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Sunday School -
9:30 am
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Sunday Morning Worship -
10:30 am |
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Sunday Night Fire -
7:00 pm | |
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Ladies Prayer -
11:00 am
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Family Prayer -
7:30 pm | |
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Bible Study -
7:30 pm
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Financial Advisory
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| Bro. Gerald Bell |
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At Apostolic Tabernacle we have been blessed by Gerald Bell's insight and information in financial matters. His knowledge of financial matters combined with his dedication to God and spiritual matters equips him to uniquely minister to those who wish to be good stewards.
Bro Bell has been a member of Apostolic Tabernacle for over 24 years. He's been married to his wife Teresa for more than sixteen years and they have one son, Daremas. Bro. Bell is a Teacher in the Junior High Sunday school class and has served on the board of Apostolic Tabernacle for approximately 9 years. Bro. Bell attended Bradford Business School where he studied to be an accountant, and he currently works for an investment firm as a Senior Fund Accountant. He is a member of the National Association of Security Dealers and holds both series 6 and series 7 licenses.
Here we will present some of his letters of advice for your prayerful consideration |
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FACTA
What is the FACTA Gerald? I'm glad you asked. Starting today the new Fair and Accurate Credit Transactions Act enacted by the FTC (Federal Trade Commission) goes into effect. What this means for millions of Americans is that once each year you can request a copy of your credit report free of charge no strings attached. Why is this important Gerald? I'm glad you asked. Until now the only way you could receive your credit report was to pay for a copy or if you were turned down for credit or loan (etc.) by someone you could request a free copy, either way it wasn't good for the consumer. Now with the new FACTA you have no reason not to request a copy of your credit report annually because it's free. Secondly, it's important that you know what's on your credit report before you go to apply for a loan for a house or car (etc.), rather than have them tell you what's on it after you've already applied. You can save yourself the embarrassment and time by knowing before hand and working with creditors to eliminate the negative influences on your report. Thirdly, you may think that your credit is excellent because you always pay your bills on time and have always paid off creditors. We'll you could be in for a surprise if you haven't checked your report and haven't applied for any credit recently. Ten years ago it was recommended that everyone request a copy of their report once a year just to be sure there were no inaccuracies or worse; items that were fraudgently on their report. Now it's recommended that everyone request a copy of their credit report at least twice a year because of identity theft. Identity theft is a multibillion dollar a year business, yes I said business. There are people in the business of stealing others identity and living off your good name and credit. Often times racking up tens of thousands of dollars in debt before the unsuspecting victim becomes aware of it. You may not be liable for the financial debt incurred if you go through the procedure of filing a police report, signing sworn affidavits that you're not the person who made the charges, and being investigated by the companies that the charges were made to, however It can still reek havoc on your life because every time you try to obtain any credit all this will show on your credit report and you will be left trying to explain why, often times to no avail. The FACTA will be implemented in quadrums so as not to overwhelm the credit reporting agencies. Our state was implemented in June 2005 and I have included a copy of when each section of the country will be implemented. Until then I encourage you to get a copy of your report the old fashion way, pay for it.
God Bless
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Are You Paying Yourself Enough?
For many of us the thought of paying ourselves is a misunderstood notion. Often times when I've asked this question of someone they look at me strange and immediately ask the question, what do you mean am I paying myself enough? We think of our employers as paying us, however a lot of people don't consider paying themselves. If you're not putting away money for your future then you're not paying yourself, and if you're not putting away enough money for your future then you're not paying yourself enough. You may think I can hardly pay my bills currently so how can I possibly save money or (pay myself). In everyone's life there are things we could do to forge out a way to spend less, thus creating less expense items in order to save money for our future. We usually don't see these expense items as conveniences; we typically view them as necessities. Modern day technology and clever marketing has convinced us that we can't live without certain things, so in order to overcome this urge to have the latest and greatest we must set priorities when it comes to spending and saving (paying ourselves). When I got home yesterday my seven year old son asked me, daddy how come you don't take a cell phone to work with you? My response to him was son daddy really doesn't need a cell phone. It's one of those conveniences that I would love to have, but refuse to pay for, so I've never owned a cell phone. Think about it, do you really need a cell phone? I'm not knocking cell phones because they serve a great purpose, but most people probably spend for to much time on the phone anyway. Think about how much money you are spending on a cell phone and then compare that to the return on investment you're getting from it. Is it really worth it? that's for you to decide. The cell phone is just one item I chose to look at since my seven year old ask me about it, but I'm not advocating that everyone get rid of cell phones. There are a plethora of things one must look at when trying to cut back on expenses. The fundamental thing I want to convey here is that it's important to save for the future of our families, and If we really desire to accomplish this it's vital that we reevaluate our spending habits in every aspect of our lives in order to eliminate things that are costing us now and could ultimately stop us from having a healthy financial future. Start paying yourself!!!!!
