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2 Timothy 3:16 All Scripture is breathed out by God and profitable for teaching, for reproof, for correction, and for training in righteousness“
I was chatting with some financial friends of mine and one said, with a straight face, "Man...I wish my portfolio would go up as fast as these gas prices." I nearly spit out my drink from laughing. I think even during hard times like this, it is always good to maintain our sense of humor. But he did make me think about retirement accounts. Why? Because in a 401k, you can make changes without any tax implications, as long as the assets stay in the account. This means you could rebalance without worrying about paying more money to Uncle Sam. I think he got enough of our money last month. Let me ask you, "When was the last time that you reviewed your 401k? Now many of you may be asking yourself, "What am I supposed to look for? What is a rebalance? I thought we weren't supposed to touch it. All I know is, if it went up, or if it went down from the last time I saw it." Don't worry, you are not alone. I get emails about this all the time. That is the big misconception. When advisors say, don't touch it, they mean, try not to withdraw the money. We still want you to review and potentially rebalance the portfolio. If you are confused, I will clear things up. I am actually in the process of recording a podcast episode that will break down some key things to consider when reviewing your 401k, such as:
Current payroll contributions
Employer match percentages
Current loan percentages
Asset Allocation and more
Remember, we can't control the stock market, but we can control how we participate in the stock market. Today, I want you to get a copy of your 401k statement so you can follow along. For many of you, your retirement is where you keep a majority of your assets. If you can learn to manage that retirement account, everything else will be a breeze. That is why I chose today's scripture that provides a mentality, by which, to approach our finances. We want you to use the financial information you receive here for profit, for teaching, for reproof, for correction, and for training in financial success. It is not to blame ourselves for not saving more, it is not to chastise ourselves for past financial mistakes, or to punish ourselves for ignoring this responsibility. It is for growth, understanding, and continuing to improve our situation, one email, one newsletter, and one financial thought at a time. I promise, if you stick with me, I will teach you the ins and outs of this business. So you feel empowered to tackle financial situations head-on. Enjoy your Tuesday and thank you for spending part of it with me. God Bless P.S. Even if you are retired and have your money in a retirement account, get that statement. I'll be going over some of those tips as well in the coming days.
Thank you for reading!
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About the blog:
Many Christians struggle with the seemingly conflicting views about our faith and the pursuit of financial gain. They were taught that poverty was piety and that a lack of money was the only way to truly detach themselves from the love of money. Our blog debunks some of those claims, teaches you that you can be rich and righteous, and at the same time fulfill your obligation to tithe and give to the less fortunate. We are dedicated to helping you become cheerful givers by organizing your personal finances, providing investment tips to help you create wealth, and encouraging you to create a gifting strategy that will make your family and God proud.
Meet the Author:
A.B. Ridgeway, MBA (info@abrwealthmanagement.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.
This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.