Faith, Family and Finances

By: James L. Marshall, Jr.

One you choose, one you are born into, and the other you earn (well most of us have to earn it).

We have to be aware of and manage all three!

First is Faith!

Faith is the assurance that the things revealed and promised in the Word are true, even though unseen, and gives the believer a conviction that he expects in faith, will come to pass. In other words:

“The substance of things hoped for, the evidence of things not seen.”

Hebrews 11:1

Throughout your wealth building journey you will come across obstacles that seem insurmountable; barriers that appear to be to high to climb.

● Job loss ● Loan denials ● Unexpected bills ● Health problems ● Etc These barriers will come when you are tired and discouraged. When your level of discouragement is high and your will is low. You may begin to look at what others have or appear to have, and wonder “what is wrong with me!”

● Why can’t I get out of debt? ● Why can’t I build up savings? ● When will I stop living pay check to pay check?

The Brookings Institute’s Hamilton Project found in their 2019 Survey of Consumer Finances; that the wealth gap between black and white households is staggering. Their research reveals that the median household net worth for black families is $24,100 verses $188,200 for white households.

To me this is “Same story different

day!”

I can understand how this type of report and all the media discussion about it can be overwhelming. And it is during this period of uncertainty that you can fall victim to schemes, cons and empty promises. Well at this time I suggest you just stand still

You can contact James L. Marshall, Jr. at www.marshallyourmoney.com

James L. Marshall, Jr.

for a minute and evaluate your situation.

What is really happening; what is the real problem that is hindering your progress at this moment. (This moment!)

● Is it unemployment or under employment? ● Is it cashflow management? Are you spending more than you are making ● Is your lack of savings leading to your increasing debt?

And what can you do right now to start change in your situation.

Well all these problems can be solved with discipline, structure and patience.

But at the end of the day; it all starts with Faith! Mustard seed kind of faith!

“If you have faith as a mustard seed, you will say to this mountain,’Move from here to there’, and it will move; and nothing will be impossible for you.”

Matthew 17:20

The foundation of all things is faith!

Second is Family!

No man is an island! And no one gets there alone!

The phrase “It takes a village” is certainly over used and under utilized!

Just remember that at the center of that village is a single family; however it is made up. And building sustainable, generational wealth should involve the entire family.

The leaders of the family are responsible for establishing the process; as well as developing and educating family members to take on various roles in managing and growing the families wealth. That means retaining professionals such as; financial advisors, CPA’s, attorney’s and even Therapists.

Every member has a role in the process of building family wealth.

● contributing ● managing ● protecting ● transferring

Every family member needs to see the big picture and take ownership in the long term wealth goals of the family.

Establishing a private family bank, owned by a family trust makes it perpetual. Funding it with monthly contributions

from family members and life insurance proceeds, makes it viable.

But if there is no emotional commitment, structure, documentation or comprehensive financial plan. The efforts will be in vain.

And finally there is Finance

No matter how hard it has been in the past, or how bleak it looks now. Just know that every problem has a solution! And the solution is based on commitment, cooperation, organization and action:

● Establish the families vision of wealth ● Assess the families combined income and expenses ● Identify what accounts or funds can be transferred from individual accounts to the family bank. (This should not cause financial hardship to the individuals) ● Setup the family trust and place the ownership of all savings, investment and insurance policies in the name of the trust. ● Layout the family foundations structure: such as executive director, secretary, treasurer, committee members, etc. ● Committees should meet at least quarterly; and the whole family should meet annually

So remember; a journey of a thousand miles begins with one step!

Start beginning Wealth today!

James L. Marshall, Jr.

Financial Advisor Financial Educator Author

Recipe by Chef Jima, Host of Haute Conversations & Cuisine www.hauteplatepantry.com

Umami Five Cheese Mac & Cheese

Servings: 4

Ingredients:

1 small Spanish onion, diced 3 cloves garlic, minced 6 oz Oyster Mushrooms, rough chopped 1 TB + 4 TB Haute Pantry Garlic Mushroom Olive Oil 2 tsp Haute Pantry Smoked Sea Salt 1 box of elbow macaroni ( if you want to be fancy use Cavatappi Pasta, it's spiral-shaped and I just love it) 4 cups of milk ( you can use half & half or heavy cream if that is your preference) 4 TB flour 5 oz + 1 oz smoked gouda, shredded 5 oz + 1 oz cheddar, shredded 5 oz + 1 oz smoked Gruyere, shredded 6 oz Parmigiano-Reggiano, shredded 6 oz mozzarella, shredded Ground white pepper 1 egg, whisked

Instructions:

Preheat the oven to 350 degrees. Heat 1 TB oil over medium heat in and medium nonstick pan. Add onions and cook until translucent. Add the mushrooms and garlic and saute for about 5 minutes, stirring often. Remove from heat and set aside.

Cook pasta al dente, per package instructions.

Let's make the sauce: Heat 4 TB of oil over medium heat in a saucepan. Add flour and whisk for about i minute. Add the milk and slowly bring to a simmer, whisking frequently. Once the sauce starts to thicken, remove it from heat and slowly add in the shredded cheeses. Season with sea salt and pepper to taste.

Combine the cooked noodles, mushrooms, egg, and sauce in a large bowl and pour into a casserole dish. Bake for 30 minutes. Top with the remaining cheese and bake until bubbling and brown on the top.