am suggesting in this case. 

Recommendation: Determine the percentage of your total investment funds that are currently in “foreign stocks.” If it is small and the companies are excellent, you may want to leave it there. If you are “overweighted,” meaning you have too large of a percentage in foreign stocks, you should make appropriate adjustments. 

Third, never get in a hurry. Proverbs 21:5 (TLB) says, Steady plodding brings prosperity; hasty speculation brings poverty.” Trying to guess where the market is going is a recipe for disaster.  Warren Buffett was once asked if he looked at the stock market changes every day. He famously replied that if anyone needs to look at the market price of their stock every day, they should not be investing. His point is that it takes time for an investment to grow. 

Recommendation: Think of your investments like planting a tree versus buying a ticket on a racehorse. If you are elderly, that will have an impact on how long you keep the tree planted versus harvesting the fruit. 

Finally, get multiple advisors. Proverbs 15:22 (ESV) says, “Without counsel plans fail, but with many advisers they succeed.” You are taking a great step by asking for other opinions. Please consider me one of many advisors you may ask about this decision.   

Recommendation: Gather the information that I have suggested above, and meet with two or three trusted friends who have nothing to gain from advising you. Ask if they agree with the recommendation based on the data that you present. This will give you peace of mind and likely a far better result.

Ask Chuck Biblical Principles Of Investing During Rapid Change

Expert Perspectives

Doing your own research will help you have a better perspective. Here are some sources from experts, along with their economic outlook and expectations:

Blue Trust

“While we fully expect Trump to enact tariffs and continue using tough rhetoric, the results may not be as dramatic as some may think. . . . We enter 2025 with a reminder: Successful investing requires a long-term perspective and balanced philosophy centered on reaching your goals.” 

Kiplinger Report

“An effective goals-based investment approach assumes unexpected twists and turns in the market are inevitable and can provide investors with the ability and confidence they need to ride out volatility,” says Glenmede’s Chief of Investment Strategy and Research, Jason Pride, and VP of Investment Strategy, Mike Reynolds. 

Forbes

Many professionals see the first six months of 2025 as a time of ups and downs. Investors should seek to create a portfolio that is “market-neutral” so that it performs well regardless of how the market moves day to day. 

Equities

Some analysts claim that President Trump’s proposals to cut taxes, enact tariffs, and reduce regulations should create a market euphoria. Others believe that a major correction is coming and that extreme volatility could spur a crash. Keep a healthy amount of cash on the side, and invest it when certain sectors are temporarily down.  

CNN.com

Tariff proposals are fueling volatility and uncertainty for investors. Some sectors may benefit, but the overall economic impact is unpredictable. 

To Reduce Your Worry 

Renew your mind on God’s Word. Keep an eternal perspective regardless of what happens with your investments, the US economy, or President Trump’s next term in office. Our God knows your needs, and He will take care of you. 

“Some trust in chariots and some in horses, but we trust in the name of the Lord our God.”

 Psalm 20:7 (ESV)

“Thus says the Lord, ‘Let not the wise man boast in his wisdom, let not the mighty man boast in his might, let not the rich man boast in his riches, but let him who boasts boast in this, that he understands and knows me, that I am the Lord who practices steadfast love, justice, and righteousness in the earth. For in these things I delight, declares the Lord.’”

Jeremiah 9:23–24 (ESV)

“Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths.”

Proverbs 3:5–6 (ESV)

Do you want more tools and tips on financial stewardship? Are you interested in receiving ministry updates from around the world? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.


This article was originally published on The Christian Post on January 31, 2025. 

Ask Chuck: Helping Your Elderly Parents 

Dear Chuck, 

I want to help my elderly parents who live on a fixed income. I don’t want them to get penalized with taxable income. Can you advise me?

Helping My Elderly Parents

 

Dear Helping My Elderly Parents, 

This is certainly not uncommon. Since I don’t have many specifics about you or your parents’ financial picture, my advice will apply to a broader audience than just your situation. 

