Posts Tagged ‘dfree’

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Financial Freedom Friday (dfree tip of the week 04/12/2013)

Friday, April 12th, 2013

Dear Friends,

As you know, April 15, 2013, is the day on which individual income tax returns must be submitted to the federal government.  Although it has been said that it takes more intelligence and effort to fill out tax forms than it does to actually make the income, we cannot use that as an excuse to avoid filing.  Failure to pay taxes could force you into a cycle of compounding debt and in extreme cases – incarceration, as has been the case for several well-known entertainers.

What should you do if you find that you do not have the money to pay your taxes?  Per www.irs.gov, file anyway!  File on time and pay as much as you can.  The IRS will sometimes work with taxpayers to establish payment plans and agreements if requested.

What should you do if you have not filed in while?  Again, per irs.gov, “filing a past due return may not be as difficult as you think.  Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan”.

In Romans 13:1-6, Paul reminded Christians to submit to governing authorities.  Read that section of scripture and pray strength to do the right thing.

God bless,

DeForest B. Soaries, Jr.

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Posted in Pastor's Corner |

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Financial Freedom Friday (dfree tip of the week 03/01/13)

Friday, March 1st, 2013

Dear Friend,

Most people don’t realize the relationship between time and money.  Time is one of the most valuable assets we possess, particularly if we want financial freedom. How can we use time to our benefit?  We use it to build wealth.

We’ve all heard stories of humble people in unassuming jobs who make monumental monetary gifts to schools, churches, or charities.  These people live modestly, but they save and invest a small amount of money each year.  Their small investment eventually grows to hundreds of thousands, sometimes millions of dollars.

Such was the case with Rev. Thomas Boyd, who served as pastor of a Baptist Church in Brooklyn, New York.  He told me that whenever he received a small gift for presiding at funerals or performing weddings, he put that money in a special investment account.  As the fund grew, Rev. Boyd accumulated a substantial amount of money.   Because he felt that he owed most of his success to what he learned as a student at Shaw University in Raleigh, North Carolina, Rev. Boyd felt compelled to make a donation to the school.  He donated well over $500,000 to Shaw! He began saving early, so he had the time to take advantage of compounding interest.  You can start small, but start NOW.  Use your time wisely.  Invest in your future.

Read Proverbs 13.22a, thank God for time, and pray for strength to use it wisely.

God bless,

DeForest B. Soaries, Jr.

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Posted in Pastor's Corner |

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Financial Freedom Friday (dfree tip of the week 02/22/13)

Friday, February 22nd, 2013

Dear Friend,

How do you eat an elephant? One bite at a time.

Long ago, I decided I needed to look like a preacher (please forgive the stereotype).  So instead of buying small, used, affordable cars, I bought big, expensive cars like Cadillacs and Lincoln Continentals although I could not afford them.  When buying those cars, I examined the leather seats, fancy features, and top of the line radios, and never asked about interest rates!

After 15 years of living this way, I was under a mountain of debt from high interest financing.  Finally, I started what I call my “power strategy”.  That simply means that I made the largest payments I could afford in order to reduce my debt as quickly as possible.  I paid as much of the principal, (the actual balance due), as often as I could.  At the time, it seemed almost impossible but I had to constantly remind myself that the money battle is won with patience – one payment, one bill, one victory at a time.  How do you eat the elephant of debt?  One bite at a time!

This weekend, read and study Philippians 4:13, and pray for strength to take that first bite.

DeForest B. Soaries, Jr.

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Financial Freedom Friday (dfree tip of the week 01/25/13)

Friday, January 25th, 2013

Dear Friend,

Over the years, I’ve learned that living dfree necessitates a complete change in the way we live, and changing the way we live necessitates a complete change in the way we think. We think we must have that new pair of shoes, or that very nice suit, or that brand new car, even if it means using high interest credit cards and loans to get them. Borrowing has become a lifestyle and Americans are drowning in debt. This is fact: you cannot be financially free, until you get out of debt.

