Confessions of a Poor Money Manager

Should Companies Read Employee’s Tweets? And, What If They Do?

November 4, 2009 · Leave a Comment

Well, it’s a good question. Some employers say this is a good way to get to know their employees, fill in the gaps so to speak. Following an individual’s tweets gives an employer some added knowledge, a broader perspective on people they work with. Yes, but…

What if they find out you left early to get to your son’s practice, or, they discover you have an online business, or you’re looking for another job? What if it’s worse than that? There’s the story of the Corporate Executive on his way to a meeting in Memphis, with FedEx. He tweets as he is taking off, “I absolutely HATE Memphis! Can’t tell you how much I dread this meeting!” Well, you guessed it, he landed in MEM, got to his meeting and learned he had been fired!

So, the lesson to be learned is the same lesson we teach our children and teens when it comes to “posting” online, Twitter, FaceBook, MySpace and etc,

Be careful little eyes what you see, Be careful little ears what you hear, Be careful little hands what you do, For the Father up above is looking down with love, so Be careful little ones what you do!”

Well, in this case, it’s not a loving Father looking down (or over our shoulder), it’s Big Brother! I don’t have anything to hide, BUT, I am careful what I tweet. Great article by Phil Wilson entitled, Should Churches Follow Their Staff’s Tweets? Read article @ http://tinyurl.com/yjeu956

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Churches Take New Look At Funding!

October 8, 2009 · Leave a Comment

Jim Sheppard, Generis, talks about what he calls “Fat Thinking”. He describes how over the last 20 years there has been plenty of money. Churches and ministries have not had to breathe hard in getting enough money to fund their ministry. Well, times have changed! Jim’s challenge is to avoid the flawed thinking of a time that is gone forever. I suggest pastors and church leaders, as well as ministry leaders listen to what Jim has to say, http://tinyurl.com/yetfbrf

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Litmus Test For Those Of Us Who Would Be Leaders!

September 9, 2009 · Leave a Comment

Perry Noble has a great article about leadership. 16 Signs A Leader Has Lost His/Her Mind! http://tinyurl.com/lt4gna Maybe those of us who would be leaders should make the commitment to ask ourselves the hard questions from time to time.

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Twenty Somethings Need To Start Now!

September 9, 2009 · Leave a Comment

If you are in your twenties, here is a must read article that will help you begin a healthy financial journey. There’s no time like the present to take first steps. Give it a try! http://tinyurl.com/ljew98 Let’s face it, you’ll be on a path to somewhere all your life, why not find a good path now! Just a thought.

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Retirement – An Elusive Dream – Plan Well!

September 9, 2009 · Leave a Comment

 

Most financial advice is aimed at the young! Do this, don’t do that, save, save and save! If you think about it, older baby boomers and retirees are maybe more vulnerable than anyone else. Here’s a great article if you are thinking or rethinking retirement. http://www.savingtoinvest.com/2009/08/5-personal-finance-tips-for-smart.html This article includes the following 5 tips.

1. Delay retirement
2. Don’t outlive your money (Longevity Risk)
3. Stay in control
4. Smart Budgeting by watching your expenses
5. Be careful when it comes to investments,

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National Debt Growing Faster Than Personal Debt!

August 20, 2009 · Leave a Comment

You want proof, go to USDebtClock.com (http://www.usdebtclock.org/). This is really shocking! Debt is going to kill us all!

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Poor Money Choices – Going in Circles

March 20, 2009 · Leave a Comment

 

Four Left Turns

   One of the cool things about working in Hobbs, NM, as I did for seven years, was the relatively close proximity to Sante Fe, NM. Our family enjoyed great times on frequent trips to this quaint and artsy, ancient city. What a great city! Walking along the square in Sante Fe, you will find a colorful array of upscale art galleries, sidewalk vendors, café’s serving authentic Mexican cuisine and maybe 50 or so Indian families sitting on blankets selling authentic, handcrafted turquoise and silver jewelry and hand woven blankets. Several of our favorite restaurants, to this day, are located in Sante Fe, Pink Adobe, The Inn of Loretta and Bishop’s Lodge, just to name a few. Just outside Sante Fe, in Lamy, NM, was another of our favorite restaurants, The Sliver Spike, a really cool steakhouse, located in a turn of the century, wood frame train station, built next to the tracks of the Southern Railway. This is where this story actually begins.

