Today on Listen Up – money make-over. When greed rules our financial decisions, our finances end up in a mess.
The
New Year is – for many people - a time to focus on finance. Following
on the heels of holiday extravagance, restraint becomes the word.
But
it’s not just families that are re-evaluating their dollar decisions.
Governments are also being cautious in the midst of concerns about the
potential for recession.
And much of that concern is rooted in
the sub-prime crisis; a “made-in-America” crisis that’s impacting
financial markets around the world.
THE CONTEXT
It’s been described as, “The biggest crisis in the mortgage market in modern times.”
Alan Greenspan – former chairman of the U.S. Federal Reserve called it, “an accident waiting to happen.”
But this accident happened when millions of American consumers were
allowed to get variable rate mortgages with enticingly low introductory
rates. And all with no income, no job, no money down and no
assets.
When interest rates rose – people began defaulting on their
payments. Millions of them. By July 2007, reports show U.S. home
foreclosures were up 93%
Families were evicted. Homes foreclosed. The housing market slumped.
Mortgage lenders went out of business. And credit markets the world
over suffered.
Clark is a radio talk show host for The Clark Howard Show airing on
more than 150 stations across the USA. Clark answers a variety of
consumer questions and brings people the latest consumer news, five
days a week.
He’s the Best Selling Author of , Clark Smart Parents, Clark
Smart Kids; Clark's Big Book of Bargains and Get Clark Smart: The
Ultimate Guide to Getting Rich From America's Money-Saving Expert
Clark is an Atlanta native who has always been very involved in
improving his community. He has started several civic programs, such as
Atlanta Volunteer Action, Volunteer Action, Inc., The Big Buddy Program
and Career Action. In 1993 he opened the "Team Clark Howard" volunteer
center, an advice service for consumer questions staffed by more than
140 volunteers. With the help of his listeners, he has built 23 homes
in and around Atlanta for Habitat for Humanity.
Barry was once hailed as a star by media and the financial community,
but it was all a sham. His multi-million dollar company was really just
a front for fraud – and Barry Minkow wound up paying a hefty
price for his scam.
Barry was a Wall Street wiz kid apparently worth millions – but
greed got the better of him, and fraud landed him in prison. Today
he’s a pastor at the Community Bible Church in San Diego who says
God wants to be involved in our finances.
To order these Barry Minkow Books click on the following links:
What happened to Barry Minkow’s $26 Million Dollar Restitution?
“Well
the government dismissed my 26 million dollar restitution order as my
federal judge said on 60 minutes world wide, and that
transcript’s available online. So, because of our uncovering over
a billion dollars in fraud proactively undercover with the government
and so forth—the judge said, you know, look your crime was 26
million, you’ve uncovered a billion dollars in fraud in some 20
cases—we’ll take this all day long with the
recommendation of the U.S. attorney’s office. The judge
dismissed my 26 million dollars in restitution. However, I have not
missed a payment in my 11 years since I’ve been out of prison to
my last remaining victim union bank. Thankfully, in my case the
stockholders got 90 cents on the dollar back—not because of
me—but they did. So that left one remaining victim union bank.
And I haven’t missed a payment in 11 years and they’re my
biggest fans. So by God’s grace they treat me better than I
deserve to be treated.”
Gary is a veteran of the investment industry having begun reading the
financial pages before he was in his teens and having purchased his
first stocks at the age of thirteen.
He is currently registered as an Investment Counselor and Portfolio Manager with the Ontario Securities Commission.
He assumed the role of Chief Executive Officer of Meritas Financial in
September of 2000 and has been instrumental in bringing to the market a
new family of socially responsible funds, under the brand name of
Meritas Mutual Funds. Meritas Mutual Funds, a joint venture of the
Mennonite Savings and Credit Union, Mennonite Mutual Aid and the
Mennonite Foundation of Canada is exclusively dedicated to providing
socially responsible investments to Canadians wishing to align their
investments with their beliefs.
Religious Investors - Understanding the New Stewards of Faith
Many thoughtful Christians are taking a fresh look at what the Bible
has to say about money. This means probing beyond the oft-cited
warnings about “not storing up for yourselves treasures on
earth” (Matthew 6:19) and the spiritual dangers of money (Luke
18, 19; 1 Timothy 6; James 2, 5).
These words take on new meaning if we understand the resources under
our control to be the property of God (Leviticus 25:23; Luke 19:12-26).
