On Take It To The Bank,
00:00:01.36\00:00:02.70
you will find ways
to get out of dept.
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Solve your credit card problems.
00:00:09.74\00:00:14.84
How to make and
stick with a budget.
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Simple ways to save.
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Buying or selling a home,
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and many more financial
matters on Take It To The Bank.
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Hi, my name is Cordell Thomas,
and thank you for joining me
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on this program
called Take It to The Bank.
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We are talking today
about some important issues,
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and the title to this program
has to do with budgeting.
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One of the major things
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that many of us get caught up in
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is some things that
are really not biblical.
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In 1 Timothy 6:6 it talks about
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godliness with
contentment is great gain.
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But then I ask you the question,
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how many of you
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think more about
money than you do about God?
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How many of you think
more about making wealth
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than about--
thinking about what God wants
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you to do?
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How many of you
are more caught up
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in the next item
that's out there to purchase
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and are willing to do
what ever it takes to buy it?
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I remember, I was in a
lecture with a young lady,
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this were group of young people
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that were between ages
of 14 and 19 years of age
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and they had all
received a summer job.
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And each one of them
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were expect to
make about $8 an hour.
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Many of them didn't really know
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how much money they
expect to make that summer.
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But there's this one
bright young lady in the room.
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And as we started talking
and engaging with young people,
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by the way, when
we do these programs
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we expect to show
them things visual
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for visual learners.
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So we have a
backdrop and a white screen
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that they see a
projected information.
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And then of course, there
are those auditory individuals
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that learn by listening,
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and we speak through
some of the information
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that we try to
provide them with.
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But one of the most
essential parts to learning
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has to do with engagement.
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Now one of the things
that I know that young people
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and or any of the
audience is learning
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is their willingness
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and ability to
engage in the conversation.
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Because, when we
are talking about money
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I like to throw little ideas,
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little gems
into the conversation
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which they question,
you know, "What is that?"
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Well, the 20/10
rule has to do with
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how much debt you should take on
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on a monthly basis
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and how much
percentage of your annual income
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you should put towards debt.
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And when you have
that context and explain it
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in an active
conservation what we find
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is that kids,
young people, adults
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are better able to retain
the knowledge, the information.
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So as we were
talking, the images behind us,
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we talked about
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the level of
wealth in United States,
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we talked about
the issue of budget,
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we talked about
spending and consumerism,
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we talked about 20/10.
we talked the rule of 72.
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And all of sudden
this young girl said,
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"But I got all of that."
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Then I said,
"What did you have?"
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She says, "Well, I've already
have a budget for this summer.
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I know how much
I'm going to make.
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I know that I'll make
about $1, 750 this summer
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and I know exactly what
I am gonna spend it on."
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And I had her
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step up and take off over
a part of the presentation.
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"So what do you expect
to spend the money on?"
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I asked, and she said
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"I have it
budgeted down to the dollar,
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I'll be spending money on
a tablet, on a smartphone,
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I'll be spending it
on this type of getaway,
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I'll be doing
this with the funds."
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Then I asked a
simple question, "So,
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where is your
emergency funding?"
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And she didn't
really have a clue.
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I said "You have a
budget for what you gonna spend
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but you know where
the money is coming from,
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but what happens if
you run into a problem?"
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"Well what kind
of problem could I
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as a 17 years old run into?"
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Well, there are many
different issues to deal with,
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you need
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an account for this
smartphone, do you not?
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And there is a monthly
fee for that smartphone,
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isn't there?
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And there is gonna be
cost for the actual smartphone.
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So there are not only
the costs to purchase it
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but there's also the cost
to maintain it over the course
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of the next two year contract.
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So now you are making
$1, 750 for the summer
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and you don't realize
there are residual costs,
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monthly costs to maintain
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that smartphone.
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And then you are
talking about your tablet,
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and then we are talking about
driving or going somewhere,
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and we are talking about
of variety of thing in summer.
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And I can tell you that
the $1750 that you've allocated
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to buy these items,
which is a great thing,
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you have actually budgeted
for what you be going to get.
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But how many of us
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actually think through
the actual costs of items?
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So look at a budget this year
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as we are going to talk
through this specific element.
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And let's think about
how we can better utilize
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this contentment and
forget about or put aside
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this being caught
up in being a consumer,
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being someone that
likes to buy things,
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being someone
that likes to go out
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and listen to what
the media is telling you
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about the buying things.
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Because, did you know,
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they want you to
go into the stores
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at the times that they
want you to go into the sores,
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and they want you to buy things
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in the stores that
they want you to buy.
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They are very intriguing
about how they proceed.
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They put teasers in there,
they put lead deals in there,
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they put something in there
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that's not likely to be
available when you get there.
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You see that happened
all during the winter season,
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specifically up to the holidays.
