Name this Blog

I've been told by numbers of people that I need a better name for my blog. Just a few minutes ago around the staff lunch room table was the most recent request to put a name to my blog. They told me "Tcolucy" is boring and dry.

So, what do you think would be a good name for my blog? I'm open to suggestions.

Thanks

FPU class #1

Last night was our fist FPU class here in the new building. I was pumped with the way things went. We had some no shows and some walk ins. (It all works out) I do have a few kits remaining waiting for next falls class.

In all, we have 5 facilitators. (K, Larry, Ron, Mike, and me) Everyone did a great job last night! Thanks guys. We are all in for a life changing adventure.

My group is a nice mix of life stages. The youngest is just two years married, a couple in there 30's a few of us in our 40's and a few just short of retirement. We all have a story to tell and we all have different reasons for taking this class.

If appropriate, I'll share some life change stories from our class here over the next 13 weeks. For now, I'm off to check out the new section of FPU's web page for class participants.

Another reason to love Direct Deposit

As I type this, I'm sitting at my home computer instead of being at work because I'm iced and snowed in from this winter storm. The ice on top of the snow has has allowed our smaller dog to to walk on top of the snow. He's not quite sure about that.

This weather got me thinking about how great it is to have our staff using direct deposit for our paychecks. At midnight tonight, payroll will magically hit 30 employees bank account. (We still have 1 direct deposit hold out.) The winter storm has allowed me the time to schedule all of my bill payments (free from my bank) to be sent out on Friday. No stamps no hassle.

Jason asked me in through a previous comment if Direct Deposit was cost effective for the church. Jason, I've got to admit, I've never looked at it from a cost standpoint. In our case, we use Quickbooks and they charge the church for direct deposit. It's free to our employees. You can check with your church's bank as most banks now offer this service for free.

I look at the cost of direct deposit as an employee cost. Its now expected by employees more than being seen as a benefit. I love it and consider it a condition of employment myself. With the combination of direct deposit and online bill payment, I haven't set foot in my bank in years.

So, the snow and ice can keep coming. My check is in the bank. We'll as of midnight. . .

85 People signed up for FPU

85 People have committed to taking Financial Peace University at NewPointe. There are no words to describe what I'm feeling.

If you've read my blog before I'm sure you've seen some FPU references and posts before. According to Dave Ramsey and his team, the average person or couple pays off $5,300 in debt and puts $1,200 in savings during the 13 weeks of this class. That's one very large return on a $99 investment.

The 85 people taking the class make up 50 families. 50 x $6,500 in debt reduction and savings is $$325,000. Talk about life change. . . I can't wait. I know from prior FPU graduates, the class not only changes their lives but graduates help their family and friends make changes.

Say a prayer for our five table leaders. This is by far the largest group we've taken through at one time.

$15 Free to you from PayPal

If you use PayPal for any of your shopping including eBay, then this post is for you! Keep reading.

PayPal is offering a $15 rebate on a single purchase of $30 or more made after February 8, 2007 and before March 31, 2007 at any qualifying retailer that accepts PayPal including eBay. All you have to do to get the rebate is:

Register your email here
Make a single purchase of $30 or more
Make it at an eligible website
That’s it. Once finished, the $15.00 rebate will be deposited into your PayPal account by May 28, 2007.

I've signed up. How about you?

Invest your tax refund in your IRA the easy way

This year, in an effort to encourage you to save, the IRS is allowing taxpayers to have their refunds deposited in up to three accounts including IRAs. If this sounds appealing, you'll want to pay close attention to the rules that apply. As Forbes reports, while the government’s intent is good, there are a few kinks that could cause you some headaches:

• "The IRS must deposit your refund into your IRA by April 17, 2007--the tax-filing deadline this year--for it to count as a 2006 contribution. If the money doesn't get into the account by April 17 it will become a 2007 contribution instead...and you’ll miss out on the 2006 break"
  
  
• "Some people are eligible to deduct their IRA contributions for 2006 even though you make your IRA deposit in 2007. If you're one of them and the money gets into the account late, than you'll have to go back and amend your 2006 return.
  
