On July 31, the Federal Reserve cut interest rates for the first time since 2008. The rate was reduced by a quarter of a percentage point to a range between 2 and 2.25 percent. The Fed Board Chairman, Jerome Powell, stated that “The outlook for the U.S. economy remains favorable and this action is designed to support that outlook.”
If your church is leasing its worship property, eventually you will almost certainly consider if it would be better to purchase your own building. Many factors will influence your decision, from building equity to ministry function to location to monthly costs. Perhaps you are convinced that your church will never want to own a building. If that’s you, experience tells me you may change your tune as your church grows and time passes.
In my last post, I shared the story of my aunt and uncle, who have ministered faithfully throughout their lives—and who have prepared carefully for their financial future. In this post, Timothy A. Stephenson, professional fiduciary and guardian at Southwest Florida Advocates, encourages us to consider the cost of failing to prepare.
In parts one and two of this series, we learned that 90 percent of people’s wealth is in non-cash assets and $41 trillion worth of assets are currently being transferred by baby boomers. What this means to you is that now is the time to act. Now is the time to make sure those who support your ministry are aware of the many giving options available to them during this wealth transfer— and to ensure you are equipped to receive these types of gifts.