People view success in different ways. For some it’s financial success, when you stop living week to week and are able to start saving and having a buffer. For others its about reaching people, when you finally start making connections, having people come to the lord, and then start needing others to help you. It’s an interesting place to be because for many people they do not know what to do next. Today we talk about how to deal with being successful and making sure that you continue to move forward in the right direction instead of taking steps back.
What I’m contemplating – Wow…keep reading the ninja newsletter over the next few weeks to get the skinny on this one. It’s deep, and morbid. I’m thinking about death. I’m thinking about fame. I’m thinking about eternity.
What I’m reading – I finished reading a book about the making of Labyrinth, the Jim Henson film from the 80s. It was Henson’s last movie, and it bombed when it came out. It’s since been redeemed as a massive cult hit with a significant and loyal following. Initial numbers and reception don’t always mean anything. Jim was a bit discouraged that it didn’t do as well as it should have, but it reminded me that the earthly reception or opinions of others really mean little in the eyes of God. His value is eternal, and He works by different metrics.
Once you’ve earned the money, you need to manage it effectively. Bi-vocational ministers can’t afford to have much debt, no pun intended. There are a few more factors to balance in your personal finances so that you don’t get in over your head finanacially.
- Designation – It is important to keep your personal finances, the church’s finances, and your business finances completely separate. Bi-vocationalism does not mean that you rob Peter to feed Paul, or that you dip into funds that your family needs to survive. If you find yourself bailing water in one area of finance, you must resist the temptation to pour resources from one bucket into the other.
- Debt – The most important factor in managing your personal finances is to get out of debt and keep out of it. It’s considered good practice in general to postpone church planting and starting a business if you’re in debt. Debt is the major liability that can tip the scales towards bankruptcy in your personal finances, or that of your business. There are multiple ways to eliminate debt, and remain out by adopting a lifestyle of not living beyond your means. Visit www.daveramsay.com for more information.
If you decide to plant a church, many times you might be backed by another church or by people for a certain amount of time. But most of the time that funding will run out and the church will need to be funded by itself to continue. This can be a major issue for many as tithing has become more of an option for many people that it used to be. In today’s podcast we’ll talk about how things have changed and things you can do to aid your congregation in contributing the growth of the church.
Last time we talked about Balancing three important factors of being Bi-vocational. You can re-read that section HERE.
That leads to the next set of factors to consider. Bi-vocational work can take many different forms based on the type of employment the planter chooses. This will greatly affect the degree of freedom the planter will have to adjust the work/life balance. The three different types of employment are:
Being employed by others often provides a feeling of stability and security. The employee turns up and gets paid regardless of customers or sales. The employee is not responsible for building a business, administrating at a corporate level, or dealing with IRS compliancy issues. This provides a measure of freedom, but other freedoms are sacrificed. The planter is not able to dictate when they will be free, or when they can take time off. They must operate within a limited set of parameters, and sacrifice a degree of their freedom. For planters who require security over freedom, this is a good option.
Self-employment is an option for those who value freedom in their schedule, and are willing to shoulder all of the responsibility of providing their own income. This involves starting a business, dealing with the IRS on a regular basis, and entering the world of workman’s comp, and complying with other federal and state regulations. There is a lot of freedom, but that freedom comes at a price. If the self-employed worker doesn’t hustle, they can’t make a living.
Self-employment can be skill based, such as being a marketer, business consultant, or social media manager. A company can also be formed around a product, as is often seen on shark tank, or it can be formed around a service, such as a landscaping business. Each of them have their advantages and drawbacks that must be considered.
The Entrepreneur is a type of self-employed worker. What differentiates the Entrepreneur from the business owner is that the business owner sticks with one business and attempts to make that business thrive. A good business owner will do something because it is “in their blood” or it is something that they are good at, or has been handed down through the family. It may be something that they trained for, such as real estate. The Entrepreneur however, is attempting to make money. When one business venture slows, they quickly shift to another opportunity, attempting to maximize the amount of ROI regardless of the type of company or business they need to start. An Entrepreneur may jump from developing apps to developing a daily planner on Kickstarter, or teaching online courses. The goal is to increase the bottom line quickly, and to know when to pull out without leaving any money on the table. This may mean one area of focus at a time, or possibly having multiple investments in the air at once.
Buy Peyton’s newest book “Reaching The Unreached: Becoming Raiders of the Lost Art” over on Amazon.com. You can also download a free chapter and watch a cool trailer for the book HERE or click the image below.