Personal Finance You Should Have What Percentage Of Income Saved The Christian Declaration of Financial Independence

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The Christian Declaration of Financial Independence

Preface

To encourage people to better understand and appreciate the principles of Christian financial stewardship outlined in the article and the sections below.

Article I

We the Christian people agree on the following:

Section 1. We acknowledge that God is the Creator and Owner of all things. We promise to be the best possible “stewards” of what God has entrusted to us in our lives—including our personal relationship with Jesus Christ, our spiritual growth, our family life, our relationships with others, and our finances.

Section 2. We will show our love and gratitude to God for the sacrifice of Jesus Christ on the cross as he bore our sins so that we may receive eternal life by accepting God’s mercy and grace. We will tithe/give not only our money, but also our time and talent to help others (goal-10% or more).

Section 3. We will help secure our future by saving and investing. We will start saving immediately. We will first save at least $1,000 for an “emergency fund” held in a safe liquid account. Next we will save 3-9 months of living expenses for our “emergency fund”. In addition to our “emergency fund”, we will save and invest for the future (target – at least 10%).

Section 4. We will take care of our finances by tracking each account and putting money where it grows.

Section 5. We will invest for the long term. A financial future is built on patience, time and hard work. We will avoid speculative investments and very risky investments.

Section 6. We Will Pay Our “Fair Share” of Taxes. While paying our “fair share” of taxes, we will use tax strategies that minimize our tax deductions. We’ll focus on investments that are taxed at a lower rate than at a higher rate, which is “earned income” – like a paycheck. We’ll use “portfolio income” – things like stocks, mutual funds and bonds that are taxed less than “earned income.” We will focus on “passive income” – investments such as real estate, which are the least taxable income.

SECTION 7. WE WILL USE OUR HOUSE AS A SAVINGS ACCOUNT. Our homes provide shelter and help build equity for our future. We will save for a large down payment – at least 20% or more – when we buy a home. We will buy affordable house for our budget. We will pay the mortgage loan as soon as possible. We will leave our home equity safe instead of spending it on perishables.

Section 8. We shall live within our means. We will spend less than we earn. We will be satisfied and grateful for the current resources we have. We will make every effort to pay for the purchase without getting a loan.

Section 9. We Will Protect Our Creditworthiness. We will pay the bills on time.

Section 10. We will avoid debt whenever possible. We will only borrow money when we need it and only in amounts we can comfortably repay. We will know the cost of borrowing before agreeing to repay any loan. We will add the cost of borrowing to the original purchase price and ask if the purchase is worth the total cost. We will borrow as little as possible, at the lowest rate and for the shortest possible time.

Section 11. We will destroy credit cards if we do not pay the balance in full each month to avoid additional finance charges. If you are currently spending more than you earn, we will immediately stop spending more and work on a plan to pay off the debt.

Section 12. We do not confuse our “Equity” with our “Net Worth”. Whether you are poor, middle class or a billionaire, Jesus Christ died for your sins so that you can have eternal life. You are of infinite value to God. God wants you to be a good steward of His resources. However, you will not go to heaven with money. Your relationship with God and others is more important than money.

We mutually pledge our commitment to these declarations with firm reliance on the protection of God’s divine providence.

________________________________________________________________

Your signature and date

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