In 2025, you can give $19,000 to any number of people without penalty. If married, you and your spouse can give double that amount per recipient. You can pay medical bills directly to a healthcare provider on behalf of someone, and those payments (after insurance reimbursement) are not subject to gift tax. 

In 2020, AARP reported that 32% of adults ages 40 to 64 provided financial assistance to their parents. 42% anticipated they would be doing so in future years. A survey at Caring.com revealed that over half of Americans ages 25 or older are claiming senior parents as dependents on their taxes in 2024. 

If married, make sure you are united in the decision to help your parents. Secondly, do not compromise your own financial stability in the praiseworthy effort of assisting them. Even though they are on a fixed income, there may be underlying issues that need attention.

Ask Chuck Helping Your Elderly Parents 

Ways to Discuss

Approach your parents before obvious help is needed. Express honest concern about their finances and well-being. Listen carefully without revealing shock, anger, or disappointment if poor financial decisions have been made. Seek clarity, but avoid making them uncomfortable. Once trust is gained, ask if they would be willing to assemble their financial records for you. 

Meredith Stoddard, VP of Life Events Planning at Fidelity, suggests explaining why you’re interested in their money in the following manner: “I’d like to become involved now, so that if the time comes for me to take over, your voice will be in my head. I’ll know how to do things and what your wishes are.” For conversation starters, read the article here.

Ways to Help

Instead of giving money, sort out their income, assets, and liabilities to get an overview of their financial status. Learn what debts require immediate attention. You may be able to settle medical bills and reduce others. Help them create a budget that includes a debt repayment schedule.

Request access to credit cards and bank accounts to track income and expenses and verify that bills are being paid on time. If financial stress is evident, seek a solution. Are they spending irresponsibly? If so, do not offer money or pay their bills. First, find ways to cut costs and ways to protect their investments/assets for future needs.

Should they move? Discuss the benefits of downsizing or a move to lower property taxes. Can they move in with you or a sibling or occupy a guest house on your property?

Do they have significant debt? See if creditors are willing to reduce payments based on their income. If they have credit card debt, reach out to Christian Credit Counselors. If they are responsible with money, explore a second mortgage. Interest rates are far less than what credit cards charge. 

If they will follow a budget, computer coaching and security practices may be all that’s currently needed. However, it may be time to discuss and exercise your power of attorney. The challenge lies in honoring their wishes while helping them retain dignity. If it is decided that you will manage the finances, use a specific credit card or checking account to foster transparency for siblings.

Learn where documents are stored along with passwords, codes, keys to safes, and lockboxes. Record everything carefully. Is there an estate plan, long-term care, or life insurance? You and your parents may need to meet with their lawyer, banker, financial adviser, or accountant. If they have not used one, a professional may be needed to help with decision-making. Or seek wise counsel from trusted friends or family members. 

Some people qualify for government and private program assistance that provides food, housing, utilities, and healthcare. Look into Supplemental Security Income (SSI). 

Otherwise, you and others may want to help with the following:

Ways to be Wise

The Bible instructs us in Exodus 20:12 to “honor your father and mother.” This is the first commandment with a promise. I am grateful you are doing exactly that and will be experiencing His blessings. 

For help with budgeting, consider a Crown budget coach. He or she can work with you and your parents to develop a customized spending plan and debt-elimination strategy. 



This article was originally published on The Christian Post on January 24, 2025. 

Ask Chuck: “Dry January” Can Be Life-Changing 

Dear Chuck,

My wife talked me into “Dry January” as a way to save money. Can you give me some better ideas? I agreed to do this, but it seems like a gimmick.

Focused on Saving 

 

Dear Focused on Saving, 

I had not heard of Dry January until you referenced it. It is a campaign in which millions of people participate by giving up all alcohol for the month. Your wife is a wise woman. Congratulations on taking on the challenge! The benefits are so great that you should consider continuing this abstinence year-round. 

