#1: Video: Week #6 Homework Overview (10min)
Watch homework overview video: http://www.realmanschool.com/go/week6-hw
IMPORTANT NOTE: This week, we are exploring everyone’s favorite topic: money. In the homework below, you will be walked through basic financial practices. You will NOT be asked to share specific numbers about your bank accounts. However, these practices are foundational for stewardship. Also, we encourage you to always consider inviting wisdom and additional perspective into your finances.
#2: Bible Reading (25min)
#3: Scripture Memorization: Proverbs 22:7 & 1 Chronicles 29:11-12 (??min)
Memorize BOTH of the passages below. YES, the second passage is long. Surprise, this is on purpose! It would be easy to wait until the last minute and memorize the first passage, note quite true with the second. To take the pressure off, we WILL randomly call on people at the beginning of class to recite one of the two verses. Boom.
Just as the rich rule the poor, so the borrower is servant to the lender. Proverbs 22:7
11 Yours, O Lord, is the greatness, the power, the glory, the victory, and the majesty. Everything in the heavens and on earth is yours, O Lord, and this is your kingdom. We adore you as the one who is over all things.12 Wealth and honor come from you alone, for you rule over everything. Power and might are in your hand, and at your discretion people are made great and given strength. 1 Chronicles 29:11-12
TIP: Consider printing the verses out and keeping them in your pocket or on your car dashboard.
#4: List of Debts (30min)
Create a list of all your debts (e.g.: student loans, mortgage, car, each credit card, student debt, family debt, etc.), Annual Percentage Rates (APR) / Term (e.g.: 15 year loan), type, etc. SEE SAMPLE IN WORKBOOK or you may use Dave Ramsey’s FREE Online Debt List Builder
Free Resources & Tools: There are a few “methods” and approaches for paying off debt. Dave Ramsey, a Christian financial teacher and radio personality, suggests the “Debt Snowball Plan“. His website also offers a FREE online tool for building a list of your debts. Dave Ramsey is well known for a great class called Financial Peace University. Sandals Church offers this class regularly.
#5: Monthly Income + Expenses Worksheet (90min)
THIS MAY BE DIFFICULT, AWKWARD, CONFUSING, OR CHALLENGING… GIVE IT AN HONEST AND FOCUSED ATTEMPT! YOU CAN DO IT!!
FREE Financial Management Tool: Mint.com is a FREE service that allows you to easily and quickly manage, track, and steward your finances. You enter login information for your financial accounts, including savings / checking, investment accounts, student loans, car loans, mortgage, etc… Mint.com then securely downloads your transactions with bank-level online security. It then automatically organizes / categorizes everything (you can also manually categorize).
You can then see trends by month / category / type / account, set budgets and goals, receive email / text message notifications. It is EXTREMELY helpful (and free!!) and will save you HOURS of effort. You can signup and get started in less than 5 minutes. Watch an overview video!
The purpose of this assignment is for you spend time reviewing your debit / credit card / checking and other personal finance accounts so you can ultimately know and record where you spend your money each month.
This exercise might prove a bit challenging and time consuming. Given the nature of it, creating a time estimate is quite difficult. Ask for help if needed. Give this an earnest effort.
Some of the expense categories may not apply to you right now (perhaps they should OR they may later, both of which are different discussions). Ideally your numbers will be fairly exact, but estimate as needed. Some expenses may need to be averaged. For example, car registration fees are hefty and charged once per year, so divide the amount by 12 (months) and enter that as the monthly expense.
If you are willing, review this with someone who has experience managing a family budget.
#6: Video: World Poverty Statistics (2min)
The purpose of this short video is simple: after you invest time understanding where you choose to spend your money… consider your life in context of a global reality.
The non-profit that made the above video is pretty awesome. It was founded by a ex-Marine Force Recon platoon commander and Stanford MBA. Their focus is not charity, but impacting extreme poverty in rural areas by creating a reproducible, sustainable, scalable community model. Watch the story of Nuru International, you can also learn How Nuru Works. Visit: Nuru International’s website.
#7: Anonymous Response (20min)
Do you have fairly solid finances? Replacement Assignments
If you have solid finances, choose from the following assignments instead:
Sermon: Learn to Love: Love is Generous Matt Brown (50 min)
Review: Dave Ramsey’s “Baby Steps”
Review this website, determine your next steps. Use the tools provided. Make a plan. Share your plan with others.
Sermon: The Glory of God, the Lostness of Man, & the Gospel of Christ by David Platt