Prosper With Money

Ok, I know that I have been on a quote frenzy lately but here is another great one!

“The greatest calamity which could be fall us would be submission to a government of unlimited powers”

Thomas Jefferson, 3rd US President

Seems like we have come into submission to a government of unlimited powers, especially when it comes to spending money that they do not have.

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I came across this quote the other day in one of the books that I am reading. I thought that it was perfect with everything that is going on around us, from tax tea parties, new health care legislation, and losses of personal liberties due to court rulings.

“Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master” – George Washington

I thought that this was fitting coming from a Founding Father.

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I would like to say thank you to all of our clients, friends and family that supported me over this tax season. After taking the last 2 tax seasons off to have more time with my family, I was not sure what the response would be this year as far as client turn out. Thank you so much as this year exceeded all of my expectations! I still have a few days left until April 15th but we are 98% of the way there! Thanks again, and I look forward to serving your tax preparation needs again next year!

All my best and encouragement,

Ryan T. Loos

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In today’s economy, how can we as Christians experience true financial peace? Many of us have lost homes, jobs, retirement funds, while others may be hounded daily by creditors. In this time of economic crisis, it is crucial for us as Christians to remember that through Christ we have hope, not only eternally, but also in knowing that He is willing to help us even in our present circumstance.

In the book of 2 Peter, Peter emphasizes the importance of gaining knowledge in Christ for the purpose of  detecting the lies of the false teachers. Unfortunately, we are bombarded with media influences that can easily sway us from the Truths that God has made plain about managing our finances through His Holy Scripture.

The Bible says that “The devil is like a roaring lion waiting to devour…The salesmen, financial planners, and creditors in secular America today are trained to entice and convince the public that they are in desperate need of their so-called life & money-saving antics.

The captions in the media promise guilt–free purchasing, by offering zero percent financing, with no money down, and no interest for six months. The creditors promise lower interest rates and great rewards for purchases made on their company’s credit card. And let’s not forget the all too familiar golden corporate ladder that promises years of financial prosperity for those who are willing to forgo family, friends and Sundays (in no particular order) for the cause of the company.

I will be the first to admit that I have fallen for these “too good to be true offers”, only to end up with more heartache and financial responsibility than I originally intended. For us, it was a water purification system. All my wife and I wanted was the free dinner out for welcoming one of their sales reps into our home. What we ended up with was a dinner voucher we never used, and a three thousand dollar water filtration system that we paid on for years, even after we moved out of our home and no longer used the system.

For years I thought that I could use a credit card, reap the user rewards, and pay-off the amount each month. While we were able to pay-off the amount each month we calculated that we were spending approximately $300 more than we needed to simply because it was easier to swipe a card than hand out cash. Not too mention that stress that came with worrying that we would have enough to pay off the bill each month and that someone might steal our identity.

Furthermore, years ago, I was that accountant, earnestly seeking to climb the corporate ladder and make my millions. I traveled and worked countless hours to prove that I was deserving of promotions and special perks, but unfortunately, at the expense of my family.  My wife and I felt so distant from each other and I missed months with my first child, who needed a father’s influence at the time just as much as she needed her mother.

What God challenged me to do, and I encourage you to do, as well, is to dive daily into the Word of God. The more we allow God’s Word to take root in our hearts, the more wisdom we gain as far as how to structure our life goals and manage our finances. Statistic about money references in the Bible.

I believe wholeheartedly that the foundation for experiencing true financial peace begins with the understanding that everything we have, including our income, is from the Lord. The Bible says “The earth is the Lord’s, and all its fullness, The world and those who dwell therein.” Psalm 24:1       When we allow God to plant this truth in our hearts He begins to transform our lives in such a way that we no longer spend for ourselves, but we begin to realize the importance of tithing, meeting our families basic needs and saving for our family’s future.

True financial peace comes when we know we are giving, saving and spending as Christ would have us do.

As Peter writes in 2 Peter chapter one verses 5b-6a, “…make every effort to add to your faith goodness; and to goodness, knowledge; and to knowledge, self-control…”.

The word “add” means that this is something we need to do. In his devotional, My Utmost For His Highest, Oswald Chambers expounds on this concept of “adding to our faith”. He writes, “We cannot save ourselves nor sanctify ourselves, God does that; but God will not give us good habits , He will not give us character, He will not make us walk aright. We have to do that ourselves, we have to work out the salvation God has worked in.”

I encourage you to go against the grain! Make the decision today to give your finances over to the Lord! Change your spending habits and find someone to help hold you accountable. Husbands and wives, work at managing your finances together, so there are no surprises. Continue to seek God in all things and He will give you peace, financial or not, beyond all measure!

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First, let me say that I understand that the government wants our money back from TARP. What they should have done is never have given TARP out in the first place. Listen, even if the government does set in place extra taxes on the 50 largest financial institutions that took TARP, who do you thing is going to end up paying the additional taxes that Obama is proposing. I can answer that question for you you. We will, we will end up with increased fees and less services at these financial institutions. We have to remember that these financial institutions are public companies and not non-profits. They will make a profit and the consumer will continue to pay more in fees to cover the additional taxes. Keep your check books balance to reduce overdrafts and make sure you know what banks are in your ATM network. If you are with one of the 50 largest financial institutions, I recommend you switch to a small local bank or a credit union. Look for a bank or credit union that is active in your community that and that you would not have a problem recommending to someone else.

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I am often asked in late December and early January, what can I do to be better prepared to have my taxes complete. Here are my top 5 answers:

1. Get a folder and label it Taxes 2009. Everything that comes in the mail related to your 2009 tax return goes in the folder. Even if you are not sure if the item relates to your tax return, put it in the folder and let you tax preparer sort through it. When I am preparing taxes one of the most frustrating things (for me and my client) is when we are missing an item and can not complete the tax return until we have the item.
2. Get your charitable giving in order (church contribution statements, Goodwill/Salvation Army receipts, and any out of pocket giving). This will help cut down on time when you and your tax preparer are going over your tax return.
3. Review your tax return from last year and make sure you have all the documents that you had last year.
4. Get your appointment to have your taxes prepared scheduled early this year. As we have all felt the economic slow down over the last year, I believe that a rush could happen (more than usual rush) to get your taxes prepared (to get your refund faster) from January 15^th – February 15th.
5. If you are not sure about a Federal or State tax rebate or tax reduction program, call your local tax preparer, the IRS or your state’s taxing authority. Having all of your documentation and receipts in order will help to make this a smooth process.

Overall, if you are organized and follow the tips above, getting your tax return prepared should not be a process to cause you any concern. The concern at tax perpetration time should be how much money we are giving our Federal and State governments!

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