Small Decision, Big Results 

Many people do not realize how much money one drink, one bottle of wine, or one case of beer adds up month after month. Casey McGuire Davidson stopped drinking in 2016. The first month, she saved $500. So she continued to deny herself. In eight years, she estimates that she saved more than $48,000! 

In January 2011, the founder of the Dry January campaign, Emily Robinson, stopped drinking so she could train more effectively for a half marathon she was running in February. She lost weight, slept better, and had more energy. The benefits since that day have been noted by many. Dry January has given birth to Dry February and Sober October. Many people are able to quit drinking altogether after observing a month without it. Here are some benefits of going without alcohol: 

Heavy drinkers can experience withdrawal symptoms that range from sweating, headaches, and anxiety to vomiting, shaking, hallucinations, and seizures. They may need to seek medical advice before going cold turkey or gradually cut back until able to do a full month. They may refuse to drink again after experiencing the benefits. 

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Success can be attained by:

Besides the money saved by not purchasing alcohol, reckless and impulsive spending will be reduced. Plus, health-related expenses can drop when positive physical benefits are gained. 

There are many ways to save money besides giving up only one item. I personally am giving up sugary drinks, desserts, cookies, and sweet snacks for the entire year. It is unpleasant because I like sugar, but the sacrifice is worth the benefits. 

Going to a cash envelope system for controlling spending is very effective. I have written extensively about ways to save money in previous articles. Also, Crown has many resources to help you. 

We are stewards of our bodies, our families, and the money God provides. May this challenge make you mindful of that responsibility as you rely on Him for strength, motivation, and self-control.

“I can do all things through him who strengthens me.”

Philippians 4:13

I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will provide encouragement by bringing God’s Word into your daily life.

This article was originally published on The Christian Post on January 17, 2025. 

Ask Chuck: Majority of Americans Want to Save More Money

Dear Chuck,

I need to save some money this year, but I feel like a failure every time I try. What does the Bible offer that will help me achieve my goal?

Struggling to Save Money

 

Dear Struggling to Save Money, 

You are not a failure; you are just delayed in reaching your goal. All those past efforts have likely taught you some valuable lessons. Nothing is wasted in God’s economy. Plus, you’ve taken a great first step by facing reality and asking for help! Let’s look at the big picture and then get into some helpful tips from Scripture that will guide you in reaching this important financial goal.

Americans Want to Save More This Year

Statista released findings of the most popular New Year’s resolutions in the U.S. this year.

The majority of those surveyed want to save more money:

Bankrate shows similar findings. More than half of Americans who are working in some capacity feel behind in their retirement savings. 48% of people with a specific retirement goal do not think they will be able to save that much due to high interest rates, a weakening job market, and the high cost of day-to-day essentials. A Bankrate survey in May of 2024 revealed that 59% are uncomfortable with their emergency savings.  

A Biblical Framework for Saving More Money 

Pray 

To develop a radical saving habit, you’re going to need the power of God acting on your behalf. Proverbs 16:9 states, “The heart of man plans his way, but the Lord establishes his steps.” Get Crown’s daily email devotional for encouraging biblical principles and financial advice, straight to your inbox every morning! 

Ask Chuck Majority Of Americans Want To Save More Money

Ask Chuck Majority Of Americans Want To Save More Money

Write Down Your Goal 

Jesus noted that big plans without careful planning are doomed to fail. In Luke 14:28–29, we read: “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you.” 

Be specific. How much do you want to save? What kind of saving? Emergency? Down payment for a house? Paying cash for a car? Retirement? Write it down, and post it where you will see it regularly. Put a copy in your wallet, in your car, and on your bathroom mirror. Record your progress in a notebook or on a spreadsheet to keep you motivated. 

Here is an example: With the Lord’s help and a disciplined budget, I will put $400/month in an emergency savings account until I reach my goal of $5,000. 

