Crown was the result of a merger between two ministries.  Howard Dayton founded Crown in the mid 1980’s and Larry Burkett founded Christian Financial Concepts in the mid 1970’s.  According to Crown’s History page on their website, both men felt a calling from God to form the ministry and stretch each of their own ministries in a new direction.  The end result was a merger in 2000 which has helped make an impact now on a global level.

My Experience with Crown Financial Ministries

Crown has certainly changed the lives of my wife and I.  We first were exposed to Crown through their Biblical Financial Study at a previous church.  During that study we learned there was more to personal finance than money and numbers.  We learned about God’s economy and it has forever changed our lives and our perspective on money.

A few years later I decided to become a Money Map Coach to help people learn God’s financial principles and how to become better financial stewards.  Coaching also provides me the opportunity to help people learn how to budget and track expenses which is key for making forward progress on the Crown Money Map.

I frequently return to Crown’s website to leverage their financial tools and resources to manage my own finances.  I’m also a regular listener to the MoneyLife Podcast with Crown CEO Chuck Bentley.

Crown’s Tools and Resources

Crown has a number of great tools in place to help fulfill their mission.  I thought I would mention a few if you’re not famaliar with them.  There are many more, so be sure to check out their website at Crown.org as well as check with your church to see what is offered.

Biblical Financial Study

Many churches and small groups now teach the Biblical Financial Study offered by Crown.  It’s a 10 week leader facilitated study about Biblical finance across various areas such as family, debt, ownership, etc.  It includes memory verses and the use of practical tools along the way such as creating a budget, debt plan and spending diary.   Crown has developed leader training to teach people how to incorporate the study into their church.  Beyond putting your finances in order there are number of benefits including growing in your marriage and relationship with God.  Many people also reduce or eliminate loads of debt while in the study once they understand God’s perspective of it.

God Provides Film Learning Experience

The God Provides Film Learning Experience is one of the latest tools Crown has produced.  It is 6 theater quality, epic short films which help people understand how God will meet their needs.  Each of the films comes with companion guides.  They present Biblical truths and practical steps to grow your trust in God.  I haven’t seen them all, but have seen Lifted Up which is remarkably well done and has an awesome messsage about trust without worry and fear.  From what I’ve gathered in listening to the MoneyLife podcasts, I think the film series has helped Crown increase its global presence.  So many people relate better to visual communication versus reading books.

The Money Map

Well, if you’ve been reading One Money Design you’ve learned quite a bit about the Money Map which is a 7 destination guide to your financial journey.  Put simply, the guide works.  I think the most overwhelming part of personal finance is knowing what to do when and where on your journey.  The map provides you the priorities.  You have to take the action and trust God to provide and do His part along the way.  The final destination is true financial freedom which Crown defines as giving more of your time and resources to help others and serve God.  Note:  I incorporated true financial freedom into the OMD mission and tagline. Crown is running a special free giveaway for The Money Map right now which you can learn more about at their website.

Money Map Coaching

Near and dear to my heart is Money Map Coaching.  While you can take the Biblical Financial Study and go to seminars, Money Map Coaching gives you focused help in learning Biblical financial principles, using the Money Map, creating a budget, debt plan and maintaining a spending diary.  Coaching is provided by volunteers who have been trained by Crown.  You can meet with a Money Map Coach in-person, over the phone, or online.  Online coaching is generally 20 minutes which can be extended if needed.

Final Thoughts

I wrote this article because I want to help bring more exposure to Crown.  Every little bit helps, right?  I don’t receive any financial benefits from writing this article.  Rather, my hope and prayer is you and Crown receive the benefit.  Crown is a trusted ministry with utmost integrity.  If you are looking for a place to extend or stretch your giving beyond giving to your church, I would like ask you to consider giving to Crown.  My wife and I donate to Crown each month and I also donate to Crown with some of the earnings through advertising here at One Money Design.  Visit Crown.org to donate online.