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And we know about
like, Friday deals,
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you know about Christmas deals,
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you know about all
these holiday deals,
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but did you know
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that there are better times
to buy many of these products?
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Did you know that
if we haven't spend.--
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a plan for our expenditures
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we are very likely to overspend
during that time of year.
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Because, realistically,
when you go to a great deal
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and many people
wait outside for hours,
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camp out in front
of these retail stores
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to get the best deals,
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and you hear about
people being trampled,
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these are not content people,
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they are really anxious
about getting these product
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that are available
at specific prices.
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But when you
look at the products
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they've actually
mark the products up
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and cut the prices
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because there are
better times of year
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to buy some of these products.
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Let's talk about some of them.
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We have laptops,
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a new laptop and a computer
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is better buying
during the summer,
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summer-fall season.
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Why is that?
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Because the new models
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for laptops are
typically coming out
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towards the end of the year,
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and they're already
trying to get rid of
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some of the older models.
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The best time of year
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to probably buy
some of these laptops
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would be waiting until
the January/February timeframe
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early on in the year
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for the purchase of
these type of products.
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When they
emphasize buying vehicles
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around Christmas,
not Christmas but around
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thanks giving time
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it's also another thing
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in reference to
vehicle purchase.
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The best time to
buy a new vehicle
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is towards the end of the year,
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seven days to two
weeks prior to the New Year.
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That's when you're probably
apt to get the best deal.
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But in many difference scenarios
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do you know that
wealthy individuals
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think differently about
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a car purchases
in most instances?
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You hear about the younger
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and wealthy type of individual
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but the true thought
process of a wealthy person
00:08:10.49\00:08:13.39
has to do with,
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'Hey, did you know
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that if I buy a car
above this type of price
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there is luxury tax, a new car,
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there is a luxury
tax I have to pay?
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But if I wait
and buy that same car
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as a two year new car
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I can avoid luxury taxes
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and I still get benefits
of driving that type of car.'
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Thinking about things from
that prospect is can change
00:08:32.14\00:08:36.01
your overall outlook of
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how we make
decisions on a purchase habits,
00:08:39.11\00:08:42.45
but it comes actually down
to this thing called budgeting.
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This thing called budgeting
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is one of the most
important elements of your life
00:08:48.29\00:08:50.69
and it can change the
direction and the contentment
00:08:50.73\00:08:54.26
that you can have
along with your Godliness.
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Follow what God wants you to do
is one of the essential parts,
00:08:58.47\00:09:01.00
and one of the essential parts
00:09:01.04\00:09:02.37
of doing what He wants you to do
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has to do with
setting up a budget.
00:09:03.97\00:09:05.71
I believe that,
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because you can only
plan if you have that budget.
00:09:07.11\00:09:12.81
You can only begin the
process of making long-term
00:09:12.85\00:09:16.35
and mid-term plans
00:09:16.38\00:09:18.05
if you have
something established
00:09:18.09\00:09:20.22
that can tell you
where your money is going,
00:09:20.26\00:09:22.02
how much money
you have in savings,
00:09:22.06\00:09:23.99
and how much
money you can allocate
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towards specific projects,
00:09:25.39\00:09:27.20
and giving to other
type of organizations.
00:09:27.23\00:09:31.03
And that's the essential part
00:09:31.07\00:09:32.40
that I'd like to
communicate here today.
00:09:32.43\00:09:34.60
So a budget review,
00:09:34.64\00:09:36.30
why is it so important?
00:09:36.34\00:09:38.24
Because,
00:09:38.27\00:09:39.61
where the budget
review comes the analysis of
00:09:39.64\00:09:41.81
where we make our purchases,
00:09:41.84\00:09:45.41
puts together in an analysis
of where we can make savings,
00:09:45.45\00:09:48.45
where we can cut
back, what we can do
00:09:48.48\00:09:50.55
to make other funds available
00:09:50.59\00:09:54.26
so we can give away.
00:09:54.29\00:09:55.62
In 1 Timothy 6,
00:09:55.66\00:09:57.79
and if look at
verse 17 and through 18
00:09:57.83\00:10:02.46
it says "Command
them to do good."
00:10:02.50\00:10:06.30
And he's talking
about commanding the rich.
00:10:06.33\00:10:08.14
So he says
"Command those who are rich
00:10:08.17\00:10:09.70
in this present
world not to be arrogant,
00:10:09.74\00:10:11.77
nor to put their hope in wealth,
00:10:11.81\00:10:13.14
which is so uncertain,
but put their hope in God."
00:10:13.17\00:10:15.94
So having the faith
in God is essential,
00:10:15.98\00:10:18.21
who richly provides to us.
