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Christian teachings on wealth
Christian teachings on wealth
Christian teachings on wealth
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“Complete Guide to Money” by Dave Ramsey
Published by Lampo Press, The Lampo Group, Inc. Brentwood, Tennessee 37027
330 pages
Summary: The book “Complete Guide to Money” is written by a financial planning expert and a radio talk show Host Dave Ramsey. Mr. Ramsey also conducts “Financial Piece University”, where he teaches people how to be smart with their money. The book that I read is actually a textbook for one of the courses of the program that Dave teaches. The author introduces himself in the book as someone who was making good money at one point of his life and later lost it all because he made some foolish choices. A valuable life lesson that he learned that in order for “The money to work for you, you need to know how the money works”. Dave Ramsey received his degree in Personal Finances and got his life, as well as finances back in order to be able to teach others about managing money. The “Complete Guide to Money” discusses the Baby Steps of Savings, the importance of having a plan and sticking with it. It prepares the reader to manage finances in a family setting or as a single individual. Going over the income, expenses and the importance of the budget, makes it easy for the reader to understand how to create a budget (the actual template at the end of the book is also very valuable). The material also covers how to get rid of debt, the meaning of credit scores and functionality of the credit reports. It goes on to discuss different types of insurances, how to negotiate a good deal, and saving for the future. Each chapter has real life examples and quotes from the actual clients of the Financial Peace University, as well as their stories about how they got their finances in order by following the simple ...
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...e Ramsey and have recommended it to my friends and family. This book was my top choice because of my interest in Dave Ramsey’s radio talk show. Where Dave discusses common issues covered in the book, and have seen successful results by applying his advice to my life. After reading the book, I was able to see which areas of my finances are on the right track and discovered new elements that I need to take care of financially to make my money work even harder for my family and me.
One of my classmates posted in the discussion that they heard about the Financial Peace University and were interested in finding out what it was all about, therefore I would suggest that my classmates get hold of this book, read it, create a financial plan, stick to it, become debt free and have the “Peace that comes from the walk with the King of Peace, Christ Jesus” (Dave Ramsey).
In “The Real Truth about Money” (2005), Gregg Easterbrook discusses the effects of money on the people’s happiness. He presents his article with statistics of the generation immediately after the World War II and the current generation. He has experienced both generations as he has lived in both and is very familiar with the difference of people’s lives now and back then. Easterbrook is a highly reputed journalist, he is an authorized writer, editor, and professor. He worked with many professional magazines and newspapers; accordingly, he has enough knowledge to write about the people’s happiness in terms of money. Easterbrook has well convinced the readers with psychological facts from university researches and credible
In Dave Ramsey’s book titled The Total Money Makeover, he outlines seven baby steps to achieve financial freedom. They are as follows: first, build an emergency fund. Second, Pay off all debt except for your mortgage. Third, save enough to cover 3 to 6 months of living expenses. Fourth, invest for retirement. Firth, save for your children’s college fund. Sixth, pay off mortgage early. Finally the seventh step, build wealth and give. I am going to discuss the five steps that I thought were the most important.
In the “Gospel of wealth”, Andrew Carnegie argues that it is the duty of the wealthy entrepreneur who has amassed a great fortune during their lifetime, to give back to those less fortunate. Greed and selfishness may force some readers to see these arguments as preposterous; however, greed is a key ingredient in successful competition. It forces competitors to perform at a higher level than their peers in hopes of obtaining more money and individual wealth. A capitalist society that allows this wealth to accumulate in the hands of the few might be beneficial to the human race because it could promote competition between companies; it might ensure health care for everyone no matter their social standing, and parks and recreation could be built for the enjoyment of society.
...illionaire Next Door is insightful guide and story of how to reach your goals of becoming a millionaire. Through real life examples, these stories persuade us to walk the path of financial independence. American’s live lavishly and take vast amounts of debt; we have the illusion of these individuals possessing great wealth. The book says otherwise. The typical millionaire drives a used car, inexpensive items, and is frugal about saving. Throughout the book the main lessons were to be frugal, live well below you means, save violently, and to teach your kids how to be financially independent. If these principles are practiced in this book the possibility of someone becoming a millionaire is one step closer.