What has been your experience with Crown or in using their resources and tools?

Howard told an interesting story of how he went from leading a life of get rich quick pursuit to one of financial stewardship.  After graduating college, Howard moved to Orlando Florida at the start of Disney World to try and strike it rich with real estate investments. Through the wise counsel of his wife, Howard was saved from what could have been a detrimental investment.  Thankfully, Howard backed away from the deal and later went on to start Crown Financial Ministries, a ministry dedicated to teaching people Biblical Financial principles.

Breakfast with Howard Dayton

Howard’s speech focused in on many people who have been impacted by the economic crisis today.  He mentioned there are more people with lost jobs and lost homes then there have been in a long time.  It is more important than ever to manage money wisely and look to the Bible for direction with our finances.  It’s time to “get back to the basics.”

Howard has never once received a pay check from his ministry due in part to his wise management of money.  That’s pretty amazing if you think about it. He has found a way through the challenges society presents us, to live a life of financial freedom to give more and serve others.  What an amazing life to live to find happiness and peace through the use of time and energy, with financial independence, to impart wisdom and coaching on those who need help.

Ah-ha moments in Howard Dayton’s life

People don’t realize the Bible gives direction beyond the first 10% of our income.  It doesn’t just talk about giving, but also tells us how we should earn, save and spend.

There are over 2300 scriptures in the Bible about money.  The Bible or God’s approach to finances is very different from what society tells us. God provides these principles because they please Him and to help us.

There were three key areas, Howard discussed, in which we can receive Biblical direction in regards to our finances in fighting these tough economic times.

Seek counsel

Don’t go at managing finances alone. Howard reminded us of how many people think they don’t need counsel in the area of finances.

With money issues being one of the top causes for divorce, I think we need all the help we can get.  If married, your wife should be at the top of your counselor list. In fact, it was Howard’s wife who by her wisdom and discernment led him away from the disastrous business deal.

Fatten up our piggy banks

We were reminded of how the savings rates for the American family have dramatically decreased over the last several years. After giving, we should be paying ourselves with savings. If all we make is spent every month, there is no room to protect against financial disaster or to invest for the future.

Get out of debt

Scripture tells us we are in servitude when we are in debt.  The best thing any family or individual can do for themselves financially is to get rid of the debt bondage.

Howard could not live a life of financial freedom today without being free of debt.  When we are debt free we are able to have more flexibility and positioned to take advantage of more opportunities.

Avoid car payments

One of the things Howard and his wife have done to stay out of debt is avoid car payments.  In order to get on the track of living without car debt, Howard suggests driving a car at least 3 years after you’ve paid it off. During that time, continue making car payments to yourself.  By the time “the wheels fall off” you should have enough savings plus any remaining equity to go and pay for a car with cash.

Biblical financial stewardship

The path Howard Dayton has taken in his life with money management is one of Biblical stewardship.  He turned away many years ago from the get rich opportunities that are so prevalent in society today and shifted his purpose to one of giving and servitude.  He helps others learn and apply financial principles which our built upon a solid ground.  Today, more than ever, is an opportunity to step back and apply the basics to our finances which have held strong in the past and will forever in managing money wisely for everyday life.

Howard Dayton has written some excellent books from a Biblical finance perspective. I’ve included a few of my Amazon affiliate links below.

• Your Money Counts
• Your Money Map: A Proven 7-Step Guide to True Financial Freedom
• Free and Clear: God’s Roadmap to Debt-Free Living

Howard also has a new book about money and marriage. I haven’t read this book yet, but please let me know your thoughts about it in the comments if you’ve read it.

• Money and Marriage God’s Way

Photo by Crown Financial Ministries.

If you’re just joining, this is article #7, the round up article.  It is the last in a series about The Baby Steps and Money Map.  With each post I’ve stepped through the phases of both approaches, discussed my observations, hopefully, stimulated your thinking and raised some questions for thought.

