Data from Forbes:
Data from our survey revealed that 41% of respondents’ incomes covered their expenses with nothing left over, meaning they’re living paycheck to paycheck. Another 29% of respondents reported expenses that exceeded their income—leaving less than a third (30%) of respondents comfortably able to afford their lifestyle.
What does this tell us? On average, 70% of America is riding the struggle bus. The statistic above tells us that most of the people we know and maybe even some of us are one flat tire away from a panic attack.
The participants who listed that they are living paycheck to paycheck selected 1-3 of these choices as the reason why.
|
High monthly bills
(i.e. rent, mortgage, insurance, utilities, etc.)
|
49.43%
|
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Lack of budgeting and financial planning
|
46.40%
|
|
Low income
|
43.62%
|
|
Unexpected emergencies
|
35.27%
|
|
Increase in the cost of living
(i.e. rise in costs of groceries, transport, etc.)
|
31.67%
|
|
Social pressures
(i.e. spending unnecessarily)
|
27.50%
|
|
Medical expenses
(i.e. physical or mental health)
|
6.38%
|
|
Financially supporting family members
(excluding children)
|
6.06%
|
|
Debt
|
5.81%
|
Median Annual Income within a 5-minute walk of Lf Locations:
Yet the calculated cost of living is $50,000
So that means at this exact moment, we have brothers and sisters in this room and right outside of these doors, fighting a silent battle to pay rent, keep the lights on, or even put food on the table. That is one of the reasons that we are here today and that we have been in this finance series for the last 3 weeks. Not because God or the church needs your money, but because financial literacy in our community is low and God’s Word has something to say about that.
Survive
Definition of survive: continue to live or exist, especially in spite of danger or hardship.
If you want to SURVIVE when it comes to money:
1. Don’t Budget
The best way to let your money control you is by you not controlling it.
2. Don’t start a Savings Account
3. Live beyond your Boat
Thrive
Definition of thrive: prosper; flourish.
Jeremiah 17:7-8
7 “But blessed is the one who trusts in the Lord,
whose confidence is in him.
8 They will be like a tree planted by the water
that sends out its roots by the stream.
It does not fear when heat comes;
its leaves are always green.
It has no worries in a year of drought
and never fails to bear fruit.”
If you want to THRIVE when it comes to money:
Build your Budget
If you have a plan for your money, the only person that can mess it up is you. Give ever dollar a name.
Proverbs 21:5
5 The plans of the diligent lead to profit
as surely as haste leads to poverty.
Build a Savings Account
If there is one thing you can count on continually happening, problems.
Proverbs 30:24-25
24 “Four things on earth are small,
yet they are extremely wise:
25 Ants are creatures of little strength,
yet they store up their food in the summer;
Live within your Boat
If you are going to thrive in life, you can’t spend more money than you have.
Proverbs 13:7
7 One person pretends to be rich, yet has nothing;
another pretends to be poor, yet has great wealth.
Credit cards aren’t a form of magic money, you are going to have to pay that money back!
