The Money Map - Don't Miss Out!

The Money Map – Overlooked Sections!

Fri, Jun 12, 2009

If you’re familiar with the Crown Money Map, you may have overlooked two key sections which are called “Getting Started” and “Things to Do Sooner than Later”. I thought I would highlight these sections because they provide some excellent to do’s everyone should work on in their quest for wise personal management.

Getting Started:

Complete My Life, My Purpose, My Goals. This section is provided to help provoke thinking around your life mission and your goals. I personally believe in focusing financial planning and goal identification based on your life values and what you see as your purpose in life. Knowing your life purpose will help you carve the right path and avoid disappointment once financially free.

Start Giving to the Lord’s Work. Giving or tithing to the Lord’s work is top priority for a Christian. It is a step of faith in putting your money and personal finances in God’s control.

Things to Do Sooner Than Later:

Execute a current will.

Estate planning is critical for your family. My wife and I met with a lawyer a few years ago who created a will and other legal documents for us. There are some do-it-yourself solutions which I have not tried. However, if you want to go this route, I would recommend the below product from Crown Financial Ministries.

Set Your House in Order: A Workbook to Organize Your Finances and Plan Your Estate

Evaluate your career and income potential.

I think it’s a good idea to continually think about your career goals. I recently learned about Dan Miller while listening to Dave Ramsey’s podcast. I started listening to Dan’s podcast and read a few of his books. Dan was part of the reason I was inspired and so motivated to start One Money Design. He coaches people to follow their passions and do what they love to do which will ultimately lead to better performance, earnings, etc. I highly recommend, “No more Monday’s” by Dan Miller.

No More Mondays: Fire Yourself — and Other Revolutionary Ways to Discover Your True Calling at Work

If you have children, begin teaching them God’s way of handling money.

It’s never too early to teach your children the differences between saving, giving and spending money.

Acquire basic life insurance, depending on your needs, age and financial ability (auto, health, life, disability, and long-term care).

A good place to start with insurance is to meet with a financial advisor to discuss the options available to you. However, first do a little bit of research on your own. I learned a lot about insurance in David Bach’s book, “Smart Couples Finish Rich”.

Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner

Take advantage of employer matching for your retirement plan as long as you can continue to make forward progress on the Money Map.

This one almost goes without saying. However, consider your debt situation. If you’re able to snow ball your debt and focus on paying it off in the short-term, you might consider postponing the contribution to your retirement fund. If you refer to the Money Map and Dave Ramsey’s Baby Steps, both say to pay off debt before funding retirement.

Make a list of all your assets and liabilities to get a clear picture of your net worth.

In order to start moving forward towards your goals you need to know where you’re starting from today. Here is a handy free form for determining your net worth.

Have you noticed these to do’s on the Crown Money Map? Can you think of anything else to do sooner than later?