Larry Burkett - Personal Finances

1991, 1998 by
M OODY B IBLE I NSTITUTE
OF C HICAGO

All rights reserved. No part of this book may be reproduced in any form without permission in writing from the publishers, except in the case of brief quotations embodied in critical articles or reviews

Compiled from material originally published by Christian Financial Concepts, Inc. Released by Moody Publishers in booklet format in 1991.

Scripture taken from the New American Standard Bibler, 1960, 1962, 1963, 1968, 1971, 1972, 1973, 1975, and 1977 by The Lockman Foundation. Used by permission. (www.Lockman.org)

ISBN-10: 0-8024-3738-9
ISBN-13: 978-0-8024-3738-9

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LARRY BURKETT was a well-known authority on business and personal finance, and wrote more than seventy books, including nonfiction best-sellers like The Family Financial Workbook, Debt-Free Living, and The Worlds Easiest Guide to Finances. His four radio programs were carried on more than 2,000 radio outlets worldwide. Larry founded Christian Financial Concepts in 1976, a ministry dedicated to teaching biblical principles of handling money. CFC merged with Crown Ministries in September 2000 to form Crown Financial Ministries, with Larry as chairman of the board of directors. Larry is survived by his wife, Judy, and their four grown children: Allen, Kimberly, Danny, and Todd and nine granchildren.

I t is important for a Christian to be able to recognize financial bondage, but it is equally important to know how to achieve freedom. Financial freedom manifests itself in every aspect of the Christians liferelief from worry and tension about overdue bills, a clear conscience before God and others, and the absolute assurance that God is in control of his or her finances.

That is not to say that a Christians finances will be totally void of difficulties. Often God allows consequences of earlier actions to reinforce a lesson. But no matter what the circumstances, God promises peace.

When God manages our finances, we have nothing to worry about. He is the master of the universe. It is His wisdom that we seek. Human beings are subject to making mistakes at any moment. But as soon as we admit our errors and let God take control again, we are back under His guidance.

Once a Christian truly experiences financial freedom, he or she will never desire to move outside of Gods will. Perfect peace is what is promised, and perfect peace is what God delivers.

I have never met a non-Christian who had true freedom from worry, anxiety, tension, harassment, or bitterness about money. Once an individual achieves financial freedom (meaning freedom from the bondage of debts, oppression, envy, covetousness, greed, and resentfulness), he or she stands out like a beacon at sea.

Often Christians argue about whether it is biblical to plan. Those who argue against it misunderstand what God says about finances. They argue that God expects us to rely on Him for everything instead of planning. Others create plans so inflexible that they can no longer respond to Gods leading. Clearly the answer lies somewhere in between.

God is an orderly provider. The physical world is not chaotic; it is orderly and well-planned. Atoms stay together because God so ordered them. Finances are just another aspect of the Christians life that God wants to manage. If we are stewards and God is the owner, we must seek His wisdom. Therefore we must go to Gods Word for our plans.

God calls each of us to be disciplined and to sacrifice to accomplish the kingdoms work. Discipline and sacrifice begin with finances, although it is possible to be financially disciplined and still not be an active part of Gods work. But it is impossible to be financially undisciplined and be active in Gods work. He who is faithful in a very little thing is faithful also in much; and he who is unrighteous in a very little thing is unrighteous also in much. If therefore you have not been faithful in the use of unrighteous mammon, who will entrust the true riches to you? (Luke 16:10-11).

Lack of self-discipline affects the spiritual life and manifests itself in inconsistent Bible study and prayer. Without exception, this creates a slackening of spiritual awareness. The place to start being a self-disciplined servant of the Lord is in the area of finances.

1. God wants us to be knowledgeable about the assets He has entrusted to us. Know well the condition of your flocks, and pay attention to your herds (Proverbs 27:23). For herds or flocks, substitute what you actually have.

2. We are to be an active part of Gods plan, exercising our minds and abilities. Commit your works to the Lord, and your plans will be established (Proverbs 16:3). We are required to plan and commit.

3. Plan with the future in mind. Which one of you, when he wants to build a tower, does not first sit down and calculate the cost, to see if he has enough to complete it? (Luke 14:28). That means we should anticipate the unforeseen.

4. Christians should know Gods provision for them and be content with it. But godliness actually is a means of great gain, when accompanied by contentment (1 Timothy 6:6). Accomplishing this requires both husband and wife working and planning together, literally being of one mind.

For those of you who have never, or rarely, developed a financial plan for your family, here are a few basic guidelines. First, if you are married your plan must involve both husband and wife. At least one full day should be set aside to pray and plan your finances for the year. Second, dont try to do your planning at home, where there are innumerable distractions. Find a quiet place where you will not be disturbed. Third, bring all the information youll need, including last years bank ledger, budget book, income tax return, checkbook, and so on. Fourth, use a simple but complete family budget guide to help get you started. There are numerous workbooks that give step-by-step instructions for developing a plan to stay out of debt or to get out of debt: The Financial Workbook, Money Before Marriage, The Family Budget Workbook, The Financial Guide for the Single Parent (or if you have young people in your family theres Money Management for College Students and Money Matters for Teens).

There should be only one bookkeeper in your home, and it should be the person with the best abilities in that area and the one with the most time available. Usually, the wife makes a better bookkeeper, simply because of her attention to detail and time available. However, any plan should be developed by both husband and wife, and they should set aside a specific time at least every other week to jointly discuss progress and problems. If the wife is the bookkeeper, it should not be because the husband refuses to accept his responsibilities to be a leader in the home.