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615 F E A T U R E P R E S E N T A T I O N money matters / Deacon. Olu Adetola / 12th August 2015 | Lagoon Restaurant, V/I Lagos, Nigeria 1 What is Money? MoneyMatters | Nehemiahs

  2. 615 F E A T U R E P R E S E N T A T I O N money matters / Deacon. Olu Adetola / 12th August 2015 | Lagoon Restaurant, V/I – Lagos, Nigeria

  3. 1 What is Money?

  4. MoneyMatters | Nehemiah’s Court 12.08.15 Just a medium or a means It is intrinsic 4

  5. MoneyMatters | Nehemiah’s Court 12.08.15 introduction Lack Hardly Kills But Lack of knowledge of Money (Financial) Management often does. With all the exigencies of today's life, coping with life's demand is not easy, and getting the finances right is tough. We are often reactive to day to day priorities instead of medium and long term financial planning. After spiritual development, financial (money) management is the next most essentials ingredient to a successful and happy life. ‚A woman makes a home but a man who cannot provide for his family is worst than an infidel and a denier of the faith‛ - 1Tim5:8 5

  6. 2 First things First!!!

  7. MoneyMatters | Nehemiah’s Court 12.08.15 Make Christ the source of your Wealth “...Oh that you will bless me indeed, and enlarge my territory, that your hand would be with me and you will keep me from evil” - 1 Chronicles 4 v 10 7

  8. MoneyMatters | Nehemiah’s Court 12.08.15 Why do you spend money for what is not bread? Why spend your wages for what does not satisfy? Are you thirsty? Come to the waters Don’t you have money? Come and buy bread Come and buy wine and milk Come and buy without money or price / Isaiah 55 1-3 / 8

  9. MoneyMatters | Nehemiah’s Court 12.08.15 Successful (money) financial management begins with the payment of an honest tithe and the giving of proportionateofferings. God loves a cheerful giver and His promise to open the windows of heavens and pour out great blessings upon faithful tithers shall be ours as we do this. / Malachi 3:10, Isaiah 58:6 – 12 & 2 Corinthians 9:6 -7 / Good Financial Planning creates a stable home with financial stability instead of chaos within the home . 9

  10. MoneyMatters | Nehemiah’s Court 12.08.15 While enjoying the period of abundance, we should plantheperiodof abasement. We should be modest in our expenditures; discipline ourselvesin ourpurchasesandtryto avoiddebt. We will feel more secure and enjoy greater peace of life ifwehaveafinancial reserve 10

  11. MoneyMatters | Nehemiah’s Court 12.08.15 Money is not the evil; management of it can be. • Do not acquire what you cannot maintain. • Study, understand & Manage your spouse’s or partners attitude • to money. Don’t eat your seeds with your harvest - Save for your family‘s • future. Take care of the little foxes in your closets • Labour may not be our source for greatness but it is our engine • for success and blessing. The sleep of a labouring man is sweet. / Ecclesiastes 15:12 / Be good. Plan and leave inheritance for your children's children • 11

  12. 3 Financial Decisions in Short & Long Term

  13. MoneyMatters | Nehemiah’s Court 12.08.15 Good financial planning should include Short, Medium and Long Term planning. / SHORT TERM / These are financial decisions on immediate expenditure and on impulse. They are expenses made from spare money and on something we like or need immediately. // Aso Ebi // / MEDIUM TERM / These are financial decision made over a fixed period of time and to which savings can be made over such period (Wedding expenses) or for which a loan that can easily be repaid over a fixed period of time (3-5 years) is taken. (new car or home appliances.) / LONG TERM / These are expenses made from long financial planning and involves long term commitments e.g. housing through mortgage. Or saving for children's further education or retirement. 13

  14. MoneyMatters | Nehemiah’s Court 12.08.15 Whichever we choose (Short, Medium or Long term) , we should keep in mind the need to keep money for the rainyday. If we use all our money in the short term, we could find ourselves facing considerable financial difficulties when somethingunexpectedmayhappen. Always ensure that you take these unforeseeable events intoconsiderationandsave. 14

  15. MoneyMatters | Nehemiah’s Court 12.08.15 /MOBILITY & TRAVELS NEEDS / Car repairs /BREAKDOWN OF HOME APPLIANCES / Fridges, Freezers, cookers washing machine /HOME REPAIRS / Replacement of blown off or leaking roof, Damaged carpets /HEALTH NEEDS / Medical needs, Visit to doctors clinic or hospital 15

