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Money Stories - Effect of Student Loan Debt on Vocations Part 4

Money Stories - Effect of Student Loan Debt on Vocations Part 4

July 22, 2020

Father Brent Bowen finished his undergraduate studies and promptly started his master's degree. It was at that time that he realized his calling to become a priest. At that point, he had six figure student loan debt. His story shows how he combination of grit, faith, and generosity could overcome the seemingly impossible. We want to thank Father Brent for sharing his story and the message that God cannot be outdone in generosity!

Information about the debt snowball method:

https://compasscatholic.org/making-snowball/

 

Debt Snowball Calculator:

https://compasscatholic.org/calculators/

 

Mater Ecclesiae Fund for Vocations:

https://fundforvocations.org

 

The Laboure Society: 

https://rescuevocations.org

Manage Your Money God’s Way - I’m Retired

Manage Your Money God’s Way - I’m Retired

July 15, 2020

Differences of opinion in a marriage are healthy if you can find a compromise that works for both of you. Being on the same page is important in all areas, especially as you plan for retirement.

Maybe one of you wants to move closer to the grandkids and the other wants to move to a deserted tropical island. Where you’ll live and what you plan to do is a conversation that needs to start long before that last day at work.

The Compass Catholic blog has more ideas about planning for a happy, productive retirement.

Money Stories - Effect of Student Loan on Vocations Debt Part 3

Money Stories - Effect of Student Loan on Vocations Debt Part 3

July 15, 2020

In this week’s episode, Diana and Caitlyn speak with John Flanagan from the Laboure Society. John is the executive director of the Laboure Society which is a nonprofit organization that aims to help aspirants tackle their student debt load so they can discern their potential calling. John talks about the method Laboure has implemented that is Canon Law and IRS compliant. The Laboure method was also designed to grow a community of stewardship and ownership of our calling as laity to support vocations.

 

Links from this week’s episode:

The Laboure Society

https://rescuevocations.org

To Donate to the Laboure Society

https://rescuevocations.org/give/

 

Equifax article about the FICO Resilience Index

https://www.equifax.com/business/fico-resilience-index/

 

Compass Catholic Ministries

https://compasscatholic.org

Manage Your Money God’s Way - Cut Your Monthly Bills but Do the Math First

Manage Your Money God’s Way - Cut Your Monthly Bills but Do the Math First

July 8, 2020

The internet will give you millions of ideas about how to cut your monthly bills.  Some of them may be good, others may not be. The only way to determine if these ideas will benefit you is to do the math and compare what you are currently spending versus what you’ll spend by making changes.

The Compass Catholic blog has more ideas about cutting monthly bills.

Money Stories - Effect of Student Loan Debt on Vocations 2

Money Stories - Effect of Student Loan Debt on Vocations 2

July 8, 2020

In the last episode of Money Stories, Anne Folan spoke about the toll student loan debt is taking on vocations. In this episode, Anne is back to discuss what the Mater Ecclesiae Fund for Vocations is doing to help this problem. The Fund for Vocations process is intricately designed with a purpose. Not only is the Fund for Vocations IRS compliant, it has to be Canon law compliant as well.

To recap from last week's episode, 45 million Americans owe student loan debt, collectively owing more than $1.5 trillion dollars. Two out of every three college graduates will graduate with a student debt load averaging over $30,000. For individuals discerning a call to religious life, student loan debt can create a tremendous obstacle they didn't consider when pursuing their college degrees because religious communities usually don't allow a person with unresolved debts to enter

To make a donation to the Fund for Vocations, please visit https://fundforvocations.org/donate-today/

To learn more about Compass Catholic Ministries, please visit https://CompassCatholic.org.

Manage Your Money God’s Way - Time for a Financial Health Checkup

Manage Your Money God’s Way - Time for a Financial Health Checkup

July 1, 2020

We are midway through a tumultuous financial year and it’s time to revisit your current financial situation and define what’s going to change or remain the same in 2020. This year, more than ever it’s imperative to stay on top of your financial situation.

The Compass Money Map is a great place to start and the Compass blog has more about a financial health checkup.