In this final post I plan to bring both approaches together and discuss the ultimate benefit in following either one of them for your plan.  But first, I’ll list the first six phases of the Baby Steps and Money Map.

Baby Steps:

1. $1,000 In An Emergency Fund
2. Pay Off All Debt With The Debt Snowball
3. 3 To 6 Months Expenses In Savings
4. Invest 15% Of Income Into Roth IRAs And Pre-Tax Retirement Plans
5. College Funding
6. Pay Off Your Home Early

Money Map:

1. Begin using a spending plan & save $1000 for emergencies.
2. Pay off all credit cards and increase savings to one month’s living expenses.
3. Pay off all consumer debt & increase savings to 3 months living expenses.
4. Begin savings for major purchases (home, auto, etc.).  Begin saving for retirement.  Begin saving for children’s education.  If you want to start your won business begin saving for it.
5. Buy affordable home.  Begin prepaying home mortgage.  Begin investing wisely.
6. Home mortgage paid off.  Children’s education is funded.  Confirm estate plan is in order.

Baby Step 7 – Money Map Destination 7

What does the Baby Step say?

• Build Wealth and Give.

What does the Money Map say?

• My retirement is funded.
• I am free to to be more generous with my time and money.

Observations and Questions

• The Money Map scripture in this destination is Matthew 25:21.  “Well done good and faithful servant.”
• Obviously, both plans come together in the final phase with the key theme of giving and building.
• Are you in pursuit of a final destination of financial freedom and giving more, or is your pursuit more focused on short – term gratification?

Round Up

The ultimate benefit in following either of these two approaches is financial freedom.  You see, there is no longer a need to get rich or pursue quick money making schemes or chase after fruitless desires.  Most of those things, if pursued, without living from heaven backwards don’t produce anything but a pile of problems.  Don’t misunderstand, I don’t have anything wrong with having toys, fun vacations and more, but pursuing these things without a plan for the future (for financial freedom) is exhausting.  They never lead to financial freedom.

These approaches bring focus and precision to financial goals.  You can’t get to a destination if you’re constantly taking a wrong turn or getting distracted along the way.  No, you must have a map, or steps to guide your direction.  You have to know the impacts of stalling out.  For instance, if I continue to acquire debt, or don’t make progress towards paying off my debts, I’ll probably never have enough for retirement and to ultimatly build wealth, give more, etc.

My wife and I made a decision a long time ago to pursue a financially free life.  A life in which we could give more of time and money to help others.  I know that we can only get there by following the course presented by these two approaches.  Wouldn’t you agree it would someday be great to hear, “well done good and faithful servant?”

Is either approach right or wrong?  Which one is better?  In my opinion, neither approach is right or wrong.  The one that is better is the one that fits your situation.  That sounds like a bit of a cop out given the content I’ve posted recently around this dance, but it’s true.  To be honest, I’ve found a combination of the two phases that I find works best for our family (upcoming post).

So, what do you find works best for you?  Are you into Baby Step’n or Money Map’n?

If you’re just joining, this is article #6 in a series about The Baby Steps and Money Map.  I invite you to follow along with me as I walk you through both approaches, discuss my observations, hopefully, stimulate your thinking and raise some questions. I’ll round out the series with some summary thoughts.

Baby Step 6 – Money Map Destination 6

What does the Baby Step say?

• Pay off your home early.

What does the Money Map say?

• Home mortgage paid off.
• Children’s education is funded.
• Confirm estate plan is in order.

