At the end of the day, each of us hopes to have a gain for our endeavors.  “Resources or advantage acquired or increased” is how Webster’s defines gain.   A gain is simply what we have left over after we have expended ourselves.

Businesses will cease to operate if there are not any gains.  Each employee hired by an organization is intended to improve profitability – to bring more gains to the organization.  Businesses speak of quarterly gains and losses.  Gain is often referred to as the bottom line.  At times it seems as though nothing else matters beyond gains.

Identify What True Gain Is

However, there is story after story of individuals whose financial sheets show gains, yet internally they feel nothing but loss. I believe it is Steven Covey who says that too many people are climbing the ladder of success only to find that it is leaning against the wrong wall.  This reveals an inability to identify true gain.

In his book, First Things First, Steven Covey speaks of the importance of having a life compass.  Don’t be so concerned about your odometer – how fast you are operating.  However, give due attention to your compass – the direction you are traveling.  It is better to head in the right direction at 1 mph than 100 in the wrong direction.

What the Bible says about “gain”

Paul uses business and accounting terminology when he writes:

What is more, I consider everything a loss compared to the surpassing greatness of knowing Christ Jesus my Lord, for whose sake I have lost all things. I consider them rubbish, that I may gain Christ (Philippians 3:8 NIV)

This is a moment when Paul was reviewing the ledger sheet of life.  Originally he had a long list of gains, but eventually decided to call those losses.  What he gained was rubbish.  The only true gain in life is knowing Jesus Christ.

Jesus himself asks the challenging question:

What good will it be for a man if he gains the whole world, yet forfeits his soul? Or what can a man give in exchange for his soul? (Matthew 16:26 NIV)

Our society will attempt to dictate and define what should be in the gain category and what should be in the loss category, but our goal as Christians is to keep gaining the right things.

Some items to be “gained” and “lost”:

Money        Family        Peace        Legacy Influence        Integrity        Time       Faith      Relationships

The reality is that, at times, a gain in one category means a loss in another.  Consider the relationship between time and money.  Typically the more time you give (loss of time) the more money you get (gain of money).  However, we must all evaluate if the loss of time is worth the gain of money.  As a result, we must broaden our descriptions of loss and gain beyond the simplistic and narrow categories of money.

As I write this post I am sitting in my daughter’s room with her sitting on my lap.  She asked if daddy would work in her bedroom while she played.  What I lost was time, efficiency, and a lot of concentration.  What I gained, however, was perspective and a meaningful encounter with my daughter.

How to be sure you are investing in “gains” and ignoring “rubbish”:

1. Slow down long enough to evaluate the truly important things in life.  Using the compass illustration, ask if you are moving in the right direction.
2. Establish your gains from an eternal perspective. This world and all its contents will pass away.  There are some gains, however, that will last forever.
3. Confidently declare rubbish the vain things the world calls gains.  Do not succumb to the pressure to get confused about your true priorities.
4. Passionately pursue that which leads to lasting gain.
5. Frequently reconsider you position in life – am I gaining the world or gaining Christ?

How do you keep yourself pointed towards the true eternal gains of life?

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Business and Bible Terms: “Gain”

The dollar is a currency.  Each and every country of the world has an accepted currency.  A currency has no value in and of itself.  It only has value as a group if people (1) recognize, and (2) accept its value.  For example, I might have $1,000 U.S.  But when I am in Papua New Guinea that money is of little value to the local people because it is not accepted in stores.  Because the US dollar cannot be exchanged for food products there, it is of no value.  It only becomes valuable when exchanged into the local currency, the PNG Kina (used in Papua New Guinea).

That is a roundabout way to introduce the fact that in life we have access to many currencies.  A currency is anything we have that can be exchanged in order to receive something.  A company will set a price for products they wish to sell.  When purchasing an item the customer wants to know the cost because they are aware of the fact that they must give something in exchange for the item in question.

Budgeting Implications

When we budget we tend to have tunnel vision.  We think of cost only in terms of dollars.  We do not account for all the other currencies.  But, things we get have other costs too – convenience, time, anxiety, and worry.  I could buy a pair of scissors to cut my grass, but the convenience and time exchange would not make the product worth my few dollars.  Instead, it might be better to spend more money and get a convenience and time saver.

Ethical Implications

Sure, I might be able to make a little extra money this year by lying to you about my product.  What that transaction costs me was the currency of integrity.  There should not be circumstances where your beliefs are exchanged to get something.  You integrity should always remain intact when you want to get something.  Always choose to pay the currency of money over and above the currency of integrity.

Spiritual Implications

The NIV subtitle above Luke 14:25 says “The Cost of Following Jesus”.  So if I want to follow Jesus I just need to find out how much he charges?  Would 10 silver coins be sufficient?  Immediately, it becomes obvious when Jesus is speaking of cost that he is referring to a currency other than money.

“Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? (Luke 14:28 NIV)

What does it cost to follow Jesus?

There may be a relational cost – family, friends, people you work with.

There may be a thinking cost – what you think is best, what you can do, how you think about others.

There may be a commitment cost – to family, church, job, plans, others.

There may be an action cost – how you pray, give, serve.

There may be a belief cost – what you believe about God, his purposes, his ways, your relationship to him.

What are some of the ‘currencies’ in your life that you will not sell for money?  What currencies do you value more than you value money?

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Business and Bible Terms: “Cost”

Psychologists tell us that the word “free” sets off a mental trigger.  Endorphins are released when you see the word ‘free’.  Yet, ‘free’ also makes us immediately skeptical.  People say ‘free’ is never free.  Free means that you have the opportunity to receive something without cost.  The reality is that nothing is free!  The only question is – who assumes the cost? Nothing is free until someone has first paid for the item.

Reasons to Beware of “Free”

“Free” is often a marketing word.  Researchers tell us people would rather buy one and get one free than buy two for 50% off.  Any word that becomes a marketing resource is a word that should cause us to pause.  When something free is being offered always stop and ask the question – why would they be offering that product to me for free?

Free might simply mean there is not a dollar requirement, but there might still be a cost.  ‘Free’ can be a terribly inconvenient thing at times.  Free can also be extremely time consuming.  When someone offers you a free product, ask yourself if a cost is involved other than price.

Reflecting on my own experience with’ free’ I think many of us have a fear of free – and rightfully so.  This month (until August 30th, 2009) I have been offering a free eBook to new and existing subscribers on my site (www.moneyhelpforchristians.com).  I offered that book to my readers ‘free’ in that there was no financial cost to the book.  However, in this case there is a requirement – a subscription to Money Help For Christians.  Furthermore, free to my readers did not necessarily mean free to me – the one who provided the eBook.  When I offered the book free I did not ask readers to cover that cost; I carried it.  This concerned people.  Many were looking for the catch.  In the case of my eBook I was hoping to increase my readership, and so in exchange I was willing to offer a free incentive.  Since my motivation to offer the product free was known, you could proceed with confidence.  Once you determine why someone would offer the product for free, you can evaluate its worth. If, however, you cannot figure out why it would be offered free, it is quite possible something else is happening that you are unaware of.  Avoid unexplainable offers of free.

Free – Consumer Implications:

As a consumer you need to remember that nothing is free!  When something is offered ‘free’ it simply means the provider is assuming the cost.  Typically, there is a valid reason for this. When you get a better deal, you spend more. Just because something is ‘free’ does not mean it is better or even cheaper for you.  Many organizations offer a free month or two for a subscription based product because they know most people will be too lazy to cancel their subscription after those free months.  Remember, free is a marketing word.

Free – Ethical Implications:

While remembering that nothing is truly free, we should recognize that anything you take for free is coming out of someone else’s pocket. Consider the the following example.  You check out of the store and when you are unloading the groceries you realize that you unintentionally didn’t pay for an item.  At this moment that item is ‘free’ to you, but the store has now assumed that cost.  This is why it is important to pay for the product as you now have the product.  Theft is a means by which some people get items free.  However, a price has been paid – honesty, trustworthiness, and integrity were all sacrificed.  As a result, the cost is assumed by the store owner instead of the customer.  How about another seemingly silly example?  When you eat at a fast food place and you load up your bag with 50 ketchup packets so you can use them at home for ‘free’, you need to remember that all you are doing is transferring the ketchup bill from yourself to the restaurant.  The ketchup is not really free - you just didn’t pay for it.  In this case you essentially determined it would be more appropriate for another to pay for the item so you could have it for free. We should only accept free products when they are offered.

Free – Christian Implications:

and are justified freely by his grace through the redemption that came by Christ Jesus. (Romans 3:24 NIV)

As I read the Christian story I notice and embrace the importance of our freedom from the unrelenting forces of evil.  On the one hand, the grace offered to us is free – we pay no price for our salvation.  However, ultimately one cannot speak of forgiveness as a free product since a terribly substantial price was paid for forgiveness.  The beauty of forgiveness is not that it comes without a price, but that the price was not passed along to us.  God assumed the cost. Though not ultimately liable nor responsible for the price, Jesus assumes it and pays it.

I, for one, am extremely thankful for God’s free gift of his son – Jesus Christ.

What good or bad experiences have you had with “free”?

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Business And Bible Terms: “Free”

“He who is kind to the poor lends to the Lord, and he will reward him for what he has done”.  Proverbs 19:17

“He who gives to the poor will lack nothing, but he who closes his eyes to them receives many curses”.  Proverbs 28:27

“Speak up for those who cannot speak for themselves, for the rights of all who are destitute. Speak up and judge fairly; defend the rights of the poor and needy.” Proverbs 31:8-9

Many of us would like to help the poor.  Christians are frequently called to help the poor.  However, our difficulty is in answering the ‘what’ question – what is the best way for me to help the poor?
Many times we think that generosity is the key to helping people.  However, I believe that generosity coupled with discernment is essential.  This post is a guide to those who are generous and want to be sure that their ‘helping’ is helping.