People, then, become God’s stewards (or managers) who are held
accountable (Exodus 19:5-6, 20:15-17; Luke 12:42-51) for following
God’s call for both financial productivity (Luke 16:1-9; 1
Timothy 5:8) and social responsibility (Micah 6:8; Nehemiah 5; Romans
12:4-13; 1 Peter 4:7-10). We are charged to manage these financial
resources and all of our other resources in a manner that celebrates
God’s grace and generosity and is in keeping with God’s
desire for the well being of all of Creation.
So, what does that mean in practical terms?
First, we begin by realizing the incredible complexity of the task at
hand. For example, multinational companies don’t easily sort
themselves into categories of “good” and
“evil.” Like people, these giant corporate entities tend to
be intricate mixtures of both the best and worst our society has to
offer. It is comforting to remember that Christ seeks first our
committed involvement, offering grace when these efforts do not reach
perfection. Such an understanding of corporate complexity leads us to
use a variety of approaches to balance the dual concerns of social and
financial responsibility in faith-based investing.
Here are some ways that Meritas helps bring together ones faith and finances:
Choose the right companies
You can become a conscientious investor by seeking to invest in
companies that are most in keeping with your understanding of core
Christian values. Consider what a company produces as well as how they
produce it. This approach will lead to a focus on companies involved in
beneficial industries, companies that work at empowering their
employees, supporting their local communities and respecting the rights
of individuals and groups around the world. This emphasis may also tend
to avoid many life-detracting industries and activities such as
gambling, alcohol or tobacco production, weapons manufacturing and
others. Of course, these social considerations are then combined with
sound financial analysis before investment selections are made.
Act as a responsible owner
As shareholders, we are investor/owners of companies and should be
responsible for participating actively in corporate decision-making.
Responsible investors are prepared to roll up their sleeves and work
with companies to find mutually beneficial solutions to areas of
concern. This effort can involve letter writing, meeting with corporate
executives, speaking out at annual shareholder meetings, carefully
voting shareholder proxies or even filing a shareholder resolution.
Invest in others
Being aware of the imperfections and inequities of our economic
systems, it is part of our mandate as Christian stewards to actively
address the needs of those who lack access to the economic
opportunities enjoyed by others. Similar to tithing for charitable
giving, we can consider investing a small portion of our resources with
respected community development organizations at either near- or
below-market rates. Such investments have a minimal impact on our
financial returns yet profoundly alter the future for disadvantaged
peoples and communities.
It is time for faith-based investors to take a close look at the mutual
funds that they own and at their pension plan investments to make sure
that these would be pleasing to God.
This article has been provided by Meritas Mutual Funds (www.meritas.ca) and is used with permission.
JESUS AND MONEY
Matthew 6:19-34 New Living Translation Teaching about Money and Possessions
19 “Don’t store up treasures here on earth, where
moths eat them and rust destroys them, and where thieves break in and
steal. 20 Store your treasures in heaven, where moths and rust cannot
destroy, and thieves do not break in and steal. 21 Wherever your
treasure is, there the desires of your heart will also be.
22 “Your eye is a lamp that provides light for your body.
When your eye is good, your whole body is filled with light. 23 But
when your eye is bad, your whole body is filled with darkness. And if
the light you think you have is actually darkness, how deep that
darkness is!
24 “No one can serve two masters. For you will hate one and
love the other; you will be devoted to one and despise the other. You
cannot serve both God and money.
25 “That is why I tell you not to worry about everyday
life—whether you have enough food and drink, or enough clothes to
wear. Isn’t life more than food, and your body more than
clothing? 26 Look at the birds. They don’t plant or harvest or
store food in barns, for your heavenly Father feeds them. And
aren’t you far more valuable to him than they are? 27 Can all
your worries add a single moment to your life?
28 “And why worry about your clothing? Look at the lilies
of the field and how they grow. They don’t work or make their
clothing, 29 yet Solomon in all his glory was not dressed as
beautifully as they are. 30 And if God cares so wonderfully for
wildflowers that are here today and thrown into the fire tomorrow, he
will certainly care for you. Why do you have so little faith?
31 “So don’t worry about these things, saying,
‘What will we eat? What will we drink? What will we wear?’
32 These things dominate the thoughts of unbelievers, but your heavenly
Father already knows all your needs. 33 Seek the Kingdom of God[d]
above all else, and live righteously, and he will give you everything
you need.
34 “So don’t worry about tomorrow, for tomorrow will
bring its own worries. Today’s trouble is enough for today.
Mark 12:13-17 New Living Translation Taxes for Caesar
13 Later the leaders sent some Pharisees and supporters of Herod
to trap Jesus into saying something for which he could be arrested. 14
“Teacher,” they said, “we know how honest you are.
