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Financial Literacy tips from Dr. Duane Praschan

May 1, 2015 | Duane Praschan


April was Financial Literacy month, and Evangel partnered with Vital Magazine to present a guest series of topical articles by Dr. Duane Praschan, Associate Professor in the Business Department and author of the book, Personal Finance Made Simple.

Praschan serves as the Coordinator of the Master of Organizational Leadership program. Prior to joining the EU family, he was bi-vocational, serving several churches as lead pastor or associate pastor while working in management at Philips Electronics in their Healthcare Division.

Information for these articles was compiled by Dr. Denny Wubbena, Professor of Marketing in the Business Department.


5 Financial Red Flags and How to Fix Them

Before you do anything else with your money, address these problem areas.

CreditCardA key concept taught in Scripture is that we are stewards. In Genesis 1, God tells Adam that he is to steward creation. If I understand this concept, then I realize that all that I have has been given to me by God, and He asks me to steward those resources well. This concept works itself out in a number of ways.

As a parent, I realize that my three sons do not belong to me. My wife and I have been entrusted to create an environment that allows them to become what God has designed them to be, but ultimately they belong to Him. God holds me accountable only for how I steward them.

The same principle applies when we talk about money. God wants us to manage resources to honor Him and display His purposes for our lives. If you are not disciplined in this area, then it is difficult to be disciplined in other areas of your life. That is why I believe God spends more time in his Word talking about money than any other subject.

Passages like Luke 16:13 remind us that “you cannot serve two masters.” Indeed, handling money can point to areas of distrust and idolatry in our hearts. One of the main competitors to surrendering to Jesus is holding tightly to money and stuff. I believe that many in the Kingdom do not reach their potential because they fail to search themselves and submit to managing money God’s way.

The path to financial health can be a long and difficult road, but starting to walk in the right direction is a good start. Here are five behaviors or patterns that suggest you may be in some real financial trouble:
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Steps to Take Now for a Better Financial Future

Depending on which life stage you are in, there are some distinct opportunities and risks that you may face on your financial path

Leaving_For_College_006Last time, we considered stewardship and five red flags that inhibit financial health. Today, as we continue this series inspired by Financial Literacy Month, I want to discuss the different stages of life. Depending on which stage you are in, there are some distinct opportunities and risks that you may face on your financial path.

Life is a wonderful gift, with each day an opportunity to respond to the purposes for which each of us was created (Ephesians 2:10). However, life events are not always predictable and there are times in which we find ourselves in challenging situations.

The typical response to financial struggle is to rely on credit. Planning is often avoided based on a multitude of reasons that really serve as justification for procrastinating.

Marketing researchers have identified patterns of financial behavior that are common for people in distinct life stages. Examining these stages provides insight for avoiding pitfalls and planning for the future.
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