Observations and Questions

• Essentially, both approaches are coming in-line with one another in phase 6.  At the end of this phase, both the Baby Steps and the Money Map have us paying off our homes and funding our children’s education.
• Have you ever thought about what it would be like to not have a home mortgage?  Many people don’t think about the home mortgage as being debt, but it is just another form of debt.  There are tax advantages to having a house paid for, but imagine all of the money one would have each month and over a year if the mortage payment was going to other financial objectives.  The home mortgage by the Money Map and Baby Steps is the last remaining debt to be paid off.
• The Money Map highlights a very important step in planning and that is confirming your estate plan is in order.   Since Destination 6 is near the final destination of retirement and in most cases the elderly years we are reminded to check our estate and make sure it’s in order.  Setting up a will was recommended as something to do sooner than later.  Here are 9 articles about estate planning created by Crown Financial Ministries.
• The Money Map scripture in this destination is John 8:32.  “You will know the truth, and the truth will make you free.”

What are your thoughts on this phase?  Have you ever given thought to paying off your home mortgage?

If you’re just joining, this is article #5 in a series about The Baby Steps and Money Map. I invite you to follow along with me as I walk you through both approaches, discuss my observations, hopefully, stimulate your thinking and raise some questions. I’ll round out the series with some summary thoughts.

Baby Step 5 – Money Map Destination 5

What does the Baby Step say?

• College funding.

What does the Money Map say?

• Buy affordable home.
• Begin prepaying home mortgage.
• Begin investing wisely.

Observations and Questions

• As a reminder, Baby Step 4 told us to begin investing 15% of income into Roth IRAs and pre-tax retirement plans.  In this 5th Baby Step we are to fund college for the kids.  Dave’s advice throughout each step is to complete that step before moving to the next step.  So, with all the debt gone, an emergency account saved and 15% of income dedicated to retirement the focus becomes saving for education.
• If you remember, the Money Map Destination 4 had a step within to begin saving for children’s education.  Once this savings has begun (along with retirement and major purchases), the Money Map tell us to buy an affordable home and begin prepaying the mortgage.
• I think it’s important to note a few key differences that are becoming clear after going through this exercise.  The Baby Steps seem to draw clear lines around what has to be completed before moving to the next step.  It mainly uses milestones to tell you when a step should be completed in the grand scheme of things.  The Money Map uses the word “begin” a lot (retirement, children’s education, investing, etc.)  and many of these are completed in later phases.  The Money Map seems to provide action items (specific steps or action that should be taken) in each phase.  Again, I think a lot of the action items in Dave’s Baby Steps are assumed, i.e., create a budget.
• The Money Map scripture in this destination is Ecclesiastes 5:13-15.  “Savings are put into risky investments that turn sour…he man who speculates is soon to where he began—-with nothing.”

What are your thoughts on this phase?  Are you convinced yet that a particular approach (Baby Steps or Money Map) work best for you?  Which do you think at this point provides you the clearest guidance for your situation?

If you’re just joining, this is article #4 in a series about The Baby Steps and Money Map. I invite you to follow along with me as I walk you through both approaches, discuss my observations, hopefully, stimulate your thinking and raise some questions. I’ll round out the series with some summary thoughts.

Baby Step 4 – Money Map Destination 4

What does the Baby Step say?

• Invest 15% of income into Roth IRAs and pre-tax retirement plans.

What does the Money Map say?

• Begin savings for major purchases (home, auto, etc.)
• Begin saving for retirement.
• Begin saving for children’s education.
• If you want to start your won business begin saving for it.

Observations and Questions

• We see some key differences between Destination 4 and Baby Step 4.  The Baby Steps are more specific on what amount should be contributed to retirement.
• The Money Map recommends savings across four areas including retirement.  Note:  Baby Step 5 is college funding.
• I think it’s important to have a plan to save for major purchases beyond retirement and children’s education.  Once the emergency savings is fully funded (after debt is paid off) it’s important to create a car savings each month.  Otherwise, when the need for a car presents itself, one will be forced to go back into debt.  It’s also important to have seperate savings contributations for a home if that hasn’t already been purchased.
• The Money Map scripture in this phase is Proverbs 21:5.  “Steady plodding brings prosperity.”

What are your thoughts on this phase?  Do you think the Baby Steps left out important areas of savings, or were they meant to be high level and convered in Dave’s book, The Total Money Makeover: A Proven Plan for Financial Fitness.

