Official site of Dynamic Faith Speaker and Teacher of the Word of God, Rev. Jim Wilson
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Debt Free / Care Free
Your Tax Rebate:
Spend….But Spend Wisely
—Glinda Bridgforth
One of my favorite mantras is "spend less and save more." As a financial coach who specializes in cash flow and debt management issues, I am always encouraging clients to avoid unnecessary spending. Therefore, the economic stimulus package signed by President Bush on February 13, 2008 left me with conflicted feelings.
The law, which he called a "booster shot" to the economy, is intended for certain individuals to receive a rebate check that should be spent to help ward off a recession. Here's what it involves in a nutshell:
- The current stimulus package is for $150 billion.
- 117 million families will receive checks beginning May 2008.
- Businesses will get $50 billion in incentives for investment purposes and equipment.
- The full rebate to individuals is up to $600.
- The full rebate to couples filing jointly is up to $1,200.
- The full rebate includes $300 per child.
- The rebates apply to individuals earning $75,000 or less and couples earning $150,000 or less.
- Approximately 35 million families earning at least $3,000 (wages, Social Security or disability payments) that paid little, if any, income tax would be eligible for a rebate of $300 for an individual or $600 for a couple.
- You must file a 2007 tax return.
bridgforthfinancial.com
What concerns me about the spending emphasis on this money is that excessive spending is why a majority of Americans are living paycheck to paycheck. Also, some people have an "all or nothing" mentality about money. They will spend it all, save it all, or put it all towards debt. If you choose to spend it, I strongly recommend determining the difference between your wants and your needs. For example, a set of new tires for your vehicle is a need if you are riding around on dangerous balled tires. Given the same circumstances, purchasing a flat screen television at this time is definitely a want.
We will all anxiously await the mail and get excited when we receive the rebate checks. But we must also make a wise choice in how we use them. My suggestion would be to consider the "10/30/30/30 Rule." First, tithe 10 percent. Next, split the money three ways: 30 percent should be set aside in savings for future unplanned expenses. For example, a plumbing problem occurs or your refrigerator breaks down. The next 30 percent should be spent, in essence on yourself or to help stimulate the economy. This is where you address your needs and wants. If you are past due on your utilities, get them current. Given the rising cost of food and gasoline, this could be the money to fill your freezer or set aside a reserve fund for fuel. Finally, 30 percent should be used to pay down your debts. Remember, next to paying your bills on time, the best way to increase your credit score is to lower your outstanding balances.
As in any situation, you must look at your overall circumstances from a realistic viewpoint and use that to dictate appropriate use of your rebate check. If you are facing an upcoming increased mortgage payment adjustment that you'll be unable to meet on a monthly basis…don't wait. Be proactive and start communicating with your mortgage company now. Perhaps your rebate check can be used to fend off a default and possible foreclosure. Be wise and take steps now to avoid losing your greatest material asset and the American Dream—your precious home.
Psyched for Success
The Question Is...
—Dr. Ronn Elmore
After more than twenty years of dispensing life advice on love and life, I've discovered a couple of questions that, without fail, come up over and over again. Maybe you've wondered about one (or both) of them as well. If so, I'd like to weigh in on them here…
Q: I have a hard time getting over it when someone betrays our friendship. They'll even admit their wrongdoings and beg for forgiveness, but they eventually end up doing the same things again. Is there a point at which I've used up all my forgiveness and just don't have anymore to give? —K.L.
A: Arguments over the rightness of forgiving somebody for doing you wrong often focus on what you, the wronged, will get out of it; "Forgive them, so they'll feel bad and not do it to you again." "Forgive them, so you can be proud of your great compassion." "Forgive them, so you won't suffer from resentment and acid stomach."
Though these claims may be true, they shouldn't be your primary reasons for forgiving someone who's wronged you. They're only secondary at best. Forgiveness is not just medicine to make the victim's resentment subside. It's a powerful gift of sacrificial, unconditional love, freely offered to somebody, who is guilty as sin.
Though human beings like to take credit for coming up with a lot of impressive ideas, forgiveness is not one of them. It's something that came straight from God. If it's His invention, He alone dictates how much of it you give—and for how long. Though we prefer it to be a short-term, temporary assignment, He favors the permanent, full-time kind.
When Jesus was asked how often we must forgive, He answered, "Until 70 times seven." The implication is clear; forgiveness is over and over again—forever.
We all know people who fail us, and keep doing so. Forgiving them doesn't mean you're supposed to deny the facts, pretending they didn't happen or don't matter. It sees the failure for what it is but refuses to hold people emotionally hostage until they've paid for it.
Real forgiveness occurs when you have chosen to forgive, versus having a positive feeling. Feeling forgiving is usually slower than choosing to forgive. Don't rush the feelings. Let your will to forgive lead. Your feelings may have to catch up later.
Q: I think of prayer as a private experience between an individual and God. I pray all the time, but alone. Lately, my fiancee has been asking to pray together out loud! I'm not sure I want to. Is it really important for us to pray together? —H.P.
A: Lately, it seems as if prayer is on everyone's mind. We say we believe in prayer, and many of us pray faithfully and consistently but, sadly, not with each other.
We live our lives as such a break-neck pace that prayer has become a "luxury" that we have precious little time to indulge in.
Make time to pray with the people you love. Work at it until it's natural. There is nothing you can do with your mate, your children, or your closest companion that builds a stronger, closer bond than praying. We tend to talk to God about the things we feel are the most important. When we pray with our loved ones, we get to hear and show our heart's most profound yearnings. If your mate and your relationship matter to you, why wouldn't they matter to God? He not only invites us to make our request known to Him, He commands it in Philippians 4:6.
Together with your partner, establish a regular time of conversation with God. Brief and simple prayers will work just fine to start. Be patient with each other but stay committed to making prayer with and for each other a consistent part of your life. For, where the two of you are gathered together in His name, God promises to be there. That's three-way calling at its very best.
CNN Money: Personal Finance
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