Financial Peace

Why is financial peace so important? Well - why is any kind of peace important? When your mind is at ease you can do so many more things much more successfully. Also when you are not worrying about your finances, food tastes better, vacations are more fun, and the house feels more like a home. There are less fights with your family. Work is more enjoyable. And the list goes on. But how can we obtain financial peace? I am going to tell you all how I have obtained financial peace.

To preface, I am not some rich person that lives a lavish life. I have a car payment. I have a home loan. I have student loans. And some months the budget does not go according to plan. But I do have a financial plan and have set myself and my family up for financial success.

First thing first, we are aware of how much money we make per month. You cannot do anything financially without having an idea of how much money you make. My wife and I both work Monday - Friday at a 9-5, but I also have a second job that is seasonal. My seasonal job is that I referee high school basketball as well. Is it the most glamorous side hustle - no. I get yelled at almost every game. But I know it helps my family and it also allows us to have financial flexibility which leads to financial peace.

Second, we are insured correctly. By this I mean, if something were to happen to her and I and we could not work, we have set ourselves up to be able to survive comfortably. Not to be grim, but we both have a life insurance policy that would leave either of us debt free with additional income. If one of us were to need to go on disability due to an injury, we have additional disability insurance to help us still make 100% of our income. Our home and auto insurance is more than sufficient as well as a personal liability umbrella policy to ensure that our assets are covered in the case of an accident.

Next, we have an emergency fund of up to 3 months minimum saved up. If it were just myself working and not her, I would recommend 6 months of reserves saved up. Your reserves should be able to cover all of your fixed expenses.

Additionally, our fixed payments (car, home, student loans) do not, and will not ever, take up 50% or more of our combined take home pay. This allows us to be able to know if one of us could not work, our fixed payment will be able to be paid.

Another thing, we are always investing toward retirement and we do not ever stop. This allows us to know that once we are of retirement age, we can retire and live our lives and enjoy the fruits of our labor.

Lastly, we follow a budget. We track our expenses. We have a budget that is always planned two years out so we can always have an idea of what our future looks like.

I do want to let you all know, there is not only one way to financial peace. Everyone achieves financial peace their own way. I am a very analytical person and like to be able to have an enforceable plan that I can keep track of and visualize. Following this plan allows me to have financial peace because I have a spreadsheet that tracks my debt amount, my budget, how much I have spent, and what the future looks like.

I would love to help you all reach financial peace as well. That is what this blog is all about. I think if someone has God in their hearts and lives their life according to The Lord, He will provide. Not in a way where He is going to put a million dollars in your checking account tomorrow and you can retire a happy man. He puts us into good situations that allow us to provide for our families and be successful. He also gives us peace in our daily lives as well through meditation and prayer.

I wish you all the best on obtaining not only financial peace, but also peace in your spiritual, familial, and daily life.

God Bless

Bubba Miller