Dear Chuck,
I hate carrying a balance on our credit cards, but I can’t seem to get them under control. I need some help!
Carrying Heavy Balances
Dear Carrying Heavy Balances,
Unfortunately, inflation is harming the financial situation of many Americans. Rising credit card debt is one of the obvious indicators that millions of others are experiencing the same challenge you are having!
A National Trend
Americans owe approximately $887 billion on their credit cards—13% higher than a year ago. According to the Federal Reserve Bank of New York, credit card debt is rising at its fastest pace in more than 20 years.
It’s been reported that 46% of Americans have credit card debt. 43% say they depend on theirs to cover essential living expenses. They owe an average of more than $6,000. Four in five Americans with credit card debt also carry debt in the form of auto loans, student loans, medical bills, and a mortgage. The Washington Post reports that credit card borrowers are also taking longer to pay off their debt. Any gains made with stimulus money were wiped out by higher prices for gas and groceries, as well as rising interest rates.
The problem with credit card debt is the accompanying high-interest rate. When a balance is carried, the total grows each month. Ted Rossman, senior industry analyst for CreditCards.com, reports that those who have been in credit card debt for at least a year increased by 10% from last year. He notes that minimum payments at 18.17% interest on a credit card balance of $5,270 will take 16 years to pay off at the cost of $11,875.
Getting out of the High-Interest Debt Trap
It is probably your goal, too, but I recommend eliminating credit card debt as soon as possible! This Crown article has several methods that you can use.
According to creditcards.com, the average credit card interest rate on October 26th was 18.91%. As federal interest rates rise, the average APR (annual percentage rate) for new cards is expected to reach 19.66% by winter. Many will pay more than that. Data reveals that the average credit card offer advertises a maximum APR of 26.36%. Last year, the prime rate was 3.25%, but it was 6.25% on 10/26. The Fed will continue to hike rates until they get inflation under control. This will negatively impact those who carry credit card balances because debt will cost more.
Reduce Your Interest Rate
To secure a lower APR, creditcards.com recommends the following:
This shows creditors that you are responsible.
Reduce Expenses and Spending Habits
Reduce the Need for Debt
Big Idea
Serve as your own banker, and avoid paying credit-related interest and fees. Start by saving $1,000, and increase this as you are able until you have 3–6 months of living expenses in an emergency savings account. This will eliminate your need to use credit cards in the future. You simply pay cash and replenish your savings by paying yourself back!
By starting with a small discipline, you will find you will become more disciplined in all areas of managing money. Remember the words Jesus taught His disciples: “One who is faithful in a very little is also faithful in much…” (Luke 16:10a ESV)
Consider contacting Christian Credit Counselors if you need outside support with the financial pain of credit card debt. They are a trusted source of help toward financial freedom.
This article was originally published on The Christian Post on November 4, 2022.
Dear Chuck,
The Parable of the Dishonest Manager looks like Jesus commends lying. Am I right about this? Curious what you think.
Curious Reader
Dear Curious Reader,
Almost two-thirds of Jesus’ parables mention money or possessions and our beliefs and use of them. He talked a lot about money—more than He did about heaven and hell combined. Few are more piercing and often misunderstood than The Parable of the Dishonest Manager in Luke 16.
People frequently conclude that the manager is commended for being dishonest. But that is not so! He was commended for being shrewd. “The master commended the dishonest manager for his shrewdness. For the sons of this world are more shrewd in dealing with their own generation than the sons of light.” (Luke 16:8 ESV)
Good Managers Do Not Waste Money
The word shrewd conjures up, in my mind, the villainous robber baron Henry F. Potter, who tried his best to gain control of the Bailey Brothers Building and Loan Bank in the classic film It’s a Wonderful Life. The antagonist is perfectly portrayed by Lionel Barrymore as a self-centered, greedy, and conniving rich man who is eager for power and control.
But the term “shrewd” is not limited to those with evil intentions. The definition is:
The manager’s behavior, when called into account, indicates that he was guilty of wasting someone else’s possessions. This is the reason he was being fired. It introduces an interesting, sobering idea of one kind of sin: wasting someone else’s money. The Pharisees had to be examining their own stewardship of money as they heard the story unfold.
