Click below to listen to Episode 5 – The 10 Uses of Money

Episode 5 – The 10 Uses of Money

Learn about the 10 uses of money for setting both daily and long term goals.

In this episode we discuss the 10 uses of money, including 4 uses on a daily basis and 6 uses for money when it comes to setting long term goals.

For the 4 daily uses of money, we are utilizing the Live, Give, Owe, Grow model from Kingdom Advisors which is applicable for most people in everyday life. Afterwards, Bob and Mary Jo discuss the 6 uses of money when it comes to setting long term financial goals. This includes areas such as: Financial Freedom, Charitable Giving, Freedom from Debt, Lifestyle Choices, Family Needs, and Funding a Business.

There is a lot to explore and consider. We are sharing guidelines and these guidelines can be interpreted in various ways. That’s why we thought today’s message is so important.

HOSTED BY: Bob Barber, CWS® and Mary Jo Lyons, CFP®

Mentioned In This Episode

Christian Financial Advisors
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Bob Barber, CWS®, CKA®
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Mary Jo Lyons, CFP®, CKA®

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EPISODE TRANSCRIPT

[INTRODUCTION]

Bob: Welcome to Christian Financial Perspectives, a podcast where we talk about ways to integrate your faith with your finances. This is Bob Barber.

Mary Jo: And I’m Mary Jo Lyons.

Bob: Are you ready to learn how to apply biblical wisdom to everyday financial decisions?

Mary Jo: Join us as we look at integrating your faith with your finances. If it’s your first time listening, welcome to our podcast, and if you’re a returning listener, welcome back.

[EPISODE]

Mary Jo:
Hi Bob. How are you doing today?

Bob:
I’m doing good, Mary Jo. I’m really excited about the subject we’re going to talk about today. I tell you, it was a hard program to put together because we want to be so careful with how we bring God’s word to everyone and make sure that we’re not taking anything out of context.

Mary Jo:
Today we’re going to talk about the “10 Uses Of Money”. We’re first going to explore the four daily uses of money and then look at six uses of money for setting longterm goals. We’ve had a lot of discussion over this topic. We’ve prayed about it and we just want to make sure that we get God’s blessing and favor and we find the right words to convey what’s in our heart and hope the Holy Spirit is moving within us to be able to share those right words with our listeners. When we talk about the uses of money today, there’s a lot to explore and consider, and there are a lot of guidelines in the Bible. These guidelines can be interpreted in various ways, and I think that’s why we thought today’s message was so important, but also gives a lot of room for interpretation. So what are your thoughts around that?

Bob:
We want to base everything that we say today when we talk about the 10 uses of money on scriptural guidelines, that everything has a scripture to go with it and that we’re not taking anything out of context. I think one of the main scriptures today that would sum up everything – if you have your Bible and you’re listening to our podcast, have the availability, and if you’re not driving or doing something that requires you to do something else, but if you’re able to open up the word of God with us, we would love for you to follow along. And we want you to know also that you can always go to Christianfinancialpodcast.com and email us or call us or get some information off of there because we want everyone to have our script from today’s program so that they can take these principles that we’re going to share from God’s word and apply them to their own lives. So with that being said, I’m going to use today’s main scripture from Philippians 4:11-13 and a lot of our listeners know this scripture, but if you don’t, here’s what it says, “Not that I was ever in need.” And this is Paul speaking. “For I have learned how to be content with whatever I have. I know how to live on almost nothing or with everything. I’ve learned the secret of living in every situation, whether it is with a full stomach or empty, with plenty or little, for I can do everything through Christ who gives me strength.” And this scripture is really saying to us that it doesn’t matter how wealthy we are or how poor we are, only contentment is going to be found in Christ and Christ alone.

Mary Jo:
That is so strong, Bob, and there’s so much there. Today as we explore the four daily uses of money and just to give a heads up to how we’re going to talk about those, it is live, give, owe, and grow. There are biblical principles around each of those. So to start off we’re going to talk about live and that’s our basic living expenses and God says in the Bible so many different passages regarding provision. Money. It’s just a tool. It’s a tool for us to use for our needs. In 1 Timothy 5, he talks about to providing. “If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever.” And he talks about contentment also in 1 Timothy 6:6-8, “But godliness with contentment is a great gain or joy, for we brought nothing into the world and we can take nothing out of it, but if we have food and clothing, we will be content with that.” Bob, I think we also want to go on and explore giving. What does the Bible say about giving?

