Master Your Money: A Step-by-Step Plan for Experiencing Financial Contentment

by Ron Blue, Michael Blue (Contributor)

A step-by-step guide to financial freedom

Do you know if you have enough? Do you know how much is enough? If you can't answer these questions, Master Your Money is for you.

In this book, Ron Blue extracts principles from God's Word and applies them to your financial portfolio.

Learn how

Avoid the most common financial mistakesApply biblical principles for money managementSave, invest, and give wiselyCreate a long-term financial plan that worksPlan for your taxes and estate needsGet out of debtRon’s professional experience in financial planning will ease your anxieties over money and be an asset to you and your family for generations to come. Learn the tools and techniques you need to move forward toward true financial freedom.

This new edition includes important updates and new content, making it timely and relevant.

Genres: Finance, Christian, Nonfiction, Money, Personal Finance, Business, Christianity

273 pages, Kindle Edition

First published January 1, 1986

About the author

Ron Blue. Following his graduation from Indiana University in 1967 with a master’s in business administration, Ron joined the management group of Peat, Marwick, Mitchell & Co. and worked with the firm in New York City, Dallas, and San Francisco.
In 1970, Ron founded an Indianapolis-based CPA firm that has grown to be one of the 50 largest CPA firms in the United States. Leaving the CPA firm in 1977, Ron became administrative vice president of Leadership Dynamics International. While with Leadership Dynamics, he was involved in developing and teaching biblically-based leadership and management seminars in the United States and Africa.
Since 1979, Ron has held a passion to help Christians plan and manage their finances in order to maximize their giving to Kingdom purposes. God has allowed him to work this out in several ways. Dr. Howard Hendricks influenced him to begin what later became a financial planning firm. He has written several books on this topic, and in 2003 he helped to found a ministry training Christian financial advisors to integrate God’s financial wisdom in their advice and counsel.
In 2012, Indiana Wesleyan University established The Ron Blue Institute, which is dedicated to multiplying the over 40 years of professional experience and intellectual property of Ron through curriculum development and other products in multiple outlets worldwide.
Ron and Judy, his wife of 50 years, live in Atlanta, Georgia. They have five children and thirteen grandchildren.

Reviews

[Lydia Howe · Rating 4 out of 5]

Why I Choose this Book:

Money is an important part of life and I want to make sure I use my money in a way that brings God glory.

What I Thought About this Book:

Master Your Money is thorough, helpful, and practical. It's clear the author knew what he was talking about and that he really wanted to help others manage their money well. I especially appreciated the many times the author referenced the Bible and used God's Word for his guide while writing the book. As God's children, I believe that Christians are going to be held accountable for how they make and spend money and this book can help people figure out how to get out of debt, stay out of debt, and use their finances to live life the way God wants them to.

There were quite a few times where I felt like the book was above my head, but that's not surprising as taxes and investments are still something I find quite confusing. Reading books like Master Your Money helps me learn a little bit more though, and for that I'm thankful. (I will note that Your Money Map by Howard Dayton was more at my level and covered a lot of the same information. I highly recommend both Master Your Money and Your Money Map.)

Being free to earn and spend money is a blessing I'm very thankful for. I'm also thankful that money can, and should, be used as a tool. When we learn to master our money it no longer "masters" us, and that's a very good thing. We can't serve both God and money, but that doesn't mean we shouldn't have money, it just means that money shouldn't be our god or an all consuming issue in our life. This book can help bring that balance about, which makes it a very useful book.

Although I don't remember the book discussing it, statistics show that there's a lot of friction regarding how people handle finances when it comes to marriage and I'm pretty sure the same is true with other relationships (such as business partners). I highly recommend people who are sharing finances to read this book and work through it together.

Conclusion:

Yay! Read it. Learn. Don't spend more than you make. Use God's Word as a starting point. Money can be a blessing when used the right way.

Rating:

I'm giving Master Your Money four stars and recommend it to anyone 18 and older. (Although I suppose it's really geared more toward those who are already running a household, it doesn't hurt to get a good foundation started early on.)
*I received this book for free from Moody Press in exchange for an honest review*

[Chad · Rating 4 out of 5]

A blend of biblical principles and practical financial advice. This financial primer covers a wide range of basics from a Christian perspective, and includes Bible references. It emphasizes stewardship, trusting God, and that spiritual wellbeing is more important than material wellbeing.

There are other books that I think do a better job dealing with the biblical perspective on money (The Word On Finances by Larry Burkett) and others that do a better job giving practical financial advice, but this book is valuable in that it interweaves both.

Author Ron Blue is the founder of the Christian financial advising organizations Ronald Blue Trust and Kingdom Advisors.