Culture portrays rich people who are foolish with money. Think about celebrities with rock-star lifestyles, the indulgence of lottery winners, or those lighting cigars with $100 bills. The reality is that people who have earned money and worked hard for it detest waste.
The dishonest manager faced the possibility of unemployment. He would have to beg for a living (which he refused to do), dig ditches (which he was not capable of doing), or come up with a scheme to get what he wanted (a free ride). So he went about reducing or forgiving debtors so that he could make friends who would supply his needs in the future—when everything he had would be gone. (By the way, forgiving our debtors, those who wrong us, is a fantastic way to make friends.)
Are You Shrewd with Money?
Let’s amplify Luke 16:8–9: worldly people are more astute, clever, artfully resourceful, and sharp in their discernment when it comes to the use of money among themselves than Christians are. Christ used the context of this shrewd manager, who is dishonest because he is not walking in the light, for two purposes:
“And I tell you, make friends for yourselves by means of unrighteous wealth, so that when it fails they may receive you into the eternal dwellings.” (Luke 16:9 ESV)
What Does Shrewd Stewardship Look Like?
In the film It’s a Wonderful Life, we see two worldviews portrayed brilliantly by Frank Capra in his depiction of the human condition of a shrewd antagonist vs. a shrewd hero. Henry Potter wants money, power, and control. George Bailey put others before himself. He sacrificed his honeymoon, dreams, and ambitions to save the hard-earned money of the everyday folks of Bedford Falls. He was cheered for his character and integrity as a steward of the Bailey Building and Loan.
So, in the coming days, take a few hours to watch It’s a Wonderful Life again. It is considered one of the top 100 most influential movies of all time. Incredibly, the entire plot is about money and the struggle between selfishness and generosity. It is the story of two very shrewd people! Analyze the way you handle what God provides. Are you more like George Bailey or Henry Potter? Would you be defined as shrewd? Why or why not? What do you need to change in your life to repurpose your use of money?
The Crown God is Faithful devotional provides inspiring and practical biblical wisdom. You can sign up to receive the devotionals daily to help transform not only your finances but also every area of your life.
This article was originally published on The Christian Post on November 25, 2022.
Dear Chuck,
I am exhausted trying to make it to the end of the month while remaining within my budget. I feel like inflation is robbing me of more than my money. I am losing my joy every day that this continues.
Exhausted by Inflation
Dear Exhausted by Inflation,
I wish I could tell you that it will soon be over, but since no man knows the future, I steer clear of trying to predict it. We can only look at the facts and adapt to the reality of our circumstances today. My hope is that this reply will help bring back your joy.
Inflation with Risk of Recession
We are experiencing both inflationary times and a risk of contraction of economic activity. This can cause great fear and uncertainty. Consumer confidence is shaken when unemployment rises, businesses close, and the stock market grows increasingly volatile.
Putting the Brakes on Inflation
On Wednesday, November 2nd, the Fed raised interest rates another .75 percentage points, pushing borrowing costs to the highest level since the Great Recession. More could lie ahead. Could the effort to bring down the cost of living plunge us into a recession? Maybe. The bright side is that savers will benefit from higher rates on their accounts. It is a difficult balance to curb inflation without tipping into a recession, but this is a clear sign that our government wants to contain inflation. Maybe the end is in sight.
Making It to the End of the Month
A Forbes survey of consumers reports that current economic conditions have caused 38% to dine out less, 36% to adjust their budgets, 33% to reduce the miles they drive, and 32% to purchase cheaper or different items than usual. In addition, 23% of Gen-Z consumers plan to take on another job.
If you spend less than you earn, you need not fear a recession or prolonged inflation. How is it possible to spend less than you earn? You either have to earn more money or cut expenses. Pray for wisdom to make wise decisions. Like the Apostle Paul, we can learn to be content in any circumstance, even in the midst of sacrificing comfort.
“Whoever works his land will have plenty of bread, but he who follows worthless pursuits will have plenty of poverty. A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished.” (Proverbs 28:19–20 ESV)
The Harvard Business Review offers the following tips:
Budget Wisely
Reduce Debt and/or Increase Income
Stay Employable
Rejoice Today
We only have today, so regardless of our circumstances or what may be looming in the future, we should find reasons to rejoice. Every morning that I wake up, I say this verse in my head or sometimes aloud: “This is the day that the Lord has made; let us rejoice and be glad in it.” (Psalm 118:24 ESV). I then go about doing my duty as faithfully as I can, knowing that He will get me through every storm. I hope your joy returns today.