Money Stories - Effect of Student Loan Debt on Vocations

Money Stories - Effect of Student Loan Debt on Vocations

July 1, 2020

In this week's episode of Money Stories, Anne Folan discusses the toll student loan debt is taking on vocations. Anne is a member of the board of directors of the Mater Ecclesiae Fund for Vocations, a nonprofit Catholic organization that makes grants for student loan debt relief for young men and women with vocations to religious life. 

45 million Americans owe student loan debt, collectively owing more than $1.5 trillion dollars. Two out of every three college graduates will graduate with a student debt load averaging over $30,000. For individuals discerning a call to religious life, student loan debt can create a tremendous obstacle they didn't consider when pursuing their college degrees because religious communities usually don't allow a person with unresolved debts to enter formation. 

Mater Ecclesiae Fund for Vocations:  https://fundforvocations.org

Compass Catholic Ministries: www.CompassCatholic.org

Matthew 6:24-“No one can serve two masters. He will either hate one and love the other, or be devoted to one and despise the other. You cannot serve God and mammon."

Manage Your Money God’s Way - There’s Nothing Wrong with Being Frugal

Manage Your Money God’s Way - There’s Nothing Wrong with Being Frugal

June 24, 2020

We talk about all kinds of things with our friends, but the conversations rarely focus on money and how much we earn, spend, save and give.

One money area that’s a little less than personal is ideas for being frugal. Frugal means being careful with how you manage all the blessings God has given you, including your finances. Being frugal is being a good steward.

The Compass Catholic blog has more about why being frugal is so important to your financial health.

Money Stories - Cybersecurity and Faith

Money Stories - Cybersecurity and Faith

June 24, 2020

Aaron Munoz is the creator and author of DollarsandSaints.com. He's also in the field of cybersecurity. In this episode of Money Stories, Aaron not only gives our listeners tips to protect their finances, but he also shares how he found how his career can be used to build the kingdom of God. 

"If a man is called to be a street sweeper, he should sweep streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, here lived a great street sweeper who did his job well." -Martin Luther King

In Compass Catholic's Faith & Money Matters Bible Study, you are given the opportunity to explore how your career fits into the God's kingdom. If you have not yet participated, you can register for an online class at www. CompassCatholic.org.

Compass Catholic Ministries:  www.CompassCatholic.org

Dollars and Saints Blog: www.DollarsandSaints.com

Cyber Securing Your Finances in Five Steps: https://dollarsandsaints.com/2020/03/20/cyber-securing-your-finances-in-five-steps/

Young Catholic Professionals: www.youngcatholicprofessionals.org

Manage Your Money God’s Way - Prepare for Your First Post-Pandemic Christmas

Manage Your Money God’s Way - Prepare for Your First Post-Pandemic Christmas

June 19, 2020

The reason so many people get into debt for Christmas is simple—they haven’t planned ahead. They haven’t saved or given thought to how they may be able to creatively reduce the cost of Christmas.

This year with the financial implications of the pandemic, it’s more important than ever to make this the Christmas you’ll stay out of debt.

The Compass Catholic blog has more about why and how to plan financially for Christmas.

Money Stories - Dealing with Infertility

Money Stories - Dealing with Infertility

June 19, 2020

Whitney Allen is the founder of Healing Hopeful Hearts (H3), a ministry for men and women to walk with each other in healing and prayer as they navigate the challenges of infertility. Once of those challenges may be financial. 1 in 6 families will struggle with infertility and of those, 59% say finances are barrier to proceeding with treatment. Whitney talks about how couples can navigate the challenges of infertility, particularly from a financial perspective.

For more information about Compass Catholic Ministries, please visit https://www.CompassCatholic.org

Healing Hopeful Hearts Ministry: https://cathedralctk.org/healing-hopeful-hearts

Pope Paul IV Institute: https://popepaulvi.com

Whitney Allen Email: Whit760@gmail.com  

Manage Your Money God’s Way - Staying On Top of Your Credit Report

Manage Your Money God’s Way - Staying On Top of Your Credit Report

June 10, 2020

Staying informed about your credit report and your credit score is a great way to monitor financial progress.  A low credit score or errors on your credit report can mean thousands of dollars wasted on paying higher interest rates. 

