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FEB. 9, 2024 • 3B
Dave Says...A lesson he’ll remember for the rest of his life
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BY DAVE RAMSEY, CEO, Ramsey Solutions, and an eight-time No. 1 national best-selling author, and host of The Ramsey Show
ear Dave, Our 21-year-old son is in college, and we’ve always warned him to stay away from credit cards. Despite our warnings, we recently learned he got a store-branded credit card. The good news is he has stayed under the credit limit. The bad news is he has never made any payments on the purchases he made, and now he owes about $3,800. He’s a good student, and my
husband and I want to look at this as a young person’s one-time mistake. Do you think we should pay off the card for him just this once? Melinda Dear Melinda, Believe me, I understand you wanting to help him out. It means you’ve got a good heart, and you love him. No parent likes seeing their child in a bad situation. There’s a reality here, though, I hope you won’t
overlook. It’s his debt, not yours. He knew what he was doing when he signed up for that credit card. He knew what it meant, what was expected, and he’s the one who should make good on the repayment. There’s nothing unfair about that. Now, you’re right. This is a typical young person’s mistake. And like a lot of mistakes our kids make, it’s one that’s bad and wonderful at the same time. It’s
bad because if he had just listened to you and his dad, he would’ve avoided the whole mess. It’s wonderful, though, because it gives you two the opportunity to provide him with a real world, teachable moment. At this point, my advice is for both of you to give him a great big hug, and lovingly explain where he went wrong and why it was a bad idea. If you want, you can even go a step further, and
help him find a part-time job if he doesn’t have one right now, so he can pay off his debt and get out of this mess. It’ll take some planning and discipline on his part, but leave the payments to him. Hopefully, by the time he finishes working his tail off—and scrimping and saving to pay this debt—he will have learned a lesson he’ll remember for the rest of his life. —Dave
Stock Market Insights: Preparing your church for a recession
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DR. RICHARD BAKER, AIF®, is the founder of and an executive wealth advisor at Fervent Wealth Management. https://www. facebook.com/Dr.RichardBaker [This week’s article is about preparing your organization for the next recession; I used a church in the article. BaptistPress. com originally published this article on January 30, 2024, at this link: https:// www.baptistpress.com/resource-library/bptoolbox/ preparing-your-church-fora-recession/ ]
his week, we’ll discuss how to prepare your church for a recession by first defining a recession in context of a religious organization, and identifying key steps. Next week, we’ll examine each of those steps. A recession is coming. That is because there is always a recession up ahead. The next recession, whenever that might be, will be the most anticipated in history because everyone thinks it should be here by now. As horrible as recessions may be, they are inevitable in any strong economy. What is a recession exactly? It is often defined as at least two consecutive quarters of declining Gross Domestic Product (all U.S. sales) following a time of growth. Janet Yellen, the current U.S. Secretary of the
Treasury, says a recession is when “people stop buying things.” The experts have no consensus on whether a recession will occur in 2024 or 2025. With this being an election year, it will not be surprising if the Federal Reserve and politicians do everything they can to push it past the November elections. Regardless of the exact timing, know a recession is coming, and another one will come a few years later because they come more frequently than you might think. Since 1950, the U.S. has averaged a recession once every 6.5 years. Those recessions lasted between two and 18 months, with the average recession lasting about ten months. Church leaders need to consider the
impact of a recession on their goals. The budgetary decisions made in 2024 will significantly impact 2025 planning. It’s the fourth quarter of the game; organizations must think through a recession’s financial outcome for their churches. It seems we might be overdue for a recession. Since they come so frequently, Christian organizations should be preparing in advance how to steward the resources God provides. Denominational consultants are an excellent resource for assistance when facing long-term financial decisions, future projections, and financial contingency plans. Church leaders must be aware of their church and community’s financial outlook. We want to raise pas-
tors’ and leaders’ awareness about their responsibility to understand the church’s financial situation, whether a recession is imminent or not. Secondly, we want to provide helpful tools for preparing for a recession. Key Steps 1. Evaluate your community 2. Know your Per Capita Giving 3. Project your budget 4. Consider your church reserves *** Richard Baker, AIF®, CEO and executive wealth advisor at Fervent Wealth Management in Springfield, MO, writes a weekly article in numerous papers and has authored “Biblical Retirement” and “How do I Retire?” He received his Doctor of Ministry from
Midwestern Baptist Theological Seminary in Kansas City, MO. Richard may be reached via email at richard@FerventWM.com. Kenneth Priest is a church consultant and founder of revivethischurch.com. He has authored/co-authored several books in church revitalization including “Rubicons of Revitalization” and “Groups that Revitalize.” He received his Doctor of Educational Ministry in church revitalization from Midwestern Baptist Theological Seminary in Kansas City, MO, where he serves as an adjunct professor for doctoral studies in church revitalization through their Global Campus. Kenneth may be reached via email at kenneth@revivethischurch.com.
Key terms every home buyer should learn
BY HEATHER TANKERSLEY, REALTOR®, provides services for residential, commercial, land and lake properties in the Branson Tri-Lakes area.
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ere are just a handful of terms to familiarize yourself with. Affordability A measure of whether someone earns enough to qualify for a loan on a typical home based on the most recent price, income, and mortgage rate data. When home prices and mortgage rates are higher, it can impact affordability. Appraisal A report highlighting the estimated value of the property completed by a qualified third party. Lenders rely on appraisals to validate a home’s value and ensure they’re not lending more than the home is worth. Closing Costs The fees required to complete the real estate trans-
action. Paid at closing. Ask your lender for a complete list of closing cost items, including points, taxes, title insurance, and more. Credit Score A number ranging from 300850 that’s based on an analysis of your credit history. This helps lenders determine the likelihood you’ll repay future debts. Down Payment Down payments are typically 3.5-20% of the purchase price of the home. Some 0% down programs are also available. Ask your lender for more information about what you may qualify for. Equity The value of your home above the total amount of liens against your home. Many homeowners are realizing they have more equity than they thought and they’re using it to move. Inspection Contingency
A provision in a contract requiring an inspection to be completed. This essential step gives you information on the home’s condition and potential repairs. Mortgage A loan using your home as collateral. It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price of the home minus your down payment. Mortgage Rate The interest rate you pay to borrow money when buying a home. As mortgage rates fluctuate, consult a lender so you know how it can impact your monthly mortgage payment. Pre-Approval Letter A letter from a lender that shows what they’re willing to lend you for your home
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loan. This, plus an understanding of your savings, can help you decide on your target price range. Bottom Line: Let’s connect so you have an expert on your side to explain the homebuying process every step of the way. Sources: FTC, First American Some Highlights Buying a home is a big deal and can feel especial-
ly complicated if you don’t know the terms used during the process. If you want to become a homeowner this year, it’s a good idea to learn these key housing terms and understand how they relate to the current housing market. That will help you feel confident when you buy a home. It’s Your Move! Getting you where you need, is my promise to you. Have you heard of
the Temporary Buydowns? Buyers have access to lower mortgage payments by reducing their rates. Call me today and I can introduce you to lenders that are helping buyers with home ownership. Heather Tankersley REALTOR®, ABR® Keller Williams TriLakes D: 417.332.5130 O:417.336.4999