00:10:18.25\00:10:19.61
But then 18 it says,
"Teach them to do good,
00:10:19.65\00:10:22.78
to be rich in good deeds,
00:10:22.82\00:10:25.69
and to be generous
00:10:25.72\00:10:27.69
and willing to share."
00:10:27.72\00:10:29.46
We did a study or
we analyze this study
00:10:29.49\00:10:34.03
that they did on happiness.
00:10:34.06\00:10:36.10
There is a
movie, you can go online
00:10:36.13\00:10:38.57
and look at it's
called Happy Movie.
00:10:38.60\00:10:40.34
And I would take
you to look at it
00:10:40.37\00:10:42.07
because it talks about
what makes people happy.
00:10:42.10\00:10:44.91
Who are the most
happy people in the world?
00:10:44.94\00:10:46.91
Who are most,
00:10:46.94\00:10:48.51
what's the most
happy county in the world
00:10:48.54\00:10:50.21
and why are they happy?
00:10:50.25\00:10:51.78
Happiness and a
sense of peace comes from
00:10:51.81\00:10:54.85
looking at something
bigger than yourself.
00:10:54.88\00:10:57.45
Wealth is not happiness.
00:10:57.49\00:10:59.99
Showing that you're
wealthy is not happiness.
00:11:00.02\00:11:02.09
When I was asked, you
know, "How much do you worth?
00:11:02.12\00:11:04.39
What is it about you
00:11:04.43\00:11:06.49
and why is it that
this thing is so important?"
00:11:06.53\00:11:09.46
Well, wealthy
people are not gonna share
00:11:09.50\00:11:12.53
how wealthy they are.
00:11:12.57\00:11:14.00
That's just they are.
00:11:14.04\00:11:15.37
You don't share
that type of information
00:11:15.40\00:11:16.77
because you become a magnet.
00:11:16.81\00:11:18.57
I remember, in college
there was a person that went,
00:11:18.61\00:11:22.24
attainted the same school
00:11:22.28\00:11:23.61
and he got a
basketball contract.
00:11:23.65\00:11:27.25
And I remember, he
came back to same town
00:11:27.28\00:11:29.15
with his new
expensive vehicle and he dove it
00:11:29.18\00:11:32.05
into the car
dealership to get it serviced.
00:11:32.09\00:11:34.69
But what was interesting
about this whole experience
00:11:34.72\00:11:37.39
is when he was in
school and just a student,
00:11:37.43\00:11:39.96
he didn't have his
great entourage following him,
00:11:40.00\00:11:43.10
what he had was he was just
00:11:43.13\00:11:45.00
an individual going to school
00:11:45.03\00:11:46.63
and happen to have a
talent for this specific sport.
00:11:46.67\00:11:49.64
But when he came back
after getting that contract
00:11:49.67\00:11:53.64
he had an
entourage that followed him.
00:11:53.68\00:11:55.31
And if you go and study
this whole industry of sports
00:11:55.34\00:11:58.88
you find that individuals
who are coming out of poverty
00:11:58.91\00:12:03.82
or coming out of
underserved communities
00:12:03.85\00:12:07.02
and they get this big
contracts they become targets.
00:12:07.06\00:12:10.06
Did you know
there have been websites
00:12:10.09\00:12:12.29
that are set up to
target these individuals?
00:12:12.33\00:12:14.60
People who are interested
in these sports individuals
00:12:17.63\00:12:22.00
are willing to setup websites
00:12:22.04\00:12:26.41
that target these individuals.
00:12:26.44\00:12:30.48
And some of these
websites are just for women
00:12:30.51\00:12:34.32
and other
individuals who are interested
00:12:34.35\00:12:36.75
in associating
with these individuals.
00:12:36.79\00:12:39.15
And you began to
see stories out there
00:12:39.19\00:12:41.19
of professional athletics
that are getting caught-up
00:12:41.22\00:12:45.79
paying $5,000 every
evening or on weekly basis
00:12:45.83\00:12:51.03
for an entourage
00:12:51.07\00:12:52.40
that follows him around
to different restaurants,
00:12:52.43\00:12:55.10
flying them wherever he goes
00:12:55.14\00:12:56.81
because they
have that expectation
00:12:56.84\00:12:58.27
that 'He will just help out.
00:12:58.31\00:12:59.64
Now, he's come
from where we've been
00:12:59.67\00:13:01.24
and he is just
gonna help us out.'
00:13:01.28\00:13:02.91
There ones that
will tell you that
00:13:02.94\00:13:04.51
'I come out of
my professional game
00:13:04.55\00:13:06.55
and I go back to
my car and go home
00:13:06.58\00:13:08.52
and their people
leaning up against my car
00:13:08.55\00:13:10.25
and saying, "Hey, you know what,
00:13:10.29\00:13:11.62
I'm short on funds this month
00:13:11.65\00:13:12.99
can you help me
out with my rent?"