  
• "You have to make sure you get the routing and account numbers correct. And you have to check off the appropriate box on the IRS form indicating whether the money is going into a checking or savings account. So which is an IRA? That depends. IRA accounts held at Fidelity are checking accounts, but other custodians consider their IRAs to be savings accounts. So you must call your bank, mutual fund, brokerage house or credit union and ask."
  
  
• "You as the taxpayer must tell the custodian by April 17 that you want that money counted as a 2006 contribution. Otherwise, the custodian will assume direct deposit is for the current (2007) tax year.
  
  
• "If your refund is changed because you made a math error or the government grabbed part of it (say to pay child support) that could change the amount going into your IRA."

It's Review Time

I know its the beginning of February and I should be looking ahead to spring. We'll not quite yet. I'm firmly focused on 2006. The year that just ended.

Tomorrow, our outside accounting firm will be in to conduct a review of our 2006 financial records. I very much look forward to this time for a few reasons

1. I'm sick. I just like this kid of stuff
2. I use to live / work in that world and it reminds me of how glad I am not to be doing that stuff for a live any more. My apologies to all those CPA's in public accounting
3. The most important, it puts a ribbon and bow on the year that just ended and brings credibility to our finances.

So, I'll be sending the next few days pulling together documentation to support or financial statements and answering lots of questions. I can't wait.

Commission vrs Allowance

This post is in response to a comment left here yesterday. Thanks for your question.

In years past, prior to me leading Financial Peace, my wife and I would pay our two kids a weekly allowance so our kids would have some of their own spending money. When kids are young the typical allowance is usually $1 for each year old your child is.

As our two kids started getting a little older, I began disliking the feeling I had each time I handed them their allowance money. I sensed an entitlement attitude coming from them and I wanted to teach them that money doesn't grow on trees. (Well technically the paper money is printed on comes from trees)

Fast forward to Financial Peace. In on of the classes, Dave Ramsey spends some time talking about parents teaching children how to handle money. During that time, the light bulb went on for me. Dave says that each member of the family must contribute to the household and that children should have some assigned work to do. Dave then paid his kids a "commission" for work done. No work, no money. (Just like in the real world.)

My wife and I adopted this method at our house and it has worked out wonderfully. Although my 13 year old doesn't like the name Dave Ramsey. There's no more asking for money from our kids when we are at a store. No on the rare occasion when our kids ask for money from Mon and Dad, we'd respond, how much commission do you have left? The kids usually respond "none". Then we say sorry, you'll have to save some next time. The typical question these days from our kids is,"What can I do around the house to earn $XX".

Here's how our commission process works. I post a chore list on our refrigerator each week. Our kids have 7 days to complete the items on the list. at 9 pm on the 7th day, I pay them the commission base on what has been completed and take away $2 for every item that hasn't been completed. And if there are three things on the list not completed, they are grounded for the weekend. Our kids can also earn bonus bucks for bringing home graded papers from school with A's on them. (Limit of 3 A's per week for bonus bucks. The A's week really adding up.)

If our kids complete all their chores, there weekly commission is $12. Then $1 for church, $1 into savings and they get to spend $10. They also get one additional dollar for each A that week up to 3 A's. (My 13 year old son is pushing for a larger commission. I'll need to revisit that soon.)

Anyway sorry for the long post but it was worth reading. If you go to commission route, please let me know how it goes. It's been a great learning process for our kids and has taken away the guild of Mom and me. No more asking for money from our kids and us telling them no.

My wife has drunk the Kool-Aid

It's no secrete in my family or anyone who knows me knows that I'm a huge Financial Peace & Dave Ramsey fan. My wife is much less enthusiastic about Dave but understands and agrees with our financial game plan. Our kids earn their commission but really dislike the name Dave Ramsey. That's another story for another time.

So what does this have to do with drinking Kool-Aid? Great Question. My wife drove into Dover for lunch today. (We each have our own bi-weekly commission) She went to the Wendy's drive-thru and ordered a plain chicken sandwich. When she got up to the window to pay, They told her it would be $3.39 for a plain chicken sandwich. My wife hesitated and then asked if she could cancel the order. The drive thru attendant said no one had ever cancelled an order at the payment window and then reluctantly agreed. My wife said thanks and then drove over to the golden arches and ordered a chicken sandwich off the value menu $0.99. Way to go baby!