If credit card debt is adding extra stress during these uncertain economic times, consider contacting Christian Credit Counselors. They are a trusted source of help toward financial freedom.
This article was originally published on The Christian Post on November 11, 2022.
Dear Chuck,
My wife and I are finally living on a budget! What are some key steps in our financial plans that we should aspire to achieve now?
Getting Our Act Together
Dear Getting Our Act Together,
Bravo! I read some years ago that about 60% of people say they need or desire to live on a budget, but only 20% actually do it. This is consistent with what I have seen with those I have counseled through the years. Getting this done is a significant step towards financial freedom that will allow you to live on less than you earn while giving, saving, and investing.
A general answer to your question is to follow the steps outlined in the Crown Money Map; however, I was recently reminded of another important financial milestone that I think will help you and your wife. In fact, I think everyone, single or married, should have The Notebook.
The Notebook
I recently visited a class at church where a couple shared their story. They first connected with Crown in 1976, the year Larry began his ministry! They read his books, taught the Crown courses, and have been united in their desire to be good stewards throughout their entire marriage. It was a joy to hear how God had brought them through the ups and downs of their financial circumstances over the nearly 50 years of their marriage. However, the main focus of their class was simply called The Notebook.
Their key point was that very few couples are fully aware of everything they need to know if one or the other were to die unexpectedly. The proverbial question is, “What would we do if one of us were to get run over by a bus?” Of course, nobody thinks it will happen to them, so they told stories of couples, young and old, who found themselves scrambling to know what to do in the fog and confusion of the death of a spouse. One widow in her mid-40s did not even know the addresses of the rental properties they owned. Her husband had managed all of the details of their finances. Not only was she in a deep valley of pain and grief, but she was also overwhelmed with trying to sort through their financial affairs.
Set Your House in Order
Hezekiah was instructed to set his house in order:
“In those days Hezekiah became ill and was at the point of death. The prophet Isaiah son of Amoz went to him and said, “This is what the Lord says: Put your house in order, because you are going to die; you will not recover.” (2 Kings 20:1 NIV)
To accomplish this, our instructors walked us through their “notebook” system. It is a collection of instructions and records for those left behind in the event of one’s death (or even extended hospitalization.) I have known and heard of too many widows who could not access important accounts or find valuable documents with the sudden passing of a spouse. This would be a great task to complete over the holidays.
Buy a large notebook that can hold all of your key documents, either originals or copies, with the location of the originals included. Once completed, agree to store it in a safe place for easy access, and notify next of kin where that is. This is a valuable gift to loved ones that should be updated annually or whenever passwords or other important information change. To get you started, here are the recommended contents:
The Notebook
If you want a concise guide to walk you through the organizing process, I highly recommend Brian Kluth’s 40-page Legacy Organizer. It contains these topics. Crown also has a guide called Blueprint For Your Family’s Finances, complete with forms and worksheets for short- and long-term planning.
It takes some time and discipline to get this done, but just like the work you put in to complete your budget, it will be worth it. You will both appreciate the peace of mind of knowing your house is in order.
To gain more wisdom and insight into how you can effectively steward God’s resources—both time and money—the Crown Stewardship Podcast can be valuable. You can subscribe for alerts of new episodes. I hope you find it beneficial.
This article was originally published on The Christian Post on November 18, 2022.
Dear Chuck,
It is already cccccold where I live. My heating bills are getting painful. Any tips to save money this winter?
Bracing for the Winter Bills
Dear Bracing for the Winter Bills,
Unfortunately, we all need to be prepared to pay more to heat our homes in the coming months, regardless of the weather. Why? A hot summer, the Russia-Ukraine War, inflation, and the forecast of a cold winter will all impact our bills.
This week, Business Insider reported that the Energy Information Agency warned that those who use natural gas for heating will spend an average of $931 this winter. This is up 28% ($206) over last year. Prices are up, and colder temperatures are expected. The National Energy Assistance Directors’ Association says home heating costs are reaching the highest level in more than10 years. The cost of heating a home is becoming unaffordable for millions of lower-income families.
