For more than a month now, the most popular post on Pastor’s Wallet has been Business Ideas For Pastors That Want To Make Extra Money. It seems there are a lot of pastors out there looking to entrepreneurship to finance their ministries or supplement their pastoral salaries.   In that article, I gave you some good ideas of ways to make money that can work around your ministry. But what comes next? How do you even set up a business? How do you actually manage small business finances so you know what you’re earning and don’t get in trouble with the IRS? View post

Health insurance. Tax-advantaged retirement accounts. Vision insurance. Wellness programs. Dental insurance. Matching retirement savings. Disability insurance. Tuition reimbursements. Life insurance. Annual bonus incentive plans. Child care assistance. Discounted merchandise.   These are some of the most common benefits that employers offer these days, and the list is ever growing. In fact, they can be the deciding factor for someone accepting a job offer in today’s tight labor market.   Unfortunately, many non-denominational pastors are on the outside looking in. If their church can scrape together enough to pay them a livable salary they are blessed. But, benefits? There’s just no way.   However, a lot of the benefits that big corporations offer are still needed by pastors. You still need health insurance. It would still be a big help to be able to save for retirement in a tax-advantaged account. It would still be wise to have life insurance.   How Independent Pastors Can Access Employee Benefits How do ...

The Department of Labor Fiduciary Rule has been vacated. What does that mean for you? View post

Last summer, my husband and I finally sat down with an estate planning attorney. Prior to that, our will, advance directive, etc. were from online templates and barely personalized. We decided it was time to do things the right way, and boy was it a learning experience.   To prepare us for our meeting, we were mailed a long questionnaire of which about half of the questions we didn’t even understand. How important is it to us to avoid probate? Are we looking to set up a trust? What kind? It was like jumping into an Estate Planning 201 course when we had never been to Estate Planning 101.   We just want our family to be taken care of in the case that one or both of us die. We want things as simple and easy as possible for whoever is left over. The attorney’s answer: a living trust. View post

If you give to charity and have an IRA, you may be able to save on taxes by doing a qualified charitable distribution. View post

Being a pastor is like being a parent. Signing up for the job is akin to signing away all your privacy rights. As a parent, there are little people with big mouths following you around wherever you go. I mean, you can’t even go to the bathroom by yourself.   As a pastor, you have a whole church of people watching your every move and often judging it. They pay attention to the car you drive, the movies your kids are allowed to watch, and whether or not your wife has a professional manicure. I’m not saying this is right or comfortable, just that this is the way it is in most churches.   Honestly, it shouldn’t come as a surprise to any of us. In I Corinthians 11:1, Paul tells the church at Corinth, “follow my example, as I follow the example of Christ.” (NIV) People don’t only follow what leaders ...

Credit or debit? It’s a big debate in the world of personal finance, especially when well-known voices like Dave Ramsey have such strong opinions. Is it best to pay for everything with a credit card and earn rewards? Or pay with a debit card and avoid debt?   Let’s take a look at both options, the advantages and disadvantages of each (because there are both!), and discuss how to go about making the decision for yourself. View post

Clinging to familiarity to stay in our comfort zone can cost us a lot of money. We don’t like change, but it’s important to audit your expenses from time to time to see if you can get a better deal on something or completely eliminate it. View post

What do you think of when you hear the term “estate planning?” Rich old people? Estates are all of the property that has to be divvied up and kept from taxes when rich people die, right?   Wrong!   In fact, estate planning isn’t just about what happens after you die. It also covers what happens if you become incapacitated or cannot handle your own affairs.   And, it’s not just about money. It’s about who will raise your children and take over your church and whether or not the doctors should pull the plug on you. Estate planning encompasses all of the end-of-life matters, including what you want to happen to everything that is currently in your control. View post

Last week we discussed skills that you’ve developed as a pastor that are transferable to the secular marketplace. It was a very popular topic, so today I'm going to take it a step further and look at how to present those skills in a resume that will get you noticed. If you haven’t yet, it would be helpful to go back and read last week’s post before continuing on. View post