Recently, I told the story of my dear friend, a highly educated, prominent, financially secure minister, and owner of the oldest Mercedes that I’ve ever seen! He drove his old car with pride and contentment; knowing that for years, he had not had a car note. The idea that we must have certain things, the latest and greatest, suggests that we cannot be content without them. The apostle Paul teaches that God gives strength to be content in all circumstances. The ability to do that is a sure sign of spiritual maturity. For Paul, and my friend with the beat-up Mercedes, contentment came as a result of their relationship with Christ. If we have that same relationship, we can be content and resist the thought that we need things to make us happy.

This weekend, in acknowledgement of the correlation between faith and finances, read and study Philippians 4:11-13, and pray for contentment in all circumstances.

God bless,

DeForest B. Soaries, Jr.

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Financial Freedom Friday (dfree tip of the week 01/18/13)

Friday, January 18th, 2013

Dear Friend,

RE: FINANCIAL FREEDOM FRIDAY (dfree tip of the week)

Over the next few weeks, I will provide words of encouragement concerning the dfree lifestyle. These thoughts will correspond with material that I’m covering in the “dfree – 12 Weeks to Financial Freedom” workbook and workshop. It’s only fitting that I send the first installment just prior to our nation’s celebration of the life, work, and ministry of Dr. Martin Luther King, Jr.; and the second inaugural celebration of our first African-American president. Here is the thought for today.

Living the dfree lifestyle goes far beyond just trying to pay off bills. Having no debt is wonderful, but living dfree involves a complete change of mindset about the choices you make, and the realization that those choices greatly affect you and your family — for generations to come!   Living dfree demands an examination of your values, habits, attitudes, perspectives, and relationships.

This weekend, read Romans 12:1-2, and pray for strength to make financial decisions that are good and perfect.

DeForest Buster Soaries, Jr.

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Health care cost must be an important consideration of your retirement plan

Thursday, September 20th, 2012

Health care cost must be an important consideration of your retirement plan.
“Nothing makes people luckier than preparation.” I came across this terrific quote recently and thought it made the very best case for the importance of financial planning.

Over the past few years, I am finding that unanticipated or unexpected health care cost is one of the greatest causes of anxiety among clients nearing retirement or newly retired. According to a recent USA Today report, health care cost has increased an average of 6% since 2002, a pace well above either the inflation rate or retirees incomes. I see retirees over age 65, paying over $6000 per year on health care cost, even with medicare benefits!

Some of the key out of pocket expenses not covered by medicare are: premium deductibles, medicare supplemental insurance, co-pays, prescription drugs, dental care, and the biggest nut of all, long term care. So let’s look at 6 important steps that can be taken to be better positioned for health care expenses that can take a huge chunk out of typically scarce income resources in retirement.

1. Take care of your health, in so much as what you can control. Eat healthy, exercise regularly, don’t smoke, or stop smoking.

2. Work for as long as you can. At the very least, try to delay retirement at least until you are eligible for full social security retirement age. The ability to continue to maximize savings is the biggest benefit to earning an income for as long as possible.

3. Start stashing money into a health savings account (HSA). This is savings vehicle you can establish with your employer, that allows you to put aside dollars pre-tax, for medical and dental expenses with high deductible plans. For 2012 the contribution limit is $3100 for a single person and $6250 for a family, with an additional $1000 catch-up for age 55 or older. The great features of HSAs are their portability and tax free withdrawal for medical and dental expenses.

4. If you are nearly or newly retired, I recommend that you meet with a health care/medicare specialist to help you determine what plan is most suitable for you. Many financial advisors, including myself, have such a specialist on our team to serve our clients.

5. Considering securing long term care insurance. At around age 55 is a good time to start looking at plans, as premiums over age 60 are significantly higher.

6. Save as aggressively as you can.

Judith Lee, CFP®

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