Bob:
Well, the Bible says in 2 Corinthians 9:7, “Each one must do just as he has proposed in his heart, not grudgingly or under compulsion for God loves a cheerful giver.” In the four daily uses of money, giving is one of those uses because giving breaks the power that money can have over us. And remember it’s not money that is evil, but it’s the love of money.

Mary Jo:
Right.

Bob:
And I like the scripture from Matthew 25:35-40 where it’s really talking and speaking to us about our giving and here’s what it says, “For I was hungry and you gave me something to eat. I was thirsty and you gave me something to drink. I was a stranger and you invited me in. I needed clothes and you clothed me. I was sick and you looked after me. I was in prison and you came to visit me. Then the righteous will answer him, Lord, when did we see you hungry and feed you or thirsty and give you something to drink? When did we see you a stranger and invite you in or needing clothes and clothe you? When did we see you sick or in prison and go to visit you and the King will reply, Truly, I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.” The power of giving breaks that stronghold that can have over us. When we’re giving, it’s very hard to be selfish because we’re giving and the scriptural guideline behind that, also, is it’s more blessed to give than to receive. You get so many blessings from giving.

Mary Jo:
Well, we’ve gone over live and give, and next we want to explore owe. There’s two types of owing – debt and taxes. Both of those are good and bad. Debt. Debt always mortgages the future. In Proverbs 22:27 it speaks very clearly to this. “If you lack the means to pay, your very bed will be snatched from under you.” That’s strong.

Bob:
It is, and that debt always mortgages the future. No one ever talks about debt like that, that you’re presuming upon the future when you take out debt.

Mary Jo:
You know when you live in debt and beyond your means, it can create such turmoil. It’s such a source of conflict within relationships. When you’re living without debt, it can provide such peace and that’s so important and I know that we’ve talked in the past about marital harmony and agreeing on how you’re going to approach debt. This is one of the biggest sources of conflict in most marriages. I would encourage our listeners to really play on that and talk with their spouses and how they’re going to approach that in their own relationships. Any thoughts?

Bob:
One of the thoughts is is I want to make sure that our listeners understand that we are not saying that it is a sin to borrow money. There is nowhere in scripture that it says it’s a sin to borrow money, but it has given us warnings and that is what the scripture that Mary Jo shared with you says, if you lack the means to pay, be very careful with the use of debt. Debt is not evil and it’s not sinful, but if you overextend yourself, your very bed could be snatched out from under you and I have seen this happen with people who’ve had to declare bankruptcy. The second area that we’re going to owe is not just debt, but we’re always going to owe this one. What is that one?

Mary Jo:
Taxes.

Bob:
Taxes. Yeah.

Mary Jo:
Taxes are not evil. It Is symptomatic of God’s provisions. So it’s a sign of what we’ve been given and what we’ve been blessed to receive. Romans 13:7 speaks to this. “Give everyone what you owe him. If you owe taxes, pay taxes. If revenue, then revenue. If respect, then respect. If honor, then honor.”

Bob:
This scripture points out to us that we are to pay our taxes, and as Christian brothers and sisters in Christ, we should never not pay what we owe in taxes and we should not be trying to avoid taxes illegally. Mary Jo, I’ve seen this with people who have said, if you’ll pay me with cash, I’ll give you a cheaper price. And I say, well, why is that? And they’ll say because I don’t have to report it.

Mary Jo:
Bob, you used the word illegal. So there are ways to minimize the amount of taxes that you owe. And I don’t think there’s any harm in that and that’s not against any of God’s guidelines and teachings. Certainly we want to take advantage of those, but these are legal ways to do so. And that’s the difference maker, wouldn’t you say?

Bob:
I would. One more thing as we leave the owe part of live, give, owe, grow is another scripture we were going to share was James 4:13-15 this says, “Be careful today or tomorrow. We’ll go into this or that city and spend a year there, carry on business, and make money. You do not even know what will happen tomorrow.” We really don’t. None of us know if we’re going to be here tomorrow or the next day. So when you take out debt, be sure that you can pay it back or your spouse can pay it back or you have enough life insurance to cover that debt until that debt is paid off.

Mary Jo:
Absolutely. And that brings us to grow – saving and investing for the future. Demonstrate financial maturity by giving up today’s desire for tomorrow’s benefit. That is really what we talk about when we talk about savings. Part of growing our money is making sure that we have enough set away or an emergency or for tomorrow if something unplanned were to happen. In 1 Corinthians 16:2 has that great verse that speaks to that, “On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up so that when I come, no collections will have to be made. Another one from Proverbs 13:11, “Wealth from get rich quick schemes quickly disappears. Wealth from hard work grows over time.” We’ve talked a lot the past and on the previous podcasts about saving and how important an emergency fund is. What are some other thoughts that you want to share with our listeners today, Bob, regarding that?

