More Good $ense — March, 2007
The monthly e-publication from the Good $ense Ministry
In This Issue:Dear G$ Friends and Colleagues,
Someone in a recent seminar I did accused me of proposing anarchy. If everyone did what I suggested, they said, our whole capitalistic system would fail… our economy would be destroyed. I was flattered. Not because they called me an anarchist but that they ‘got it." They understood that the biblical principles espoused by G$ challenge the status quo… and fully implemented they would result in major disruption to prevailing systems and the economy. The teachings of Jesus were disruptive to the prevailing structures in his time and still are today.
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"But the fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness, gentleness and self-control." – Galatians 5:22-23a Read more...
News You Can Use Ministry and the Movies
Two new movies may be of interest to anyone involved in stewardship ministry. Maxed Out is a documentary that looks behind the scenes of the credit card industry. As reported on Yahoo Finance, the movie offers an eye-opening look at the targeting techniques of credit card issuers, the overly aggressive tactics of debt collectors, the powerful impact of credit card industry lobbying and more.
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Mortgage Industry Shakeout
As the foreclosure rate heads north and more sub-prime lenders go out of business, some are calling for regulations that would require mortgage companies to make sure their offerings are suitable for their clients. A recent issue of the Wall Street Journal said some lenders will approve mortgages that eat up 50 percent of a borrower's gross income for principal, interest, taxes, and insurance. One broker was quoted as saying that even in a high-cost market such as California, "for a regular guy in a regular job, 45% is the most they should be looking at."
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Down Payments on a Downward Trend
It seems that the 20 percent down payment has become a thing of the past. According to the National Association of Realtors, from mid-2005 to mid-2006 nearly half of all first-time homebuyers financed the entire purchase. Another 30 percent put down 10 percent or less, and 20 percent put down five percent or less. The median down payment among first-time buyers was just two percent. By comparison, the median down payment among repeat buyers was 16 percent, with most such buyers using proceeds from their previous home to help with the down payment. An article in the Chicago Tribune put part of the blame for the low down payments among first-timers on all of the aggressive financing deals being offered by mortgage companies.
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Financial Fasting
MSN personal finance columnist Liz Pulliam Weston recently encouraged readers to join her for a "buy nothing" month. And many actually took her up on the challenge, choosing to buy only what they deemed necessary for a full month. Some put clothing and restaurant meals on their "no buy" lists. Others limited grocery buying to necessities like milk and produce. In the process, several discovered benefits that went beyond saving money. One lost weight by bringing his lunch to work instead of opting for cafeteria or restaurant food. Another found an improved relationship with her spouse since they had to work together to eliminate unnecessary spending and that simply gave them more to talk about. Others found that many of their regular shopping trips were methods of combating boredom or stress and they found healthier habits like going for walks.
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Last month we took a closer look at how many people actually use a budget. We looked beyond the commonly reported finding that a little less than half of all households use a budget. The research behind that finding simply divides households into two camps: budgeters and non-budgeters. Wanting to delve deeper, I (Matt) commissioned my own study on the topic with Synovate, a leading market research firm. A survey conducted among a representative sample of 1,000 adults 18 or older not only identified budgeters and non-budgeters, but further segmented budgeters into those who use "a detailed written plan for income and expenses" and those who use "a general plan."
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In the Good $ense Budget Course, we introduce people to three different record-keeping systems: Paper and pencil, electronic (including budget software like Quicken or Microsoft Money and electronic spreadsheets), and the envelope system. But have you ever wondered how many people actually use the different systems? Research I commissioned recently with Synovate found out.
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Reading Matt's Spotlight column these last two months, The Truth About Budgets, points up the importance of having ongoing, consistent ministry activity.
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- GOOD $ENSE
SOLUTION SEMINARS for churches that wish to raise the bar of stewardship ministry will be held at 36 locations around the country April 17 through May 17. Check the website HERE for locations and times.
- DEBT REDUCTION WORKSHOP – Consider following up your Budget Course with the two hour Debt Reduction Workshop as additional help for those with serious debt problems.
- TRAIN-THE-TRAINER EVENTS for Budget Course Teachers or Counselor Trainers will be held at Willow Creek June 22-23 and November 16-17. Click HERE for Budget Course information or HERE for Counselor Training information.
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