Book Review "Enough" by Adam Hamilton

Adam Hamilton’s treatise on “prudent financial practices,” Enough: Discovering Joy Through Simplicity and Generosity, is inspiring.  In a world where computers and cellphones are “disposable” items, his message of restraint and charity stands out.

Beginning with an autobiographical story, many of us can identify with, Reverend Hamilton looks prophetically upon the culture of “affluenza” and “credit-it is” the US finds its citizens living in.  For Hamilton, a deeper problem lies beneath:

“Inside us there is a brokenness; the Bible calls it sin.  Our souls were created in the image of God, but they have been distorted.  We were meant to desire God, but we have turned that desire toward possessions.”  (pg. 21)

Believers need to think about and plan out the financial sphere of their lives.  Its foundation is the answer to the question, “What is your life purpose?”

US society calls us to consume.  Hamilton asks, “What does God call you to do?”

Along with helpful practical advice on financial planning, the author also seeks to remind us of the theological value that undergirds the life of a “contented” Christian.  Can, we Christians, be defined by our generosity?  Our giving?

“When God created humankind, God designed us to be generous.  God created us with the willingness to give to God and to others.”  (pg. 76)

Unfortunately we are strongly “tempted to keep” for ourselves.  Fear and selfishness drive our actions.  Hamilton reminds us that we have been given a gift – our lives.  The One who gave it to us, owns all of it.

“You didn’t bring any of it with you when you came into the world and you won’t take any of it with you when you leave.”  (pg. 79)

Tell them to do good, to be rich in the good things they do, to be generous, and to share with others. When they do these things, they will save a treasure for themselves that is a good foundation for the future. That way they can take hold of what is truly life.         I Timothy 6:18-19

In Enough, with the simple and clear understanding which Adam Hamilton writes on the how’s and why’s of a Christian’s fiscal life, we too can grab ahold of “what is truly life” and not the mere shadow of living.  We come to realize that for most of our lives, we are not needy, but we are “wanty.”  Knowing the difference is the beginning of purpose – God’s purpose for your life.

If you would like your own free copy of Enough by Adam Hamilton, send us an email to info@umcdevelopmentcenter.org with your request, name and mailing address.  Supplies are limited.

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No Longer Saved for Generations

"As their parents die, baby boomers are on the receiving end of the largest transfer of wealth in U.S. history: estimated at $8.4 trillion, according to a 2010 study by the Center for Retirement Research at Boston College."

Along with that inheritance comes a lifetime of belongings.  However all generations seem to be reluctant to take on the inheritance of belongings.  Baby boomers see their own need to pare down so therefore do not want anymore stuff.  Gen X's, Y's and Millennials live in a fast-paced world where stuff will just slow them down, preferring money rather than items for their inheritance.

A good practice would be to sit down with the family and discuss the nature of large inheritance items.  Old love letters might be something everyone in the family would like to see stay in the family, while old furniture may not be something anyone wants.  Someone may want to take the jewelry and photo albums but may not have any use for a fireplace mantle.

Much like investments, land and other financial instruments should be discussed regarding their distribution, household items and other ephemera must be taken into consideration.

Source: StarTribune.com, No longer saved for generations, family heirlooms are being shed, April 22, 2013

Do you have enough to retire?

By Jennie L. Phipps · Bankrate.com

Thursday, January 10, 2013

Posted: 2 pm ET

People frequently ask how much they'll need to retire. There is no one-size-fits-all answer. You'll need what it takes for you to live on. Getting to that number is the first retirement planning step.

It's a little like making a budget. List all the things you currently spend money on -- mortgage or rent, utilities, car payment, gas, health and auto insurance, health care that's not covered by insurance, clothing, groceries. After you've identified all the big-ticket items, add in the smaller items -- auto maintenance,  pet food and vet fees, club dues and related expenses, Friday night dinner out, gifts for the grandkids, a week at the shore. Whatever you spend, put it in there. You can always take it out later if you decide you can't afford it.

Add up the annual total, and you have a rough estimate of what you'll need in retirement. It may not be much lower than it is now. Most people's expenses don't go down a whole lot when they stop working, but you will lose some costs of commuting and other expenses related to working. And if you have been saving for retirement, you don't have to include that.

Next, go to the Social Security website at SocialSecurity.gov, and figure out how much you and your spouse are entitled to at various ages. then multiply those numbers by 12. Note that the totals go up significantly the longer you wait to take your benefit. If you or your spouse are entitled to a defined benefit pension from a current or previous employer, call the company benefits office and find out how much it is. In most cases, there is no advantage to delaying past age 65 because the pension won't increase.

If you have 401(k)s, add them together and multiply the total by 4 percent. That will give you a rough idea of how much you can draw once a year. Divide that by 12 to see how much you can afford to spend every month.

Add all these income totals up, and compare them to your costs. If you aren't bringing in enough to cover your nut, you'll need to work and save more. But if you have enough, congratulations.

Your next step is to find a retirement planner who will help you make this analysis more sophisticated. In particular, you'll want to see the effects of inflation on your retirement. It can be a killer. You also may want help considering ways to use something such as an annuity to make your income more stable, especially if you don't have a defined benefit pension.

None of this is rocket science, but it isn't simple either. The reward for a little hard work is a better sense of your ability to live securely during your oldest and frailest years.

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