Here are ten things to keep in mind when you’re involved in a helping ministry:

1. Helping is about what is best, not what is easiest. There are occasions where giving something is the easiest action.  Unfortunately, many of those quick solutions have devastating long-term effects.  Force yourself to do what is right, not just what is easy.
2. Helping requires creativity, time, and energy. Often situations need to change before money will be of any value.  That change only happens with a huge investment of resources other than money.
3. Helping involves a lifelong commitment to reconsidering alternative efforts. No matter how good your intentions are (or how rich you are) you cannot solve someone’s poverty issues in a moment.
4. Helping demands prayerful dependence on the wisdom of God. Any of you who are directly involved in a benevolence ministry know that there are so many roadblocks and challenges along the way.  Often times you are divided in your heart about which way is right.  James 1:5 encourages us to ask God to give us the necessary wisdom.
5. Helping means moving beyond ourselves and our cultural upbringing. Ron Sider, who is a strong advocate for the inner city poor, has taught me (through his books) to ask the question, “how does/will this impact the poor?”  We should ask that question when discussing our family habits, our church programs, and our government policies.
6. Helping always follows a change of heart and attitude. Many middle-class people have assumptions about the poor.  There is a strong feeling that the rich are rich because of effort and the poor are poor because of laziness – no exceptions.  When our hearts are hard towards the poor, our actions will also be equally cold.
7. Helping requires you to learn a story. Your assumptions about the world’s poor cannot be eradicated until you first listen to ‘their’ story.  ‘Their’ story is not one unified story, but a combined story of many individuals.  Sit with the poor, ask, and then listen.
8. Helping is an embodiment of the ministry of Jesus Christ. God has a heart for all people.  The poor are no exception.  How we minister to the poor is a sermon we preach.  For our sakes Jesus became poor.
9. Helping offers a voice to and speaks for the poor. One of the tragedies of poverty is the lack of voice.  No one listens.  Often, the poor have no voice.  No one is willing to speak of the desires, dreams, frustrations, and concerns of the poor.
10. Helping is about you, not me. Helping does bring a rewarding feeling, but we need to help because of the needs of another, not our own insecurity or need.  When helping is about ‘you’ I am more likely to be able to reach out to you and your need.

Your first step:

Many of these ten items point to the necessity of being in the midst of the poor.  There are many church and other non-profit organizations that have ministries to the poor.  If you are not currently involved, you could volunteer.  Through your involvement you will come to know the situations and challenges of the poor.  In your conversations you will change, and your views might also change.  Your money will be of better use to the poor when you better understand the situation of the poor.

What else do you think we need to keep in mind when it comes to helping?

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Ten Ways To Be Sure Helping Is Helping

For which of you, intending to build a tower, does not sit down first and count the cost, whether he may have enough to finish it; lest perhaps, after he has laid the foundation and is not able to finish, all those seeing begin to mock him, saying, This man began to build and was not able to finish. Luke 14:28-30

Earlier this week I wrote a post about how important it is to plan ahead, to save for the things you need to buy, and how much more satisfaction you’ll get when you do that. Today’s verse speaks to the importance of counting the costs of the things we buy, and planning ahead for those costs.

The verse says, “which of you intending to build a tower, does not sit down first and count the cost..”.   We could easily change that verse to apply to today saying something like, “which of you, intending to buy a car, does not sit down first and count the cost”?

So many people just approach their finances passively, allowing things to happen to them.  Instead of planning ahead, saving up for a car and being ready when the time comes to buy a new one, instead they drive their old car until it completely dies, and then when the time comes they buy an expensive brand new car (more than they can afford), financed at a high rate of interest.    They didn’t count the cost, and now they’ll paythe price.

B e active with your finances, count the costs, plan ahead, and you’ll be much better off when the time comes to buy the things you need.

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Personal Finance Bible Verse Of The Day: Count The Cost And Plan Ahead

Let each one do just as he has resolved in his heart, not grudgingly or under compulsion, for God loves a cheerful giver. 2 Corinthians 9:7

This verse in 2 Corinthians tells us that God loves a cheerful giver. God wants us to give to our church, and to others freely so that we might experience the true joy of giving, and sharing with those around us.

I truly believe that not only does God love a cheerful giver, but that the act of giving will also make you more cheerful! When you give you experience the true joy of knowing you’ve made a positive impact on someone’s life, and you acknowledge that there is something more important out there than money or material things. Hording everything you earn won’t make you happy. True happiness comes through knowing Jesus Christ, and through living more like him – in an unselfish, caring and loving manner.

