I recently gave a talk at our Cru meeting on Money (you can download, and freely use, my notes here).
4 Steps to Making the Most of Your Money
Acknowledge your default – The American Dream
Replace the American Dream with something weightier, something better
Overcome any obstacle (debt)
Live simply, Save wisely, and Give generously
The bulk of the talk was focused on debt – credit card and student loan debt.
I took a poll of the audience (using directpoll.com which worked really well for us – students could see the live results on screen as they responded). We had about 100 participate in the online poll. I thought the results were very interesting so I thought I’d share them:
62% think they will earn over $40k.
National surveys say that only 20 percent of graduates will earn over $40,000 in their first year on the job.
And only 59% will earn more than $25,000.
So our students are either REALLY gifted. Or a LITTLE over-optimistic.
29% of our students have at least half of their college paid for.
52% have at least 1/4 paid for.
94% have at least some scholarship.
This wasn’t altogether surprising – our students tend to be pretty smart. For whatever reason we attract a lot of engineers and honors students.
51% give less than $100/year.
81% give less than $300.
I admit – I thought this would be higher! Obviously something we can help our students grow in.
63% of tithers started tithing 10 percent or more between childhood and their twenties.
51% will owe $0.
Only 12% will owe more than $20k
Nationally: Seven in ten college graduates have student loans. The average new graduate in 2015 walked the stage $35,000 in the hole.
Granted, I often hear from graduates that they didn’t find out until after graduation that their mom and dad took out loans for them that they themselves have to pay back. So some students may receive a not-so-fun surprise graduation gift from mom and dad.
65% have no loans.
Only 12% have more than $10k
I’m sure the Cru meeting audience skews toward freshmen (who naturally have less debt than upperclassmen). I would guess at least 1/3 of the students were freshmen.
61% don’t have jobs
Only 28% work more than 5 hours a week,
92% don’t have any credit card debt! I admit. I was shocked by this number. Many said they don’t even own credit cards. Yet they don’t carry cash. Not sure how they pay for things!? Maybe debit cards?
The past couple of years I’ve made a conscious effort to shift from less input to deeper reading.
I’m reading less blogs, bookmarking less web pages and reading more books (yes, I appreciate the irony that you are reading this on a blog).
It started in 2011 when I read Tim Challies’ book The Next Story. He illuminated a huge idol in my heart (and I believe a chief idol of our age)- informationism:
We have begun to believe that the accumulation of information somehow leads to wisdom, that more information will solve society’s ills and improve our lives. We place our faith in information.
We find joy and life in that information – not in using that information or turning that information into useful action, but simply in its constant flow.
Without the distraction of dealing with vast amounts of information and without overtaxing our brains with hundreds of sources of information, we will have the time to know more about less.
Success in life “is not in the accumulation of facts, but in living a life marked by wisdom, by the application of knowledge.”
What we are finding is that more information does not necessarily lead to more wisdom. In fact, the very opposite may be true.
More information may lead to less wisdom.
That last sentence rocked me. My voracious reading of new blogs and articles is actually making me less wise.
I want to know more about less. It was actually the very secular BBC that reminded me that, primarily, that means I need to read less “news” and soak in God’s Word more:
One of the more embarrassing difficulties of our age is that most of us have quite lost the ability to concentrate, to sit still and do nothing other than focus on certain basic truths of the human condition. We are reluctant to admit that we are simply swamped with information and have lost the ability to make sense of it.
The prestige of the news is founded on the unstated assumption that our lives are forever poised on the verge of a critical transformation. Contrast this with how religions think of what is important. The great stable truths can be carved into stone rather than swilling malleably across hand-held screens. Rather than letting us constantly catch up on “news”, religions prefer to keep reminding us of the same old things.
It is not by reading more, but by deepening and refreshing our understanding of a few volumes that we best develop our intelligence and our sensitivity.
We feel guilty for all that we have not yet read, but overlook how much better read we already are than St Augustine or Dante, thereby ignoring that our problem lies squarely with our manner of absorption rather than with the extent of our consumption.
This clip from Portlandia was me in 2009-2013 (and probably me still!):
Here’s what that has looked like for me. I have over 3,000 unread pages saved in Pocket (a save-to-read-later service)!
Not sure when this “later” is when I’m going to find time to read them.
In 2013 I bookmarked 1,500 sites that I never got around to reading. At that point, I was literally checking 75 blogs every week. I even blogged about why you should read a lot of blogs http://www.timcasteel.com/blogs/how-and-why-to-subscribe-to-blogs/! I still read blogs but almost exclusively blogs related to college ministry (my field of work)
In 2014, I had 1,000 unread bookmarked pages.
And 500 in 2015. If you do the math, that’s not exactly a trickle – I’m still bookmarking almost 2 pages a day. But it’s progress!
I’m replacing those “must read” late-breaking-this-is-going-to-change-your-life blogposts and articles with the slow, harder work of reading a book. Trading candy for meat. Books make me slow down and absorb information instead of just letting information go in one ear and out the other.
If I could choose only one habit to pursue growth it would be to develop a love for books. Reading requires focus and commitment. But the payoff is huge. If you want to jumpstart your leadership growth, spend at least thirty minutes a day reading
A few steps I’m taking to read more:
I’m tracking how many books I read each year
I don’t necessarily want a goal of number-of-books-read because, again, the goal is not more information input. It’s deeper, slower reading. Last year I read 17 books. And I want to read more this year. But I feel like a goal will make me rush through books instead of slowly absorbing them.
I’m not finishing every book I start
I’ve found one of the easiest ways to read more is to take advantage of dead time in my schedule – like driving. 15 minutes here and there really adds up. So I sucked it up and subscribed to Audible.com (a ridiculous $22/month for two books). I listen at 1.25 speed and can get through two books in a month.
I’m committed to reading every night. A couple of years ago my wife introduced the new rule of “no blue light an hour before bed” = no checking twitter or reading online. I’m thankful for God’s grace through her! It made me take up the habit of reading before bed every night. A great side-effect: when my head hits the pillow I’m asleep in seconds.
The trick is finding when to read the right kind of book:
In the morning I read a spiritually developmental book (right now I’m reading John Piper’s Bloodlines on ethnicity and racial reconciliation). I need to carve out more time for this category. I rarely read during the day.
In the car on audiobook I can’t listen to any book that I want to take notes on. I need a book that can just wash over me. That’s more of a story/biography. Shadow of the Almighty – the story of martyred missionary Jim Elliott was perfect. Though there’s plenty of quotes I’d want to underline, I’ve read it enough times that I can just let the story and Jim’s singleminded pursuit of Christ and the Great Commission wash over me. How We Got To Now was also a great one for audiobook. VERY interesting stories of the 6 most important innovations – great stuff to inspire your thinking and own innovation. But nothing much that I’d need to write down to remember.
At night, again, I can’t read any book that I’d want to underline or take notes on or that will get my brain’s gears turning. At night my goal is to unwind. So I stick mostly with biographies that inspire. “Readers of good books, particularly books of biography and history, are preparing themselves for leadership. Not all readers become leaders. But all leaders must be readers.” Harry Truman