Kathleen Rehl on What Do You Do with Your Money?

Financial adviser Kathleen Rehl had some terrific recommendations in today’s teleconference. She said that clergy who do better with their money “pay attention to their stuff and where it’s at.” They save some of their money (she recommends 10%), and they are aware of and take advantage of tax benefits for clergy.

She said some clergy say to her, “God will provide.” She says, “I believe God provides for us, but God gives us tools to get involved.” For those who are stuck in this area, she suggests expressing an intent to want to do something about it. “If there’s no desire, it’s not going to happen.” She suggests taking one small step at a time to move forward.

Asked how clergy might deal with the economic uncertainty we all face, she said, “I like to focus on things that you have control over.” These are items such as what you spend, what you can save, the length of time you are invested, and investing in a variety of investments. What you don’t have control over is market return. She suggests ignoring all the TV shows and financial magazines which say one thing one day and another the next.

The recording of the teleconference is available. E-mail me at Margaret@margaretmarcuson.com, and I’ll send you the link. Kathleen Rehl is the author of Moving Forward on Your Own: A Financial Guidebook for Widows, coming out next week.

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