Today’s “Focus” is on Financial Stewardship.
I remember reading somewhere that most Americans save less than five percent of their earnings per year. Couple this with ever increasing reports that we as a society live in debt and it’s no wonder that people fall for every “get-rich” scheme that comes along.
I am by no means debt-free. When I was in my 30s I joked that I was $50,000 dollars in debt and had no yard of my own to mow. I still rented. That was when fifty thousand dollars would buy a very nice home in my area.
I have attempted many forms of debt recovery in my last 20 years, other than bankruptcy, but the one that has served me the most are the principles set by Debtors Anonymous and a small book written in 1955 called The Richest Man in Babylon by George S Clason.
The principles are simple from both sources.
Just for Today Incur No New Debt.
Save 10 percent of all you earn, pay yourself first. I think that most people should have 3 months of salary saved in the bank before they begin investing. Self-employed people should have six months saved.
Track every penny you spend, do not live in disorder and confusion, know what you spend, and know where you spend it.
Devise your repayment method to your creditors. Stick with it until all is paid. Then re-divert that money back into your life via savings, investing, and then lifestyle enhancement.
And most important; Remember Money is not the determining factor in what you are worth as a person.
Some people that work these programs, also include an allotment to their faith, be it God, a Higher Power, or Charity. Learning to give, even when you feel needy, empowers your spirit and well-being.
And so, I devised my financial plan, this is for me. But as with all Tuesday In Focus entries, what you may find helpful, feel free to use. What you might deem helpful to me, please share.
Maybe we shall succeed in keeping us both “in focus”.
THE IDEAL COMMITMENT
10% of all I earn is Mine to keep.
10% of all I earn is God’s to begin with.
20% of all I earn, I should pay my creditors.
60% of all I earn, I support my Family.
As I begin, this commitment, I will set aside 5% to a tithe envelope, until we are grounded again in church; this savings will be collected in faith that we will renew our bonds with church membership. The remaining 5% will go to the paying of debts, so that I will be able to pay my debts in a timelier fashion.
Working with Faith, My bounty will increase.
My prosperity and abundance depends on this commitment.
As I devote 25% to my creditors as promised, and delay gratification, soon I will be debt-free and return the 20% back to my Family and the 5% back to God.
Above all, I will always be Thankful for my Blessings.
This commitment is dependent upon breaking a cycle of under-earning. I have great potential and I strive each day to exceed that potential.
For my business ventures, I adopted a similar program.
My Business shall keep 20% of all it earns as an Unemployment Account.
My Business shall maintain 20% in an account to pay expenses.
My Business will Pay Profits to the Robison Household as an uniformed Salary.
My Two Defined Businesses:
Robison and Associates; powered by Quixtar
Ventures Entertainment featuring Skyler and Dave
I know with proper management and faith, these will attract future endeavors.
Business must be self-sustainable after a short period of time. Personal income should not fund the business. It should ideally be the other way around.
If you feel you would like to learn more and devise your own Stewardship Commitment I suggest the following Resources:
How To Get Out of Debt, Stay out of Debt and Live Prosperously by Jerrold Mundis
The Richest Man in Babylon by George S. Clason
ON THE WEB
The above sources should direct you to additional information.
Until next Tuesday, Stay In Focus.