You are impartial and don’t play favorites. You teach the way of
God truthfully. Now tell us—is it right to pay taxes to Caesar or
not? 15 Should we pay them, or shouldn’t we?”
Jesus saw through their hypocrisy and said,
“Why are you trying to trap me? Show me a Roman coin,[c] and
I’ll tell you.” 16 When they handed it to him, he asked,
“Whose picture and title are stamped on it?”
“Caesar’s,” they replied.
17 “Well, then,” Jesus said, “give to Caesar
what belongs to Caesar, and give to God what belongs to God.”
His reply completely amazed them.
Mark 12:41-43 New Living Translation The Widow’s Offering
41 Jesus sat down near the collection box in the Temple and
watched as the crowds dropped in their money. Many rich people put in
large amounts. 42 Then a poor widow came and dropped in two small
coins.[j]
43 Jesus called his disciples to him and said, “I tell you
the truth, this poor widow has given more than all the others who are
making contributions. 44 For they gave a tiny part of their surplus,
but she, poor as she is, has given everything she had to live on.”
Luke 18:18-27 New Living Translation The Rich Man
18 Once a religious leader asked Jesus this question: “Good
Teacher, what should I do to inherit eternal life?”
19 “Why do you call me good?” Jesus asked him.
“Only God is truly good. 20 But to answer your question, you know
the commandments: ‘You must not commit adultery. You must not
murder. You must not steal. You must not testify falsely. Honor your
father and mother.’[c]”
21 The man replied, “I’ve obeyed all these commandments since I was young.”
22 When Jesus heard his answer, he said, “There is still
one thing you haven’t done. Sell all your possessions and give
the money to the poor, and you will have treasure in heaven. Then come,
follow me.”
23 But when the man heard this he became very sad, for he was very rich.
24 When Jesus saw this,[d] he said, “How hard it is for the
rich to enter the Kingdom of God! 25 In fact, it is easier for a camel
to go through the eye of a needle than for a rich person to enter the
Kingdom of God!”
26 Those who heard this said, “Then who in the world can be saved?”
27 He replied, “What is impossible for people is possible with God.”
THE WRAP
In
our look at the use of money today, I can't get around the truth that
Jesus spent a surprising amount of time teaching on the subject of
money. We've posted "Jesus and Money" at our website at listenuptv.com
for you to hear it in His words. Check it out, you may be surprised
at God's view on money. What you'll find is “the pull of culture”
competes against the mind of God in the world of finances. There's
a business goal out there to 'make people feel dissatisfied; to value
consumption; and to make people think things bring happiness. To make
us think debt is expected and unavoidable. Contrast that to the mind
of God where everything we possess belongs to God, that God holds us
accountable for how we manage what has been entrusted to us. Will God
consider my financial decisions to be faithful or foolish.
THE MAILBAG
Here’s a peek at the viewer feedback of the week:
“It's
a shame that a country like Kenya that is seen as a modern Africa is
being turned into a nation of violence and crisis. I really don't know
why every president in Africa wants to remain in power even when they
are failing the people.”
-David from Nigeria
“I do not own a big company or have a lot of money, but I feel confident that I can help Africa in some way.”
-Michelle
“While
it is true that micro nutrients (including selenium..as stressed in the
programme) and good nutrition is important in our Rx of HIV/AIDS...it
is an oversimplification to attribute to selenium alone a "magic
bullet" effect on this disease. The availability of anti retrovirals
has been KEY...they have made a HUGE difference.”
- Bruce
Listen Up with Lorna Dueck is available ON-LINE in a variety of ways.
Click here to find out more!
Pacific 1:30
am Monday
Mountain 2:30am
Central 3:30am
Eastern 4:30am
National Religious Broadcasters (NRB)
Eastern 8pm Monday
10:30am Wednesday
DVD's of all our shows are available for sale. To place an order, please call (905) 336 9777 x27. Copies are $15.00 which includes shipping. Payment can be made by cheque (made payable to Listen Up TV); VISA or Mastercard.
Read Lorna's Globe & Mail columns by searching
our archive.
Read 'Media & The Message'. Lorna says if the church wants to impact society, we need to share our stories.
On April 30, 2005 Lorna was privileged to receive an honorary Doctorate of Christian Ministries from Canada's largest Christian university, Trinity Western University. Lorna was recognized for the witness and leadership that Listen Up TV has provided in public messaging: "a leader in the voice of evangelical life in Canada."