Make Your Plan 

Proverbs 29:18 observes, “Where there is no vision, the people perish.” In this case, a vision is an expression of a better future. Stay motivated by focusing on the benefits of achieving your goal. I can name a few benefits to consider: lower stress, greater freedom, more generosity, and the joy of knowing your finances are getting healthier.  

Example: With the Lord’s help and a disciplined budget, I will have $5,000 in an emergency savings account by December 31, which will reduce my worry and increase my ability to be more generous. 

Get Practical 

Do you need to open a new bank account? Established automated deposits? These can prevent excess spending and cause you to become more saving-conscious.

What to Look for in a Savings Account:

Track your income and expenses so you can create a workable budget. The sooner you eliminate high-interest debt (like credit cards), the more you will be able to save. You can simultaneously build an emergency fund to avoid adding debt when unexpected expenses arise. 

Where can you cut expenses? Learn to recognize the difference between needs and wants. Then deposit excess money into your savings accounts.

If you struggle with budgeting or planning, this guide may be helpful.

Recruit a Friend or Group of Friends

Proverbs 15:22 says,Plans fail for lack of counsel, but with many advisers they succeed.” Going it alone won’t work for most significant accomplishments. As it says in Ecclesiastes 4:9–10: “Two are better than one because they have a good reward for their efforts. For if either falls, his companion can lift him up; but pity the one who falls without another to lift him up.” Find someone to “lift you up” or encourage you when you stumble toward your goal… and do the same for someone else. Maybe a relative, close friend, or small group will want to join you in this effort. 

Celebrate Achievements

Recognize small victories on your journey, and thank God and friends for help in your progress.

As Christians, we press on in hope, knowing that we are more than conquerors through Christ who loves us. Don’t allow any past failures to alter your certainty that nothing is impossible with God. Make a God-directed resolution, be faithful, and persevere to victory.  

If overspending and debt are holding you back from saving, a trusted partner of Crown is Christian Credit Counselors. They are a valuable resource to help consolidate debt and get on the road to financial freedom.


This article was originally published on The Christian Post on January 10, 2025. 

Ask Chuck: Financial Framework for a Happy 2025

Dear Chuck,

We are tired of living on the edge. We want to get our financial house in order in the New Year.   Can you give me a framework that my husband and I can rally around to finally get focused and make real progress? 

Financial Resolution in 2025

 

Dear Financial Resolution in 2025, 

Happy New Year! Yes, I am excited to give advice to help you and your husband. I think resolutions are a great way to get focused on a unifying goal. The framework I propose will help you make spiritual and financial progress. In essence, it will define what it means to be a faithful steward of your resources. 

Switch From an Owner to a Steward

First and foremost, remember that you are a steward entrusted with what God provides.  Everything is His; we simply manage it for a short time on Earth. The goal of a steward is to be faithful to the Lord with all that He provides. Meditate on these two verses at least once a week in the coming year. 

“Yours, O Lord, is the greatness and the power and the glory and the victory and the majesty,
for all that is in the heavens and in the earth is yours.
Yours is the kingdom, O Lord, and you are exalted as head above all.

Both riches and honor come from you, and you rule over all…”

1 Chronicles 29:11–12a ESV

“The earth is the Lord’s, and everything in it, the world, and all who live in it.” 

 Psalm 24:1a NIV

Control Your Spending

Establish a budget to eliminate the fear and anxiety of wondering if bills can be paid. Debt can set you back months, years, and even decades, with interest payments and missed opportunities to save and invest. A budget prevents you from spending more than you earn. A variety of good methods to budget are available. Each will take some time to prepare, but the benefits are countless. 

WalletHub compared 17 different budgeting apps. Several are free and don’t require linking your bank accounts. Read online reviews before deciding on one. Spreadsheet programs like Microsoft Excel, Google Sheets, or OpenOffice Calc are also beneficial tools for budgeting. For additional help, go to Crown.org

Establish Emergency Savings

Start by setting a goal of $1,000 with automatic transfers to an account that you refuse to touch except for true emergencies. Try to end the year with one to three months of your current expenses in this fund. Money set aside for this purpose will prevent you from having to use a credit card when the unexpected hits—which it will! You might as well learn to expect the unexpected! An emergency fund grants you financial protection and lowers your stress.