God Bless
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TWO COUSINS I HATE
There are two cousins that I hate. Yes I must admit that I have hatred in my heart, so I guess this open confession is good for my soul. Now, as a Christian I know I shouldn't hate anyone, but these two just cause so many problems that I can't help but hate them for it. Before you start to judge me for my hatred towards them maybe you should look at them from my vantage point, for you see the two cousins I'm speaking of are debt and sin, I like to think of them as first cousins. Both of them can cause you more problems than you care to deal with. If you have more debt than you can afford it can become overwhelming and cause you to sin. All you can think about is how can I get more money to satisfy cousin debt. In trying to satisfy cousin debt you take on a second job, work longer hours at your current employer, or worse get into get rich quick schemes. Sometimes things that you know are illegal began to look like legitimate business opportunities for you because you're trying to satisfy cousin debt. Let me tell you the truth about cousin debt and cousin sin. Cousin debt and cousin sin play on your humanity and natural desire to have what you see others have (coveting). Cousin sin whispers in your ear things that your flesh loves to hear such as, you work hard and you deserve to have that, they have it, or if you skip bible study and work that night you can buy that new item, or if you don't pay your tithes and offering you'll have enough money to buy what you want, why not it's your money you worked for it. The reality that cousin debt and cousin sin doesn't tell you is that by doing all this to obtain material things you are tearing down your walk with God and all that debt can lead to your demise. Cousin debt and cousin sin don't tell you that it is God that gives the power to get wealth, and that if you seek first the kingdom of God and his righteousness that all these things will be added unto you. It is God's good pleasure to give you the desires of your heart, but not at the cost of having you destroyed by debt. Sometimes when God says wait on me in that financial decision we become anxious and try to do it our way which usually ends up getting us into situations that we should not be in, and then we run back to God and say I need help. Be patient not anxious in trying to obtain the things you desire. Set financial goals and proceed with small steps toward reaching those goals. Know with certainty that you can afford the debt you obtain (how do you know if you can afford it you may ask) if you can pay God first (tithes and offering), pay yourself secondly (savings for your financial future), and pay for your basic living necessities (food, shelter and clothing) without any difficulties then you can afford to spend some of the excess on those things that you desire. So join me in hating cousins debt and sin.
God bless!!!!!
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Credit Scores
Having a high credit score is important, and we should all try to improve our credit score by developing a solid credit history. Having a high score can literally save you thousands of dollars. A score of 650 or higher is preferable, of course the higher the better. You may or may not be aware that creditors charge you higher interest rates when you have a low credit score. Insurance companies charge you higher premiums on your car, home and health insurance for the same reason, and believe it or not some employers are using credit histories to determine if someone is responsible enough for them to hire. The history of how you pay your bills is a direct link to how responsible you may be in other areas of your life. (Who'd a thunk it). Now there are certainly uncontrollable circumstances that arise such as the loss of employment, or sudden illness, and for those situations there's nothing you can do unless you were financially prepared to handle an extended period of time without that income source. So how do I improve my credit score you ask? The first thing to remember is that your credit score can vary from month to month and even day to day. This is because it is calculated based on the credit data available for you at the credit bureaus on the day the score is requested by a lender. When a lender receives your credit score and it is low, say 600 or lower, they review the credit history to see how well you have been paying your bills. This explains to them the reasons your score was not higher, and helps them to determine it you are someone they're will to take a risk on. Some general suggestions to help you develop a solid credit history and influence your score for the better are:
1) Pay your bills consistently and on time. Negative information loses its ability to affect your score over time, however a recent late payment weighs heavily against you as appose to a late payment four years ago. Believe it or not some people pay their bills late not because they don't have the money, but rather they just forget to pay them when they are due.
2) Check your credit report and have them remove any errors. By making sure that only accurate information is reflected in your credit history, you ensure that the credit score it generates isn't lowered by negative inaccurate information.
3) Keep your debt reasonable. One rule of thumb is your account balances should be no higher than 75% of your available credit. For example, if you have a $2000 credit limit, you should have a balance of no more than $1500. This tells lenders that you are not one to max out your limit just because you have it.
4) Maintain only a reasonable amount of unused credit. If you have several open credit cards accounts with large limits, but you don't use those cards, you should close the accounts. Ideally you want to have no more than 2 open credit card accounts and those should be major credit card companies (Visa, Master Card etc.). While it's good to have a cushion of credit available, having ready access to thousands of dollars of debt makes you a higher credit risk to lenders, because they know that you can get into a lot of debt very quickly.