She told me this story as soon as she returned to work. She said she could see me saying, "You paid how much for a plain chicken sandwich?"

It's Back!

It's back and I'm juiced! Financial Peace University that is. We ran our fist announcement this past Sunday and over the next two weeks, we'll direct people to an information table located in our main rotunda area. Yours truly will be manning the table this weekend.

Why am I so juiced? I've seen and experienced God inspired life change in and through these classes.

I recently was told by a former class graduate that they have paid off more that $50,000 in just under two year. Way cool!

Want to get a feel for FPU? Watch this online video.

Want to take the class? Sign up this or next weekend at NPCC. Classes are starting Thursday Feb. 15th from 7 pm to 8:30 pm. Hope to see you there.

Calls 3 years later.

I just got off the phone with a pastor from North Carolina. He said he read my quote on the Fundraising Today web site.

In late 2003 our church was researching Stewardship / Fundraising firms. During this process, we came across a mailing for Fundraising today. Long story short, we ended up going with them and were very happy with the results. (3 times our annual budget in pledges)

So for all those interested and for future phone callers (I'm going to point them to this post.) Here's my two cents.

1. The price of Fundraising today's class is peanuts compared to what another Stewardship company will charge for their services. As such, going to the fundraising today class is money well spent even if you don't go with them for your campaign. No looking back and wondering what if?
2. You leave the class with a kit that walks you through the entire campaign process.
3. They have "canned" literature if you don't want to create your own. We created our own and used a local printer.
4. You need someone on you own team to hold team member accountable or the system will not work.
5. You need your senior pastor to cast the vision for the campaign.
6. If you don't have 4 or 5 you are better off going with a different program.
7. Support is an email away.
   

We had a great experience and a very successful campaign.

Illegal Tithing

Is there such a thing? According to a recent ruling by a New York federal court the answer is yes.

Tithing or making donations of any kind has been ruled illegal for BANKRUPT individuals by a judge in New York. The consequences of this ruling could be far reaching as other states will surly cite this recent in demanding similar rules in their states.

Well over 2 million Americans filed for bankruptcy in 2005 according to the National Association of Consumer Bankruptcy Attorneys.

Can you imagine having to ask a giver, before a church accepts a donation if they have filed for bankruptcy?

Joy

My wife and I just returned home from visiting our next door neighbor Glenna. Glenna is a wonderful lady who is going to be 86 years young next week.

In talking with Glenna tonight, she reminded me that the simple things in life make a big difference. We had some good conversation on a cold winters night. We enriched each others lives just by talking.

Who have you not talked to in some time? Who's day could you brighten by stopping by just to say high?

What Joy is waiting for you?

1 of 12 down

I'm one step closer in one of my 2007 goals. Last night I finished book #1 for 2007. Living A Life on Loan - Finding Grace at the Intersections. This book was written by Rick Rusaw & Eric Swanson.

My three main takeaway from this book was.

1. My life is on loan from God. Like every loan, the person giving the loan expects a return on their investment. What kind of return an I producing for God?
   
2. When I think about by live on loan from God rather than a life that I own, my perspective and priorities change to aline with God.
   
3. God gave us life and it matters a great deal to him what we do with our lives.

This is a great read for everyone who what to know how to make their life count and what God can do in and through you if you open yourself up to him.

Personal Tax Tip

Today is a rainy Saturday in Ohio. At least it's not snowing. . . I'm in the middle of one of my winter time hobbies of baking bread. (100% whole wheat as always;) The whole house smells like a bakery right now. I've got and hour before I can take the bread out of the machine so I thought I'd start looking into another one of my winter time hobbies. Taxes. What can I say, It's the accountant in me.

Here's a one time only deduction, i.e. money back in your pocket from the IRS. As taxpayers, we have been paying a federal telephone tax on long-distance since 1898. (Little known fact. . . . this tax was to fund the Spanish American War). Today this tax goes into the U.S. Treasury's general fund. . . Enough history

The short story . . . .

Use the standard deduction amount on 2006's tax form for the federal telephone excise tax credit/refund.

