Are you satisfied?

“He who loves money will not be satisfied with money, nor he who loves wealth with his income; this too is vanity.” Ecclesiastes 5:10

People who love money will not be satisfied with money, nor he who loves wealth with his income

Money is a tool to use.

Even in our pursuit of financial freedom, we must never allow money or wealth become the end-goal. It is only a means to a different end: freedom to pursue God’s calling in your life; freedom to give generously; freedom from poverty and its added stresses and anxieties; a legacy of ministry for future generations…

If money for money’s sake is the goal, you will never be satisfied!

What is your end-goal?

Extra Income from Moonlighting

Do you need extra income?

My employer has a strict “No Moonlighting Policy” (even though it’s probably illegal in California). They expect every pastor to give full and complete attention to their work as a pastor.

However, there are many ways to repurpose your ministry output, make connections in the community, and make extra income on the side. Many of these are even seen as evangelistic opportunities or prestigious ways to help your church’s standing in the community.

Repurposing Ministry

  • Do community weddings
  • Become a funeral pastor for area funeral homes
  • Write a book (from a sermon series)
  • Write a book (from personal ministry experiences)
  • Publish a Book Study Guide
  • Create a curriculum
  • Publish a video curriculum
  • Write, record, publish worship music
  • Do concerts
  • Market your sermon outlines
  • Sell CDs or MP3s of your sermons
  • Sell videos of your sermon series
  • Start a “supporting ministry”
  • Become part of the area “Pulpit Supply” (Great for Adventist Pastors)
  • Become an expert and lecture or do workshops
  • Create a religious smart phone app
  • Join the board of directors for a company
  • Get elected as an officer on a nonprofit board of directors

OR

  • Create a job you can do ONLY while on vacation (4-6 weeks/year)

DON’Ts

  • Don’t market to your own church members. They are not a captive audience for your side-hustle!
  • Don’t give your best time, thought, and energy to your side efforts. Reserve that for ministry.
  • Don’t give time to something else if your church is in turmoil. Unhappy members will make your life miserable.

We’ll talk about Copyright Law and your sermons in a different post.

What are some of your ideas for repurposing ministry to make more money on the side?

What is your financial thought horizon?

Financial Horizon
Poor people might just be trying to get through today.
The majority of the population might be planning through the next paycheck.
Debt-free people can typically plan out a year or more.
Rich people are planning decades out.
The truly wealthy are planning several generations in advance.
 
Does their financial situation change their time perspective?
Or does their time perspective change their financial situation?
What is your financial thought horizon?

Teach Finances to Your Kids

It’s your responsibility to teach finances to your kids.

Teach Finances to Your KidsI grew up as a pastor’s kid. Here’s what I learned about finances:

  • Taxes made dad angry and mean
  • Money problems made my parents yell at each other
  • Being a pastor didn’t pay very well
  • Dad emptied my passbook savings to pay our bills
  • Grandma bought us what we wanted and needed

As I grew older, I learned that:

  • Dad was secretive and controlling with finances
  • We hadn’t given tithes and offerings in years
  • We weren’t paying taxes the last few years before dad filed for bankruptcy
  • Dad had opted out of Social Security and was not saving toward retirement
  • The money was being spent on dad’s porn habit

I grew up with no real intentional education about biblical stewardship, saving, investing, paying bills, debt, or doing taxes. I did have one pretty awesome entrepreneurship experience selling homemade cupcakes to construction workers, but that’s probably a different post.

Now that I’m a pastor, I’ve learned that I could easily make the same mistakes. And for a long time, we were living beyond our means, I was neglecting tax planning, and I found myself resenting the pastoral call… “Why couldn’t God have called me to a job that made decent money?

Once we became intentional about paying off our debts, understanding our taxes, having an emergency fund, and investing and saving for the future, I found that my attitude became better. I enjoy pastoring more now that my finances are under control! (Thanks, Dave Ramsey!) Click To Tweet

Not only have I become passionate about empowering other pastors toward financial wholeness, I’ve also become a little fanatical about teaching finances to my son.

Here’s what we’ve done. It may not be exactly what you would do. But I hope this list helps you to think about how you can be intentional and teach finances to your kids.

Ages 3-6

Allowance and Commission

Very early on, we decided to give Nathaniel money on a regular basis. We gave him an allowance for the express purpose of teaching him how to put the money regularly into his Giving, Saving, Spending Bank.

We did not pay Nathaniel commission. Commission is paying your child for the chores they do. This can be very useful for creating a work=money link in the brain. But it can also teach a child not to contribute to the household unless there is an economic benefit.

I don’t think we made a conscious decision NOT to pay for chores, we just didn’t do it.

At any rate, we paid an allowance and helped Nathaniel divide it into three parts: Giving, Saving, Spending.

Giving, Saving, Spending Bank

Teach Finances to Your KidsWhen Nathaniel was about 4 years old, we bought him “My Giving Bank” by Larry Burkett. This bank is divided into three separate compartments: 1. A Bank (for saving), 2. A Store (for spending), and 3. A Church (for giving).

We would give him $3 and help him put one in the bank, one in the store, and one in the church.

Every week when we went shopping, he would bring the money from the store and try to spend it.

Every week when we went to church, he would empty the money from the church and give it as offering.

And the money in the bank just sat there growing and growing, saving up for something at a later date.

When Nathaniel would get more money ($20 as a gift, for instance), we would help him put at least 10% into church, at least 10% into the bank, and the rest into the store. Sometimes he would want to put more in the church or the bank. And that was okay, as long as he had his reasons.

As he grew older, we increased his allowance and he would establish savings goals and learn to differentiate between tithes and offerings. But this was a great way to start things out.

The Moonjar Moneybox and Money Savvy Pig do the same thing.

Ages 6-8

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