5) Avoid too many inquiries. Every time you fill out for credit they are going to run a credit check on you and this shows on your credit report, and each time it lowers your credit score. Inquiries are interpreted as a sign that you have been actively seeking credit, and may be in financial difficulties or in the process of overextending yourself. So avoid those store offers to fill out a credit application and receive an instant discount on what you buy, it could hurt you in the long run.
God Bless!!!
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Instant Gratification Vs. Lasting Blessings
Many of us live our lives like a microwave because we want everything in an instant. We want instant gratification to make us feel good about ourselves; we want instant wealth to obtain things we don't necessarily need. We also want instant living for God, we show up on Sunday to get an instant dose of the spirit in our lives and then Monday through Saturday live a blasé life style acting as though God doesn't exist. The reality is living for god isn't instant it's a process, and obtaining financial security doesn't happen in an instant either. It's a process of following principles and being disciplined. I've read several articles of what happens to those who win lotteries. Most of them even before receiving a penny of their winnings seem to encounter all manner of grief due to their own actions. Unfortunately, most of them also end up broke and in more debt than they had before they ever won the lottery. I think we all would like to at least have the opportunity to experience what it's like to have millions of dollars, and you might say I would never end up like those people. But wait, I'm sure they all thought the same thing. Money is neither good nor evil, it's just paper; however, the way in which you choose to use money can be good or evil (the love of money). Instantly wealthy... sounds good doesn't it. You go to sleep one night and awake the next morning a multimillionaire. What's the first thing you would do. Ponder that thought for a moment what would I do if I was suddenly a multimillionaire. If the first thought that came to mind was to spend any of the money in any way, you probably couldn't handle having a lot of money. You see the first thought that came to mind with me was to sit down and come up with a plan on how not to spend any of the money until I have had it for at least six months. I figure if I could hold on to it for that long and not spend any of it then I would probably be responsible when I do decide to spend some of it. My point is that instant wealth usually doesn't last because it took no discipline to get it. If you are disciplined now with your finances you stand a better chance of acquiring more wealth than by winning the lottery. It's sad to say but so many preachers today seem to think god is the lottery and all they preach is prosperity. If you give, God will make you a rich, to me they're preaching microwave wealth and to some the degree it's extortion from my vantage point. It is certainly god's desire that we prosper, however there's more to it than that. God wants us to be good stewards of the finances we have been entrusted with. If god can't trust us with what has already been given to us why should we get more?
God bless!!!
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Credit Cards
Most people have credit cards and unfortunately most people carry balances on them. But are you aware of the sneaky tactics that credit card companies use to bilk you out of more money than you have agreed to pay them? Last month I was reviewing my credit card statement as I do every month and noticed that the interest rate had been increased to a much higher rate than I had agreed to when I originally obtained the card some eight years ago. I immediately called the card company and inquired as to why they raised my interest rate. After punching on her keyboard for a moment the individual responded to me that there is no particular reason that the rate was increased, however the company reserves the right to increase the rate. I stopped her and said in my contract it says that the interest rate is for the life of the account, and in the event of late payments the company has the right to increase the rate. I indicated to her that I have never paid a payment late with this card company or any other creditor of mine for that matter. She said let me check your payment history and after punching on her keyboard some more she indicated to me that I was correct and had never made any late payments. She proceeded to tell me that (XYZ) card company was not making enough profit on me at that interest rate and so they decided to increase the rate. I asked that the rate be lowered and they reluctantly agreed to lower it. Credit card companies use a lot of tactics to bilk you out of money, such as offering low interest rate cards with a lot of strings attached. If you make one late payment to them, even if it arrives just one day late they will increase your rate astronomically. Another tactic they use is periodically checking your credit to see if you've paid any other creditors of yours late and will use that as a reason to raise your interest rate. So how do you avoid these sneaky interest rate increases, here are a few things to keep in mind: 1) The best thing to do is not carry a balance and you don't have to worry about what the interest rate is because you pay off the balance at the end of each cycle. 2) If you must carry a balance, be prudent in paying on time. Mail your payment at least seven days prior to its due date to ensure that it will arrive on time. 3) Know what interest rate you agreed to when you obtained the card. 4) Review your monthly statement and ensure that the card company has not increased your rate. 5) If you find that the rate has been increased and you know that your account is in good standing with the company, immediately call them and inquired as to why your rate has been increased and demand that it be lowered. I did a little research and found that my situation with this card company was not an anomaly, but rather there are thousands of individuals that this has happened to. The card company (a major card company) is being sued by the NY attorney general for the practice. That's little consolation for all those who have been bilked out of a lot of money, because even if the attorney general wins the case it is not likely that consumers will ever see a return of the money they've lost.
God bless!!!
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