00:13:13.02\00:13:14.46
" They are targets.
00:13:14.49\00:13:15.86
Did you know that
they have websites setup
00:13:15.89\00:13:17.79
that you can find
out the exact income
00:13:17.83\00:13:20.70
for each one of
these individuals?
00:13:20.73\00:13:23.10
And then you began to understand
00:13:23.13\00:13:24.57
why they are so
stressed, why they are pressed,
00:13:24.60\00:13:26.63
and why many of
them end up broke,
00:13:26.67\00:13:29.60
because they have no idea
00:13:29.64\00:13:32.87
that they need to
be taking those funds,
00:13:32.91\00:13:35.11
planning for
how they utilize it.
00:13:35.14\00:13:36.78
Here's one example,
00:13:36.81\00:13:38.15
think one of these
individuals had a major contract
00:13:38.18\00:13:41.38
and he got a lot of money.
00:13:41.42\00:13:43.95
His initial
check was sent to him,
00:13:43.99\00:13:45.82
he didn't even know,
00:13:45.85\00:13:47.19
he'd never open a bank account,
00:13:47.22\00:13:48.89
he never done
anything with banking.
00:13:48.92\00:13:51.96
And so that check,
00:13:51.99\00:13:53.33
initial check
was taken and framed.
00:13:53.36\00:13:55.50
He put it on the wall.
00:13:55.53\00:13:56.97
He didn't realize that
00:13:57.00\00:13:58.57
actual physical piece of
paper had monetary value.
00:13:58.60\00:14:02.50
And then the
00:14:02.54\00:14:05.01
accounting
department gave him a call
00:14:05.04\00:14:06.84
from the origination
say "Hey, you know what,
00:14:06.88\00:14:09.14
we sent you a form of a check,
00:14:09.18\00:14:11.05
a payment for your
initial, for your contract
00:14:11.08\00:14:13.65
and we haven't seen it
clearing your account as yet.
00:14:13.68\00:14:16.58
We're wondering have you
cashed it yet?" "Cashed it?"
00:14:16.62\00:14:20.29
Questions come up
about cashing and bank.
00:14:20.32\00:14:24.46
"You must mean
that piece of paper
00:14:24.49\00:14:25.83
you sent me that I
have framed on the wall?"
00:14:25.86\00:14:28.10
A piece of paper
that has monitory value,
00:14:28.13\00:14:30.37
this individual had no clue
00:14:30.40\00:14:32.10
and no financial
literacy training to understand
00:14:32.13\00:14:35.04
that that have monitory value.
00:14:35.07\00:14:36.87
And then you get into the fact
00:14:36.91\00:14:38.37
that over the
course of their lifetime
00:14:38.41\00:14:40.08
they are planning to make about
00:14:40.11\00:14:41.88
you know, 50, 60 million dollars
00:14:41.91\00:14:44.28
so they start spending
00:14:44.31\00:14:46.21
like they are going to
make 60 million dollars,
00:14:46.25\00:14:49.45
and they forget that they
have to account for taxes.
00:14:49.48\00:14:51.79
So that 60 million
is actually 30 million
00:14:51.82\00:14:53.96
and then you have a problem.
00:14:53.99\00:14:56.39
Because, now I am living
that 60 million dollar lifestyle
00:14:56.42\00:14:59.59
and making only 30 million,
00:14:59.63\00:15:00.96
therefore,
endorsements and other type of
00:15:01.00\00:15:04.43
revenue based or income based
activates have to take place
00:15:04.47\00:15:07.37
where they write
books and do other things.
00:15:07.40\00:15:09.54
Now you began to understand
the stress that happens
00:15:09.57\00:15:11.81
when you're given a
certain sense of responsibility.
00:15:11.84\00:15:14.61
God is telling
you not be arrogant,
00:15:14.64\00:15:17.01
don't tell
everybody what you have,
00:15:17.05\00:15:18.98
but share, give, do.
00:15:19.01\00:15:21.78
And it's in that giving
00:15:24.05\00:15:25.79
that you begin to
see the blessings.
00:15:25.82\00:15:28.12
You don't have to be
arrogant, nobody needs to know.
00:15:28.16\00:15:30.83
In fact, they
say that the wealthy
00:15:30.86\00:15:33.56
don't actually,
now, many of the wealthy
00:15:33.60\00:15:35.73
that are Gen-x and millennials
00:15:35.76\00:15:37.70
don't actually dress
like they are wealthy.
00:15:37.73\00:15:39.80
You can be beside
a wealthy individual
00:15:39.83\00:15:42.64
and never know it
because they dress down,
00:15:42.67\00:15:44.51
they are in jeans,
they are in t-shirts,
00:15:44.54\00:15:46.37
they work their life style,
00:15:46.41\00:15:48.34
they do it what they need to do,
00:15:48.38\00:15:49.71
they utilize the
business practices
00:15:49.74\00:15:51.61
but they come
out and be a part of.