Pay Off Credit Cards

Assuming you have a credit card or two, resolve to never carry a balance. Paying 25% or more for this kind of debt is financial suicide. Set a goal to pay off balances as quickly as possible. Use the avalanche or snowball methods and possibly a balance transfer. Crown offers online courses, and we recommend Christian Credit Counselors when needed. 

Carry Adequate Insurance

Life is unpredictable, and insurance provides protection from unforeseen losses and contingencies. I have provided links to the five types of insurance that will help you avoid a catastrophic loss:

Manage Your Health 

Be proactive in taking care of your mental and physical health. Eat healthy food, work out, take time off, spend time with friends, get outdoors more often, get more sleep, and guard against worry. 

The financial savings add up when you consider protection from long-term disease, fewer doctor visits, lower absenteeism at work, and a reduced incidence of catastrophic injury or death. Ask the Lord to break the strongholds of unhealthy addictions. Seek accountability, then fervently pray for self-discipline and the motivation to glorify God in your body—the temple of the Holy Spirit. 

Learn to Be Content

Ignore the world’s pull to stretch your finances with bigger and better things. A bigger house and newer car come with hidden costs that can threaten your financial well-being years from now. Recognize that this life is temporary. Spending less creates the ability to increase giving, saving, and investing. Now is the time to prepare for the future both here and into eternity. In practice, say no to things you want today so you can say yes to what you need for tomorrow. 

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Be Slow and Steady 

It is easy to fall for “get rich quick” schemes or to look for shortcuts to accelerate your progress. I have found all of those gimmicks to be financial traps. Beware of “once in a lifetime” opportunities. Urgency, exaggerated language, guaranteed income, or the requirement to recruit people to earn more money are red flags. When profit-making details are missing or cloudy, question the deal. Flee job opportunities that require money upfront or guaranteed results with no skill or experience required. Think the lottery is harmless? For most people, the return is only the paper on which the tickets are printed. That goes for any kind of gambling. Don’t do it. 

Steady plodding brings prosperity; hasty speculation brings poverty.”

Proverbs 21:5 TLB

Keep an Eternal Perspective

You will make great progress uniting around this framework. Set practical goals, and don’t give up or turn back. I also want you to think about your eternal future. Operating as God’s faithful steward reaps true riches and lasting treasures in Heaven. I can’t think of any greater aspiration. 


“Keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.’”

Hebrews 13:5 ESV

This verse implies money will leave us—but Jesus won’t! That is great news for the New Year and for all eternity! 

To jumpstart your financial framework, consider a Crown budget coach. Your coach will work with you to develop a customized spending plan and debt-elimination strategy to put you on the road to financial freedom!

This article was originally published on The Christian Post on January 3, 2025. 

Ask Chuck: Maximizing the Use of Your 401(K) 

Dear Chuck, 

I am 28 years old and in my first professional position in IT. I  am trying to figure out how to make use of our company’s 401(k) plan. Right now I can only afford to contribute $100/month. 

Struggling to Save 

 

Dear Struggling to Save, 

Congratulations that you are already thinking about long-term savings this early in your career!  Maximizing the use of a company 401(k) plan is a very wise decision that has many advantages.  Let’s get into some details that will help you gain the highest benefit.  

History 

The term for this account comes from the section of the Internal Revenue Code that was added in 1978, which allowed for “pre-tax” contributions directly from employee paychecks to be matched by funds from the employer. Intended at the time to help those receiving large bonuses or shares of stock in their compensation plan, the 401(k) has since become the dominant source of retirement savings for most Americans. Today, more than six trillion dollars are estimated to be held in these accounts by more than 80 million workers. 

