Compass Catholic

Compass Catholic header image 1
January 9, 2019  

Your 2019 Financial Plan - Compass Catholic

00:0000:00

There are three things you should do to review your 2018 finances and get prepared for 2019:

  • Review your budget in 2018 and make the necessary changes for 2019. Which categories will decrease or increase in the new year?
  • Review where you are on the Compass Money Map. Which destinations are complete and which still have open items?
  • Calculate your Net Worth. Do you owe more than you own? Or is your net worth positive?

The Compass Catholic blog shares more about these three important steps to get ready for a successful financial year in 2019.

January 2, 2019  

Are you Headed for a Financial Disaster?

00:0000:00

Financial problems can creep up slowly until they suddenly feel overwhelming. If you have an inkling that your finances are headed for trouble, address the issue as soon as possible to avoid long term financial harm. Join us here and on our blog as we talk about how to handle a looming financial issue. If you are experiencing financial challenges, you’re not alone. 

November 7, 2018  

Money Matters in Marriage

00:0000:00

As a church, we need to teach people that their faith and their finances go hand in hand towards having a stronger marriage. Unfortunately, most married couples learn about finances through Trial & Terror, which mean years of conflict, pain and arguing about money.

This week the Compass Catholic blog has more on how to tackle the money monster in marriage.

October 17, 2018  

Cheap vs Frugal—Is There a Difference?

00:0000:00

A cheap person will invest a lot of time and energy in order to save a dollar or two, but the time and effort they spend may not be worth the money they saved.

A frugal person saves money in a balanced way by thinking about how saving money impacts other areas of their life. Saving money is good, as long as it is done in a balanced way so you can enjoy life and recognize the tradeoffs you are making.

This week’s podcast and the Compass Catholic blog point out the differences between cheap and frugal.

September 26, 2018  

How Much Does it Take to Feel Wealthy?

00:0000:00

Is there more to life than accumulating money?  Join us for a discussion on a Charles Schwab survey about wealth in America. Interestingly the most common responses about what it takes for people to feel wealthy have nothing to do with money.

Read the Compass Catholic blog for more on being wealthy versus feeling wealthy.

September 12, 2018  

Get Rid of Your Mortgage

00:0000:00

You may think that keeping your mortgage for the tax benefits is a good idea, but the money you get in tax benefits comes nowhere near covering the amount of money you pay in interest.  To pay off the mortgage early, try making one extra payment each year or each quarter. You can also try making bi-weekly payments (if your mortgage company will accept them). Another way to pay off the mortgage early is to funnel any windfalls to the mortgage (bonus, tax return, inheritance, etc.)

If you make anything other than the normal payment at the normal time, be sure to check with your mortgage company to be sure you understand how they will handle additional payments and how you designate the extra money you are paying. Once that is set, check your monthly statement to be sure your extra payment has been applied appropriately.

Join the Compass Catholic blog for more on getting rid of your mortgage.

September 5, 2018  

Money and Generation Z

00:0000:00

The post millennial generation is going their own way in how they earn and spend money. Part time gigs, flexible hours and non-traditional jobs are more important that a traditional full time career. They avoid credit cards and use debit cards instead, and hopefully understand the differences. Being digitally savvy, they prefer online banking and investing but many not realize the difference between an online bank and a brick and mortar bank that is FDIC insured. Debt avoidance is good, but what happens when there is no credit history and they try to get a mortgage?

Join the Compass Catholic blog for more on Money and Gen Z.