    

   I had a two or three day speaking engagement at Glorieta Baptist Assembly, just up the road from Sante Fe, and so I took Sharon and the boys along for the ride. Besides my speaking assignment, we had shopped in Sante Fe, played at Glorieta, hiked in Holy Ghost Canyon, had ice cream at the Chuckwagon, and now we were headed home. We had eaten dinner at The Silver Spike in Lamy and were preparing to make the lonely trip back to Hobbs. Now, typically we would take the state road out of Lamy, back to HWY 285, South to Clines Corners, then on to Roswell, Tatum, Lovington and finally, Hobbs, about a 4 hour trip.

    

   I needed gas so we stopped and filled the tank.  When I went inside to pay, I struck up a conversation with an older man dressed in jeans and cowboy boots and fringed leather jacket.  He had shoulder length grey hair and wore a cowboy hat with a simple beaded turquoise band.  He looked out at my family in the car and asked, “Where are you guys headed?”

 

    “Hobbs. You don’t know a quicker way than backtracking out to HWY 285, do you?” I replied, mostly joking and with a smile.

 

     “Sure do. I’m headed that way.  Why don’t you just follow me and I’ll show you the way.”  He pointed to a well-worn 1960’s Dodge pickup with three bails of hay in the bed.  “That’s my pick up over there.”

 

     “Thanks, we’ll be right behind you.  I really appreciate this,” as I waved and got back in the car.

 

     “You appreciate what,” Sharon asked, eyebrows raised and doubt coloring her words.

 

     “He’s going to show us a short cut to Clines Corner.  He says the locals never go back out to the highway.  It’ll probably cut an hour off our drive-time.  Don’t worry about it.  I know what I’m doing.”

 

     Unconvinced, Sharon persisted as we turned onto the narrow two lane road out of Lamy. “Ashley, we’ve been coming here for years.  Why haven’t we ever heard about this short cut?  I think we’re making a mistake.  I don’t think we should do this.  It’s dark and we are, literally, in the middle of nowhere.  What if we break down?”

 

     “We’re not going to break down, we’ll be fine, please go to sleep.”

 

     I was grateful Sharon followed my advice and went to sleep, because about an hour later when we passed the sign, “Clines Corners, 45 miles” my heart sank.   We were on a ‘wild goose chase’ that not only had not been a short cut, but had taken us further away and wasted time and gas in the process. In actuality we had almost made a complete circle.

 

     I reluctantly turned our SUV onto Hwy 285 at a spot that was only 11 miles from where I would have been an hour earlier, if I hadn’t followed the guy in the truck. Sharon opened her eyes and looked around.  “Well, we’re not in Kansas anymore, are we ToTo?  Where are we?  And don’t even try to tell me we’ve made it to Clines Corners.”

 

     What is it about us guys? That we will defy logic by continuing in the wrong direction with the belief that we will eventually end up on the right road?

   

   Where Finances were concerned, it was sometimes difficult to even admit to myself that I was in the middle of nowhere instead of Clines Corners.  My ability to make four left turns and still make the case that I had actually gained financial ground instead of going in a circle was as silly then as it is now.  It made no sense.

 

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Financial Definitions That Pass the Test of Time

March 19, 2009 · Leave a Comment

Several years ago, I realized one of the fundamental problems I had was this. I had not clearly and adequately defined important key words like Wealth, Fulfillment, Contentment, Success, Retirement, Riches and Financial Freedom.  I set out to see what the experts were saying about these pivotal terms.  What I discovered surprised me.  Many of the experts’ definitions of these words did not pass the test of time, especially their definitions of Financial Freedom.

 

     The term, Financial Freedom, for too many voices in the marketplace embraces the idea of financial freedom being a destination you work toward and, hopefully, finally arrive at.  For quite a little while, I have not spoken up and challenged this rationale.  No more. 

 

     If your definition of financial freedom embraces a futuristic time and place when you have a beefed-up bottom line and no debt, I, respectfully, disagree.  I know too many people who have reached that destination with an impressive financial portfolio and bottom line, and yet, they are not financially free.  Internally, they find themselves more defined by their bottom line than their personal values, goals and passions.  Conversely, I know people who have engaged a personal journey of financial freedom, and while they still have debt, they are not only liberated and free, they have also found fulfillment in pursuit of their values, goals and passions.  How so?