Notes
Will I Ever Have Enough?
Don't define "enough" by a number; rely on "enough" being God and what He's given you, to trust God more deeply.

Four Biblical Principles of Money Management
Christ's promises of abundance don't mean financial security, but peace and knowledge of Christ.

God owns it all (Matt 25:14-30). God has right to take whatever He wants, whenever He wants it. This frees you to give freely to His purposes and people.

God uses money and material possessions as tool, test, testimony. Matt 25:21; Phil 4:11-12. God uses money as tool to help us grow. We should ask, "God, what do you want me to learn?" rather than, "God, why are you doing this to me?"

Bible neither condemns nor commends wealth. Biblical principle is that God owns it all, and we should hold it with an open hand (Matt 25:14-30).

The Dangers of Debt
Debt isn't a sin. Bible discourages, but doesn't prohibit debt. Debt isn't real problem; it's symptomatic of real problems (greed, self-indulgence, impatience, fear, poor self-image, lack of self-worth, lack of self-discipline, lack of faith, etc.).

Ps 37:21 shows that we must repay debt, and we should be able to give rather than borrow. Don't become so attached to home that you can't give it up to pay off mortgage if you must.

Rom 13:8 isn't speaking about finances, but about love.

Prov 22:26-27 says to avoid surety (guaranteeing debt of another).

Criteria for undertaking debt
Is after-tax rate of return greater than after-tax cost?
Is there guaranteed way to repay debt?
Are both spouses in perfect unity?
Do you have spiritual peace of mind about this debt?

Tax Planning
Push income into future year, and pull expenses into current year. This delays payment of taxes.

Investment Planning
Avoid high-leverage situations (Prov 22:7).

Tithe on investment gains when you sell. We are to give firstfruits of increase to God (Prov 3:9-10).

Stewardship After Death
1 Tim 5:8 requires that we provide for our families. Insurance is one tool for doing that.

Buying term insurance and investing the difference is based on short-term perspective. It's hard to know how long you need insurance, because you don't know what future will hold. If need is strictly short-term, and will never be longer, use term insurance.

2 reasons for long-term (rather than term) insurance:
May need insurance in 60s and 70s to pay estate taxes or funeral expenses.
Flexibility; having cornerstone of permanent insurance in 60s and beyond.

Term should be used for most life insurance needs because it's cost effective, but some insurance should be whole-life or whole life and term hybrid.

Use quality insurance companies for sake of converability, not insurability.

Whole life is good investment when it disciplines the insured to save money they wouldn't have saved otherwise, or when product is held more than 5 years.

Bible doesn't mention insurance, so it's not unbiblical. Bible emphasizes wise planning, providing for family, and trusting God. If insurance replaces trusting God, that's unscriptural.

According to Ecc 7:11-12, once basic needs are met, money should be left to those who have demonstrated stewardship. We shouldn't leave money to our children who don't have wisdom.

Value of IRAs, 401(k)s and life insurance will pass directly to named beneficiaries regardless of your will. Ensure beneficiaries are correct.

Giving Living
Prov 3:9 says giving to God should be the priority use of income.

1 Cor 16:2 says we should give regularly.

2 Cor 9:12 says we must give to needs of saints (poor, widows, orphans) and to fulfill Great Commission (evangelism and discipleship in city, state, nation, rest of world).

Giving to local church should be best place to give to meet needs of saints and for evangelism. You can also give to other organizations that support these missions.

2 Cor 8:3-5 says Christians gave beyond their ability.

Give in 3 levels:
Should: proportionate to what you've received; start with 10% of gross income
Could: what you could give if you sacrificed something (Luke 21:4)
Would: committing to give more if God unexpectedly provides more income or decreased expenses

"Do your giving while you're living so you're knowing where it's going."

Don't put off giving today so you can earn more to give in future later. Doing so is effectively saying God is incapable of using His money today for a greater eternal impact than you can earn by investing.

Appendices
Kingdom Advisors are Christian financial advisors who challenge clients' thinking and encourage their walk with God.

[Randy Alcorn]

I know Ron Blue to be a man who loves Jesus and desires to serve people. Ron’s wise, and he has a heart for what stirs God’s heart. Readers will find much to learn and benefit from in Master Your Money.

[K.W. · Rating 4 out of 5]

Excellent! Excellent! Everyone should read this book. Biblical stewardship and financial advice for better living.

[Braden · Rating 4 out of 5]

Super useful read, with lots of practical information on investing, saving, life insurance, wills, retirement, getting out of debt, creating financial goals, etc. The reading itself could be pretty dry if you aren’t interested, lots of tables and numbers. However, I think it’s super useful for people who have questions about a Biblical perspective on money.

