How do you believe one’s faith can positively influence financial decision-making and planning?
Our faith can have a direct positive impact on our financial decision-making and planning if we study, believe, and apply God’s word. Philippians 4:19 tells us “My God shall supply all your needs according to His riches in glory through Christ Jesus.” (KJV). The question is do we believe that He will supply?
Several years ago when my husband and I moved to a new area, we prayed and asked the Lord to bless us with a house to rent that we would be comfortable in and that would be close to the mortgage payment that we had with the previous house. We didn’t wait on God and settled for a home that we didn’t like. About 3 days later, we got a phone call from a lady who owned a home I had inquired about, which had been advertised with a description only and no pictures. Upon reviewing the photos, it was exactly what we had prayed for and the rent was $1,800 which was the same as our previous mortgage at the time. But it was too late because we had rushed and signed the contract already with the house we didn’t want. That was a major faith lesson for us. Fast forward, to about 2 years ago, we sold a home and purchased another.
The housing market dictated that you would need to overbid to get a home and that you would need a large down payment and a lot of money in closing costs. We prayed and asked the Lord for a God-sized deal and for him to help us know that it was from him. We also prayed for a house that we would not have to overbid for. We had money set aside for everything but that did not mean we wanted to use it for that purpose. We waited on God and He answered our prayer. Our house was under contract within a week with multiple people overbidding, received $33,000 over our asking price, and was already at a profit; we bought a new home at the asking price (no overbidding), had put a $5k deposit on the new home, and got money back at closing on a $400k+ house. God answers prayers; if we have the faith of a mustard seed! And look at the positive impact on our financial decisions and plans.
What advice would you give to individuals struggling with financial difficulties while trying to maintain their faith in God’s provision?
For individuals struggling financially while trying to maintain their faith; my advice is two-fold. The Bible tells us in multiple scriptures to seek wise counsel, so I would first recommend praying and asking God to show you who can help you and give you a “knowing” that it is from Him. With our financial consulting firm, I have witnessed many clients come to us with “not so great” financial habits and issues and as they become better stewards of their finances through our process, God blesses them with more; opening doors that lead to more.
I believe it is their obedience to the word of God. The commitment to get help when you can’t fix it can be life-changing especially if God sends you. Secondly, I would recommend using God’s word to create affirmations, as an opportunity to speak over yourself and to thank Him in advance. For example: “God, you said you would provide for all of my needs; I thank you that my needs are met in Jesus’ name.” One of my favorites is: “God, you said you can do exceedingly abundantly above what I could ask or think. Thank you, God, for exceeding my expectations.” And if we are going to pray, we need to walk in the
expectation that He will answer … and be open to how the blessing comes so you don’t miss it.
Please share 3 tangible steps that can be applied to personal and business finance during this uncertain economy:
Here are 3 tangible steps that can be applied to personal & business finances during our uncertain economy:
1. Get on a budget. Sometimes this word can be intimidating, but I invite you to change your perspective and consider it a financial planning tool. It is your foundation for which all financial decisions are made and if your finances are out of order, it is very likely, that your business finances will also be out of order. There are many free budget spreadsheets, tools, and apps online, so obtaining one online is a great first step for personal and business finances.
2. Save, Save, Save. Most people know that it’s important to save money, but not enough people understand how much to save to be intentional. There are 2 important numbers to know: Your Necessity Number and Your Lifestyle Number. What is the total amount required to pay all of your bills and expenses every month,? This is your “necessity” number. What is your take-home pay for the month? This is your lifestyle number or the amount that you are used to living on each month. If you have no money saved, start with $1k as your first goal, then work up to your necessity number as the next goal. The more you can save, the more you create “peace of mind” financially.
3. Seek out a financial professional that can help you create a financial plan. We’ve all been gifted in many ways and may be great in our respective careers, but not so great with money. This can hinder or impede your growth both personally and professionally. Having an advisor who can understand your financial needs and goals and formulate them into a strategic plan can be a game changer. If you’ve never had a financial advisor, talk to more than one to understand who’s best for you.
How do you believe one’s mindset can positively influence financial decision-making and planning?
What we think and what we say matters. Your current reality may be that you’re broke. Being broke is a state of mind; meaning it is optional. You have a choice to change it. So, while it may be your current situation; if you put your “thought” life and attention on your goals, you open your mind to options, opportunities, and strategies for how to get there. So, rather than speaking “broke” thoughts, speak about your future reality and believe that you can have it. Proverbs 23:7 says “As a man thinketh in his heart; so is he… (KJV), and Proverbs 18:21 tells us that death and life are in the tongue. (KJV) There is power in what we think and what we say.
What is next for you in 2024 and beyond, including your contact information:
What’s next for me is the publishing of my second book, obtaining more contracts for our Financial Wellness Program, and the recording of Season 2 of the “Your Life, Your Money” podcast. My team & I will continue to help more clients achieve their financial goals, and speak around the world motivating and inspiring others to do well financially. https://linktr.ee/iambreannacolon