Employees receive two significant benefits from 401(k) plans and other tax-exempt retirement accounts: first, there is the obvious tax benefit. Second, employees have a way to protect their retirement savings from losing real purchasing power through inflation. On the downside, 401(k) plans are riskier for employees as the market rises and falls. Active management of these funds is provided by a third-party administrator. 

Biblical Motivation 

Throughout the Bible, we find examples that highlight the importance of saving. Joseph instructed Pharoah to save during the good years to be prepared for a prolonged famine. Ants are pointed out as examples that gather food during harvest to be prepared for the coming winter. The motivation is not to get rich but rather to show wisdom through constraint and preparation for an unknown future. 

“The wise man saves for the future, but the foolish man spends whatever he gets.”

 Proverbs 21:20 TLB

First Things First 

Often, young people get involved in a long-term savings program by making deposits in tax-exempt accounts but neglect to establish an emergency fund first. The sting comes when an emergency happens and funds are needed, but they are not available without a penalty for early withdrawal or significant interest required on a loan from those accounts. 

Before you maximize your long-term savings, be sure you have or are simultaneously building your emergency fund. This money is kept in an interest-bearing account, such as a money market account, that can be accessed immediately without penalty. I suggest you have at least one month of your current salary set aside in this fund before contributing to your 401(k). If you are earning $60,000 per year, you would need to have $5,000 in your emergency fund. Once that is achieved, begin to make deposits into the company plan while simultaneously continuing to build your emergency fund up to three months of expenses, or $15,000 in my example.

Start small. Be consistent. Make it a lifestyle choice to save before spending. Establishing an emergency fund may take you a while, but don’t get discouraged. It is an important step that will pay lifetime dividends in reduced stress and learning to live beneath your means. When this is accomplished, you can accelerate your long-term savings goals. 

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401 (k) Strategy 

Your goal should be to maximize the amount of contribution that you make to your 401(k). Seek to receive the highest available match that your employer offers. You can ask a company representative to help you understand the specific amount offered by your firm. The maximum allowed 401(k) contribution is set by the IRS annually. In 2025, the limit is $23,500 or $31,000 for those over 50.

An article at Yahoo Finance provides a helpful example taken from Fidelity: 

The employer might match 100% of your contributions up to 3%, plus 50% of your contributions on the next 2%.

Under these rules, you would contribute at least 5% of your salary to get the full employer match. If you make $60,000 annually, the math looks like this:

  1. Your 5% contribution will be $3,000 annually.
  2. Your employer match on the first 3% of your contribution is $1,800, or 3% of $60,000.
  3. The remaining employer match is $600, which is 2%, or $1,200, divided by two.

In other words, if you contribute $3,000 annually, you get $2,400 in free contributions, paid for by your employer.

Obviously, it will take you some time to grow from your current contribution of $100/month, or $1200/year to reach this amount. However, you are on the right track, and starting early is a great step. 

Let me be careful to add here that any retirement plan that has tax advantages also comes with serious complexities. I recommend you seek the advice of a professional advisor as your account grows. Actively managing how your 401(k) funds are invested is very important. Pay close attention, even when managed by professionals. 

If credit card debt is a financial strain that is hindering your ability to save more, consider reaching out to Christian Credit Counselors, a trusted partner of Crown. They are a valuable resource to help consolidate debt and get on the road to financial freedom.


This article was originally published on The Christian Post on December 27, 2024. 

Ask Chuck: Will Bitcoin Fever Pan Out? 

Dear Chuck,

I thought Bitcoin was a joke until now. My wife and I are thinking of putting some of our retirement funds into it but wonder if we are too late? Maybe gold is better? 

Bitcoin or Gold

 

Dear Bitcoin or Gold, 

Gold Fever was the term for the mass migration of fortune seekers to California from 1848 to 1853. As we know from history, more money was made by the vendors serving the gold miners than the vast majority of those doing the hard work. The question on millions of investors’ minds right now is similar to yours: Is it too late, or could it be a great time to jump in and buy Bitcoin or a related investment at this historic price level? In some ways, we are witnessing what we could call Bitcoin Fever. Let’s see what Michael Finke, the Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services, said in a recent Yahoo Finance article:

“People tend to get attracted to things that have gone up recently,” Finke said. “And that’s attractive to anybody who’s investing, but particularly those who tend to be more sentiment-driven investors. They see the price go up and they think they want to be part of it. There’s always that fear of missing out.”