Photo by Ann Cleaver.

Is there a right or wrong answer or a better or worse solution?  You can see that both are clearly working towards the same objective of financial freedom or peace.  Both focus on savings and debt elimination which eventually positions one to build wealth and give more.  But more on that later.

Versus the right or wrong or better or worse question, it may be more appropriate to determine which approach works best for your situation.

I invite you to follow along with me in this series as I walk you through both plans, discuss my observations, hopefully,stimulate your thinking and raise some questions.  I’ll round out the series with some summary thoughts.

I plan to do one post for each phase (this one includes phase 1), so there will be 7 posts in total (including the summary post).

Disclaimer:  I’m a Money Map coach so you might expect a bias towards the Money Map.  I’m going to do my best to take an objective view point.  I’m not necessarily for the Money Map.  I’m all about finding what works best for the situation.

Baby Step 1 – Money Map Destination 1

What does the Baby Step say?

• Baby Step:  $1000 in an emergency fund

What does the Money Map say?

• Begin using a spending plan & save $1000 for emergencies.

Observations and Questions

• Crown suggests creating a spending plan as part of destination 1.  I think Dave assumes you have one when starting The Baby Steps.  I haven’t gone through Financial Peace University (FPU), so I’m not sure.
• Is $1000 the magic number?  I’m just curious as to what is so special about $1000.  I’ve only heard this number from these two sources.  Why not $1500 or $2000?  One thought is that $1000 isn’t a small amount of money, but it’s not big savings either.  It can probably handle most small to medium emergencies.
• Crown uses a scripture theme for each them which is pretty cool.  “The wise man saves for the future but the foolish man spends whatever he gets.” (Proverbs 21:20 TLB)
• Things to do sooner than later are also included on the Money Map.  I recently wrote an article on these suggestions.

What are your thoughts on this phase?

All the articles from the series:

• The Baby Steps and Money Map – Post #2
• The Baby Steps and Money Map – Post #3
• The Baby Steps and Money Map – Post #4
• The Baby Steps and Money Map – Post #5
• The Baby Steps and Money Map – Post #6
• The Baby Steps and Money Map Round Up

3 debt quotes

I thought it would be interesting to see what others have said about debt.  Below are three quotes about debt that provide perspective on debt in our society, its impact on people, and a warning from the Bible.

Anonymous (found in Howard Dayton’s book, Your Money Map: A Proven 7-Step Guide to True Financial Freedom)

We have so much debt in our nation that the average person has been described as someone driving on a bond-financed highway, in a bank-financed car, fueled by credit-card-financed gasoline, going to purchase furniture on the installment plan to put in his mortgaged-to-the-hilt home.

I like this quote from anonymous because it gives us such a sobering view of debt in our society today.  From government, to families and individuals, sadly, debt is seen as leverage or a tool to get more of what is wanted now since the money isn’t available.

Dave Ramsey

Debt is dumb.  Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you’re in debt, then you’re a slave because you do not have the freedom to use your money to help change your family tree.

Dave is a straight shooter and tells you like it is.  I think that’s why I enjoy listening to his radio programs so much.  He accurately describes debt as slavery which we can also find in the Bible.  People can’t achieve financial freedom to give more of their time and money if they are hand cuffed by debt.

The rich rule over the poor, and the borrower is servant to the lender  (Proverbs 22:7 NIV).

Crown Financial Ministries

God’s Word doesn’t say we can’t borrow, but it does warn us against excessive debt, and that’s called surety.  Surety is the condition of being in debt without having a sure way to repay.

Surety is a Biblical principle that is often overlooked.  It is taking on an obligation to pay later without a way to pay for it now.

Do you have quotes or insight you would like to share related to debt?

Getting started

Complete My Life, My Purpose, My Goals. This section is provided to help provoke thinking around your life mission and your goals. I personally believe in focusing financial planning and goal identification based on your life values and what you see as your purpose in life. Knowing your life purpose will help you carve the right path and avoid disappointment once financially free.

