Wednesday, September 16, 2009

Proverbs 31 - Week 12 (FINALLY!)

With one more week to finish this Bible study, I have certainly taken my time getting here - haven't I?

This week lesson is about Retirement Planning and is full of great information. Let's start with the opening verse: For God is not a God of disorder but of peace. I Corinthians 14:33

Some statistics to consider, from Rich Woman by Kim Kiyosaki:

  • 47 percent of women over 50 are single.
  • Approximately 7 out of 10 women will, at some time, live in poverty. For most of them, it will be during their retirement years.
  • 80 percent of widows now living in poverty were not poor before the death of their husband.
  • Women's retirement income (social security, pensions, 401(k)s) will be lessened because, on average, a woman is away from the work force 14.7 years as compared to 1.6 years for men.

Donna adds: "More than 50 percent of marriages end in divorce, after which, on average, a woman's standard of living drops 73 percent." WOW! All of these statistics are staggering. We must prepare our selves financially now in order to prevent these statistics from becoming us. Here are some tips Donna provides to help us do just that:

  • "For just 10 percent extra, you can pay off a 30-year mortgage seven years early." Write: "Additional Principal payment" on the extra, "do not assume your extra payments will automatically go against the principal....make it automatic"
  • Matthew 25:20-30 - the story of the master and talents - be a faithful steward of what God has entrusted you.
  • "God will never ask you to borrow money to help people. If God wants you to help them, He'll provide the funds. If He doesn't provide the funds, guess what? He doesn't want you to help them....If the person can't get a loan on his or her own, the lender has compelling reasons to belive the person will not repay the loan. If a bank has concluded that a person is not reliable, believe the bank. That person is not reliable. The Proverbs 31 woman extends her hand to the poor and needy, but she doesn't become poor and needy in the process. She doesn't eat the bread of idleness herself and she doesn't enable other people to do so."
  • "...photocopy your credit cards, debit cards, driver's license, Social Security card, insurance card, and any other important items you carry in your purse...Put the copies in the front of a locked fireproof filing cabinet ina folder labeled VITAL INFORMATION...Make sure someone knows where the filing cabinet key is and/or where the safe is kept and how to open it."
  • Your VITAL INFORMATION folder should also include: passport, will, power of attorney, insurance policies, deeds to property, social security summary, and investment overview. If you don't have this already, make getting it together a priority.

Good planning makes for a smooth and stress-free life.

One more week to finish this study. I'm still looking for your suggestions on what to cover next.

1 comment:

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