Making, Saving, Giving - Are we?

"Having, First, gained all you can, and, Secondly, saved all you can, Then "give all you can." (Sermon on "The Use of Money") Those words of John Wesley are certainly prudent especially from one who was as big a tight-wad as Wesley. But are they realistic?

My friend Jerry Clegg at Right Financial highlights how important the save part is:

Determine your retirement income needs
Many experts suggest that you need at least 60 to 70% of your preretirement income to enable you to maintain your current standard of living in retirement.

Calculate the gap
Once you have estimated your retirement income needs, take stock of your estimated future assets and income.

Figure out how much you'll need to save
By the time you retire, you'll need a nest egg that will provide you with enough income to fill the gap left by your other income sources.

Build your retirement fund: Save, save, save
When you know roughly how much money you'll need, your next goal is to save that amount.

Reuter's did a story in the summer in England on Young People Underestimating Retirement Needs. By all accounts, the same seems to be holding true in the U.S.
"Whether I would do it or no, I know what I ought to do..."

Considering that Wesley included this sermon in his Standards, it seems we ought to consider how we are using our money and how we are teaching others to use it. Certainly, if we are not using it rightly, we have little grounds for teaching others.
"Whether I would do it or no, I know what I ought to do...Not to use, is effectually to throw it away."

Sermon 51 of Wesley is entitled, "The Good Steward," and a question we ought to ask of ourselves: Are we with equal passion good stewards of what we've made, saved and given?

May I Ask: When was the last time you considered your earning, saving and giving?

May I Suggest: With the approach of a new year, take time to examine your use of money.


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