http://www.oakbrookchurch.com/blog/ en karl@oakbrookchurch.com Copyright 2012 2012-04-05T14:46:39+00:00 http://www.oakbrookchurch.com//blog/entry/what_i_learned_at_the_county_fair http://www.oakbrookchurch.com/site/what_i_learned_at_the_county_fair/#When:13:46:39Z As a kid I was always amazed by the Midway at the County Fair.  Don’t really know why, but the chance to lay down a dime and to possibly carry home a large bottle of my favorite pop or a goldfish in a bowl was luring to me.  As I got older, the price for these games of chance had increased to a quarter and I was no longer after the bottle of pop or the gold fish in a bowl.  I was older now…I was after the after the big prize …The coveted stuffed animal!   The game vendors would lean out from under their tents and taunt me to come over and try my luck.  Some of the games were games of chance…ie…lay a quarter on the right color square or guess a number.  Others were games of “skill” where I would try to knock over milk bottles with a baseball or make three baskets in a row.  Whatever the game, the chance to win one of those stuffed animals (that probably cost the vendor 25 cents and me $15) for the girl I was dating at the time was a conquest I had to conquer…No matter the cost.  As I look back on it now, what seemed like a game of skill at the time was  more like legalized gambling with the odds stacked heavily against me.   I couldn’t help by think about those County Fair days recently after last weeks Mega Million Jackpot.  Let me preface these comments with the fact that I am not a lottery player.  I have yet to lay down that first dollar to purchase a ticket.  It is just a personal conviction based on being a good steward with the money God entrust to me and the fact that Proverbs 28:22 says, “Greedy people try to get rich quick but don’t realize they’re headed for poverty.”    Last week the lure of getting rich quick hit our nation.  $1.5 billion was paid out by Americans for the chance to win millions, and just like the Midway at the County Fair or the Blackjack table in Vegas the losers greatly outnumbered the winners.   The media made light of this buy showing what could have been purchased with the same $1.5 billion….ie…2.4 million shares of Apple Stock, 10 F22 Raptor Stealth Fighter Jets, finance making The Hunger Games 19 times over.  What saddened me though was when I read that this $1.5 billion could have fed 238,000 U.S. families or provided a week worth of unemployment benefits for 40% of our nations unemployed.  If these statistics saddened me I can only guess what they do to the heart of God.   As Christ-followers we have a responsibility to steward wisely what God gives to us financially. If you read this and you play the lottery…Play sensibly…Or consider putting those same dollars into something where “neither moth or rust or thieves can destroy.” And take to heart the words of Solomon in Proverbs 13:11, “Wealth from get rich schemes quickly disappears, wealth from hard work grows over time.”   Oakbrook’s Financial Ministry exist to help you be a good steward of the resources God has given to you.  If we can assist you with preparing a budget or answer any financial questions you might have, please contact me at karl@oakbrookchurch.com.      Dollars and Sense 2012-04-05T13:46:39+00:00 http://www.oakbrookchurch.com//blog/entry/credit_scores http://www.oakbrookchurch.com/site/credit_scores/#When:19:20:45Z Have you wondered why all the emphasis on knowing your credit score?  Why is your credit score so important?  Does your credit score really make that much of a difference?  Most importantly, what is a credit score anyway?   Simply put, your credit report is a file of information about your historical use of credit.  It aids the places that you try to borrow money from in determining how risky you are.  It impacts not only your ability to get credit but it helps determine how expensive credit will be.  Where your credit score use to only matter when borrowing money, your credit score has now broadened into areas such as determining insurance risk and costs.   Credit scores range from a low of 300 to a maximum of 850.  The higher the score the better and the lower cost for credit.  The average score in America is 723.  Only 1 in 9 have a score of 800 or better and only 1 in 100 have a perfect score of 850.  Although 850 is perfect, a credit score of 720 would obtain you about the same low interest rate.   The most important factor in determining your score is your payment history…Did you pay on time?  Since this accounts for 35% of your score, stay current with your bills.  This is by far the single best thing you can do to improve your credit score.  Get current and stay current!   30% of your score is based on the amount you owe.  The more your outstanding balance grows the more your score will be affected.  This is why it is so important that you do not take on any additional credit that you absolutely do not need.  Keep balances on each credit card below 30% of your credit limit (10% is even better).    The remaining factors that effect your score are length of time you’ve had credit (15%); any recent new credit (10%); and then the type of credit it is (10%)…Is it secured or unsecured.    Best rule of thumb…Don’t borrow any money you don’t absolutely have to have, and if you do borrow, don’t miss a payment.      Oakbrook’s Financial Ministry exist to help you be a good steward of the resources God has given to you.  If we can assist you with preparing a budget or answer any financial questions you might have, please contact me at karl@oakbrookchurch.com.        Dollars and Sense 2012-03-06T19:20:45+00:00 http://www.oakbrookchurch.com//blog/entry/dollars_and_sense_January_30 http://www.oakbrookchurch.com/site/dollars_and_sense_January_30/#When:15:39:58Z Hopefully you were here yesterday and heard Mark talk about "Give, Save & Live". I don't know about you, but finding that balance between being a responsible saver and an irresponsible hoarder can be difficult. It even creates some "healthy tension" in our home. Well, this tension has carried over into the financial world. Economist are now arguing about whether we as Americans should be saving more or spending more. Some economist are actually worried that Americans are saving too much now and that our lack of spending is bad for the economy. So, who's right? The economist who thinks its our duty to spend more for the good of the country or the economist who thinks that it is in our best interest to save more? It is my belief that we would all be better off if we would save more. Build up a strong savings and then purchase what we need and want from that. Save for a new computer and then purchase a new computer with savings. Save up for a vacation and then pay for that vacation with cash. Spending would still happen...It would just look different. We'd go from wanting something, getting it and then paying for it over the next several years plus a lot of interest to wanting something, saving for it, and then getting it. It's such a simple concept, but instead many of us have bought into the lie that we are "consumers" and consumers can't be inconvenienced by waiting or that delayed gratification is too much work. Besides, we can get that computer or vacation or TV with no money down and no interest for 12 months. The pull of our consumer culture is as strong as a riptide. But all is not lost if more of us would just take the time and effort to work out a cash flow plan (budget) for our home. There is no better tool for helping you to live within your means while being generous, and building savings while ditching debt. Let's put a stop to our country referring to us as "consumers". Consumer is a demeaning label. It means to squander and to spend wastefully. Lets get back to being looked at as "customers" instead. It's a little thing but I think it would do much to change the expectations of how we manage money. Who knows, it might lead to a day when having a healthy savings account instead of a bunch of stuff we can't afford is something we are actually applauded for. Oakbrook's Financial Ministry exist to help you be a good steward of the resources God has given to you. If we can assist you with preparing a budget or answer any financial questions you might have, please contact me at karl@oakbrookchurch.com.   Dollars and Sense 2012-01-30T15:39:58+00:00