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How to Boost Your Financial Security

How to Boost Your Financial Security

Money.  It’s not supposed to be hard.  It is, however, without knowledge.  A zillion books have been written about it, but one small story and three little principles explain it all.

It’s about a desperate widow…

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The story of the widow with Elisha has always fascinated me.  She lost her husband (one of the prophets) and the creditor was coming to take her two children.

What do you have?”  Elisha asked her.  “A little pot of oil,” she replied.

Go, borrow all the vessels you can and start to pour.”  She filled an entire room full of vessels, filled them ALL, sold the oil, and lived off the proceeds the rest of her life.

Here are the principles:

1.    Being spiritual does not make you practical.

  • The widow’s husband was very spiritual (a prophet).  However, he made no provision for her debts to be paid.  Even spiritual people need help with their money.

2.   We all bring wrong thinking into our finances.

  • DEBT usually comes out of your past training and experiences.  Maybe your parents changed homes, jobs, and cars continually.  Perhaps you were surrounded by dysfunctional relationships.
     
  • Something in this widow’s family was a “hot mess.”  Totally in debt and no preparation for catastrophe.
Being spiritual does not make you practical.
— Larry Stockstill

3.    We all tend to overestimate our resources.

  • CASH FLOW is present security.  Being “cash poor” is exactly where this widow was.  Elisha asked her, “What do you HAVE in your house?”  Numbers never lie.
     
  • People deny they are speeding in a school zone until they see a sign that flashes their present speed…and it is way over the speed limit!  Do an analysis of your present cash flow.  Analyze your living expenses, debt, giving, and savings. 
     
  • Now, cut expenses.   Only buy what you have on your list in a store.  Set a ceiling for the most you will spend on any one thing.  Keep your money in savings and not in checking or it will evaporate.  You can see more about that HERE.

4.    Now, pull out your secret weapon:  investment. 

  • The widow released her POTENTIAL!   She went around borrowing vessels by faith.  She activated her dreams and took off the limits. 
     
  • When you have made some margin in your budget through savings (10% at least), start to invest. 

1.       Invest in yourself—Grow and read.  Tell your manager you want to move up in the organization through leadership development. 

2.       Invest in assets—Find rental property.   Develop products, books, and music for royalties.  Start a business and grow it until a team can run it for you.

3.       Invest consistently—If you remove debt, lower expenses, and invest gradually, you will become stronger and stronger financially!

The story ends with a desperate widow having enough capital to live off the rest of her life.  We call that Retirement.  Security.  Influence. 

It can all happen to YOU if you put in practice these three little principles.  You see, it IS simple.

Have a happy life.

Lessons From the Desert

Lessons From the Desert

So You Want to be 99 and Blameless?

So You Want to be 99 and Blameless?