Financial Principles & Promises: Personal Training for Financial Fitness

Copyright © 2013 by Tammikka Lynn Chambers www.tlchambersempowers.com

Edited by Amanda Bumgarner. Proofread by Stephanie Jackson. Book cover design by Bezworks Studios, LLC

Disclosure: This book does not intend to take the place of advice from a tax attorney or C.P.A. This was developed to provide coaching guidance. You may want to consult your tax attorney or C.P.A. before implementing the recommendations in this publication.

"Scripture taken from the New King James Version®. Copyright © 1982 by Thomas Nelson, Inc. Used by permission. All rights reserved.

"Scripture quotations taken from the Amplified® Bible, Copyright © 1954, 1958, 1962, 1964, 1965, 1987 by The Lockman Foundation

Used by permission." (www.Lockman.org)

"All Scripture quotations in this publication are from THE MESSAGE. Copyright © by Eugene H. Peterson 1993, 1994, 1995, 1996, 2000, 2001, 2002. Used by permission of NavPress Publishing Group."

"Scripture quotations marked (NLT) are taken from the Holy Bible, New Living Translation, copyright © 1996, 2004, 2007 by Tyndale House Foundation. Used by permission of Tyndale House Publishers, Inc., Carol Stream, Illinois 60188. All rights reserved.

Scripture quotations marked TLB are taken from The Living Bible copyright © 1971. Used by permission of Tyndale House Publishers, Inc., Carol Stream, Illinois 60188. All rights reserved.

ISBN: 9781483501031

ENDORSEMENTS

"Financial Fitness with Discipline and Diligence is just a taste of what you will learn as you journey through Financial Principles & Promises! Tammikka Lynn Chambers eloquently pens 40 financial principles that everyone should practice in order to experience financial freedom. God calls His children to be great stewards over what He has entrusted to our care, but many just don't know where to start! This is more like a financial manual that helps you to develop a solid financial plan and make better decisions. The foundation is biblical and reminds you of the spiritual concept of self-control in any area of life. This book displays how every decision that you make can positively or negatively impact your fi nances. After reading, you will be motivated to make better decisions today to prepare you and your family for a better tomorrow. The personal training exercises equip you with the essential tools to fi nd the road of Financial Freedom. If you want to create generational wealth and being living the way God has intended, you need to add this book to your collection. It will change your life!"

Tanika Jones

Founder & CEO, Armed Magazine

"Financial Coach, Tammikka Lynn Chambers has provided a simplistic and foundational approach through this powerful book. Her suggestions ring clear and true because she knows the financial territory intimately. Financial Principles & Promises promises to deliver a practical, systematic approach towards financial freedom! No matter what you've learned about obtaining financial freedom in the past, this book will shed new light on becoming financially whole! This is a must read for all."

Stephanie Riley

Project Manager, Kaiser Permanente

Dedication

I dedicate this book to my father because he was my original financial coach. He was my greatest example regarding money matters and taught me as a young girl the importance of managing and saving money. Thank you for seeing something special in me before I could believe in my own self. I will always love and appreciate you, Daddy!

In loving memory,

Rufus Chambers Jr.

November 27, 1944 – January 21, 2004

Acknowledgements

Heavenly Father, THANK YOU for giving the best gift, Your Son, which allows me to have a relationship with you and experience the best life. Thank you for entrusting me with this gift and allowing me to share with the world.

My life has been blessed with many special people. Without their love, prayers, guidance, input, and support, this book would not have been possible!

Mom, you are my greatest cheerleader and supporter. I am so grateful to have your unconditional love, encouragement, and patience over the years. You taught me well and have been the best example of a mother!

Rufus, thank you for being the best brother and genuine friend. I have learned many things from you over the years. I am truly proud of you!

Jamila, my sister-in-law and great dreamer, thank you for showing me how to go after my dreams. Your support with my recent projects has been great!

Winter and Willow, my little jewels, Auntie will always be there for you! I love you more than words can express.

Grandparents, thank you for many years of sacrifice and sharing your wisdom over the years. Today I stand on your shoulders.

Bishop Carl and Lady Adrienne Smith, thank you for your continued prayers and love. I will never forget the investment you have made in my life. You have been an amazing spiritual covering for me.

Kennisha Hill, my writing coach, thank you for all your patience, diligence, and hard work. I really appreciated working with you on this project. Thank you for responding to all my emails, phone calls, and text messages. We did it!

Clients, thank you for allowing me to coach you to financial wholeness. This book is the result of many of your great questions.

Special friends, thank you for loving me and encouraging me over the years. You have seen gifts God placed in me, even when I couldn't, and continually reminded me to stay focused on God's purpose and plan for my life.

I LOVE AND APPRECIATE EACH OF YOU VERY MUCH!

Beloved, I pray that you may prosper in every way and [that your body] may keep well, even as [I know] your soul keeps well and prospers. (3 John 2 AMP)

Foreword

Financial Principles & Promises is a must read. In this practical, but challenging book, Tammikka Lynn Chambers shows a combination of faith inspiring, biblically based promises; level headed, practical planning principles are basic to sound financial management. If you operate in the principle, you have a right to declare the promise. America fell into the greatest recession of our time for disobeying these truths. The Recession of 2008, also called the Great Recession, was a major worldwide economic downturn that began in 2008 and continued into 2010 and beyond. It was caused by the financial crisis of 2008. It was by far the worst recession since the Great Depression of the 1930s. This was all caused due to bad financial practices.