 

     More than being a destination, Financial Freedom is the attitude, posture and ‘bent’ of your life.  It is a road you travel, a direction you follow.

 

     Here are some definitions I believe will pass the test of time.

 

Wealth:

Wealth is a reservoir filled with knowledge, experience, creativity, imagination, passion and money. A wealthy man has the ability to resource the important things in life.

 

Fulfillment:

An over-whelming sense of accomplishment, matched only by your true passions.

 

Contentment:

A good word and a quiet benediction at the end of the day and over the course of a life.  Peace at the end of the day.

 

Success:

Success is the combination of fulfillment and contentment, a journey along the right path in life.

 

Have you ever considered that success is usually defined for you by someone else?  They set the bar.  They judge the results, and they give the accolades.   

 

Riches:

Resources of intrinsic value, to you and your family, that can never be lost or taken away.

 

Willie Mays was interviewed by Johnny Carson on the Tonight Show.  Johnny said, “You’re a celebrity now, and I know your life is different.  I also know you grew up poor.  Tell me what it’s like, now.”  Willie Mays responded, “Let me correct you, I grew up broke and I’ve been broke most of my life, but I’ve never been poor.  Being poor is a state of mind.  I have never been poor.”  The Bible says it best, “for where your treasure is, there your heart will be also.” 

 

Retirement:

Retirement is not the end of your work or job. It is the honor and sustainability you bring to the final stage of your life, and preservation of the legacy you leave behind.

 

Louis  Armstrong

Musicians don’t retire.  They stop when there’s no more music in them.

 

Financial Freedom:

Financial Freedom is not a destination.  It is the ability to pursue appropriate values, goals and passions, unencumbered and regardless of your income and bottom line.

 

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Time and Money

March 18, 2009 · 1 Comment

Wake Up  Call

    

     We were sound asleep and the ringing of my cell phone was unnerving.  Nobody wants to get a call in the middle of the night.  Rarely, is it a good call.  This time was no exception.

 

     Art’s youngest son, Ross, was on the other end.  “Mr. Clayton, I’m calling to let you know my dad has just passed away.”  It took more than several seconds for the gravity of what had happened to register.  Art Nelson was my best friend and he was only 53 years old.  His two sons, Matt and Ross, had grown up with our boys and our families frequently did things together.  One thing that immediately popped into my mind was our sometimes Christmas tradition of taking our families to the evening Christmas Vespers, service and then going to a local steak house for supper.

 

     The last thing on Art’s mind was dying.  It was not on his radar, at all.  After all, he was not all that old and he still had a long list of things he wanted to accomplish in life.  His wife, Marilyn, and his two sons were everything to him and nobody had more friends than Art.  More than one of us considered Art our ‘best’ friend.  He was an accomplished golfer, a hunter, a builder, a minister, a great friend and believe me when I say, he loved having fun with his family and friends.

 

The Uncertainty of Time

 

     Art’s death was a wake-up call for me in a number of ways.  Life really is brief, at best, and always uncertain.  In fact, it reminds me of that game we all played when we were children, ‘musical chairs.’  Whenever the music stops everybody scrambles for a chair.  The problem is, there is always one less chair than people.  Somebody winds up without a chair to sit in.  The game goes on until there’s only one person left and that person is named the winner.  In real life, however, even the last person standing faces a certain demise.  Nobody has a chair to sit in forever, this side of heaven.

 

     “For all men are like grass, and all their glory is like the flowers of the field; The grass withers and the flowers fall…” 1 Peter 1:24,NIV

 

     “You do not know what your life will be like tomorrow.  You are just a vapor that appears for a little while and then vanishes away.”  James 4:14, NAS

 

 The Passage of Time

    

     Where finances are concerned, most of us act like there is an unending supply of time.  We want to treat it like a commodity we can purchase at the grocery store.  Jim Croce’s song, ‘Time in a Bottle’, expresses this sentiment as well as I’ve seen.  The fact that it was released after his untimely death makes the lyrics even more poignant:

 

If I could save time in a bottle

The first thing that I’d like to do

Is to save every day

Till Eternity passes away

Just to spend them with you

 

 

If I could make days last forever

If words could make wishes come true

I’d save every day like a treasure and then,

Again, I would spend them with you

 

But there never seems to be enough time

To do the things you want to do

Once you find them

I’ve looked around enough to know

That you’re the one I want to go

Through time with…

 

 

    While these lyrics refer to the love between Jim Croce and his wife, the real sentiment is even more basic, our desire to extend time, to stop the passage of time, or, to capture and use time as currency to be applied somewhere else.

