by Clarence E. Stowers | Oct 8, 2010 | Christian, Christianity, Empowerment, Goals, Money and Finance, Prayer, Vision
This past Sunday, I shared with our congregation how I selected 20 people to pray for who were generous, faithful, and cared about the poor, oppressed, and marginalized.
I’m praying that God would make them wealthy (multi-millionaires) so they could reach back and help the poor & permanent underclass.
Why? Jesus was/is ALWAYS on the side of the poor, oppressed, and marginalized AND someone has to speak for the voiceless. Also, it’s time for a shift of wealth into the hands of Kingdom-minded people with integrity to do the right thing!
I prayed before selecting people because they had to meet the following criteria:
- Compassionate
- Unselfish
- Have extraordinary faith
- Have a genuine concern for the poor
- A heart for empowering those who are less fortunate
This Sunday, I extended an invitation for others to join my list & WHAT A RESPONSE! If you meet the aforementioned criteria, you may want to consider getting in on this prayer. If you are selfish, lack integrity, & want to be wealthy for the sake of being wealthy, please reconsider your priorities before deciding to join.
In the meantime, the Lord wants you to get your financial house in order before the harvest comes & the hardest step is getting started!
Here’s what you can start doing NOW:
- Stop signing up for more debt!
- Save $2,500 and save in your emergency fund – pay minimum payments on all debt until you have $2,500!
- Find out which debts you owe and how much you owe
- Seek to reduce or eliminate the interest you are paying
- Calculate your debt freedom date – using the free tool @ HERE
- Pay minimum payments on all debts except the smallest one
- Attack the smallest debt with as much money as possible
- As each debt is paid off, use the freed up payment money to add to the payment of the next smallest debt.
- Repeat steps 6 thru 8 until you become debt free!!!
You CAN do this!
by Clarence E. Stowers | Sep 3, 2010 | Current Affairs, Decisions, Empowerment, Family, Goals, Money and Finance
For the past two weeks, I’ve shared the importance of reaching out to expand your network of trusted advisors. Included in the mix are: 1) A Personal Banker or Branch Manager; 2) Mortgage Broker, 3) A Fee-Based Financial Planner; 4) An Insurance Agent, 5) A Certified Public Accountant (CPA); and 6) A “Proven” Real Estate Agent.
In my opinion you should have them on speed dial if you desire to build wealth and leave a lasting legacy. Your aim should be to develop a team that understands your financial goals and advise with a human touch. Today, I’d like you to consider adding a seventh and final financial friend:
An Estate Planning Attorney
I Don’t Have Enough Money…
Wrong! People often think of estate planning, wills, and trusts as tools and services for the wealthy. Not so! Why? The laws governing wills and trusts affect the wealthy, middle-class, and the working class. Additionally, there’s a lot of confusion surrounding wills and trusts. People, they are not synonymous. “A will controls your assets in your individual name when you die, but a trust is used to hold your assets during your lifetime,” according to Vicki Lee Parker, writer for Black Enterprise Magazine.
As a pastor of a thriving church, I can’t tell you how many family fights I had to mediate because no one took the time to consult an estate planning attorney. Today, many siblings and relatives do not speak because no one took time to plan accordingly. Since each state has different laws regarding inheritance, your estate shouldn’t be left to the state or do-it-yourself wills. “An estate planning attorney can help you set up a trust that offers more flexibility and control over how your assets are managed after you die,” says Steve Hartnett, an estate planning attorney in San Diego and associate director of education at the American Academy of Estate Planing.
I Confess…
As I conclude this series, I want inform you that I practice what I preach. I have six of the seven financial friends on speed dial and I’m currently interviewing estate planning attorneys. I plan to make my decison by the end of September and will keep you posted. Thanks for reading and reflecting on my blog posts and my prayers are with you as you assemble your team!
Did I miss anyone? Who do you have on your team that I missed?
by Clarence E. Stowers | Sep 2, 2010 | Current Affairs, Decisions, Empowerment, Goals, Money and Finance
When it comes to getting ahead financially, it pays to have a trusted circle of advisers to lean on. For the past two weeks, I’ve shared the necessity of expanding your network of friends to include a few financial friends. These friends will help guide you to reach your financial goals. You can think of these friends as your personal board of directors or your dream team. Today, I’d like to suggest a sixth financial friend:
A “Proven” Real Estate Agent
The recent economic downturn forced many agents out of business looking to make a quick buck. If you intend to build wealth and leave a legacy, gone are the days when you can call your novice cousin, uncle, or high school friend to help your purchase or sale property. Times have changed and with so much uncertainty in the real estate market, it’s important to have a proven agent in your network who has the expertise to help you achieve your property ownership goals.
Who Should I Call?