Bob:
To grow is also to save. Our old favorite from Proverbs 6 speaks to this that we’re always talking about here on Christian Financial Perspectives. Proverbs 6:6-8, “Go to the ant, you sluggard. Consider its ways and be wise. It has no commander, no overseer or ruler yet it stores its provisions in summer and gathers its food at harvest.” These scriptural guidelines that we’ve given from 1 Corinthians 16:2, Proverbs 13:11, and Proverbs 6:6-8 are all biblical guidelines that we can use when it comes to growing, saving, and investing for our future.

Mary Jo:
You know Bob, there’s another scripture from Luke 14:28-30 that I think illustrates these points very well, “But don’t begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it. And otherwise you might complete only the foundation before running out of money and then everyone would laugh at you. They would say there’s the person who started that building and couldn’t afford to finish it.” I’ve always talked about our favorite place because it’s on my heart and that’s in Rockport. Down along the beach road there are probably two or three properties that have a foundation sitting there with no house, and they’ve been there for years. Someone started those projects and then they just didn’t have the wherewithal to finish them. So, it’s so sad when you see that.

Bob:
They didn’t count the cost of what it was going to cost to finish. Huh?

Mary Jo:
That’s right.

Bob:
So Mary Jo, we’ve covered the four daily uses of money. So we started off the program, and we talked about the 10 uses. So we’ve covered the four daily uses. Now, we’re going to get into the six uses of money for setting longterm goals that will complete the 10 overall. So there’s the four daily uses and then the six uses.

Mary Jo:
Giving and saving – there’s a lot to still say about that before we move on to the six longterm goals of money. There are two productive uses of money. So what do we mean by productive? These are both biblical principles, applying God’s word. Giving releases selfishness, and a stronghold that the love of money can have over us, while saving demonstrates wisdom and provision for an unknown future. And you know, Bob, it talks in the Bible and it lays down the foundations that we need to save for the future, but also God will provide. So how would you respond to somebody that asks you, why should I focus on saving if God’s gonna provide for my needs?

Bob:
All right, I’ve got a good old country boy story for this one. All right, so this young man, he drives up the hill to the top of this beautiful farm and ranch that this Christian farmer and rancher has built over the years. When he gets on top of this hill, they go stand down on his porch, and this young man looks at this farmer and says, it is unbelievable how beautiful this is and what God has done here on this farm and ranch. And the rancher said, yes, you’re right. God owns it all, but you should have seen what it looked like before we were partners. You see, the rancher was a partner with God. In other words, he realized that God gave him that land, but God wants us to do something with it. Just like God enables us to work and enables us to save. But if we don’t do anything with it, it’s not going to grow. It’s not going to provide, so we have our part to do because God’s the owner and we’re the manager and how are we managing what he’s given us.

Mary Jo:
Ah, that’s great. So we’ve been focusing on the four daily uses of money, but with savings and growing, it kind of really sets the stage for six longer-term uses of money and that’s really to help us set up for longterm goals. The first one of those is financial freedom, where the ability to leave and go on a mission trip might be available to us or to be there for our grandkids when needed. You know, maybe we want to make an investment there. To serve in your church at retirement and to provide for your old age and rising cost of health care. All of these are things that having financial freedom can do for us. In Genesis 41 I know that there’s a message there that you wanted to share a little bit about Bob.

Bob:
When it comes to financial freedom, you’ll hear the term in the world financial independence. When it comes to that, there’s really a scriptural guideline that is given to us in the entire chapter, the 41st chapter in Genesis, and this is where Pharaoh has a dream and they go and get Joseph to come interpret the dream for him. He’s interpreting this dream as there’s going to be seven really good years, and during those seven good years, you should save a fifth of the harvest for the seven bad years. And that makes me think of those good years are when we’re young and when we can work and when we can save, but when we get older, we may not have that energy to go work that particular job. Or when we have a tough time come along, we may not have that money to save at that point, but during the good times, you need to be putting aside, and this is a scriptural guideline. Even a fifth, you know, that was 20% of the harvest during those good years. I think this is a great guideline for talking of the importance of setting aside that bucket of money so that you will have financial freedom to not only provide for yourself but for those in need in other places.