Start Giving to the Lord’s Work. Giving or tithing to the Lord’s work is top priority for a Christian. It is a step of faith in putting your money and personal finances in God’s control.

Things to do sooner than later

Execute a will

Estate planning is critical for your family. My wife and I met with a lawyer a few years ago who created a will and other legal documents for us. There are some do-it-yourself solutions which I have not tried. However, if you want to go this route, I would recommend the below product from Crown Financial Ministries.

Recommended resource:  Set Your House in Order: A Workbook to Organize Your Finances and Plan Your Estate

Evaluate your career and income potential

I think it’s a good idea to continually think about your career goals. I recently learned about Dan Miller while listening to Dave Ramsey’s podcast. I started listening to Dan’s podcast and read a few of his books. Dan was part of the reason I was inspired and so motivated to start One Money Design. He coaches people to follow their passions and do what they love to do which will ultimately lead to better performance, earnings, etc. I highly recommend, “No more Monday’s” by Dan Miller.

Recommended resource:  No More Mondays: Fire Yourself — and Other Revolutionary Ways to Discover Your True Calling at Work

If you have children, begin teaching them God’s way of handling money

It’s never too early to teach your children the differences between saving, giving and spending money.

Acquire basic insurance, depending on your needs, age and financial ability (auto, health,life,disability,and long-term care)

A good place to start with insurance is to meet with a financial advisor to discuss the options available to you. However, first do a little bit of research on your own. I learned a lot about insurance in David Bach’s book, “Smart Couples Finish Rich.”

Recommended resource:  Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner

Take advantage of employer matching for your retirement plan as long as you can continue to make forward progress on the Money Map

This one almost goes without saying. However, consider your debt situation. If you’re able to snow ball your debt and focus on paying it off in the short-term, you might consider postponing the contribution to your retirement fund. If you refer to the Money Map and Dave Ramsey’s Baby Steps, both say to pay off debt before funding retirement.

Make a list of all your assets and liabilities to get a clear picture of your net worth

In order to start moving forward towards your goals you need to know where you’re starting from today. Here is a handy free form for determining your net worth.

Have you noticed these to do’s on the Crown Money Map? Can you think of anything else to do sooner than later?

Coaching is free

Unlike many coaches and counselors, the services a Money Map coach provides are absolutely FREE. Some find this hard to believe, but it’s true. Most Money Map coaches are performing services as a ministry to help people with their finances and to teach them what scripture says about managing money from a stewards mindset.

Money Map Coaches are not employed by Crown Financial Ministries. They are volunteers who have most likely paid for their own training and operate under the authority of their local church (approved by their pastor) so that Crown can insure coaches are following Biblical principles in their teaching.

Topics not covered

Topics like investing, insurance, financial planning, and other related areas are not covered, other than to include these categories in a written spending plan when needed.

Financial counseling services

Below is a list of all the services Crown Money Map Coaches offer participants:

• Get a true financial picture of your situation and current state of your finances. For example, some people may not be aware their housing expenses are too high and are making it difficult to have money for other important budget categories.
• Create a spending plan with common spending categories and use percentage guidelines to determine if spending categories are out of balance with common benchmarks.
• Start tracking spending and measure spending against a spending plan to actively manage your finances.
• Learn the value of a freedom account and how to set it up to plan for future expenses that don’t occur each month.
• Help create a debt reduction plan and determine your debt free day.
• Learn Biblical financial principles about stewardship, debt, giving, saving, spending, family, work and more.
• A coach can also be helpful when individuals or couples aren’t experiencing immediate issues, but need to speak to someone about financial decisions such as buying a car or a house.

If you’re thinking about exploring financial counseling check out the below links to get more information about finding a Money Map Coach in your area, or talking to a coach on-line.

Money Map Coach Resources

• Locate a Money Map Coach
• What to Expect