I looked at what Europe is doing in its energy crisis and realized we could do that here.
Tips to Reduce Costs in Winter
The Best Savings
Try adjusting your thermostat to 68F for most of the day this winter. The US Department of Energy says that for maximum efficiency, choose eight hours per day to reduce that temperature by 7 to 10 degrees. This can reduce yearly energy costs by up to 10%. Setting the thermostat to a lower temperature will help it retain heat longer and reduce the amount of energy needed to keep it warm. A benefit is that sleeping in cooler temperatures grants more restful sleep.
Tips to Reduce Energy Usage Year Round
Unpack groceries first; then load all refrigerated and frozen items at once.
A cell phone charger, TV, or desk lamp that is plugged in, even though turned off, still uses electricity and costs you money. “Phantom load” is the term used to describe electricity consumed by electronics that are plugged in though not being used. It can add up over time. Walk through each room of your house, and see what is plugged in. Smart strips detect when appliances are not in use and stop sending electricity to them. It’s easy to turn off a strip of multiple things instead of unplugging them individually.
Trouble Paying Bills?
Contact your utility provider, and work out a payment plan. Ask if you qualify for additional assistance. Be patient and polite when discussing your situation. LIHEAP (Low Income Home Energy Assistance Program) may provide assistance. The National Energy Assistance Referral (NEAR) hotline is 866-674-6327.
Prioritize your most urgent payments, such as food, housing, and utilities. Cut back on non-essential spending. Eliminate all impulse purchases by changing your behavior. Take a break from social media, shopping with friends, and browsing on your computer or phone. Adjust your budget now to be sure you can cover the increased costs this winter.
Thank you for the question. I hope you can stay warm and stress-free about your energy bills this winter.
If credit card debt is adding to your financial stress, Christian Credit Counselors is a trusted source of help to ease the financial pain.
This article was originally published on The Christian Post on October 28, 2022.
Hi Chuck,
When do you think used-car prices will drop? My car is racking up a lot of miles, and I am trying to hold off on buying a replacement.
Waiting on Prices to Drop
Dear Waiting on Prices to Drop,
Several years ago, a neighbor told my wife they needed to buy a new car because theirs had nearly 100,000 miles on it. Ann chuckled, thinking, “That’s the kind we try to buy.” Many, like you, are “racking up a lot of miles” waiting for used-car prices to drop! It is hard to know when the prices will come down, but let’s look at what some experts say.
Watch New-Car Production
J.P. Morgan expects demand for used cars to moderate as new-car production ramps up.
New-car prices are up due to global supply chain issues, the ongoing chip shortage, and rising raw materials costs exacerbated by the Russia/Ukraine war. Dealer Trak estimates that sales in the used-car market fell 13% year-over-year in June 2022. “This is driven by the high prices and historically poor selection that has been plaguing the industry, but is likely now joined also by declining demand given waning consumer confidence, asset price deflation, rising interest rates and slowing economic activity. A deteriorating macro (economic) outlook is weighing on consumer sentiment and keeping potential buyers out of the market,” says Ryan Brinkman, lead automotive equity research analyst for J.P. Morgan.
Used-Car Prices Softening
Used-car and truck prices are falling slightly. Prices are still up over 7% from last year, but experts believe that may be coming to an end. Charlie Chesbrough, Cox Automotive’s senior economist, says, “We are starting to see prices come down. But it’s very hard to see vehicle prices collapsing in this market, because there’s still just a whole bunch of need out there for transportation.” He believes prices will stay elevated due to the limited number of cars available for consumers over the coming years. Why?
Ivan Drury at Edmunds says, “Typically about 20% of consumers would buy their lease instead of turning it in. Now we’ve heard some reports that 90% of consumers are buying. Ford put out that number, and it blew my mind.” This could impact the number of used vehicles coming to market in the coming years.
Slumping new car sales means fewer trade-ins, which will impact the supply of used vehicles.
J.D. Power’s David Paris notes that over the past decade, there has been an increased demand for used vehicles. In the past, buying a used vehicle was “frowned upon.” That changed over the past decade, causing a demand for used cars. “So we don’t think this is going to be a bubble bursting, with prices falling extremely rapidly,” he said.
Nine Months to 2 Years?