So next time you’re thinking about whether or not you should give, remember. Giving makes you happier, and makes you a more un-selfish and caring person. Food for thought.

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Personal Finance Bible Verse Of The Day: God Loves A Cheerful Giver

It is better that you should not vow than that you should vow and not pay – Ecclesiastes 5:5

In this day and age it seems to have become more and more common for people to live above their means, and to use credit and debt to increase their lifestyle. Instead of saving up for things and paying cash, they buy today and pay the consequences tomorrow. In fact, many people buy things knowing full well that they won’t be able to pay, or that they will most likely will default.

This verse speaks to me about the importance of living up to your obligations. Whether it is continuing to pay the mortgage on a house that you’re underwater in (because you signed that contract saying you would pay), or paying off the credit card debt you racked up on your last vacation, it is important to live up to the promises that you’ve made to others.

Have the integrity to follow through on what you’ve said you would do. If you know you aren’t able to afford something, it is better that you never take out the loan in the first place. Don’t fall vicitim to the mentality that it’s ok to wrack up debt, and then not pay.

Are there times that you wished you had heeded this advice, and not have taken out a loan you shouldn’t have? What did you learn from that experience? Tell us about it in the comments!

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Personal Finance Bible Verse Of The Day: Not Paying Your Debts

This weekend was an extremely beautiful one here in the Twin Cities area.  We had temps in the 80s, blue skies and a slight breeze. Perfect weather in my opinion!

I was able to get out and take some photos with my new Canon EOS Rebel T1i down at one of the popular lakes in our area, and I got some great shots of the bumblebees as they hopped from plant to plant partaking in their sweet flowery goodness!

In related insect news, I also discovered some wasp nests on the side of our garage this weekend. Luckily the nests weren’t very far along and i was able to dismantle them before all the wasps had moved in.  Before I did though, I got a couple of pictures of those as well.  Don’t these bugs just look scary up close?

Thankfully I wasn’t stung when I took down the nests.  The last time I was stung by a wasp it stung me right on the eyelid, causing my eye to balloon up. I couldn’t see for several days out of that eye!

2nd Quarter Estimated Taxes Are Due Today!

If you’re self employed, or have self employment income, don’t forget that your second quarter estimated tax payment is due today!  For more details about how estimated tax payments work, check out my article on the topic:  Estimated Tax Payments

Carnivals

I was included in several carnivals this past week, and was honored to be chosen as the editor’s pick in several of them.

• Carnival of Personal Finance (Editor’s pick for my article Watch TV Without Paying An Arm And A Leg For Cable TV)
• Best of Money Carnival – Rolling Stones Edition! (One of the top 10 PF articles this week for my post keeping on a budget even when things are going well)
• Carnival of Debt Reduction (Editor’s pick for my article Don’t Let Your Emotions Cloud Your Good Judgement. Set Goals And Delay Gratification)
• Carnival of Pecuniary Delights (Editor’s pick for my article A Bad Plan Is Better Than No Plan At All)
• Festival of Frugality: Revenge Of The Fallen Transformers Edition (Editor’s pick for my article 7 Common Questions About The 2009 New Car Sales Tax Deduction)
• Carnival of Top PF Posts
• Money Hacks Carnival

Good Reading For This Week

Lots of good personal finance reads for the coming week. Here are a few of them.

• 107 Things That Make Good Financial Cents (My pick for the best PF post of the week. Must read!)
• Retired at 31!
• Taking a Closer Look at Making Home Affordable Program
• Toughness Is A Virtue
• Use The First Time Home Buyer Tax Credit Now!
• House Passes Bill to Give You Money For Your Gas Guzzler
• How We Vacation (This one makes me a tad jealous!)
• Keeping Up With The Cheapskates!?
• 5 Ways To Save Money Now!
• Turning Garage Sale Junk Into Ebay Gold
• 10 Excuses That Keep You In Credit Card Debt
• The Curse Of Lottery Winners
• What Is Your Debt Philosophy?

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Uh Oh. We’ve Got Wasps: Links And Post Roundup

I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive.’ Acts 20:35

Giving of ourselves, our time and our money is a great way to change the lives of others, and for us to change our own lives and to become more unselfish people.

Have you ever been excited to give something to someone?   Did you realize through that experience just how good it feels to give?

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Personal Finance Bible Verse Of The Day: More Blessed To Give

The wise have wealth and luxury, but fools spend whatever they get. Proverbs 21:20

The verse is short and sweet – but gets right to the heart of the matter. Those who are wise with their money, plan ahead and save for a rainy day will have wealth and luxury. Those who are foolish spend everything they earn for the pleasures of today, and end up not prospering in the end.

Which one are you?

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Personal Finance Bible Verse Of The Day: Fools Spend