00:15:51.65\00:15:53.28
They don't show their
wealth in what they drive,
00:15:53.31\00:15:56.08
they don't show their
wealth in how they dress,
00:15:56.12\00:15:58.62
and they may what they may take
00:15:58.65\00:16:00.22
really well-planned
and exotic vacations.
00:16:00.26\00:16:02.76
That's how they
spend their money
00:16:02.79\00:16:04.53
as oppose to spending
their money on things.
00:16:04.56\00:16:08.63
And you begin
to see that these--
00:16:08.66\00:16:10.63
this generation
which is being studied,
00:16:10.67\00:16:12.83
the data that's
coming in about the data,
00:16:12.87\00:16:15.67
and the data is very important
00:16:15.70\00:16:18.31
because it gives a
context to how they behave.
00:16:18.34\00:16:21.21
They are more
likely now to participate
00:16:21.24\00:16:24.18
in philanthropic type of things,
00:16:24.21\00:16:26.38
trying to make the
world a better place.
00:16:26.41\00:16:28.32
They begin to feel
better about themselves
00:16:28.35\00:16:31.32
when they give, which
is what the study says.
00:16:31.35\00:16:34.19
I'm a happier person
00:16:34.22\00:16:35.92
if I spend
money on somebody else
00:16:35.96\00:16:38.63
and not on myself.
00:16:38.66\00:16:40.86
And so as we begin to dialogue
00:16:40.90\00:16:43.50
about this
thing called a budget,
00:16:43.53\00:16:45.73
and what's about a budget,
00:16:45.77\00:16:47.64
and getting to a better budget.
00:16:47.67\00:16:49.87
I want to give you six--
00:16:49.90\00:16:52.34
five or six steps to
getting to a better budget,
00:16:52.37\00:16:55.24
and understanding that
00:16:55.28\00:16:56.71
you don't need to
caught up in being a consumer
00:16:56.75\00:17:00.15
but you can become
more so an individual
00:17:00.18\00:17:02.82
that manage their funds
00:17:02.85\00:17:04.42
and becomes happier in
the wealth that they have
00:17:04.45\00:17:06.99
because you're giving it away.
00:17:07.02\00:17:08.79
That you're giving and making
it better for somebody else.
00:17:08.82\00:17:14.36
So lets take a moment.
00:17:14.40\00:17:17.40
And think about
a couple of things.
00:17:17.43\00:17:20.34
One of the things
that are essential
00:17:23.51\00:17:26.34
to understand a budget is this:
00:17:26.37\00:17:32.78
there isn't
00:17:32.81\00:17:34.15
anything out there
that you have to have.
00:17:34.18\00:17:36.65
There is a lot of technology,
there are a lot of things,
00:17:36.69\00:17:38.79
and they're
going to make changes.
00:17:38.82\00:17:40.16
So I have a specific smartphone
00:17:40.19\00:17:43.22
that's I have for two years,
00:17:43.26\00:17:45.03
I don't need to get new one.
00:17:45.06\00:17:46.39
It does the same things
that other smartphones do.
00:17:46.43\00:17:49.16
Why do I need to get
a new one every year?
00:17:49.20\00:17:51.60
Did you know that
00:17:51.63\00:17:52.97
if the
technology is already there
00:17:53.00\00:17:55.50
that they can put into
all of these smartphones
00:17:55.54\00:17:57.81
to give you everything
now but they don't do it now.
00:17:57.84\00:18:00.08
Why?
00:18:00.11\00:18:01.44
Because they want to
develop their market place
00:18:01.48\00:18:03.28
and the study
that they have done
00:18:03.31\00:18:05.35
upon the
consumes of this products
00:18:05.38\00:18:07.48
says that they like
new things, new gadgets,
00:18:07.52\00:18:09.95
new things that they can
accomplish with these gadgets
00:18:09.98\00:18:14.39
they have in their hand.
00:18:14.42\00:18:15.76
So you get location devices,
00:18:15.79\00:18:17.86
you can get
pictures taken, video taken,
00:18:17.89\00:18:20.33
you can do so
many different things,
00:18:20.36\00:18:22.06
you can now
organize your own wallet
00:18:22.10\00:18:24.87
on one of these smartphones.
00:18:24.90\00:18:27.50
Some of the essential
issues that we should talk about
00:18:27.54\00:18:29.87
from the stand
point of a budget reviews
00:18:29.90\00:18:31.64
is to take a look at
00:18:31.67\00:18:34.34
getting to a better budget
00:18:34.38\00:18:35.71
and understanding how we
can accomplish those goals.
00:18:35.74\00:18:38.25
So number one,
00:18:38.28\00:18:40.05
is emergency funding.
