In continuation from last week message ” The way to wealth” , this week we shall examine the topic “Managing and growing our finances “.

There is no magic to financial empowerment. We should realise that God is not a magician and has set us up with support structures that are designed to attract wealth to us. Oftentimes people run after money instead of using God’s gifts, talents and ideas given to them to attract wealth.

To manage and grow our finances, there are 12 important factors that we need to put into consideration. To put into perspective, successful people uses these factors in an iterative manner thereby forming a financial cycle for managing and growing wealth.
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1. Source of income
2. Budgeting
3. Savings
4. Consumer debt and borrowing
5. Tax laws
6. Reserve emergency funds
7. Retirement planning
8. Financial planning
9. Estate planning and taxation
10. Assets protection
11. Balance sheet
12. Financial risk management

Sources of Income.
It is important that we consider multiple streams of income. Consider if your current activity is rewarding and bring more than you spend, else consider receiving education that will enhance the utilisation of skills and ideas.

Budgeting
To achieve success in our personal budgeting, the 70/30 rule is an important tool for the actualisation of our goals. The rule states that not more than 70% of our total income should be expend on necessities while 10% on tithing, 10% on savings and 10% on investments. Budgeting helps us set financial goals. Avoid impulse buying and limit credits. Balance income and expenses to achieve goals.

Savings
As part of the above rule, endeavour to save 10% of your income. Cultivate saving habits

Consumer debt and borrowing
There are good debts and bad debts. Avoid debts that includes huge Apr interests. Avoid pay day loan debts and do not borrow buy necessities. Good debts includes debt on mortgage, to start a business. Message by Mrs Helyn Nosa.