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Watch 2022-2023 online sermons » James Meehan » James Meehan - How to Level Up Your Finances as a Teenager

James Meehan - How to Level Up Your Finances as a Teenager

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    James Meehan - How to Level Up Your Finances as a Teenager
TOPICS: Finance, Wisdom

Well, today we're talking about how to level up your finances as a teenager. So, let's make it rain. Starting at level one, the simplest, but still very helpful method. It's called 10/10/80 where you give the first 10% back to God through the time. You give the next 10% to yourself by putting it in a savings account that you do not touch and then you live on the 80% that's left over. So hypothetically speaking, if you had $1,000 or if you had $10, you would take the first 10%, that's a hundred or one, and you give that to God. You take the next 10%, the next dollar or hundred and you give that to yourself in a savings account. And then you've got the 80%, 800 or $8 to do with what you want. So maybe you go buy some coffee, you buy a pair of Jordan's, you buy that cool thing that your friend's been wanting because now you've got a job and they don't. 10, 10, 80. 10% goes to God, 10% you save, and the other 80% you live off of. And while that is really, really simple it can change the game when it comes to your financial future.

Level two, download the app Ynab. You need a budget and start using this to help you change your financial future. This app is built on four powerful rules that are designed to change your financial future. Rule number one of Ynab, give every dollar a job. Don't let your money be lazy. Put it to work with a specific job. So if you tend to buy a lot of coffee, put some of your dollars on the job of purchasing coffee. If you love playing video games, put some of your dollars on the job of playing video games. If you drive a car, some of your dollars need to have the job of paying for gas. Don't let your money wander around aimlessly. Give it a job and a specific purpose so that every single expense has some dollars that are going towards it.

Ynab ruler number two, embrace your true expenses because reality is your friend. The biggest mistake you can make is not actually pay attention to the money that you spend. What I mean by that is if you buy coffee every single day and not just like a cup of black coffee, but like a souped up latte and you only budget $20 a month toward coffee, you are not embracing your true expenses and you're gonna get to the end of the month realizing you've gone way over budget on coffee. If you are saving up for a new car or to build your own gaming PC, then budget towards that, setting aside a little bit of money every single month toward that big expense so that when it finally arrives, you're ready for it. Reality is your friend. Embrace your true expenses in the little things and the big things. Ynab rule number three, roll with the punches.

Mike Tyson famously said, "Everybody has a plan until they get punched in the face". And when it comes to your finances and your budget you will eventually get punched in the face! So what do you do? Do you quit and just throw the budget out altogether? Or do you learn to roll with it? If you go over budget in one area then take some of your money set aside for something else and put it towards that. The best thing that you can do is not give up or feel guilty because you messed up, but to roll with the punches, learn from it, and do better moving forward. Ynab rule number four, age your money. Do not spend your money as soon as you earn it. Let it grow up a little bit.

So if you made some money in May, don't spend it until June. If you've got an expense coming up that you want to pay for then start aging your money now so that you wait at least 30 days before you spend it. Because what a lot of people do is as soon as they make money, they spend money, and they end up in this cycle of living paycheck to paycheck. We want you to break free from that before you ever even get there by practicing today how to aid your money so that you've always got a buffer to keep you out of that really, really stressful icky hamster wheel that once you're in it can be really hard to get out of. So, if you are interested in moving to level two download the app Ynab, you need a budget or go to their website because they've got tons of other helpful information that is designed to help you change your financial future.

So level one, we talked about the basics, 10, 10, 80. Level two, we got a little bit more specific on some practical things you can do. But for level three, we are learning how to have a Godly perspective on our money. The best way you can do that is by signing up to read the "Keep the Change" Bible plan found in the You Version Bible app. Because as followers of Jesus, one of the best things that we can do is let our faith inform how we use our finances. Because at the end of the day money isn't always a bad thing, but it can be a bad thing if we let it become our master. When money is your master, it always ends in disaster. So instead, learn how to use your money to serve God and his people. Start reading the "Keep the Change" Bible plan today. That's how you level up your finances as a teenager. Level 1, 10, 10, 80, level two, you need a budget so download the app, and then level three read the "Keep the Change" Bible plan so that you can do everything in your power to let your money serve God and serve people.
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