Resources & Responsibilities
This is any skills, knowledge, assets, labor, savings, or capabilities that can be utilized to achieve a goal, meet a need, or handle a financial responsibility.
What is Financial Resource?
Expenses that you will always have.
What are bills?
A requirement or essential item that is considered to be necessary for living.
What is a need?
True or False: The Lord wants us to be a financially literate church, but not productive in applying what we know about personal finances.
What is false?
To be diligent is to be ______.
What is dogged?
These are obligations, duties, debts, commitments, liabilities, needs, and covenants that are met or mitigated primarily with money aka financial resources.
What are Financial Responsibilities?
Expenses that I will to get rid of asap or expenses acquired for the purposes of making money.
What are debts?
Something you desire, but don't need and can typically improve your quality of life.
What is a want?
"Death and Life are in the power of the tongue, and they that love it will eat its fruit" according to this scripture_____.
According to Proverbs 10:4, we should be diligent in 2 specific ways.....
What is 1. knowing the state of our flocks 2. attending to our herds?
Give three examples of the common types of financial resources.
i.e. being degreed in a needed field, being employed with substantial income, benefits, retirement funds, possessing a trade or license (plumbing, electrician, auto mechanic, etc.), real estate ownership, savings and investments.
True or False: We should NOT incur debt to pay for bills as a strategy!
What is True?
Name 3 things that are considered needs for every person.
Answers may vary- What are 1. Shelter 2. food 3. water 4. air 5. clothing?
Releasing someone from apparent brainwashing, we have to change how we think, speak, move and/or function aka "change the channel"
What is Deprogramming?
Faith without works is dead....Managing your own financial affairs with literacy, diligence, and wisdom that increases is called_____.
Name four financial responsibilities that a household can have.
i.e. food, housing, transportation, clothing, spouses, children, car insurance, savings, bills, student loans, life insurance, investments, medical bills, etc.
Name three common type of debts a person may have according to the "Create Your Own Financial Plan and Stick to it!"
Answers may vary-i.e. loans, emergency funds, home loans, HELOC, car loans, business loans, personal loans.
Name 4 things that would be considered as "wants."
Answers may vary- What are 1. vacations 2. jewelry 3. games 4. entertainment 5. hobbies/collection of things 6. Designer shoes/bags/etc. 7. new car 8. etc.?
Name 2 ways a person can reprogram their mindset towards finances for the better.
Answers may vary. 1. listen to the Word (APOR Rome podcast) 2. Educate themselves how to minimize debts 3. Listen to sound financial advisors i.e. Dave Ramsey 4. Monetize social media usage 5. "Speak life"
Name one out of the three major credit bureaus.
What is 1. Experian 2. Transunion 3. Equifax?
Romans 13:8 states,"Owe no one anything except to love one another, for he who loves another has fulfilled the law." Explain what this scripture means in reference to the teachings about financial literacy. (What did you learn?)
Answers may vary-Write out your debts and bills. Classify and scrutinize each one. To free up more money, get rid of frivolous bills (having no purpose or value). Begin to payoff your debts one-by-one beginning with the lowest balance.
Attending to your "herds" involves_________.
What is 1. writing out all your debts and bills, 2. classify and scrutinize each one, 3. get rid of frivolous bills, 4. Begin to payoff your debts one-by-one beginning with the lowest balance.
Name three items that can be considered both a need and a want and explain your answer.
Answers may vary- What are 1. a house 2. a car/vehicle 3. clothing 4. food 5. money 6. a vacation 7. a gym membership 8. furniture 9. internet 10. cell phone?
Answers may vary-i.e. 3 John 2-"Beloved, I pray that you may prosper in all things and be in good health just as your soul prospers." Philippians 4:19 "And my GOD will meet all your needs according to the riches and his glory in Christ Jesus." Proverbs 10:22 "The blessings of the Lord makes one rich, and HE adds no sorrow with it."; Jeremiah 29:11 "For I know the thoughts that I think towards you, says the Lord, thoughts of peace and not of evil, to give you a future and a hope."
Name two things to consider when purchasing a home or land.
What are 1. Good/acceptable DTI: 33%-40% 2. Good credit card utilization percentage <10% 3. Good/recommended vehicle loan percentage: 15%-20% 4. Good/recommended home loan percentage (Nerd wallet) 28% Rule (mortgage payment-principal, interest, property taxes, and homeowners insurance. 5. 36% Rule: includes all debt payments