Ivan Drury at Edmunds.com believes that if consumers can wait nine months or a year, the market may bottom out. According to J.D Power’s Paris, “Over the course of the next two years, we’re going to see used car prices retreat back to more normal levels. So by the time we get to 2025, that’s really when used prices will bottom.” Paris and Drury both see used-car prices bottoming (at around $25,000 ) in two years, $5,000 above average prices in 2019. Because so many consumers are waiting to buy, values will stay up until supply increases significantly.
The Big Picture
New-car sales are impacted by the following:
This is driving new-car consumers to the used-car market.
Used-car prices are impacted by the following:
Hurricane Ian flooded thousands of cars. Cox analysts report that 80% of replacements may come from the used-car market, further complicating availability. In addition, unscrupulous sellers will buy damaged vehicles at auction, move to a different state with different title requirements, and retitle them to hide the trail of flood damage. Know how to recognize a flood-damaged car.
Consider Your Options
If you are driving an older car, consider making repairs in order to drive it longer. Fixing a dependable vehicle will save you time and money in the long run. Consumer Reports suggests conducting a cost/benefit analysis. Simply divide the estimated cost of repairs by the number of months you think you can get out of the car. If that number is less than a new monthly payment, it will be worth it. If not, you may need to find a more reliable vehicle.
Demand for car repairs has increased now that consumers are holding on to their cars. Shop around because the demand and supply-chain issues have caused higher prices and longer waiting times for parts. “A $3,000 repair bill is probably a better financial move than committing to a monthly $500 car payment over the next several years, to say nothing of sales tax, registration fees, and the likelihood of higher insurance premiums on a newer car,” Consumer Reports states.
Our late founder, Larry Burkett, used to say, “I drive a car till it turns to dust, then I sweep up the dust and ride on the dust.” To maximize the life of the car you drive:
Don’t rush. Seek the wisdom and counsel of those you trust, and pray as you wait. The Lord is “wonderful in counsel and excellent in wisdom.” (Isaiah 28:29 ESV)
To gain more wisdom and insight into how you can effectively steward God’s resources—both time and money—the Crown Stewardship Podcast can be valuable. You can subscribe for alerts of new episodes. I hope you find it beneficial.
This article was originally published on The Christian Post on October 21, 2022.
Dear Chuck,
When students were paying 10% on student loans, we couldn’t get 1% interest on the money we put in savings. It seems like students and families who continue to take these loans are getting ripped off. Would you please address usury?
Looks Like Usury to Me
Dear Looks Like Usury to Me,
This question has many aspects to it that I will attempt to address: first, the problems of usury and rip-offs and, then, some possible solutions to student loan debt.
Usury
Usury, as defined by Merriam-Webster, is “the lending of money with an interest charge for its use, especially the lending of money at exorbitant interest rates.” Usury laws are an attempt to protect people from predatory lenders who tend to take advantage of people in desperate circumstances.
Typical federal student-loan rates for people with good credit today range from 4.99% to 7%. In the case that you cited, a 10% interest rate for student loans is above the market rate but does not fall into the definition of usury. It appears that way when compared to the market rate for passive savings, but you have to compare it to the available market for student loans.
Student loans are legal and optional, and most do not borrow the money under desperate circumstances but rather to pursue a desired goal. However, many students and families who take on these loans are unaware of the long-term consequences.
Rip-Offs
Student loan debt is second only to mortgage debt in America, as millions borrow to attend school in hopes of a brighter future and an increase in lifetime earning power. But the “borrow your way to a diploma” method continues to get more expensive and is unlikely to change soon.
“How Government-Guaranteed Student Loans Killed the American Dream for Millions” by Daniel Kowalski reveals that there is absolutely no incentive for colleges and universities to lower their prices. He reports that in 1980, there were 3,231 higher-education institutions in the U.S., but by 2016, there were 4,360. In reference to a Forbes article, he says that the average price of tuition has increased eight times faster than wages since the 1980s.
Another Forbes article states that the tuition at Harvard in 1840 was $75 a year. If that price had risen at the same rate as prices (or the inflation rate), the cost in 2015 would have been $1,703, not $45,278. (2022-23 tuition is $52,659.) “But it is arguable whether today’s college graduate is in a real sense more educated than ones in 1840, when individuals like Samuel F.B. Morse and John Deer were revolutionizing communications and agriculture, and some with far lesser education (think Abraham Lincoln) were making big contributions in law and politics,” the article states.
