Hope for your financial life and beyond

Richness Breeds Arrogance But There Is a Cure

Hidden Nuggets Series #35 “Command those who are rich in this present age not to be haughty, nor to trust in uncertain riches but in the living God, who gives us richly all things to enjoy. Let them do good, that they may be rich in good works, read to give, willing to share…” I Timothy 6:17

Me

Pride goes before destruction

That wealth you are accumulating sure feels good, doesn’t it. Getting a little chesty over it? Feel like showing it off a just a wee little bit? C’mon admit it…we like to have others ooh-and-ah over our toys.

It’s nothing new…been going on since, oh the dawn of time. It was certainly an issue in the New Testament church. The rich were called out by the Apostle Paul to “not be haughty” over their wealth.

Why does wealth breed arrogance and show-offiness? What is it about dollars accumulating in our bank account that prompts us to look down on others who don’t possess as much? Where does this high and mighty attitude come from?

If I’m honest, it’s a spiritual issue rooted in my selfishness, my forgetfulness as to whose responsible for those riches and my ability to slip into confusion about what’s important in life.

Debunking One Myth About God

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3 Tips for Taking a Charitable Deduction on Your Taxes

The following is a guest post by Kim, otherwise known as Mrs. Luke1428. She is a CPA at Loggins, Kern & McCombs in Jonesboro, Georgia. The following is intended to be a general tax discussion and not tax advice. If you have questions about your specific situation, please consult a professional.

ID-10096025Feeling a little charity-minded? Here are some tips that may help you come tax time.

Do Not Give Simply For The Tax Benefit

I am making this the #1 tip because that is how strongly I feel about it. Giving should come from my heart and not because of any perceived benefit come tax time. It’s a spiritual issue for me based on teachings like this one from the Bible:

“So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver” – II Corinthians 9:7

Knowing how to deduct the charitable gift on your taxes is important to make sure it is done right, but the tax benefit should not be the motivation for the gift. Suppose you can’t decide whether to give to a charity or to a person in need, and maybe you feel led to give to the individual person. Even though you can’t deduct gifts to individuals, the right thing to do is to give how your heart is leading you despite losing the deduction.

Keep Good Records For Cash Gifts

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Giving to Charity in Secret…Because It’s Not About Me

Hidden Nuggets Series #29 – “Therefore, when you do a charitable deed, do not sound a trumpet before you as the hypocrites do in the synagogues and in the streets, that they may have glory before me. Assuredly, I say to you, they have their rewards. But when you do a charitable deed, do not let your left hand know what your right hand is doing, that your charitable deed may be in secret; and your Father who sees in secret will Himself reward you openly.” – Matthew 6:2-4

giving to charityJesus was calling out some pretty crusty characters in the Bible verses I quoted above. The “hypocrites” he mentioned were actually the religious teachers of the time known as the Pharisees. Even though they were the church leaders, they were actually very poor spiritual role models. On this occasion, Jesus was blasting them for their practice of giving to charity openly for all to see.

The Pharisees would give only to get noticed. They would make sure people were watching them at church when they put their offering in the collection box. They looked down on people who didn’t give as much. One could even find them on the street corners bragging about how much they had given, even though it was a small percentage compared to their overall wealth.

To an outsider, their giving to charity looked very religious and sacrificial. Jesus saw right through the motives and exposed their hypocrisy. In reality, he said their purpose in giving was to gain status, power and the favor of men. Needless to say, they didn’t like Jesus much for saying this.

Think this still applies to us today? I do. It’s not like human nature has changed. We battle against the same self-seeking motivations that characterized the Pharisees.

Giving to Charity Privately

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An Open Hand: The Most Powerful Money Visual Ever

Hidden Nuggets Series #20 – “…you shall not harden your heart nor shut your hand from your poor brother, but you shall open your hand wide to him and willingly lend him sufficient for his need…” – Deuteronomy 15:7-8

money in open handGiving is especially on my mind as we enter the holiday season.  I recently talked about why people give for the wrong reasons and how dangerous that can be. I followed that up on Wednesday by describing the five step giving plan my wife and I use to decide where our money goes.

What I’ve realized is that personal finance is all about making intentional and wise decisions with your money. Giving is no different.

Through it all, there has been one common theme related to giving – our attitude.

Several years ago I heard someone speak about our mental attitude in relation to how we view money. This person used a powerful visual that has stuck with me ever since. I’d like to share it with you today because it has revolutionized how I think about money and the opportunities I have to give.

