I mentioned that this is one of my weakest areas when it comes to finances because I try to live by this biblical principle
But, I know that we can’t stick our head in the sand forever, and that’s not what God wants us to do. He wants us to prepare for the future and take good care with the money that He has blessed us with. There is a story in the Bible in Matthew where a master gave money to three different slaves, and they all chose to handle it differently, and two were blessed because they made money from the money they were given, but the one who buried the money (aka coffee can), the master took the money back and gave it to the other two and fired him. (very loose paraphrase 🙂 – click on the link to read the story yourself – you’ll have to click to get off that first screen maybe where you can’t see it all, not sure what that’s about).
I want God to be pleased with how I took care of my loan, so we do our best to ‘plan’ for the future.
Maybe you’ve heard the expression “don’t put all your eggs in one basket”. Well, this makes a lot of sense when it comes to investing in your future. You don’t want to count on one source of income for retirement, or on one source of funding for your child’s college tuition. A lot of us are blessed with retirement packages through our jobs. Make sure that you are aware of how that works, and consider if that is enough to get by. Or maybe, you need to add to that. Some companies allow you to contribute over the amount that they are contributing – do that as you are able. The more money in the nest egg, the more money it makes. Consider investing on the side through an investment company for another source.
College funding is a whole separate stress for most of us parents. Let me first just give this disclaimer. If you are unable to save for your son or daughter’s college education, do not think less of yourself as a parent. My hubby and I, and I’m sure many of you, paid our way through college ourselves, with the assistance of aid, loans, and work. It can be done, it’s not the end of the world, and they will probably be better for it.
However, if you are able to bless your children with a free college education (that being free for them), then by all means, do it. Again, there are several different avenues for this. My suggestion here too, would be to find a financial adviser with an investment company that you trust to guide you in the best ways to do that. You can go to Dave’s sight here for some of his recommendations for people in your area.