Mary Jo:
And you know, Bob, that financial freedom that really gives us peace of mind and I think there’s something to be really said for that. When you have peace of mind regarding your finances, you can open up your heart for other things and focus on other things and spend that time much more productively with your family

Bob:
Just so long as we don’t rely more on our savings and our investment account than we do on God. Does that make sense?

Mary Jo:
Yes. I mean God’s word has got to rule over our actions, if you will. That brings us to the second use of money for setting longterm goals, and that’s charitable giving. In 2 Corinthians 9:7 it reads, “Each one must do just as he has proposed in his heart, not grudgingly or under compulsion, for God loves a cheerful giver.” I know that’s one of your favorite passages.

Bob:
It really is and when we talk about the six uses of money for setting longterm goals, charitable giving is a longterm goal and this is why I like to help people set up like a family foundation or a giving fund donor advised fund.

Mary Jo:
Yeah, we do talk a lot with our clients around planned giving and that is preparing while you’re alive and to give after death. But you know, planned giving can also be during life as well, but it’s making specific plans on how you’re going to achieve your charitable goals and we can help with that.

Bob:
And the third one is freedom from debt. This should be a longterm goal that you’re completely free from debt. Again, we’re using that scriptural guideline that we use in the four short term uses of money, “If you lack the means to pay, your very bed will be snatched out from under you.” As you get older, I believe that debt should be completely eliminated for those that are above 60, 65, 70 years old. Because when you take out debt, again, you’re presuming upon the future.

Mary Jo:
That’s right, and we definitely want to avoid that. That brings us to lifestyle choices, but if these lifestyle choices turn you away from your reliance on God, then that’s not good. All financial decisions, they should be spiritual ones. For us as Christians, we should pray upon them and they need to be made in marital unity so that there is harmony between you and your spouse, so that you’re in agreement on your longterm goals and objectives and what you want to accomplish with your hard earned money. When we talk about lifestyle choices, this can be luxury items such as fancy cars, bigger homes, kitchen remodels. It’s not for us to judge on how someone spends their money. If you’re following all his guidelines, God doesn’t begrudge us from enjoying the fruits of our labor. What do you think about that one?

Bob:
I know some of the biggest givers, when I say percentage of their income – some that are given away 40, 50, 60% of their income – that live in some of the biggest houses and drive some of the biggest cars. So it’s like you say, it’s not for us to judge those lifestyle choices, but in setting a longterm goal, it does enable you to decide what lifestyle choice you want to live.

Mary Jo:
We talk a lot about provisions, but one of the most important things is family needs. In 1f Timothy 5:8, it speaks to anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever. So, there’s a lot to be said for that. Finally, we want to focus on possibly starting a business or helping someone else to start a business. That’s a pretty worthy undertaking. Did you have something there, Bob, that you wanted to share with our listeners?

Bob:
No, I just think that pretty much sums it up, Mary Jo. So I’m going to go through these 10 real quick and then we’ll end up the program.

Mary Jo:
Excellent.

Bob:
Alright. Overall, there’s 10 uses of money. There’s the four daily uses of money, which are live, give, owe, and grow. Then the last six of those are financial freedom, charitable giving, freedom from debt, lifestyle choices, family needs, and possibly helping someone else start a business or starting one yourself. Now again, I don’t expect those of you that are driving to work to memorize all these or write all of these down, so feel free to give us a call. I’m going to give that number and then it’ll be given again later, but it’s 877-718-7884 if you would like a copy of the list of these “10 Uses Of Money”.

Mary Jo:
Bob, and in closing, we want to end on this scripture to stay humble no matter how much we have. In Proverbs 27:1-2, “Do not boast about tomorrow, for you do not know what a day may bring. Let someone else praise you and not your own mouth, an outsider and on your own lips.” We’ve covered a lot today and you just never know what tomorrow may bring. A hurricane could come and take it all away. We’ve certainly seen that happen.

[CONCLUSION]

Mary Jo: You’ve been listening to Christian Financial Perspectives. Join us as we explore more about how to apply biblical wisdom to your financial situations.

Bob: To make sure you don’t miss any of our podcasts, you can subscribe to Christian Financial Perspectives on iTunes, Google Play, or Stitcher. To learn more about integrating your faith with your finances, visit out website at ciswealth.com or call 830-609-6986.

Mary Jo: That’s all for now.

[DISCLOSURES]

Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the hosts, Bob Barber and Mary Jo Lyons. Bob and Mary Jo do not provide tax advice and encourage you to seek guidance from a tax professional. Investment advisory services offered through Christian Investment Advisors Inc. DBA Christian Financial Advisors, a registered investment advisor.