The biggest reminder for me was the fact that I own none of what is “mine” - God is owner of it all. Therefore, I can live without fear (He is ultimately in control, my job is just to be as wise in my stewardship as I can) and without greed (God has not given me my money to just accumulate, but to give and bless and serve).

[Bradley Goodin · Rating 5 out of 5]

I have a LOT to learn about finances. This book takes a look at first the heart behind how we steward our money, and then moves into practical “how to” with saving, investments, insurance, estate planning, and giving. It was a good crash course.

[Walter Thomas · Rating 5 out of 5]

Really enjoyed this book’s focus on financial planning with Biblically based advice and tons of bible verse references. Mind set shifting on money and the fact that God owns it all!

[Michelle · Rating 4 out of 5]

I enjoy reading financial books, everyone has an opinion on the topic! I really like how this book is laid out and how money is explained. There is a pretty good chapter on debt and instead of scolding us on getting into debt, it explains how to get out of it. There is also a great chapter on interest and how to save money the smart way. The end of the book has a ton of details about what to do in preparing a will or your finances when you pass away. So needless to say this book covers a lot. It has been updated to current times, which is important because things change.

I can't say I read anything I hadn't read before but I did like the multiple charts that showed examples of budgets and then left a blank one for the reader to fill out. So overall I would say this is a good book when it comes to handling your money in a Godly manner (tithe) and smartly.


"I received this book from MP newsroom for free in exchange for an honest review."

[Amy · Rating 3 out of 5]

A lot of this doesn't really apply to me yet, since I'm a single 24 yr old without a lot of complicated expenses. But the principals at the beginning and end of the book were really good, and it's probably something I'll hold onto for a little later in life when I understand how to have stocks and cds and all that good stuff.

[Christopher Humphrey · Rating 3 out of 5]

"Master Your Money: A Step by Step Plan for Experiencing Financial Contentment" by Ron Blue is a helpful little book for those looking for a basic Christian worldview about money, finances and financial planning. Blue is an accountant an and MBA and I fear that the accounting mindset is front-and-center in his approach. That is not a bad thing, mind you, but for those who have a difficult time conceptualizing the budgeting and planning process this book may not be a comfortable fit.

To his credit, Blue does proceed step-by-step through the budgeting, planning, investing, and gifting process. Along the way he does provide helpful, yet basic, information. Of one were looking to help a new couple get their financial lives in order this would be a great book to use. For those looking for more advanced financial wisdom, this book was simply not designed for you. That is certainly not a criticism of the book; rather, one must simply understand to whom Blue was writing.

I have no doubt that there is a vast audience who could benefit from the principles explained in this book. This book has helped many such people in the past and will, no doubt, continue to provide helpful guidance to many more in the future. Happy reading.

[Joseph · Rating 4 out of 5]

I used Ron Blue's system for High School kids my senior year of school. I read this assuming not much would be different. Ron Blue sets up the reader to tackle every issue that could come up from a financial advisers standpoint. I got lost in the last three chapters or so because they take on a much more technical format and he shares his vast experience with the reader. Because of Randy Alcorn's book Money Possessions and Eternity I have a slightly different view of retirement needs. I am almost fifty now and have not saved for my retirement. I now see that I will most probably work until I die so my focus is on setting up my wife to retire comfortably and not me. That still leaves me with twenty years of working life to earn, save and give generously. All positives in my book.
Overall a good read, it just may answer questions you never had about money.

[Ed Barton · Rating 4 out of 5]

Ron Blue was providing Biblical based financial planning a decade before Dave, and while the approach is tried and true, as well as focused on the fundamentals of cash flow modeling, budgeting, tithing, investment diversification and savings. There are no quick hits for success, no winning without sacrificing consumption, it is block and tackle basics. This is how most of us will succeed, and Ron Blue delivers - along with suggestions and "forms" to fill out to take you along the way to a basic financial plan. A good read - especially with the insights of Ron and his son 30 years after the first edition. A good blueprint for a Bible based financial success plan.

[Jonathan Brooker · Rating 3 out of 5]

It's obvious from just the cover that this book is dated, and when it's on a topic that isn't entirely timeless (like money management principles and strategies) there is going to automatically be some loss to the value of the book. However, since the book focuses more on principles than specific strategies anyways, it still possessed a decent amount of valuable insights. Plus, I was able to read it fairly quickly, so that helped me feel like I was...well, getting my money's worth.

[Josh Goossen · Rating 4 out of 5]

There are a significant amount of great principles within this book. The main difficulty I had with this book is living in Canada. The majority of the investment ideas, and tax information, had more to do with the US, and are not applicable here in Canada. But the change needed to make in your mindset, and the rooting in scripture, was extremely helpful. Though I cannot invest as he has said in this book, I can change how I handle my finances, to the glory of God.