Today, many college graduates are underemployed, but there is no evidence this was a problem among 19th-century graduates. As federal aid has increased, so have tuition fees. The proportion of recent college graduates (the article is dated 2015) from the bottom quartile of the income distribution is lower today than in 1970—before Pell Grants or massive federal loan programs. In addition, administrators now outnumber faculty.
Student loans have benefitted colleges and universities, with the burden falling on students, taxpayers, and those hoping to get a degree in the future.
Many people are discovering that their assumption that a university education was necessary for financial security was false. The opposite has happened. Students often graduate with diplomas and debt, sometimes in the hundreds of thousands of dollars—but without job security.
Merrill Matthews wrote a compelling article titled “University Endowments Should be the Primary Source of Student Loans.” “At the end of fiscal year 2020, the market value of the endowment funds of colleges and universities was $691 billion . . . If colleges and universities had to turn to their endowments as the first line of student loans, they might decide to get their costs under control,” the article states.
How to Avoid Student Loans
Parents should not borrow money for their children’s higher education. If you want to help cover a university education, start saving early. Demand academic excellence from your schools to prepare your children to qualify for scholarships. I used to tell my boys that getting good grades would be the highest-paying job they could have in high school. Our rule was that nobody would borrow to attend college. Either we would find a way to pay for it via savings and scholarships and jobs while in school, or they would not attend.
Here are some tips for students who want to get an education without borrowing money:
Dealing with Student Loan Debt
If you have a student loan now, look at refinancing options to reduce your interest rate. Make a plan to apply all extra income toward the reduction of the debt. Attempt to pay it off as soon as possible. Ask the Lord to give you help in accomplishing this goal.
In addition to student loan debt, if credit card debt is a source of financial pain for you or someone you know, Christian Credit Counselors is a trusted source of help toward financial freedom.
This article was originally published on The Christian Post on October 14, 2022.
Dear Chuck,
Should I buy a car listed on Facebook Marketplace or Craigslist? There seems to be a lot of great deals from private sellers. And I would love to pay cash rather than have a car payment. But the process seems so daunting. Many of the posts look like scams, and most sellers say “cash only,” but I don’t want to carry that much cash. Is it worth the trouble?
Sincerely,
Looking for a Good Deal
Dear Looking for a Good Deal,
Thanks for the great question. A few years back, we used Craigslist to buy my son a used car, and we paid cash to do it. While it’s important to take safety precautions when making a purchase through this kind of network, I have found it a useful tool for fast-turnaround, cash deals, which I recommend when it comes to a used car. Especially as you are getting started, keep personal information to a minimum and communicate using email or text. You may even want to set up a separate email for conversations like this. When I am considering a used-car purchase, I always arrange a meeting in the parking lot of a local fast food chain in the middle of the day, rather than at someone’s house, for example. With your security in place, one person’s trash can be another’s treasure.
As with all sales experiences, it matters who you are dealing with, and I have found it best to buy from an individual or reputable dealer. Be on the lookout for less-than-honest dealers pretending to be an “owner,” when they are actually just getting rid of a lemon on their lot.
First, look for sale-by-owner (rather than a dealer) with a clean Carfax report. Several people we talked with were trying to rip us off, and it can take time to get to the facts about a car. The preference is to buy a used car that has not been through a major incident and is from the first or second owner. A clean Carfax report means:
Second, ask the owner for maintenance records. This includes history of use (how often the owner drove it and how far), where the car was serviced, when the tires were last replaced, etc. Save yourself some time by asking for this information through e-mail.
Third, do your homework on the car you are considering. Before we went to test drive and inspect the car, we did our research on the value using Kelley Blue Book, which is nationally known for information on the value of cars, and the National Auto Dealers Association, where we received on-line, free services that helped us evaluate if the price the owner was asking was fair.
For me, I was able to use this experience as a teaching opportunity for my sons as I took them through this process with me. When we finally had narrowed our search and were ready to see some cars in person, I took both of my teenage sons, asking them to evaluate the condition of the car on a scale of 1 to 10, looking at tires, engine, interior, rust, windows, seats, power systems, spare tire, paint, etc., and I asked for their evaluation of the value of the car versus the price being asked.
