CHAPLAIN’S CORNER BY TODD RILEY, WEST COMMAND CHAPLAIN
Contentment is Good for Your Finances
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reetings! I trust and hope that you and yours are well. As I write this article, Thanksgiving is just around the corner and my thoughts have turned to the challenge of being content and thankful for what I have. A constant struggle in our society is being content. I personally struggle as well in this area. Granite countertops are very tempting to me, as are iPhones and Galaxy 3’s. Sometimes, I think I’d also like a bigger house, a new porch, bigger closets, a new bathroom, a fancier car and a newer computer. Being content, living within our means, and giving generously to others is not an easy thing, but it’s good for the soul; you might even characterize this as a battle. The Bible teaches us that we need to learn contentment and that we need to be good stewards of the resources that God has blessed us with. To help me, I carry a laminated prayer on my keychain that says, “Lord, help me to be grateful for what I have, to remember that I don’t need most of what I want, and that joy is found in simplicity and generosity.” This is a helpful reminder for me. I’d like to share a few principles with you that I’ve gleaned from my parents, the Bible, and from reading I’ve done on the subject of money. I just can’t help but think that as of September 2012, the average Canadian consumers nonmortgage debt load is around $26,000. If you add in mortgage debt, the total household debt is at record high levels. Fueling all of this are incredibly low interest rates, access to easy credit, and the whole problem of discontentment and materialism. Some finance principles to consider: 1. Try and save at least ten percent of . your income – we need something for the future. 2. Pay off your debt (mortgage debt, car debt, student debt, etc.). Learn to hate debt with a passion.
Rev. Todd Riley
3. If you are going to use a credit card, pay it off right away. 4. Write a will. It’s not a good thing to die without a will, especially if you have children, a spouse and assets of any kind. 5. Buy term life insurance. 6. If you have children, put money on a monthly basis into an RESP. 7. Take advantage of Tax Free Savings Accounts (TFSAs). 8. Go easy on eating out. 9. Shop the sales. Shop offseason. Write a list before going to the store. Hunt down the item and get out of there. 10. Save for a rainy day. 11. Have a car fund and then buy your car with cash. 12. Set up a vacation fund. 13. If you are married, work on your .. marriage – divorce is really expensive. 14. Beware of buy now, pay later schemes – if you are even one day late it can cost you big time. 15. Keep an eye on how much money . you spend on things like alcohol, cigarettes and gambling. If I could be so bold, I would say quit smoking and gambling and if you drink, do so in moderation. In the end, you’ll be healthier and wealthier. 16. Don’t buy too much house. In the . old days, the banks wouldn’t give out mortgages that exceeded four times a family’s income. 17. Remember, money is just a tool; it . can’t buy you happiness, health or
West Command Rev. Todd Riley 416-318-9167 tsriley@primus.ca even an extra day of life. Don’t make the pursuit of it your “be all and end all”; be content. A secret to contentment is living generously by giving your time and money to those in need. I know there are many in the TFS who give generously of their time and money to worthy causes. I have been encouraged by many of the articles in Fire Watch that have described the projects that many of you have been involved in. Being generous can be freeing from the burden of materialism. A current favourite book on the subject of money and managing it well is, “The Total Money Makeover,” by Dave Ramsey. Dave is a finance guy who has an afternoon radio show on 99.5 FM, that’s quite entertaining and informative. I also like David Chilton’s book, “The Wealthy Barber.” I want to thank you for your time in reading this. As I consider the things I am thankful for, it includes all of you who faithfully serve the people of the City of Toronto. It is a privilege to serve you. Stay safe. Thanks for your service.
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