We now live in an age of tremendous financial instability with rising debt, regular economic crises, and a worldwide increase in unemployment, homelessness, and begging. Quite naturally, people wonder how it can be right or wise to give money away in times like these. Sometimes it seems as if debt grips the entire world. Massive international debt has paralyzed whole nations around the world. From easy credit and expensive house purchases, to long-lasting recessions, all have pushed large numbers of American families into a form of financial imprisonment. Many believers and non-believers are financially illiterate; therefore, they don't understand the value of financial stability.

Maybe you or someone you know has fallen prey to economic downturn of the recession or you just want to be financially literate. Financial Principles & Promises is like having your own personal money manager at your fingertips. I often say money needs a manager. Great financial managers assist you in developing the right financial strategy to get you on the road to living a debt free lifestyle. This book is a financial roadmap that will assist you on your journey to ensure your financially free destination. This book will help you understand the importance of planning and writing your vision down. Plans give you a vision blueprint to where you want to be in life, and they are there to assist in refocusing you if you get off track in the process. Without a plan, you plan to fail. Financial Principles & Promises is a reference manual that will assist you with just about any financial need you may have in life.

I want to encourage you as you journey through the pages of this book to stay focused, and stick with it, because success doesn't happen overnight, it's a process and it is intentional!

C. Carl Smith

Author, Intentional Success

In Him Embassy Ministries

Table of Contents

Introduction

Section One: The Right Financial Mind-Set

Principle 1: Acknowledge Your Current Financial Situation

Principle 2: Create the Right Mind-Set

Principle 3: Explore Your Vision and Purpose

Principle 4: Know the Language

Principle 5: Find the Right Banking Institution

Section Two: Setting Goals and Making Progress

Principle 6: Creating Financial Stability (D.E.E.D.)

Principle 7: Writing Your Financial Vision and Purpose

Principle 8: Writing Your Financial Goals

Principle 9: Teaching Children about Money

Principle 10: Successful Family Budgeting

Section Three: Financial Planning Basics

Principle 11: When Do I Need a Financial Planner?

Principle 12: Life Insurance 101

Principle 13: Automobile Insurance 101

Principle 14: Protect Your Home and Personal Property

Principle 15: Retirement Planning

Principle 16: Health Insurance Basics

Principle 17: Estate Planning Essentials

Principle 18: Income Tax Planning

Principle 19: Entrepreneur ship 101

Section Four: Spending and Credit Management

Principle 20: Designating a Money Manager

Principle 21: Safeguard Against Identity Theft

Principle 22: Credit 101

Principle 23: Credit Card Management

Principle 24: Impulse Spending No More

Principle 25: Putting Money Back in Your Wallet

Principle 26: Purchasing a House

Principle 27: Holiday Saving and Spending

Principle 28: Purchase Versus Lease a Car

Principle 29: Should I Co-Sign?

Section Five: Debt Management and Savings

Principle 30: Define and Discover Debt

Principle 31: Debt Management, Reduction Plan, Tools, and Resources

Principle 32: Framing Your Tomorrow with Savings Goals

Principle 33: Savings Accounts

Principle 34: Start Saving Today

Principle 35: Savings Program for Children

Principle 36: Saving for College

Section Six: Faith and Finances

Principle 37: Stewardship Principle

Principle 38: Faith Versus Fear with Finances

Principle 39: Seedtime and Harvest Time

Principle 40: Principle Areas of Giving

Section Seven: Financial Promises

Natural Promises

Promise 1: Sound Financial Plan

Promise 2: Accumulation

Promise 3: Peace of Mind

Promise 4: Debt Management

Promise 5: Personal Financial Statements

Spiritual Promises

Promise 6: Generous Harvest

Promise 7: Abundant Living

Promise 8: Resources Increased and Multiplication

Promise 9: Lesser Brings Greater

Promise 10: Contentment

Appendix

Terms and Definitions

Online Resources

Budget Worksheets

Debt Snowball Worksheet

Declarations

References

Introduction

One evening in the summer of 2012,1 was watching the XXX Olympic Games being broadcasted from London. As a sports fan, I love the intensity of the Olympic competitions and seeing the results of years of hard work to perform at that high level. As I watched one female athlete defy all the odds and become an Olympic gold medalist at age sixteen, I became intrigued and researched her story.

She started training at age six by practicing for two hours before school while other children her age were asleep. Immediately after school, she went back to practice for three to four more hours before going home for dinner and homework. The principle that was demonstrated was discipline through training. Nothing allowed this future Olympian to get off track; she even had to move away from her family. All she knew was training five-six hours per day, six days a week, was normal. All the hard work led to the promise of the gold medal ten years later. What an accomplishment!

The next morning, as I was driving on the freeway and still thinking about her remarkable story, I realized that just like the Olympic athlete faithfully trains and exercises for years to qualify for the Olympics and the opportunity to win the gold medal, the same is true with each of us regarding our money.

We must faithfully train and exercise with right principles for the opportunity to gain financial success and promise. Financial freedom and wholeness is governed by specific principles that demonstrate if you do this, then you can expect this. These principles transform into healthy financial behaviors that produce positive financial results in our lives. We can only expect to see results in the financial arena if we consistently follow those principles.

This book is designed on a very simple premise.