[Walter W. Wilson III · Rating 5 out of 5]

Great book

Very good book on how to handle money. To realize the proper ways of stewardship with the resources the Lord has entrusted us with. Advice on estate planning, taxes implications and also how to lovenly give away resources to advance God's kingdom while we're here still on earth.

[Nana Kesewaa · Rating 5 out of 5]

Based on Christian principles and decades of financial advisory work, Ron Blue teaches how to manage money. Though the book is US America inclined especially in terms of investment and insurance advice, the general points of growing money, checking consumption and avoiding debt are golden. It also presents practical sheets and steps to financially plan and manage one's money.

[Nathan Lackey · Rating 4 out of 5]

This book is a great start to a more detailed look into what it looks like to honor God with your finances. Ron dives into a lot of key issues regarding money and backs up guidance with biblical wisdom really well. A great resource for young couples to get a head start on their financial planning and their mindset with the resources given by God.

[Elizabeth · Rating 3 out of 5]

The principles in this book are very useful. I recommend this book to anyone who wants to gain a better understanding of the financial world and the terminology.

However, this book is geared towards people with partners and children and/or who have assets like houses and estates. So if you are single and renting, some of the information may not apply to you.

[Andrew Krom · Rating 4 out of 5]

Blue's book helpfully walks his readers through a Christian view of finances. The most helpful part of the book is that Blue continually points out his readers to be giving. I learned a lot from the final two chapters regarding estate planning. I wish he provided more details regarding personal finances, but because this is an introductory book, it makes sense that he did not.

[Sarah · Rating 4 out of 5]

Full of scripture and challenging. He doesn’t give too many hard and fast rules but instead challenges the heart. Not the best book for audio because of multiple tables/charts. Really liked the giving chapter that shares strategies to answer “how much should I give” and “to where”.

[Kenny Smith · Rating 4 out of 5]

“The world, in the form of advertisers, friends, neighbors, other Christians,…would lead you to believe that you are owed or have a right to a lifestyle that may very well be beyond what you can afford.”

[Crystal Murphy · Rating 4 out of 5]

Dave Ramsey’s books are better. It was informative but not one I could read over and over again. I was pushing myself to finish it.

[Guillaume McDowell · Rating 4 out of 5]

Better than Ramsey.

[Bryce Young · Rating 4 out of 5]

Solid, wise, basic

[Michael]

hoopla

[Wan-Yu Tseng · Rating 5 out of 5]

Highly recommend

Really good book to build a solid foundation for personal finance knowledge. Simple and applicable. Highly recommend for people who just started learning about personal finance.

[Frank · Rating 3 out of 5]

Good Money Advice

This book was a quick and easy read but don't be fooled. There is some solid money advice in this book that you may want to go back and retread. The best part of the book was the cash flow framework. Some folks may be turned off by the biblical references but you shouldn't. The advice is still valid. I found the biblical slant to be valuable for me. I didn't give the book more stars because frankly there are many books out there that cover the same topics. There isn't anything new hear but approach is interesting.

[Mark · Rating 3 out of 5]

I read an earlier version of this book many years ago. My memory was that it was Ok. Sort of a Christian version of Eric Tyson's Personal Finance a Dummies Guide. While I appreciated Blue's attempt to bring in a biblical world view, I didn't feel he was getting to deep issues. I have generally found secular books were more crisp and clear about the mechanics, and books which were dedicated to looking at biblical ethics related to money (such as those by Sider, Getz, Witherington) where much more helpful at me figuring out my relationship to money and prosperity.

I will update this review once I have finished this current book.

[Andrew Canavan · Rating 4 out of 5]

If you want a basic game plan or refresher for being a good steward of financial resources, this is a great place to start. Ron Blue does an excellent job of giving readers a process to work through that will help them to make great strides toward a God-glorifying financial life. There are a few finer theological and biblical interpretation points that I'd tweak if I were writing this book, but Ron Blue knows way more about money than I do. If you haven't given stewardship and planning much thought, this is an excellent starting point.

[Andy Hickman · Rating 3 out of 5]

A book I enjoyed reading.

I love Ron Blue's summary of the proper attitude toward money in his book 'Master Your Money':

“Study to learn the basics, for example, a budget. Despite the modern aids such as sophisticated computer software to track money, an alarming number of people don't know how to balance a checkbook. If you have never been taught the basics of preparing a budget, managing your checkbook, and paying bills on time, swallow your pride and learn. There are many people and resources waiting to help you.” (p20)

* Ron Blue, Master Your Money, Thomas Nelson, 1986.