SECURE 2.0 makes it easier to save for retirement, easier to preserve savings in retirement, and easier for businesses to provide retirement benefits. While there was normal debate about individual provisions, SECURE and SECURE 2.0 were both jointly sponsored by Democrats and Republicans and had broad bipartisan support. Here are highlights of some of the…

Now that a savings plan has been established for long-term goals, the next phase of the hierarchy is “surplus.” This phase includes experienced, active risk taking and major charitable giving. When entering this phase, it’s important to revisit the concept of the “financial finish line.” We want to revisit the question of “How much is…

The next foundational step is “secure.” This step comes after households have started saving for major, short-term purchases and worked this amount into their monthly cash flow plan. Once this has been achieved, it’s time to start attacking long-term goals. These are big-ticket items such as retirement, college, or major lifestyle changes down the road.…

After establishing an emergency fund and implementing the proper insurance policies, the “stable” step comes along. Households begin to feel more comfortable because they have liquidity in the bank, proper insurance in place to protect against calamity, and don’t feel slave to consumer debt any longer. Just as importantly, there is a feeling of confidence…

The next foundational step is “surviving.” As a reminder, this step comes after all short-term, high-interest debt has been eliminated and a spending plan has been established. Now that there is more cash flow available (because some debt payments have been eliminated), households have the opportunity to add on to the foundation. The “surviving” stage…

Over the next several weeks, we are going to go through the basic steps of what building a solid foundation looks like. The Kingdom Advisors organization likes to refer to this as the “sequential investing hierarchy.” These terms refer not only to what a household’s situation looks like financially, but it also pertains to how…

St. Paul tells us that we are to be “cheerful givers.” Generosity can be manifested through contributions of our time, talent, and treasure. When we open our hearts to giving, we are opening our hearts to God. Giving helps break the power that money holds over us, and it helps us to remember that all…

Before we start climbing the ladder, we want to make sure the ladder is leaning against the right wall. By prioritizing our goals, we can back into the necessary steps to take on a daily, weekly, and monthly basis. The only way to meet short and long-term goals is by intentionally setting aside funds to…

Unfortunately, things go wrong. To protect against the downsides that we often can’t control, it’s imperative to have liquidity for emergencies and to be properly insured against major events. As a rule of thumb, we like to see 3-6 months of living expenses in the bank (or in cash) to cover the unexpected. It’s also…

Debt is very prevalent in today’s society, and it’s often portrayed as something that everybody does. Our culture also teaches us that debt is a necessary part of any financial situation. Proverbs 22:7 warns us, “The borrower is slave to the lender.” We must remember to consider the economic and spiritual dangers of debt. Remember…