00:18:40.08\00:18:41.42
What is emergency fund?
00:18:44.45\00:18:45.79
How many months worth of
funds should you have to cover
00:18:49.19\00:18:54.66
any type of emergency,
00:18:54.70\00:18:56.03
and what do you conceder
00:18:56.06\00:18:57.53
something that can be very
disconcerting in your life?
00:18:57.57\00:19:00.54
One of the big
things is loosing your job
00:19:00.57\00:19:03.44
or a medical expense
that you aren't expecting,
00:19:03.47\00:19:06.47
or a breakdown of
your vehicle at wrong time.
00:19:06.51\00:19:11.61
Do you have the funds necessary
00:19:11.65\00:19:12.98
to tap in to get
your vehicle repaired?
00:19:13.01\00:19:15.45
Do you have the taps--
00:19:15.48\00:19:16.95
the funds to tap into
00:19:16.99\00:19:19.29
if you happen to lose your job?
00:19:19.32\00:19:21.39
How long
00:19:21.42\00:19:23.66
does it necessary
take to find a new job?
00:19:23.69\00:19:28.10
You can talk to many
different individuals,
00:19:28.13\00:19:30.10
but what I've heard
00:19:30.13\00:19:31.60
is it can take well
over six to eighteen months.
00:19:31.63\00:19:35.40
And I have heard
of some 24 months
00:19:35.44\00:19:37.87
that haven't been able
to find a positions yet.
00:19:37.91\00:19:40.41
So what is a correct number?
00:19:40.44\00:19:42.21
I can't tell
you a correct number
00:19:42.24\00:19:43.58
but I can tell you this
is that if you have a budget
00:19:43.61\00:19:45.98
and you're putting money away
00:19:46.01\00:19:47.35
it becomes an
easier process in crisis.
00:19:47.38\00:19:49.28
When you look at your
budget you know what things,
00:19:49.32\00:19:51.95
what line items you can cut out
00:19:51.99\00:19:54.29
in a tense situations,
00:19:54.32\00:19:55.89
such as do you
really need the cable?
00:19:55.92\00:19:57.73
I can look at that line item
00:19:57.76\00:19:59.09
and I can tell
how much money I spent
00:19:59.13\00:20:00.96
for this specific type of
services on monthly biases.
00:20:01.00\00:20:04.80
Do I really need all of
these aspects to the smartphone?
00:20:04.83\00:20:09.30
Can I cut my usage of it
from 1,400 minutes a month
00:20:09.34\00:20:12.91
to 600-700 minutes a month?
00:20:12.94\00:20:15.74
What is it that
constitutes an emergency?
00:20:15.78\00:20:18.81
And we all know
what that can be.
00:20:18.85\00:20:21.25
But what I ask people to do
is to build your emergency fund
00:20:21.28\00:20:25.39
and build it as
quickly as possible.
00:20:25.42\00:20:27.56
Begin the process
of paying down debt
00:20:27.59\00:20:30.26
because you know,
when you lose the job
00:20:30.29\00:20:33.70
and you don't have
the funds to pay back
00:20:33.73\00:20:35.90
some of the
debtors that you have,
00:20:35.93\00:20:37.57
that becomes a
critical situation
00:20:37.60\00:20:39.53
and can become a crisis.
00:20:39.57\00:20:42.67
And its difficult
to try to handle that,
00:20:42.70\00:20:46.21
handle the job search,
00:20:46.24\00:20:47.74
handle all of the
other aspects of your life
00:20:47.78\00:20:50.01
when you still have all
of these debts coming in.
00:20:50.05\00:20:52.51
And if you
don't have the budget,
00:20:52.55\00:20:53.88
you don't know where to go to,
00:20:53.92\00:20:55.45
to look at to
figure out what you need--
00:20:55.48\00:20:57.35
maybe I can get
rid of the newspaper,
00:20:57.39\00:20:58.99
maybe I can get
rid of the dog walker,
00:20:59.02\00:21:00.56
maybe I can get rid of a
verity of things in my life.
00:21:00.59\00:21:02.82
Maybe I can get rid
of a couple of things
00:21:02.86\00:21:05.73
that I never knew I was doing
00:21:05.76\00:21:09.13
when I develop that budget.
00:21:09.16\00:21:12.93
One of the things is
when you get a budget in place
00:21:12.97\00:21:17.01
and you have an
emergency funds set up
00:21:17.04\00:21:20.68
and you know
where things are at,
00:21:20.71\00:21:22.58
I would suggest that you begin
to downsize and substitute.
00:21:22.61\00:21:28.15
There are a lot of
substitutes that are out there
00:21:28.18\00:21:31.79
that we can share with you.
00:21:31.82\00:21:33.39
I just came
across a unique site--
00:21:33.42\00:21:38.19
and I can give that
to you on our website.
