If people were taught how to manage their money while learning about their careers, there would be a lot less financial stress in families.
But here’s the twist: they’re living paycheck to paycheck. Wait — what? A doctor making hundreds of thousands of dollars a year can’t save money? Yes, really. And they’re not alone. Plenty of people with high incomes — degrees or not — are struggling to get ahead. So, what is going on?
People go through academic training, learning a skill they hopefully will enjoy for the rest of their lives. They learn the smallest details and how to address the issues they are confronted with regarding their expertise. They may spend hundreds of thousands of dollars receiving this education, but along the way they are not taught how to manage their funds once they graduate and start working. They buy the biggest of houses, the most expensive cars, nicest clothes, finest furniture, eat at the ritziest restaurants, send children to the best childcare providers and schools, attend the greatest entertainment events, and go on extravagant vacations, and then realize the monthly payments for all these things are more than they can handle, not to mention giving a faithful tithe and offering. Hence, living paycheck to paycheck.
It is my privilege to teach a class at Andrews University called Personal and Family Finance. It is a required course for those taking the MDiv concentration in Marriage & Family Life Ministry. Things taught in this class include how to prepare a personal budget, family budgeting, setting goals, understanding mutual funds (this is where most people’s retirement funding will come from), and understanding family dynamics regarding money management. I wish this class or something similar was a required class for high school and college students everywhere.
If people were taught how to manage their money while learning about their careers, there would be a lot less financial stress in families. Tithes and offerings more than likely would be substantially increased. In a similar note, people spend tens of thousands of dollars on weddings that only last one to a few hours long and spend little or nothing on how to be married, which may lead to miserable marriages and even divorce.
Are you in a similar situation to the poor rich doctor? Let’s learn how to manage our funds and marriages. Reach out to a financial counselor and take a class on money management. Reach out to a marriage counselor and learn how to be a husband, wife, and parent. With God’s help we can have happy financial situations and happy marriages.
Richard A. Moore is an associate treasurer for the Lake Union Conference.
