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Fourth Sunday Family Sunday

Building Family/Generational Wealth

January 28, 2024

Notetaker

Deut 6: 7 Impress them on your children. Talk about them when you sit at home and when

you walk along the road, when you lie down and when you get up.

Object Lesson

1. Teach the children

a. $1.00

b. -.10 tithe

c. -.10 savings/investment

d. -.10 something special you want to buy

e. -.10 emergency

f. =.60 for you to live on

Biblical Principle – Inheritance

2. Inheritance is a biblical principle.

a. Numbers 27:5-11 - 5 So Moses brought their case before the Lord, 6 and the

Lord said to him, 7 “What Zelophehad’s daughters are saying is right. You

must certainly give them property as an inheritance among their father’s

relatives and give their father’s inheritance to them. 8 “Say to the Israelites, ‘If

a man dies and leaves no son, give his inheritance to his daughter. 9 If he

has no daughter, give his inheritance to his brothers. 10 If he has no

brothers, give his inheritance to his father’s brothers. 11 If his father had no

brothers, give his inheritance to the nearest relative in his clan, that he may

possess it. This is to have the force of law for the Israelites, as the Lord

commanded Moses.’”

3. Realize God is a God of generational wealth

a. Exodus 3: 6 Then he said, “I am the God of your father,[a] the God of

Abraham, the God of Isaac and the God of Jacob.” At this, Moses hid his

face, because he was afraid to look at God.

4. Invest for future returns.

a. Prov. 13:22 - A good person leaves an inheritance for their children’s

children, but a sinner’s wealth is stored up for the righteous.

5. Repair anything that’s broken and prevents wealth transfer.

a. Col. 3:13 - 13 Bear with each other and forgive one another if any of you has

a grievance against someone. Forgive as the Lord forgave you.

b. Eph 4: 32 Be kind and compassionate to one another, forgiving each other,

just as in Christ God forgave you.

c. Matt 6: 14 For if you forgive other people when they sin against you, your

heavenly Father will also forgive you.

6. First you must leave a spiritual inheritance.

a. Eph. 1;13, 14 13 And you also were included in Christ when you heard the

message of truth, the gospel of your salvation. When you believed, you were

marked in him with a seal, the promised Holy Spirit, 14 who is a deposit

guaranteeing our inheritance until the redemption of those who are God’s

possession—to the praise of his glory.

b. Col 1: 12 and giving joyful thanks to the Father, who has qualified you to

share in the inheritance of his holy people in the kingdom of light.

c. Col 3: 23 Whatever you do, work at it with all your heart, as working for the

Lord, not for human masters,

7. You invest for out of this world returns.

a. Matt 6:19-21 19 “Do not store up for yourselves treasures on earth, where

moths and vermin destroy, and where thieves break in and steal. 20 But store

up for yourselves treasures in heaven, where moths and vermin do not

destroy, and where thieves do not break in and steal. 21 For where your

treasure is, there your heart will be also.

b. Luke 16:9 amp 9 And I tell you [learn from this], make friends for

yourselves [for eternity] by means of the [a] wealth of unrighteousness [that is,

use material resources as a way to further the work of God], so that when it

runs out, they will welcome you into the eternal dwellings.

c. Acts 10:4 Amp - 4 Cornelius was frightened and stared intently at him and

said, “What is it, lord (sir)?” And the angel said to him, “Your prayers and gifts

of charity have ascended as a memorial offering before God [an offering

made in remembrance of His past blessings].

8. You build generational wealth.

a. Prov. 13:11 Dishonest money dwindles away, but whoever gathers money

little by little makes it grow.

b. Prov. 20:21 An inheritance claimed too soon will not be blessed at the end.

9. Three ways to build wealth

a. Invest

b. Own your own business

c. Own real estate

d. See fact sheet below

10. How do I apply these biblical principles

a. Start now – don’t wait

b. Start with what you have

c. Stick with it

d. Sign up for Financial Peace in the lobby.

Fact sheet

• A staggering 48% of Americans rely on credit cards to cover essential living

expenses.

• Missed Payments: 43% of Americans have missed at least one credit card

payment in the past five years.

• 61% of Americans carry an average credit card debt of $5,875, while 23%

increase their debt monthly, and 14% missed a payment in 2023

• The average American now spends $1,506 on their credit card each month,

with millennials surpassing $2,410.

• Maxed Out Credit Cards: Over half of Americans (53%) have reached their

credit card limit, and 29% max out their credit cards every month.

• Long-Term Debt: 40% of Americans have been in credit card debt for over 5

years.

• Bank of America’s recent participant pulse report showed that the number of

401(k) plan participants taking hardship withdrawals was up 13% from the

second quarter 

• There is a notable 27% rise, and the average withdrawal amount stands

slightly above $5,000.

o As the Federal Reserve raises interest rates, lenders are expanding

consumers’ access to credit, leading to a record $89 billion in new

credit card accounts in the first quarter.

o In August, Americans’ collective credit card bill exceeded $1 trillion for

the first time. 

o Discover, Synchrony Financial, and Capital One are among the lenders

planning to promote credit line increases and credit card offers in

Quarter 3.

o U.S. consumer credit increased by $10.4 billion.

o Average Interest Rate: The average credit card interest rate stands at

a staggering 28.15%.

o Average credit card debt is at $6,365 

o Average credit utilization rate is at 22.16%

o APR scores: Superprime (740+) has 16%-18%, Prime (670-739) is

20%-22%, Subprime (580-669) is 22%-24%, and Deep Subprime

(below 579) faces 24% and above.

• In 2021, the typical White household had 9.2 times as much wealth as the typical

Black household – $250,400 vs. $27,100. This ratio stood at 13.3 in 2019, prior to

the onset of the pandemic.

• The net worth of the typical Black and Hispanic household in 2022 was $44,900

and about $61,600, respectively, according to the Federal Reserve's latest Survey

on Consumer Finances, a triennial report released this month that provides a

comprehensive look at Americans' financial circumstances.

• We found that Black families enslaved until the Civil War have significantly lower

income, education, and wealth today than those whose ancestors were free before

the war. These "Free-Enslaved gaps" account for 20 to 70 percent of the

corresponding Black-White gaps.

• Eight generations later, the racial wealth gap is both yawning and growing. The

typical black family has just 1/10th the wealth of the typical white one. In 1863,

black Americans owned one-half of 1 percent of the national wealth. Today it’s just

over 1.5 percent for roughly the same percentage of the overall population. The

cause of that stagnation has largely been invisible, hidden by the assumption of

progress after the end of slavery and the achievements of civil rights. But for every

gain black Americans made, people in power created new bundles of

discrimination, largely hidden from sight, that thwarted, again and again, the

economic promise of emancipation.

• Making the minimum payment on a $4,800 balance (average balance of U.S.

cardholders) at the average annual 17% interest rate, it would take you 39 years

and seven months to pay off. You would pay $10,818.63 in interest alone, and a

total of $15,619 for the privilege of charging the $4,800!