Watch Larry's most recent "Week in Review" video.
Bloomberg reports the average U.S. household will pay $5,200 more for consumer goods this year (escalating gas prices extends this to $6,000!).
I'm not a fanatical penny pincher or fear monger, but I am committed to contentment, generosity and frugality no matter the circumstances.
"Isaac sowed in that land (of famine) and reaped in the same year a hundredfold; the Lord blessed him. The man became rich and continued to prosper …" (Genesis 26:12-13).
Millions of people lose their health trying to gain wealth in the first half of life only to lose their wealth trying to regain health in the last half!
John D. Rockefeller, considered the wealthiest American of all time, learned this lesson the hard way. At 52 he was at death's door until he discovered "Give, and it will be given to you" (Luke 6:38). He recalibrated his life according to God's plan as the sands in the hourglass dropped, and in so doing he miraculously lived until 97!
Remember, by saving money we can maintain financial freedom plus we have opportunities to direct more money to help with special-needs children, pregnancy centers, adoptions, humanitarian efforts and missions. Don't be P.O.O.R. – Passing Over Opportunities Repeatedly!
"Let us not grow weary in doing good, for in due season we shall reap, if we do not give up" (Galatians 6:9).
Last week I present "10 tips to save big while we endure Bidenomics." This week it's:
10 More Tips to $ave Thousands$
1. Reaffirm God's design for the dignity of work in attaining wealth, and reject progressive entitlements. Don't live beneath the revealed will of God for your life, depriving yourself of blessings while succumbing to socialist seduction. Giving needy people a hand up (not a hand out) is biblical, but "if any will not work, neither shall he eat" (2 Thessalonians 3:10).
Leftist politicians dole out "free" government housing, checks, medical, education, child care, loan forgiveness, reparations and "open border" giveaways. But we embrace equal opportunity not equal outcome, and by so doing we can earn and save thousands even in Biden's messed up economy.
An exemplary cashier at a store greeted me today saying she was promoted to manager over nine Subway shops at $60,000-plus, a vehicle and medical! "The sluggard craves and gets nothing but the diligent person will be richly supplied" (Proverbs 13:4).
2. Save and invest wealth wisely to multiply it. Through prayer and personal counsel from godly advisers, we can do this with minimum risk and maximum return. Jesus taught a parable (Luke 19:11-27) where two individuals doubled their money and were rewarded; one buried it, and was rebuked and fired!
With explosive inflation, money left sitting in checking accounts loses value. Once invested, stay in like the experts; don't panic with market fluctuations. S&P Index 500 mutual funds records for five years, 2017 to 2021: 21% up; 4% loss; 31% up;
18% up and 29% up.
Forty percent of Americans today say they have no savings, and 60% tragically live paycheck to paycheck.
Get godly counsel and be creative if you're skittish about stocks. Oprah Winfrey invests in art and made $60 million selling one painting. Pray, obey and believe for financial freedom and God's favor in saving and investing.
3. Speak up courteously but confidently and ask for discounts and deals. Jesus said, "Ask and you shall receive" (Mattew 7:7). "You have not because you ask not" (James 4:2).
I spoke with a friend last week who said he got a contract renewal at the same price because he asked, plus an interest-free payment plan on a major household expense, enabling him to invest the money gaining! Another friend told me yesterday he's appealed three times to a board over the years on proposed property tax increases, and his appeals all went through, saving him over $100,000!
4. Resist peer pressure in purchases and recognize creative alternatives. Parents with sons wait in lines at our mall to get their latest $175 pair of Air Jordans. Yards away the American Girl designer doll store lures with "must have" Corinne for $120. My tech assistant's daughter clings to her lovable Journey doll from Walmart. Cost? $20.
5. Be careful with car care and repairs. Dealers charge top dollar due to showrooms, advertising and overhead. A trustworthy local mechanic can save you tons!
Last month I needed two headlights costing $1,000 plus $300 labor. I ordered online and saved! I paid $270 for the lights, and a mechanic installed them for $230. SAVINGS: $800!
Years back a dashboard light indicated a transmission problem. The estimate given for a "needed" rebuilt transmission – over $1,000. My father-in-law (like Jethro with Moses) counseled me to check elsewhere, where a mechanic said it was simply a defective sensor … $26.
Watch out for oil changes! They'll tell you $30/every 3,000 miles plus more for oil filter, air filter, etc. But you can go 5,000-7,000 mile intervals, and if using synthetic oil can go 10,000-15,000 miles (just check oil level every 5,000) to save hundreds yearly!
6. Save on electricity. LED bulbs last longer and use less wattage (14 versus 1500) and in emergencies won't drain a generator. Wisest decision we've ever made: installed an attic fan that draws out upstairs heat and draws in outside cooler air. Also, wait until you have full loads in the washer and dishwasher; shorten showers; use fans; close blinds; turn off lights.
7. Decimate debt NOW! Monthly debt payments are the worst "money suck" (18% interest on credit cards!) with the average U.S. household revolving debt of $6,000!
"The borrower is the slave of the lender" (Proverbs 22:7). "Owe no man anything" (Romans 13:8). If you're in debt, get out of it. Have a plastectomy (cutting up your cards), but if you use them for record keeping, pay the entire bill every month like us and my brother-in-law who has not paid any interest in 46 years!
8. Be prudent about purchasing a car. New cars are up 15% plus depreciate 10% immediately when driven off the lot.
Irv Gordon drove his Volvo 3.2 million miles! When asked the secret he simply said, "I read the instruction manual and followed it from day one." We really don't need new cars every couple years.
Consider buying quality used vehicles (Honda, Toyota, Nissan, Mazda …) that can last 200,000 to 300,000 miles when consistently maintained. You'll have no car payment, and car insurance is much less.
9. Look at your lawn care. "Lawn care professionals" charge an average of $75-$145 for basic weekly mowing, adding up to thousands yearly. They make lots more money by influencing you to pay for aeration, fertilizer, landscaping, pest control, seeding and weeding, bringing homeowner costs to $4,000-plus depending on lawn size.
We pay a high school student $20 to mow and clean up while we continue to do the weed whacking, seeding and fertilizing after hiring an inexpensive company for aeration and weed control. Saving close to $2,000 enables us to help support a special-needs child.
10. Still keep a home security system? There are many types and components costs vary, but the average price is between $700-$1,900 plus monthly fees of about $30.
How about Psalm 91 promises; developing strong ties with neighbors – getting mail, packages and watching for suspicious activity; inexpensive light timers; car left in driveway as deterrent when away; yard signs (purchased online) that say, "This home protected by … security system."
And remember that Jesus told the disciples to buy a sword for protection (Luke 22:38).
Here's the deal: "A penny saved is a penny earned." Go for it.
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