The Open Hand Symbolism

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Attachment: The Giving Killer

Hidden Nuggets Series #4  – ”You shall not delay to offer the first of your ripe produce and your juices…” – Exodus 22:29

1993 JeterMy baseball cards are pretty special to me. My first ones were collected in the early 1980s as rewards after our Little League games. Our coach would give us each a dollar to use at the concession stand when we won. I always purchased a small Barq’s cream soda and two packs of baseball cards. The trip home from the ball field was spent shuffling through the cards to locate my favorite Cincinnati Reds players, all the while chomping on the stale gum from the card packs.

That began a favorite hobby of mine that has continued off and on to this day as I’ve amassed around 12,000 cards. If you came to my house though, you would never know it because for the last 10 years 98% of them have been boxed away in the basement, tucked neatly into baseball card pages and three-ring binders. The other 2% are in the fire safe box, also basically locked away from view.

Every so often, I think about selling the cards, thus ridding myself of the torture of always moving the boxes when they are in the way. Something holds me back though.

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Would it Make You Sad to Give Away Your Possessions?

BMW

It’s a tough question to answer, isn’t it? My mind immediately goes to the question “How much stuff am I being asked to give away?” I could easily part with many things in my house and not feel any pain.

But what if I was being asked to give away the entire house? Or my cars? Or sell all my investments and give the proceeds away? Oy, that’s enough…I’m starting to get woozy.

I can think of only one instance where this might occur…

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Ways We Lie About Money

Have you ever told a little white lie about money? What might a “money-lie” look like? Here are some examples I could think of:

*Exaggerating your net worth or monthly income on a blog post.

Woman Quiet

Photo courtesy of FreeDigitalPhotos.net

*Saying you got a better deal on an item than you really did.

*Telling someone who asked for money that you didn’t have any with you to give (ashamed to say I’m guilty here).

*Pretending you gave more to a cause than you actually did.

*Hiding or covering up your spending habits. (Guilty here as well and as you can read about here).

*Failing to report income earned in cash on your tax forms.

Why are we so apt to distort the truth? I think the core of the issue revolves around three main principles:

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“Give It Away Now” – Saving to Give

Chili PeppersI’ve been on a series of articles lately about the reasons we need to focus on saving money. I’ve dealt with everything from saving for emergencies, to saving for purchases, to saving for the children’s college and our own personal retirement.

I’m concluding this series today by proposing something that may seem radical. When I tell you this final reason why I believe we should save money, it’s going to seem contradictory and you may think I’m crazy. But I think the continual practice of this does more to enhance our lives than all the millions of dollars we could possibly accumulate.

To quote Anthony Kiedis of the Red Hot Chili Peppers, we need to save money so that we can “Give it away now.”

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Giving: Like Never Before

Give to charity - FDP CreditHave you ever taken a moment to evaluate and reflect on how you organize your monthly budget? What line items find their way to the top of the column? Mortgage…food…car loan…clothing…pet food…Netflix subscription? What tends to get left over and pushed to the bottom?

I believe our budgets give us an indication of what we value most in life. We put the have-to-happen items at the top and the things-you-could-do-without-if-you-had-to items at the bottom. Makes sense. I mean, after all, we have to prioritize.

Everyone’s priorities are different and there is nothing wrong with that because our individual situations are unique. However, there is one priority we could probably give more attention to, and in 2013, I want to make it a goal. I want to give like never before.

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Forget Me Not

“For the needy shall not always be forgotten; the expectation of the poor shall not perish forever.” – Psalm 9:18

It has been a horrific week in the northeast. In case you missed it, Hurricane Sandy ripped through New Jersey and New York, devastating the region. Many lives have not returned to normal as they are still lacking some basic necessities of life like food and shelter. Other lives will never return to normal as they have lost loved ones to this epic storm.

With power still not restored in some places and gas in short supply, the coming days will still present a high degree of challenge for those who are assisting in the relief efforts. But this week might prove to be even tougher for the affected residents of the east coast for an entirely different set of reasons.

America is moving on to a different news cycle.

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A Giving Spirit Is the Path to Friendship

I love the book of Proverbs. One reason is because Solomon filled it with so many one-liners. (I read a post once on Jon Acuff’s Stuff Christians Like blog how he describes Proverbs as the original Twitter. That’s pretty cool.) Most of the one-liners are fairly easy to digest and interpret…pretty straightforward. But once in a while, you are not exactly sure what he is trying to say. Or maybe he is trying to say multiple things in one tweet. I think that may have been the case in Proverbs 19:6 when he says,

“Many entreat the favor of the nobility, and every man is a friend to one who gives gifts.”

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