00:21:38.23\00:21:40.90
But you can
actually, if it's your
00:21:40.93\00:21:42.33
first pair of
glasses that you want to buy,
00:21:42.36\00:21:44.00
you can get them for free,
just pay shipping and handling
00:21:44.03\00:21:46.40
if you need that
new set of glasses.
00:21:46.43\00:21:47.77
In an emergency type of setting,
00:21:47.80\00:21:50.51
those kind of
things help out a lot more
00:21:50.54\00:21:53.27
if you break a
glasses and you don't have--
00:21:53.31\00:21:57.71
and you don't have
the funds necessary
00:21:57.75\00:21:59.15
to go and buy a
new set of glasses.
00:21:59.18\00:22:01.42
Substitute certain
things for other things.
00:22:01.45\00:22:04.55
Do you need the big brand item
00:22:04.59\00:22:07.72
or can something else
provide a better service?
00:22:07.76\00:22:10.86
I can see some retailers
00:22:10.89\00:22:12.33
that are offering
some smartphone services
00:22:12.36\00:22:16.16
at a discounted rate
or for even half the price
00:22:16.20\00:22:19.80
of what major
brands of smartphones
00:22:19.83\00:22:22.40
are charging consumers.
00:22:22.44\00:22:24.27
So you start going
through your budget and seeing,
00:22:24.31\00:22:26.64
do I really need all this?
00:22:26.68\00:22:28.01
Can I downsize?
Can I substitute?
00:22:28.04\00:22:30.25
And you know, when you get into
that type of behavior pattern
00:22:30.28\00:22:33.92
you began to get a
little more comfortable
00:22:33.95\00:22:36.32
about how you
deal with buying new
00:22:36.35\00:22:42.12
or taking on new
debt, new type of expenses.
00:22:42.16\00:22:46.06
And what I found is that
when you cut out something
00:22:46.09\00:22:48.96
you find that you
never really needed it.
00:22:49.00\00:22:51.90
I, you know, having
two kids and not having
00:22:51.93\00:22:54.87
any really cable or satellite
type of television service,
00:22:54.90\00:22:58.31
hasn't really
bothered them or me that much.
00:22:58.34\00:23:01.51
And we find different
ways to fill our time.
00:23:01.54\00:23:07.05
And now I'm finding a lot more
00:23:07.08\00:23:09.22
special time
with the young people
00:23:09.25\00:23:10.72
as we take then to the
park, we ran around with him,
00:23:10.75\00:23:12.75
we go out and
engage in different things.
00:23:12.79\00:23:14.49
Take my daughter out to--
00:23:14.52\00:23:16.52
to ice cream, we
have special dates,
00:23:16.56\00:23:18.53
special times we do things.
00:23:18.56\00:23:20.10
We read more, we do more,
00:23:20.13\00:23:22.16
we expect more of our time.
00:23:22.20\00:23:24.07
And that's what trying to teach
00:23:24.10\00:23:27.04
my son from that stand of point
00:23:27.07\00:23:28.90
about the aspect
of professionalism
00:23:28.94\00:23:31.67
that he should have as
well as a business mindset,
00:23:31.71\00:23:34.31
'what can he do
to generate revenue?
00:23:34.34\00:23:37.28
And you know, what's
exciting this past year is
00:23:37.31\00:23:39.85
that little man
of mine wanted to go
00:23:39.88\00:23:43.79
with his cousins to Europe.
00:23:43.82\00:23:47.36
It is very
intimating to me, should I,
00:23:47.39\00:23:50.19
can I send that little boy
over with people that we trust,
00:23:50.23\00:23:54.03
we do trust them inherently.
00:23:54.06\00:23:55.40
But send him to a far country
for him to experience it?
00:23:55.43\00:23:58.90
Well, he's been
studying about Europe,
00:23:58.93\00:24:00.27
specifically Spain and
France in his studies in history
00:24:00.30\00:24:03.51
and he decided, I
really want to go.
00:24:03.54\00:24:05.67
After we've talked
through we said, "Okay,
00:24:05.71\00:24:07.64
if you want to go we
would like you to save the money
00:24:07.68\00:24:11.78
that you can make
to go on that trip."
00:24:11.81\00:24:14.32
Did you know what came out that?
00:24:14.35\00:24:16.48
He developed
this creative concept
00:24:16.52\00:24:20.86
of a unique
holder, a bottle holder.
00:24:20.89\00:24:25.59
And he use the concept
00:24:25.63\00:24:27.83
and began manufacturing at it
00:24:27.86\00:24:30.10
and selling it to his friends
and family and counterparts,
00:24:30.13\00:24:33.37
people at
church, and at the bank
00:24:33.40\00:24:35.54
when he opened
up his bank account.
