Principles and Practices of Financial Leverage | FaithFi
October 9, 2023
Principles and Practices of Financial Leverage
Faith & Finance with Rob West
Are you rich? You might not think so, but compared to most of the world, you’re probably quite wealthy. Just having clean water, food and shelter sets us apart from much of the world’s population. The question is, what are we doing with this wealth? We’ll talk with Ken Boa and Russ Crosson about that today on Faith and Finance.
Principles and Practices of Financial Leverage with Ken Boa and Russ Crosson Are you rich? You might not think so, but compared to most of the world, you’re probably quite wealthy. Just having clean water, food and shelter sets us apart from much of the world’s population. The question is, what are we doing with this wealth? We’ll talk with Ken Boa and Russ Crosson about that today on Faith and Finance.
Ken is a pastor and founder of Reflections Ministries. Russ is executive vice president and chief mission officer of Ronald Blue Trust.
Together, they’ve written a terrific new book titled Leverage: Using Temporal Wealth for Eternal Gain, and we’re starting a 3-part series on it today. [0:50] - WHAT MADE YOU DECIDE TO COLLABORATE ON THIS BOOK ABOUT GIVING?
Ken had initially proposed an outline for a giving book that encompassed multiple processes and steps.
Russ, having expertise in some areas Ken mentioned, provided a different outline. Their collaboration merged Ken's principles with Russ's practical insights.
Their combined perspective as a theologian (Ken) and a practitioner (Russ) offered a unique approach.
[2:30] - Keeping in mind the verse, “To whom much was given, much will be required” …
DOES HAVING MORE MAKE IT EASIER OR HARDER TO GIVE GENEROUSLY?
Often, as people gain more, they place their confidence in their possessions rather than in God.
Russ's company has spent 40 years helping people identify what's "enough" for them and encouraging generosity beyond that amount.
It can be more challenging for wealthy individuals to give in proportion to their blessings.
[04:51] - WHAT ARE THE SPIRITUAL IMPLICATIONS AND DANGERS OF WEALTH?
Money possesses a "gravity" or downward pull that can distract from faith.
Wealth is not neutral; it can either be used for personal gain or the Kingdom.
The more wealth one has, the harder it becomes to live by faith, base identity on non-material aspects, and maintain humility.
The Bible encourages maintaining confidence in God, not in material wealth.
[9:40] - WHAT IS BIBLICAL LEVERAGE?
It involves sending wealth ahead by investing in eternal causes.
The focus is on using earthly wealth to invest in people, hoping that, in the afterlife, many will express gratitude for that generosity.
The idea is to impact an unlimited number of people through godly generosity rather than impress a limited audience with material possession.
[10:58] - WHY IS IT IMPORTANT TO LIVE WITH AN ETERNAL PERSPECTIVE?
Earthly actions have eternal impacts.
It's essential to view life on Earth as temporary and in preparation for eternity.
The concept of "leverage" implies that proper investment now can have far-reaching impacts in the afterlife.
[12:02] - HOW DO PEOPLE DETERMINE WHAT'S "ENOUGH" FINANCIALLY?
While it varies by individual, everyone has a financial "finish line" or "ceiling" based on their unique situation and concerns.
Recognizing this "enough" number can lead to increased generosity.
[13:12] - WHAT SHOULD BE THE APPROACH TO MANAGING WORLDLY WEALTH ACCORDING TO SCRIPTURE?
Being wealthy doesn't mean being unfaithful; it's about what's done with the wealth.
More wealth means more accountability and responsibility before God.
New Testament teachings emphasize giving with gratitude, sacrificially, proportionately, consistently, and under the Holy Spirit's guidance.
[14:32] HOW IMPORTANT IS ACCOUNTABILITY IN GIVING?
Accountability is crucial as, without it, individuals often won't be as generous as they could be.
Being held accountable can help individuals adhere to their own established giving goals.
On today’s program, Rob also answers listener questions:
Is Voya a reputable company for my company's 401k?
What's your opinion on debt consolidators, and can they help me reduce my overall monthly payments and interest rates?
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.
