Posts Tagged ‘dfree®’

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Financial Freedom Friday (dfree tip of the week 04/19/13)

Friday, April 19th, 2013

Dear Friend,

Several years ago, as our church collected money for families devastated by the effects of Hurricane Katrina, a well-dressed highly educated young professional privately confessed that he sincerely wanted to give to this worthy cause, but he had nothing to give.  Unfortunately, this is true for many; personal debt causes them to miss the blessing of providing help to others.

Giving to others is one of the most life-changing actions that you can take on your financial journey.  It helps maintain the proper perspective on money as a gift from God.  It allows us to stay focused on what matters most, and it forces us to appreciate what we have.

If you desire to help others, but your financial situation will not allow for it, consider the advice that I offered that young man.  Commit to the dfree process.  Work to loosen the chains of financial slavery so that you can make giving to your church, giving to charitable organizations, and giving in the midst of tragedy a priority.

This week, as you remember the victims of the Boston Marathon bombings in your thoughts and prayers, pray that you can be a blessing to others even as you work on yourself.

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 03/22/13)

Friday, March 22nd, 2013

Dear Friend,

I was startled to read the following data from Sun Life Financial.  Two out of ten people will experience a disability lasting one year or more during their professional careers.  Smart Money Magazine reports that one in seven workers will be disabled for more than five years. While many people think that disabilities are typically caused by freak accidents, the majority of long-term absences are actually due to illnesses, such as cancer and heart disease.  Here is the reality – traumatic events will occur.  We must be financially prepared for the unexpected.

Dr. Martin Luther King, Jr. was assassinated at 39 years old.  Just before his death, he signed insurance documents, which he had avoided for years.  As a result, his widow, Coretta Scott King, received a check every month until the day she died 38 years later.

Remember this, if you fail to plan, you plan to fail.  Here are items of immediate importance.  Secure long-term disability insurance to replace all or a portion of your income if you are unable to work because of illness or injury.  Check into coverage through your employer first, then check with a trusted outside provider.  Verify that your life, home, and auto insurance policies are current and sufficient for the needs of your family.  Meet with an attorney to draft your will, health care proxy and power of attorney, and look into identify theft protection.  Pursue these items immediately.

This weekend, read and study Proverbs 13:22 and pray for strength to prepare for the unexpected.

God bless,

DeForest B. Soaries, Jr.

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Posted in Pastor's Corner |

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Finanacial Freedom Friday (dfree tip of the week 03/15/13)

Friday, March 15th, 2013

Dear Friend,

I hope you have found the Financial Freedom Friday series helpful.  These tips, if implemented, will improve your financial behavior.  Are you making progress?  If not, use this week to reset, recharge, and restart.

Let’s review.  I began the series with a characterization of dfree living.  I suggested that dfree living requires a complete change of mindset about the choices we make, and the realization that those choices greatly affect us and our families.  Remember, dfree living demands an examination of values, habits, attitudes, perspectives, and relationships.

After I shared the dfree living concept with you, I presented seven suggested changes to your financial behavior.  For brevity, I have consolidated these changes into five broad areas.

  • Be content with what you can easily afford.  (Do not live beyond your means).
  • Analyze your finances.  (How much do you owe on loans, credit cards, and other bills?  What is your income?).
  • Stop spending.  Only buy what you need.  (Plug the leaks; those small luxury items that add up over time).
  • Pay off your bills and save money.  (Little by little.  Remember, small increments add up over time).
  • Continually reassess your progress and follow your plan.  (You will be tempted to fall back into bad habits.  Be strong. You can do this!).

If your progress has stalled, use this week to start up again.  Review and recharge, re-read Romans 12:1-2, and pray for strength to make financial decisions that are good and perfect.

God bless,

DeForest B. Soaries, Jr.

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Financial Freedom Friday (dfree tip of the week 03/08/13)

Friday, March 8th, 2013

Dear Friend,

Albert Einstein is credited with defining insanity as doing the same thing and expecting different results.  Therefore, it stands to reason that if we want something we’ve never had, we must do something we’ve never done.

When I was drowning in debt, I could not even imagine becoming debt free.  Four years later, my wife and I had zero debt and we were executing a strategy to accumulate wealth.  When we met with a realtor about buying a house, she was shocked.  She had never had a debt-free client!

How did we get there?  By changing our financial behavior.  We made debt-free living a priority and at that time, nothing else was more important.

In Luke 16, Jesus tells the story of the shrewd manager who organized and executed a strategy for getting out of debt.  I’m sure when the manager was in trouble, he felt like he had hit rock bottom.  But he changed his financial behavior and got out of debt– and you can too!

This weekend read Luke 16, and pray for strength to change your financial behavior.

God bless,

DeForest B. Soaries, Jr.

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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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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 02/15/13)

Friday, February 15th, 2013

Dear Friend,

During the season of Lent, many of you enter a time of reflection, repentance, prayer, and sacrifice.  Today, I ask you to consider an additional type of sacrifice.

People often tell me they cannot afford to cut anything from their regular expenses.  Look closer. Try to identify items that zap money from your budget, often unnoticed. We buy these items and fail to notice the expense that adds up over time.  For example, one large latte, purchased twice weekly over the course of a year, could cost $250 or more!  I call these items, “spending leaks”.  I challenge you to sacrifice those items.

Read Matthew 25:14-28, then pray for wisdom concerning your financial matters, and the strength to plug your leaks.

God bless,

DeForest B. Soaries, Jr.

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