 

     In reality, life is brief.  And, not one single person really knows how much time they have.  This presents a problem for those who are hanging their hat on the hope they will live long enough to realize all of their dreams.  The hard cold facts are we don’t know if we will live long enough to enjoy our earthly destinations.  Jim Croce did not, neither did my friend, Art.

 

Passing The Test of time

     What am I saying?  Simply this, our pursuits in life, including our financial strategies, need to pass the test of time. It’s the not knowing how much time we actually have left that drives the point home that everything in life must pass the test of time.

 

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Confessions of a Poor Money Manager: I put others at risk!

February 17, 2009 · Leave a Comment

I  practiced PONZI mathematics in order to stay afloat and fell into a pattern of borrowing money I did not have to buy things I did not need, often to the detriment of my family.

 

 It was just before Christmas and the temperature outside was below freezing.  Anyone would have done precisely what I did when I opened the door.  I paused to take it all in.  The lights in the house were off except for the flickering Christmas tree lights bouncing from one vintage ornament to another.  Beautifully wrapped presents were piled high around the tree and there was the unmistakable aroma of popcorn in the air.  The recently stoked fire cast a compelling orange glow on my three boys and wife, all gathered around the fireplace watching a movie on television.  A big bowl of popcorn was on the tapestry ottoman in front of the fireplace and my youngest, wrapped in a vintage quilt, had his pillow and was asleep on the Oriental rug on the floor.  The other two boys were on the floor propped against the sofa.  Sharon was tucked in the corner of the sofa under an afghan nursing a mug of hot chocolate.  The scene could easily have been a Christmas card.  It was one of those ‘Kodak’ moments you couldn’t duplicate if you wanted to.

Several months earlier I made the decision to accept a position at a church in another town.  We made the decision that the family would remain in our home and I would move to the new church ahead of them. I came home every couple of weeks and the family joined me at our new church when they could.  The scene I described in the previous paragraph is actually what awaited me when I returned for Christmas that year.

 

What you do not know is far less idylic than the scene I have just described.  The hard ‘cold’ fact is our furnace had burned out.  It had barely made it through the previous winter and finally quit in the middle of the first really cold spell that year.  We were strapped financially and did not have money to install a new furnace.  For the entire winter my family slept in the living room in front of the fireplace to keep warm.  The boys took turns stoking the fire through the nights and they all dressed there in the mornings throughout the winter.  

‘Borrowing from Peter to pay Paul’ had become a way of life for us. 

We were constantly taking today’s money to pay for yesterday’s or last year’s responsibilities and pleasures.  While we knew that our house of cards was not stable, we did not understand we were, in fact, on a slippery slope that would ultimately lead to ‘crash and burn’.  It was spiritually debilitating, as well.  The grace ‘sufficient for the day’ had to be applied retroactively and on the futures market, as well.  We were in-debt and at the same time leveraged to the max.

 

Plain and simple, effective money management in our household was too often sabotaged by a pattern of seeming innocent decisions to make purchases we could not afford, often at the expense of our family.  In retrospect, it saddens me to say I am guilty of buying sometimes extravagant things we neither needed nor could afford while struggling to provide some of the basic needs of my family.

 

Let me say a word here about our family. We are close, loving and supportive of one another. We are a family that enjoys each other’s company and doing things together, We are fiercely loyal and jealous of the time we spend together. Sharon and I have a great life and the boys are friends for life! I have apologized to each one for making so many mistakes with money and putting them at risk as I did for so many years, and they all say the same thing, we have no regrets Dad, we’ve had a wonderful life! They are gracious, but I know I put them at risk and I know that in spite of some really great times, life could have been better.

Here’s the really good news, while you can’t go back and lived life over, you can come full circle. That’s what God has done for me, He has brought me and our family full circle!

Coming Next…

I Made Time My Enemy!

 

 

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.

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ashleyclayton.com

 

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