• $30 for taxpayers filing with one exemption
• $40 for two exemptions
• $50 for three exemptions
• $60 for four or more exemptions

If you are really into paperwork, you could file form 8913 and take the actual amount of excise taxes you paid. Good luck with that.

Off to check on my bread. . . .

What would you do with an extra $1,100?

Did this title grab your attention? I hope so. If the company you work for is like most companies, this is the time of year that you get a raise in your paycheck.

According to the Bureau of Labor Statistics and Bureau of Census the mean income of all workers in the US is #35,500 per year. When I take this mean income and apply a cost of living increase of 3% it equals roughly $1,100.

No matter what your raise is in 2007, what is your plan for that increase. I can tell you this, if you don't have have a plan on what to do with it, your raise will disappear within three months and you won't know where it went.

Here are a few things I consider before I get a raise.

1. Take the increase in my pay and have it go right into my retirement plan. (Pretax)
2. Take the increase and put it into my Flexible Spending Account. (Pretax)
3. Increase my giving by that amount. (Eternal Investment)
4. Take the increase and have it automatically deducted by by bank into a savings account. (Peace of Mind)

As for me, I need to pay for those braces so I'm upping my Flex Spending Account in 2007.

Financial Evaluation Time

Greeting on the eve of the Ohio State National Championship game. As I'm waiting for pregame to start, I decided to do some personal financial reflection of the year just ended.

For many years now, I've tracked in a spreadsheet my net worth from year to year. How do you figure your net worth? Add up the value of the things you own (Cash, Savings, Emergency fund, Retirement, house) Less what you owe on these things. The difference between the two amounts is your net worth.

I know saving money is hard. I recently found my 13 year old gets his braces in March and my daughter is close behind. I'm getting off subject here.

Tracking your net worth allows you to see progress from year-to-year. You will be surprised how fast your net worth will grow when you start to track it. Your purchasing decisions will be affected and your goals may change.

Tracking my net worth was a key factor in starting the savings process for our kids college fund a few years back.

Every little bit helps. Remember, small amounts saved on a regular basis over time adds up to big number!

Go Bucks!

Goals in 2007

I hope you enjoyed bringing in the new year. I did my usual and slept right through it. Also for the two year in a row now, I got to ride my bicycle on Jan 1st. This is truly unbelievable for Ohio.

With each new year, I set goals for myself. Without goals I drift. Here's my 10 goals for 2007

10. Higher net worth in 2007 than in 2006
9. Lead at least one Financial Peace University class
8. 1,500 miles on my bicycle (road 25 today. Only 1,475 left to go)
7. Family Vacation (My 13 year old has other plans)
6. Adding one or two couples to our small group
5. Value people Daily
4. At a minimum, read a book a month. (Just started "Living A life on Loan")
3. Blog regularly
2. Coach my kids to make wise choices
1. Be a better leader & coworker

Setting goals are very important in making any kind of progress I encourage you to take some time this week and come up with 5 - 10 for the coming year.

What are you thankful for?

As 2006 is about to end, I took some time to think of the things I'm most thankful for this year. Here's my top 10

10. Bicycling over 1,500 miles again this year
9. My two dogs (Lumpy & Gino)
8. Being on staff at NewPointe Community Church
7. Praying regularly with my two kids
6. My Small Group ( I love those guys)
5. Good Health
4. Coffee (I'm now roasting my own at home)
3. Financial Peace (No consumer debt)
2. My Wife
1. Being used by God to make a difference in peoples lives. (There is no feeling in the world that can match this.)

Please take some time this weekend to come up with your own top 10 list.

Happy New Year!

I'm still here. . .

Thanks for checking back in on my Blog. I've been silent here since Nov. 17th. It hasn't been a lack of wanting to blog.

As you know, we have moved into our new facility and until Christmas, I haven't had the time or energy to get blogging.

The move and the first three weeks in the new building have gone better than anyone here on earth could have hoped for. (Thanks God!) Each week that passes, we continue to make improvements. Progress is great. In no way did we anticipate the increase in attendance. We've gone from averaging 1,500 to averaging 2,100 a weekend.

There is an energy and excitement seen and felt by everyone in the building. I'm an so grateful to be a part of what God is doing through NewPointe Community Church. If you haven't checked out our web site, I invite you to do so. www.newpointe.org