Financial Shenanigans was written by Howard Schilit. The main objective of the book is to show ways companies can alter their financial accounting reports to reflect a much attractive appearance of their company’s health and growth when indeed that company is running into severe trouble. There are different ways the company can accomplish this and the author gives us “Seven Shenanigans” that companies can change the investor’s point of view towards the performance of the company. Basically, he breaks up each chapter to the particular shenanigan and discusses different techniques for achieving each shenanigan. For example, the author used Priceline.com, Cendant/CUC, AOL, and Xerox to illustrate each shenanigan. Chapter 11 and 12 of the book discusses the analyzing of financial reports and how to use financial databases to discover warning signs. Then there is another chapter on finding shenanigans in the company’s annual 10K report and how to find hints for financial shenanigans.
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
Erika’s sweet sixteen is today, and her parents bought her a brand new car. She pulls into the school’s parking lot and flaunts about how her parents not only got her a car, but also a trip to Italy. People start to walk away, even some of her best friends. As the day goes on, her friends have not talked to her since morning. Fed up, Erika asks them what is wrong. Kristie, one of her friends, tells her how they cannot stand listening to her talk about her ostentatious gifts anymore. When Erika gets home from school, her mom asks her what is wrong. It is then she realizes what her friends were trying to say and tells her mother she does not want the car anymore. Her mother, astounded, asks why not and gets a reply of money cannot buy friends, nor can it buy happiness. According to “Does Money Buy Happiness,” by Don Peck and Ross Douthat, they disagree with the connection between money and happiness.
Making improvements on our financial literacy results in a wave of impacts on our economy and the financial health in our society because of responisble behiavior with our finances. These modifications to our behavior are neccesary because it let's us address primary cultural problems, for example over-credits on your purchases, mortgages possibly resulting in debt, dealing with expectations on inflation and also planning on your retirement.
In the book Rich Dad, Poor Dad the writers stresses the importance of financial literacy. Before reading this book, I will be honest and say I had no urgency to learn about money and how it operated. Personally, I figured this was something you learned as you receive wealth, not beforehand. After reading Rich Dad, Poor Dad and learning about the success he has had after learning about wealth, I would agree that by learning how money operates is key to obtaining it. This book did not change my mind about the subject, but it broaden my outlook on what it take to gain wealth and how to keep it not just for myself, but for my family also. The most important thing that I learned from this book is that with a little wiliness to learn and a little knowledge gained, one can achieve wealth. It is with these key ingredients of knowledge an everlasting
As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements). The debt will only continue to grow with neglect, so the most effective action to take would be eliminating the cost altogether.
The Importance of Work First, in Benjamin Franklin’s, “The Way to Wealth,” he shows how to step outside the expected custom, to share his unique perspective on wealth and spending. In his era it was common among the upper classes to flaunt their wealth through their purchases, and most of them lived extravagant lifestyles. People would even go into debt sometimes to uphold their standard of living. Franklin went against this tradition and encouraged saving and investing wisely. He tells his audience “laziness travels so slowly, that poverty soon overtakes him” (459 A).
Developing a thorough financial plan is a process that comprises a comprehensive analysis of a particular individual’s financial position and their long-term commitment to apply and observe the set financial plan through one’s life. The plan includes but not limited to, how an individual spends, saves monies and invests his or her financial assets. It encompasses knowing how to budget, manage cash and taxes, borrowing of funds, the use of credit cards, minimizing risk, investing and planning for retirement. Such a plan also requires a vigilant thought process for the future so he/she can tweak their financial plans as needed due to changes in lifestyle and economy.
Personal financial planning is important because it helps you prepare financially for the future. My first short-term financial goal is to have an 8-month emergency savings account. This class helped me understand the important steps needed to achieve my financial goals. “Successful financial planning requires specific goals combined with spending, saving, investing, and borrowing strategies based on your personal situation and various social and economic factors, especially inflation and interest rates” (Kapoor, Dlabay & Hughes, 2012). First I evaluated my spending habits. This allowed me to see where I was
Rich Dad, Poor Dad is a book that educates readers about financial literacy. Robert Kiyosaki, the author, has two dads – one rich and one poor, although the rich dad is not his, but his friend’s dad. Both dads have different views about earning money, and Robert had the choice of contrasting both views while growing up. His rich dad’s views were more powerful and useful to Robert. The author guides the reader through six main lessons his rich dad taught him on how to let money work for you, instead of working for money.