Setting Financial Finish Lines with Rachel McDonough

Jan 2, 2025

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"Do you not know that in a race all the runners run, but only one receives the prize? So run that you may obtain it." - 1 Corinthians 9:24

The apostle Paul exhorted the early church at Corinth to run in such a way as to win the prize, but sometimes, with finances, it feels like we’re in a race with no end! Today, Rachel McDonough joins us to talk about setting financial finish lines.

Rachel McDonough is a Certified Financial Planner (CFP®), a Certified Kingdom Advisor (CKA®), and a regular Faith & Finance contributor.

What Are Financial Finish Lines?

Financial finish lines answer the question: How much is enough? This concept is built around two primary purposes for financial resources:

Provision: Ensuring we meet our personal and family needs.
Kingdom Impact: Using resources generously to advance God’s Kingdom.

While there’s no finish line for Kingdom impact—our generosity can grow indefinitely—establishing clear finish lines in the provision bucket enables us to responsibly allocate more resources for generosity.

Setting Finish Lines in the Provision Bucket

1. Lifestyle Spending

Defining “enough” for lifestyle spending is the first step. One approach is to use a multiple of the poverty line income for your household. For instance, in 2024, the poverty line income for a family of four is $31,200. Using this as a benchmark, you can determine an appropriate multiple to guide your lifestyle choices.

By setting these parameters, you can also calculate how much you’ll need for retirement with greater clarity.

2. Gifts to Family Members

Another key area is determining how much is enough when giving to children or grandchildren. While it’s natural to want to help, large, unearned gifts can sometimes have adverse effects. Prayerfully discern how to meet the needs of each family member in a way that fosters responsibility and independence. Like Ron Blue has often said: “If I love my children equally, I will treat them uniquely.”

3. Asset Accumulation

Finish lines for asset accumulation answer the question: How much is enough for future provision? Without setting limits, resources that could be used for Kingdom impact may remain stalled in a “potential future needs” category. Financial planning helps determine this figure, often incorporating a margin for unexpected circumstances.

Catalyzing Kingdom Impact

Establishing finish lines within the provision bucket frees resources for the Kingdom impact bucket. These funds can be directed toward generosity, allowing you to partner with God in advancing His work.

A Certified Kingdom Advisor (CKA®) can be an invaluable partner in this process. They can provide tools for cash flow management, budgeting, and financial planning to help you discern how much is enough. As you reflect on your financial goals this year, consider setting finish lines in key areas of your provision. Doing so not only brings clarity and peace but also opens the door to greater Kingdom impact.

On Today’s Program, Rob Answers Listener Questions:

I'm married, but my wife and I disagree on budgeting and spending. I feel we need a budget to manage our money better, but she is more liberal with spending than I am. How can I get us on the same page?
I recently bought a car, but now it's not fitting into my budget. The insurance went up, and I have no extra money. I'm worried I'll end up in a hole. Can I return the car or get out of it without hurting my credit?

Resources Mentioned:

Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.

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