  16. MoneyMatters | Nehemiah’s Court 12.08.15 financial misbehaviours / Impulse buying / Excessive materialism / Preoccupation with social image / Using money to control others / Addictive behaviour 16

  17. 4 Financial Mismanagement The Dos & Don'ts

  18. MoneyMatters | Nehemiah’s Court 12.08.15 Create a periodic family budget (MONTHLY or WEEKLY) • Develop a debt avoidance or reduction plan. Don’t pay debt with • debt Develop a saving induced plan and culture • Prepare a spending plan to create a sustainable spending pattern • Distinguish between Needs and Wants . ‘Don’t buy a goat because • of its voice’ Let your spending be governed by your Earnings rather than • Yearning. Build and maintain a financial reserve always. • Involve your entire family in setting the family financial goal. • Develop and implement your budget plan • Avoid being in constant debt. A debtor is always a slave to his / • her creditor . / Proverbs 22:7 / 18

  19. MoneyMatters | Nehemiah’s Court 12.08.15 exploitation Comes in different shades and colors. More difficult to know and deal with if perpetrated by friends or relations. / You can be a target if / / Emotional / Financially buoyant / Influential/Wealthy / Spiritually dependent / Age (Younger or Older) / Possess Excessive Empathy / A Reclusive / introverted Person 19

  20. 5 How to deal with your Debts

  21. MoneyMatters | Nehemiah’s Court 12.08.15 / Don’t ignore the problem / It won’t go away. The longer you leave it, the worse it gets. / Maximise your income / Develop the habit of second income preferably from your hobbies. / Tackle your priority debts first / For example, debts that could mean losing your home or having your gas or electricity cut off. / Work out your personal budget / Plan ahead on how to utilise your income before the pay day and limit unplanned expenditure. / Work out a reasonable offer / To repay the money owed to your creditors. Don’t worry if it seems small-creditors prefer you to pay a small amount regularly rather than make an offer you can’t afford. / Get Advice / to solve your debts problems before it get out of hand. 20

  22. 6 / Budget -ing / <<Key Areas>>

  23. MoneyMatters | Nehemiah’s Court 12.08.15 Income 1 Projected Monthly Extra Income Income Total Monthly Income Income 1 Actual Monthly Extra Income Income Total Monthly Income Projected balance / Projected income less expenses / Actual balance / Actual income less expenses / Difference / Actual less projected / 23

  24. MoneyMatters | Nehemiah’s Court 12.08.15 18% Tithes, Offerings & Gifts 20% Food 10% Children 20% Accommodation 7% Personal care 12% Taxes 2% Entertainment 24

  25. MoneyMatters | Nehemiah’s Court 12.08.15 TITHES , OFFERINGS Projected Cost Actual Cost Difference AND GIFTS (15%) Tithe Offerings Charity Total Projected Cost Actual Cost Difference FOOD (20%) Groceries Dining Other Total Projected Cost Actual Cost Difference CHILDREN (20%) Education Other Total

  26. MoneyMatters | Nehemiah’s Court 12.08.15 Projected Cost Actual Cost Difference ACCOMODATION (24%) Mortgage or Rent Phone Electricity Gas Water TV & Cable Waste Removal Maintenance / Repairs Supplies Other Total 26

  27. MoneyMatters | Nehemiah’s Court 12.08.15 Projected Cost Actual Cost Difference PERSONAL CARE (7%) Medical Hair / Nails Clothing Dry Cleaning Health Club Organization Fees / Dues Other Total SAVINGS OR Projected Cost Actual Cost Difference INVESTMENTS (10%) Pension Fund / Personal & Official / Investment Account Stocks & Shares Total

  28. MoneyMatters | Nehemiah’s Court 12.08.15 Projected Cost Actual Cost Difference TAXES (12.5%) Federal State Local Community Total Projected Cost Actual Cost Difference ENTERTAINMENT (1.5%) Videos / DVDs / CDs Music / Concerts Sporting Events Live Theatre Total 28

  29. 7 / Summary + Conclusion /

  30. MoneyMatters | Nehemiah’s Court 12.08.15 Apply wisdom in the management of money (wealth) Be wise with money - Plan before spending Save money for the future but do not hoard it Spend with discretion & control Remember to give back to the lord joyfully Assist others with discernment Poverty is not a terminal disease. We can manage ourselves out of it! 30

  31. G R A C I A S M E R C I D A N K E thank you 615 2ND WEDNESDAYS OF EVERY MONTH | 06.15PM

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