The Compass Catholic blog has more about staying on top of your credit report.

Money Stories - Put Your Money Where Your Heart Is

Money Stories - Put Your Money Where Your Heart Is

June 10, 2020

Matt and Jenny Brady were a young couple with successful careers. After participating in a Bible study regarding the link between their financial behavior and their finances, Matt and Jenny made the decision to change their financial habits. By following the Compass Catholic Money Map, they paid their large student loan debt and were better equipped to live their current vocation as parents to three young children.

For more information about Compass Catholic Ministries, please visit www.CompassCatholic.org.

For the Compass Catholic Map, please visit https://compasscatholic.org/compass-money-map/

 

Manage Your Money God’s Way - Raise Money Smart Kids

Manage Your Money God’s Way - Raise Money Smart Kids

June 4, 2020

Raising money smart kids starts even before you get pregnant. Talking about all aspects of money when you are engaged includes discussions about how well you were trained by your parents to be fiscally responsible. What did your parents teach you that was valuable to you as an adult? What do you wish they had taught you? These questions lead to deep discussions between you and your future spouse on how you want to teach your children about handling money.

The Compass Catholic blog has more about raising money smart kids.

Money Stories - Building a Faith Forward Business

Money Stories - Building a Faith Forward Business

June 4, 2020

Scott Williams is the co-founder of Sock Religious (www.sockreligious.com), a company that sells fun socks that celebrate the lives of the saints. In this week's episode of Money Stories, Scott talks about how Sock Religious is growing while maintaining its Catholic identity, and while navigating the current economic environment. 

For more information about Compass Catholic Ministries, please visit www.CompassCatholic.org.

 

Manage Your Money God’s Way - The Spiritual Cost of Debt

Manage Your Money God’s Way - The Spiritual Cost of Debt

May 27, 2020

Financial challenges due to debt can be a hidden monster in many families and marriages. We can tackle and tame the debt monster by learning that every area of our life, including how we handle money, has a spiritual impact.

The Compass Catholic blog has more about the spiritual cost of debt.

Money Stories - The Making of Compass Catholic Money Coach Training Program

Money Stories - The Making of Compass Catholic Money Coach Training Program

May 27, 2020

The Compass Catholic Money Coach Training Program just launched this week. In this episode of Money Stories, Caitlyn Kano talks about her personal money story and how the new Money Coach Training Program came to be. If you are interested in the Money Coach Training Program, please visit www.CompassCatholic.org

Manage Your Money God’s Way - I’m Back to Work, Now What?

Manage Your Money God’s Way - I’m Back to Work, Now What?

May 21, 2020

Finally, we are beginning to recover from all the shutdowns that began in February and got worse in March and April and people are going back to work.  When you get back to your job, it’s also the time to get back to your new financial normal.

Create a budget, and use that to create a crisis budget.  Build up your emergency fund and start digging out of any debt you incurred.  It will be a long hard road, but starting now will put you in a better position if there is another emergency around the corner.

The Compass Blog has more on how to get back to some sense of financial normal.

Money Stories - Money and Multiples

Money Stories - Money and Multiples

May 21, 2020

Lauren and her husband have been blessed with five children including triplet boys. With five children under four years of age, Lauren learned many lessons about prioritizing and the logistics involved with having a large family. She shares those lessons and explains how she and her husband decided to make a career change to benefit their large family.

For more information about Compass Catholic, please visit www.CompassCatholic.org.

Manage Your Money God’s Way - Retiring During a Recession

Manage Your Money God’s Way - Retiring During a Recession

May 13, 2020

Planning retirement while there is a recession can be tricky.  Start by looking at your current monthly expenses. Exclude expenses related to work and include new expenses related to retirement.  Subtract the monthly expenses from your monthly retirement income.

If your expenses are more than your income, how much do you need to withdraw from savings each month and how long will your savings last?

Doing these calculations before you retire will either bring you peace of mind or the realization that retirement needs to be delayed.

The Compass Blog has more on details to consider if you are retiring during a down market.

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