UNDERSTANDING TIME'S WORTH IN GOD'S PERSPECTIVE:<ul><li>God values our time, as evidenced by Psalm 90:12, which states, "Teach us to number our days, that we may get a heart of wisdom."</li><li>James 4:14 reminds us of the fleeting nature of life, saying, "You do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time and then vanishes."</li><li>Realizing the value of time can influence how we approach work and manage our finances.</li></ul> CALCULATING REAL HOURLY WAGE:<ul><li>To understand what our time on the job is really worth, subtract taxes (including Social Security, Medicare, and income tax) from your gross annual income.</li><li>Example: Earning $52,000 annually, with $10,000 in taxes, leaves a net earning of $42,000. Dividing this by 52 weeks and then by a 40-hour workweek gives a real hourly wage of $20.</li><li>This calculation helps to realize the actual earnings per hour, especially if working more than 40 hours a week.</li></ul> IMPACT ON SPENDING HABITS:<ul><li>Knowing the real cost of purchases in terms of hours worked can significantly alter spending habits and reduce impulse spending.</li><li>Reflecting on past spending, such as fast food purchases or small impulse buys, in light of the hours worked to afford them, can encourage more thoughtful spending.</li><li>This awareness can lead to prioritizing spending in areas of greater value, like increased giving to the kingdom for eternal impact.</li><li>Memorize Proverbs 21:20, ““Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it.” That will help you cut impulse spending right away.</li></ul> ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:  <ul><li>I graduated from college four and a half years ago with a total student loan of about $45,000 and have only paid off about $4,000. Should I continue to pay aggressively, or just make reasonable payments over the years?</li><li>My husband and I are both disabled and living on a fixed income of $3,000 per month. We have $80,000 in liquid savings but no retirement fund or investments. What should we do with our savings?</li><li>My husband and I have been paying 75% extra on our 3% fixed-rate mortgage each month. Should we continue doing this, or would it be more beneficial to invest that extra money elsewhere, like in mutual funds?</li></ul> RESOURCES MENTIONED:<a href="https://soundmindinvesting.org/">Sound Mind Investing</a>  Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Most people understand that time has value. Maybe that’s why we often use the expression, “spending time.”  What a lot of folks don’t realize is just how valuable time really is, because If they did, it just might change the way they spend money. Today I’ll help you figure out what your time is worth so you can use it more productively, for yourself, your family, and God’s Kingdom.

Leverage Your Time

FaithFi: Faith & Finance | Dec 15, 2023

Show Notes

Where Faith Meets Finance

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