I am not against gold or Bitcoin; I have written numerous times about both in the past. You can read the articles here and here. However,  I am against making speculative, reactionary decisions instead of measured investments. FOMO, or “fear of missing out,” is a very real fear that prompts people to follow the crowd. I think you are wise to be asking questions. Let’s get some context, and then I will offer my advice. 

Bitcoin and Gold Soar

Bitcoin (BTC-USD) continues to shatter records in 2024 after a brutal crypto winter that began two years ago. The world’s largest cryptocurrency reached beyond $107,000 for the very first time early in the morning on December 16. Bitcoin’s record price puts it up about 53% since the presidential election in November! Gold has also had impressive growth in 2024. On January 1, gold was trading at $2,063.73 per ounce. Fast forward to December 16th, and the price soared to $2,670 per ounce. This represents a remarkable growth of 31% this year. So both gold and Bitcoin have had spectacular returns this year. 

Bitcoin is far more volatile than the overall stock market. That can be exciting when the price is on a tear, like the one we’ve seen in recent months. But when times are bad, Bitcoin’s price often takes a much harder fall compared to stocks. Take 2022, which was, in general, an awful year for stocks, with the S&P 500 plunging around 19%. In the same year, Bitcoin lost over 60% of its value. Gold tends to move at a slow and steady pace. While not driven by manufacturing demands, it has historically been viewed as a safe store of value. 

But what is driving the current growth of both, and will it continue?

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What Is Causing Bitcoin and Gold to Increase So Rapidly? 

  1. Market Sentiment: Presidential elections can influence market expectations, especially around economic policies, regulations, or fiscal spending, which may drive interest in decentralized assets like Bitcoin. Many believe that the federal government, under the Trump administration, will add up to a million Bitcoins as a part of the Treasury Department’s strategic reserve. This would be a key factor in driving demand and adoption to even higher levels. 
  2. Inflation Hedge: Investors may view Bitcoin and/or gold as a hedge against potential sustained or increasing inflation.
  3. Institutional Investment: Post-election clarity often reassures institutional investors, and any increased involvement from major financial players can boost Bitcoin prices.
  4. Dollar Weakness: Investors may continue to flock to Bitcoin and/or gold as an alternative store of value if the U.S. dollar weakens or government spending and run-away debt is not curtailed. 
  5. Broader Crypto Adoption: The election may coincide with the increasing mainstream adoption of cryptocurrencies, which contributes to upward momentum.

Does the Bible Address the Issue? 

The Bible gives us numerous principles to follow in answer to your question:

My Advice 

Bitcoin and other cryptocurrencies are speculative investments (like gambling), which are assets that people put money into hoping the price will rise rapidly. Gold investments tend to experience slower but steady growth through the years. If you and your spouse are in agreement, move a small percentage of your retirement funds into a gold and Bitcoin ETF, but don’t plan on striking it rich; it could turn into fool’s gold overnight. 

I’d like to invite you to join a free Crown Bible study on the YouVersion app. We have several devotionals regarding money and stewardship that will provide encouragement by bringing God’s Word into your daily life.

This article was originally published on The Christian Post on December 20, 2024.

Ask Chuck: Advice for Generous Givers

Dear Chuck,

I received a Christmas bonus from my company and feel led to give to the Lord first. With so many places to give and so many requests this time of year, I’m having a hard time knowing which are reputable, trustworthy, and safe. I want to give before year-end for tax purposes.

Does Crown have any guidelines? 