“Take some time to find an agent who knows the market you are interested in and has experience in the specific type of deals you want to make,” says Vicki Lee Parker, writer for Black Enterprise Magazine. Before deciding which agents to interview, do your homework! The top agent in your city may not be the best choice for marketing your particular home. Your choice should depend on which agent is most successful in attracting buyers to homes similar to yours in price and amenities. Some agents specialize in luxury homes, some in downtown condos, and some in a particular subdivision or price point. To optimize your selling success, choose an agent who is successful in selling homes similar to yours. Check out these questions before you list your home.
Do you have a “proven” real estate agent on speed dial?
by Clarence E. Stowers | Aug 31, 2010 | Current Affairs, Decisions, Goals, Money and Finance
Last week I encouraged you to considered adding the following financial friends to your network: 1) A Personal Banker or Branch Manager; 2) Mortgage Broker, 3) A Fee-Based Financial Planner; and 4) An Insurance Agent. These are the financial friends you should have on speed dial if you desire to build wealth and leave a lasting legacy. Your aim should be to develop a team that understands your financial goals and advise with a human touch. Today, I’d like you to consider adding a fifth financial friend:
A Certified Public Accountant (CPA)
“What’s a CPA”
It has been said that “the only thing certain in life are death and taxes.” As your wealth increases, you will require the services of CPA. There are many rules and regulations regarding individual taxes and if you don’t have a skilled CPA, you will find yourself in a lot of trouble. A good CPA will inform you of the best tax position and legal protection you’ll need to protect you from potential liabilities. The tax codes are complex and change yearly. Therefore, it’s practically impossible for the average person to keep pace with the most recent updates.
“I Do My Own Taxes”
While preparing your own tax returns my save you money, but, is it wise? While most computer tax software programs ask questions in order to identify your best tax strategy, they are not helpful when you’re presented questions you don’t understand. A CPA who knows your income history can help you understand what taxes you’re paying and why.
How are you doing assembling your team?
by Clarence E. Stowers | Aug 27, 2010 | Current Affairs, Decisions, Goals, Money and Finance
Yesterday, I encouraged you to embrace the fact that YOU are the CEO of YOU, INC., and when it comes to your financial future, YOU ARE ON YOUR OWN. The goal of this series is to encourage you to expand your network of friends, and consider adding people with financial saavy to help you build wealth for your family. Today, I’m encouraging you to consider adding a fourth financial friend:
AN INSURANCE AGENT
We All Must Leave Here
Insurance is a touchy subject that requires a soothing presence to ease the tension. After all, insurance is all about planning for the unforeseeable. There’s no getting around the fact, for instance, that your family needs to be provided for in case of your death. Finding an insurance agent with whom you can talk candidly is vital.
Who should I call?
According to Black Enterprise Magazine, “any agent can generalize what the average person should do, but you need an agent who understands your family history, someone you know will understand how your situation changes if you get a new job or face a sudden illness in your family.” According to most industry experts, “at least once a year you should meet with your agent and review all your basic insurance policies such as car, home, and life insurance. You should also ask about coverage for disability, retirement, and long-term care options that can be tailored to your needs.” Having an agent who knows you by name is especially helpful when you have to file a claim after a car accident or major disaster such as a house fire.
Get References
In general, there are two types of insurance agents – independent agents who write for more than one company and contract agents who represent a single company. I asked my financial planner “what type of insurance should people consider?” His reply: Life Insurance, Auto Insurance, Health Insurance, Disability Insurance, Home Owners Insurance, Renter’s Insurance, and Flood Insurance (if you live in a flood zone). If you’re the type of person who prefers sequential steps to get started, you can begin your search by reading this article.
Remember, YOU ARE THE CEO OF YOU, INC.
by Clarence E. Stowers | Aug 26, 2010 | Current Affairs, Decisions, Goals, Money and Finance
When it comes to your financial future, here’s the deal: You’re on your own. Pensions are going the way of the parachute pants (remember the 80’s). Social Security is looking more shaky by the day. Our healthcare system is being held together by duct tape. In today’s environment, you must be a realist and admit that you’re going to have to take control and create your family’s financial security (with the help of a few financial friends). You can read about the the first two financial friends here and here.
Over the past two days we have explored a few essential financial friends we all will need at some point in our lives. If you desire to build wealth, today I’m encouraging you to consider adding a third financial friend:
A FEE BASED FINANCIAL PLANNER
Making financial decisions is difficult. Make the wrong decision could prove disastrous and may set you back a few years. There’s a lot you can figure out on your own, but all of us can use help when it comes to something as important as how to save, invest, and plan for the future.
Get References
A reference from a friend or family member is a great way to search for a financial planner. But make sure you’ve got similar needs as the person who’s giving the referral. Go to groups like the Certified Financial Planner Board of Standards and the Financial Planning Association for additional references.
Understand how your planner is getting paid
The three most common set-ups are: Fee-only, fee-based, and commission-based. Fee-only planners don’t get commissions for the products they sell – fees are for the advice they give (my personal preference). Fee-based planners may receive commission on some products they sell, but most of their money comes from a fee you pay them. Commission-based planners are paid by the companies whose products they sell.
Remember, you are the CEO of YOU!