00:24:35.57\00:24:37.21
Yes, he started putting money
aside for this trips so much so
00:24:37.24\00:24:41.34
that he was able
to pay himself a trip,
00:24:41.38\00:24:44.01
pay for himself
for trip over Europe
00:24:44.05\00:24:46.28
and experienced Italy
and France on a unique basis
00:24:46.31\00:24:52.49
and see some of the things
00:24:52.52\00:24:53.86
that he'd been
studying in his history class.
00:24:53.89\00:24:57.86
So a lot of things can come
out of downsizing, substituting,
00:24:57.89\00:25:02.06
thinking through
things in different ways,
00:25:02.10\00:25:03.73
strategizing, and just
doing and accomplishing
00:25:03.77\00:25:07.97
those types of things.
00:25:08.00\00:25:10.04
Number three is
something that's essential,
00:25:10.07\00:25:14.11
I call it focusing on
the reward aspect of things.
00:25:14.14\00:25:16.71
And I can probably
shift the statement by saying,
00:25:16.75\00:25:21.38
focus on you goals.
00:25:21.42\00:25:23.59
When you get through
a goal, reward yourself.
00:25:23.62\00:25:27.09
I was asked at the
turn of every year,
00:25:27.12\00:25:29.46
you set up certain resolutions
and you set up certain things
00:25:29.49\00:25:32.89
you're going to
change in your life.
00:25:32.93\00:25:34.70
I say, you know what,
00:25:34.73\00:25:36.23
don't worry
about the resolutions,
00:25:36.26\00:25:38.00
set up tangible goals
that you like to get to
00:25:38.03\00:25:40.67
and set up the different levels
00:25:40.70\00:25:42.24
you're going to
utilize to get there.
00:25:42.27\00:25:44.31
And you'll find that there
are a lot of resources available
00:25:44.34\00:25:47.98
in getting to those goals.
00:25:48.01\00:25:51.75
The goal that some have set
up is paying off their debt.
00:25:51.78\00:25:55.65
Did you know
there is an app too?
00:25:55.68\00:25:58.52
You can put in all of your debts
00:25:58.55\00:26:01.12
and the app will assess
how much time it will take
00:26:01.16\00:26:03.99
to pay it off.
00:26:04.03\00:26:05.36
And there you go,
00:26:05.39\00:26:06.73
it will take you two
years to pay off this debt
00:26:06.76\00:26:09.53
and there is the
goal you set for yourself
00:26:09.56\00:26:11.77
to get debt free.
00:26:11.80\00:26:13.94
So using technology,
00:26:13.97\00:26:15.64
using
substituting and downsizing
00:26:15.67\00:26:19.14
can provide the opportunities
to think in a different way,
00:26:19.17\00:26:24.01
to think in a way that
God would have you to think.
00:26:24.05\00:26:28.05
And then, once you
have focused on the rewards
00:26:28.08\00:26:32.42
and gotten to those objectives--
00:26:32.45\00:26:34.42
I ask you to
assess where you are at,
00:26:38.73\00:26:43.03
take a look at what
you want to accomplish
00:26:43.06\00:26:45.40
and then find new
resources, new areas
00:26:45.43\00:26:50.41
that you can provide of
income, find a second position.
00:26:50.44\00:26:53.71
You know music,
teach somebody music.
00:26:53.74\00:26:56.78
Find some other
resources of income
00:26:56.81\00:26:58.91
because that's what you can take
00:26:58.95\00:27:01.68
to help pay off
that debt quicker.
00:27:01.72\00:27:03.75
So once you found an
emergency fund things--
00:27:03.79\00:27:06.59
the necessary
worry of things go away,
00:27:06.62\00:27:09.32
you can have a better chance
00:27:09.36\00:27:12.59
of getting a
real world connection
00:27:12.63\00:27:16.97
with your
financers, with your family,
00:27:17.00\00:27:20.10
and you can better adopt
to the difference stresses
00:27:20.14\00:27:22.54
that can come into your life.
00:27:22.57\00:27:24.11
And then, once you
able to have your budget
00:27:24.14\00:27:27.94
that you're
spending less then you make
00:27:27.98\00:27:30.45
and that you've downsize
and that you're now encouraged
00:27:30.48\00:27:33.95
by reaching some of those
goals that you set for yourself,
00:27:33.98\00:27:37.75
take a step back and see
what other venues of income
00:27:37.79\00:27:42.69
you can develop for yourself.
00:27:42.72\00:27:45.83
Godliness with
contentment is great gain.
00:27:45.86\00:27:51.10
What God wants you to do is
to spend less than you make,
00:27:51.13\00:27:55.90
that's wealth.
00:27:55.94\00:27:57.44
So take that to
the bank and save.
00:27:57.47\00:28:00.04
God bless.
00:28:00.08\00:28:01.41