Eventually, we found a car that the three of us rated an 8 out of 10 for quality of condition, but the owner wanted a 10-out-of-10 in price—top dollar, $7500 at the time. It was worth considering, so we asked to have the car inspected by a mechanic (which cost us $100); we found that the car needed $2,500 in engine work. That would mean the price had to come down 30 percent for us to be interested.
We made an offer by text, which the sellers initially refused, but three days later, they contacted us again and took our reduced price. The repairs were made after the sale, and my sons couldn’t have been happier. We paid cash for the car and repairs and walked away with a bill of sale, a title transfer, and a mileage affidavit.
To be frank, this was a process that took some time, and not everyone may want to work this hard for a used car. An alternative is to buy “Certified Used” from a reputable car dealer. You will pay a premium, but the car will come with some guarantees, and you won’t have to worry about finding out later that the transmission is ready to fall through the floor of the car. However, I’ve found that it is difficult to find anything under $15,000 from a dealer.
Hopefully, you will enjoy the process. People have been enjoying the art of buying and selling since the beginning of time. Proverbs 20:14 observes, “‘It’s no good, it’s no good!’ says the buyer—then goes off and boasts about the purchase.”
While seeking the Lord’s guidance and patiently waiting on a good deal for a used car, one way to improve your finances is to reduce or eliminate credit card debt. Christian Credit Counselors is a trusted source of help toward financial freedom.
This article was originally published on The Christian Post on October 7, 2022.
Dear Chuck,
I work very long days and provide nice things for my wife and children. However, I’ve grown increasingly aware that I am missing out on valuable time with them. Can you help me find balance?
Torn Between Work and Home
Dear Torn Between Work and Home,
Having struggled with this early in our marriage, I can certainly relate to your struggle. The tension between providing materially and relationally can easily get out of balance. For most, money tends to be the top priority because it seems inflexible in order to meet monthly payments and flexible because one can make up for lost time with family later. So your question of balance is a very good one.
Don’t Let Money Master You
If you prioritize money over time, you may be undermining your happiness. An article by Elizabeth Dunn and Chris Courtney at the Harvard Business Review tells why. They reference several studies supporting this theory. Researchers found that students who prioritized money were less happy a year after college graduation than those who prioritized time, even after controlling for happiness beforehand and accounting for various socioeconomic backgrounds.
Evidence shows that wealthier people are happier than the poor, but excessive amounts of money do not inevitably make one happier. On the other hand, low deposits in bank accounts impact people negatively. Those who can build a cash reserve, even while eliminating debt, relieve stress. Those who can access $500 of cash show a 15% higher life satisfaction. So these authors propose two questions to consider prior to spending:
Ultimate happiness is found not in spending money on things but in experience, time, and investing in others. In addition, research proves that giving can boost your mood. Jesus warned us that we cannot serve both God and money. When we serve Him as our top priority, He will lead us to care for our families while also providing for our needs to do so.
All the Time in the World
I’ve traveled the world and been invited into many different cultures. One thing I’ve witnessed is that people in other cultures tend to do a better job spending unscheduled or unhurried time with one another. Africans have a saying that “they may not own a watch, but they have all the time in the world.” They are not driven by clocks or schedules or impacted by things that people emphasize in our culture.
Perhaps you know the lyrics to Cats in the Cradle by Harry Chapin.
Busyness does not mean effectiveness. Movement does not mean eternal impact. Unless we control the minutes in our days, they will control us. External pressures will drive us; escapism will lure us. Proverbs 90:12 is appropriate for combatting warfare over the minutes of our days: “So teach us to number our days that we may get a heart of wisdom.”
Time Impacts Finances
Employees who use their time wisely, on and off the job, are more productive and better employees. They are the ones who often receive raises, promotions, or new opportunities. This translates into more money.
If you grew up in a home where hard work was modeled for you or if you are passionate about your job, it is even more challenging to learn to relax. Balance is important so that time with family, church, neighbors, and community is not neglected. Learn to detach from work (as much as possible) when you are home. Develop healthy habits. Laugh and play with your children; invest your time into their lives. Ask your wife to hold you accountable. Is there an older man (father, uncle, pastor, mentor) who will honestly speak wisdom into your life?