Cautious Giver

 

Dear Cautious Giver, 

Praise the Lord for your bonus and desire to be generous. First, my disclaimer: I work for the best not-for-profit ministry in the world and think everyone should support Crown’s ministry! Okay… now for an unbiased answer to your great question!

Giving Brings Life

Charitable giving reached a high of $557.16 billion in 2023. A generous life requires the discipline to cap one’s lifestyle in order to tithe and give joyfully. Winston Churchill said, “We make a living by what we get, but we make a life by what we give.” 

“As for the rich in this present age, charge them not to be haughty,
nor to set their hopes on the uncertainty of riches,
but on God, who richly provides us with everything to enjoy.
They are to do good, to be rich in good works, to be generous and ready to share,
thus storing up treasure for themselves as a good foundation for the future,
so that they may take hold of that which is truly life.” (1 Timothy 6:17–19 ESV)

Numerous studies prove the physical, psychological, and professional benefits of a life of giving.

During the holidays, people are happy helping others, feel good making a difference, enjoy being connected to something positive, and want to take advantage of tax deductions. 

Years ago, I met a man who lived in the poor part of town in his very poor country. To look at his home, you would declare him to be poor. To look at his face, you would declare him to be rich. What immediately struck me was not his lack of material possessions, but his abundant joy. His beaming smile reflected a genuinely joyful heart. As I got to know him, I learned that he was a generous giver. In spite of what some would consider miserable poverty, he was free from the distractions of the world and focused on serving and giving to others. 

How to Know Where to Give

Pray about giving, and make sure your motives are pure. In other words, don’t give hoping for something in return, even recognition. Determine what you genuinely care about, where you have received benefit, or what problems you hope to see solved in the world. This will help narrow your options to the organizations that you should research.

To ascertain the effectiveness of organizations, determine if they’re credible, legitimate, and really making a difference. Choose only those that are open and transparent, operate with integrity, and represent Biblical values. Support only those that adhere to best practices in governance and accountability, are wise with their funds, and measure/report their results. 

Ministry Watch and Guidestar are helpful websites where you can check a ministry’s reputation. For more information, contact the organization to ask questions about their needs and where/how funds will be used. Although the above resources do not always recognize the full impact of an organization, they are a good place to start. For example, Crown receives millions of dollars of donated radio air time and impact via a network of global partners. Those elements of our model are not recognized by these charity services, so always dig deeper. 

Ask Chuck Advice For Generous Givers

Giving Methods

Legitimate organizations have options for donating securely. Do not give over the phone. You can make a pledge, but never give your credit card number or personal information. Be careful giving via text. 

Do not ignore red flags! Scammers commonly choose names that sound like well-known organizations. They cannot provide proof that it is a tax-deductible group. They may thank you for a pledge you did not make while making you think you forgot then pressuring you to donate. They may ask for cash or for you to wire money; they may even offer to send someone to collect! Never give personal information to someone calling, emailing, or texting to solicit a donation. 

Technology has simplified the giving process with secure online options. Donations made by December 31st are tax deductible (for those who itemize their charitable giving). Gifts made by credit card are deductible this year, even if not paid until next. Those made by check must be postmarked by the 31st even if not cashed until 2025. Allow extra time to process gifts of stock, real estate, or other assets. And keep records to verify your giving. 

Check with your employer to see if they match employee contributions. I encourage business owners to consider matching gifts to inspire staff generosity that reflects company values. 

Establish a will or living trust naming your favorite organization as the beneficiary of some of your assets. A trust can pay out over a period of years instead of one lump sum. Consider a giving strategy by working with our friends at NCF (National Christian Foundation) or Trust Bridge Global

Giving Cheerfully

Giving is a tangible way to show God’s love to the world. So make a list of where your heart is leading you to give. Check it twice, and do your research. Then give—generously and cheerfully. And remember Jesus in all your celebrations this season. He said, “It is more blessed to give than to receive.” (Acts 20:35 NIV) 

Updated December 15, 2017 article

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This article was originally published at The Christian Post on December 13, 2024.