Practical Help
The fact that you recognize the need for balance makes me confident that you will find it. When scheduling your day, include time with the Lord. Read His Word, and truly listen to Him. When you are driving alone, pray for your family, and listen to the Bible or things that will deepen your walk. Memorize Scripture; this is a good practice to do with your wife and children.
Seize the opportunity to run your day rather than letting it run you. Here are a few things to consider:
Answer these questions:
God has given each of us a limited number of days. Remember to number them and use them in a way that you will have no regrets when this life is completed. Thanks for writing.
If you want to consider more ways in which you can effectively steward God’s resources—both time and money—the Crown Stewardship Podcast can be a valuable resource. You can subscribe for alerts of new episodes. I hope you find it beneficial.
This article was originally published on The Christian Post on September 30, 2022.
Dear Chuck,
My wife and I are reaching out for some financial advice. After I lost some of my leg (due to diabetes), I have struggled with depression and holding down a job. What does Crown offer someone like me?
Depressed and Near Bankruptcy
Dear Depressed and Near Bankruptcy,
Thank you for the opportunity to speak into your life. I know that the Lord (through Crown) can help you overcome this hard time in your life. I want to start with reframing your perspective on the loss of your limb.
Focus on What You Can Do
I love to watch the Little League World Series. I grew up playing baseball and coached my boys when they were young. This year, 12-year-old Josiah Porter played for Nolensville, Tennessee. He played both outfield and pitcher and hit .300 through four Southeast Region Tournament games. Things got serious when he hit a grand slam that advanced the team to Williamsport to play against Hawaii.
You know what’s really incredible about this? He’s legally blind in one eye. When he was six, he walked into a sharp object that cut his eyeball. He had stitches and numerous surgeries but refused to let it hold him back.
Josiah’s dad, Brandon, said, “God had a big thing to do with all of this – keeping our focus on Jesus walking on the water, like Peter walking on the water in the Bible, and being positive. . . Instead of focusing on the storm, the bad things, what he can’t do, he focuses on what he can do.”
“Josiah doesn’t let this thing define him. He doesn’t like to talk about it because that’s not how he looks at life. It has been amazing. He’s a great young man. He loves God, and he’s sensitive to the problems of other people. He’s in tune when he sees people are hurting or sad. He’s that kind of kid.”
Trust God With Our Limitations
We all have some form of limitations; we simply must not allow them to define us. Nick Vujicic is a world-renowned speaker, New York Times best-selling author, coach, and entrepreneur. He was born in Australia without arms or legs. For years, he struggled trying to understand why he was born that way. Then this passage spoke to him:
“As he passed by, he saw a man blind from birth. And his disciples asked him, ‘Rabbi, who sinned, this man or his parents, that he was born blind?’ Jesus answered, ‘It was not that this man sinned, or his parents, but that the works of God might be displayed in him.’” (John 9:1–3 ESV)
Today, he relies on this truth:
“And I am sure of this, that he who began a good work in you will bring it to completion at the day of Jesus Christ.” (Philippians 1:6 ESV)
Stewards of Our Suffering
Adversity and affliction are God’s ways of shaping us, building our character, and drawing us into full reliance on Him. Our pain should make us more aware of God’s omnipresence and our helpless dependence on the Lord.
What the world calls “adversity” can be your opportunity. Trust Him, rely on Him, and renew your mind on His Word:
“The Lord is a stronghold for the oppressed, a stronghold in times of trouble.And those who know your name put their trust in you, for you, O Lord, have not forsaken those who seek you.” (Psalm 9:9–10 ESV)
Make a Plan
When the fog of depression grips us, we often feel unmotivated, paralyzed, and unable to deal with the challenges before us. As you begin to rethink how God can use the adversity that you have faced, you and your wife must also take action.
I want you both to sit down in a quiet, peaceful place together and determine to work this out. The best way to do that is to make a plan to avoid bankruptcy and to stabilize your finances. Taking action will help you overcome your depression and strengthen your finances for the future.
Here are the steps you need to take and ways that Crown can assist you:
As you follow these steps, keep trusting the Lord and persevering through any setbacks. We are pleased to be here and help as you begin the exciting process of stewarding not only your suffering but also the path out of financial pain.
This article was originally published on The Christian Post on September 23, 2022.
