On April 30, 2007 I lost my most valuable asset here on this earth – no, I didn’t lose it in the declining stock market nor did I lose it in some elaborate investment scam. You see on that day my father, Rev. James A. Hodges, passed away after a courageous and faithful battle with cancer. It’s amazing how as a financial advisor who is immersed with stocks, bonds and investment opportunities on a daily basis, my greatest asset was something that money can’t buy. While my father was not a financial advisor by profession, he instilled in me solid financial principles that ensured economic stability for my family and others. In this article I will share his “Fab Four Financial Principles” so that Optimum’s readers may also benefit from his legacy of teaching and empowerment.

1. Pay God First, Then Yourself
Nothing feels better than giving back to God what is rightfully His in the first place. He has called us to be good stewards over all things so we should make a habit of faithfully paying our tithes and offering first before heading out on our next shopping spree. Malachi 3:8 states “Will a man rob God? Yet you rob me. But you ask, ‘How do we rob you? In tithes and offerings.” My question to you is “Are you robbing God?”

Some may ask “What about my bills and other expenses, there just isn’t anything left?” The key word in this question is “left” because it implies that you’re putting other things ahead of God. Trust me, when you put God first He will provide the increase to take of the bills and other expenses (see Malachi 3:9).

2. Learn to Save for A Rainy Day
After you’ve honored God with your tithes and offerings, learn to protect your family’s financial future by saving regularly. We at Optimum teach that you should have at least 3-6 months of expenses in a high-yield savings account to cover unexpected expenses due to job loss or disability. The only way your emergency fund will grow is if you have the discipline to diligently contribute to the account. Sorry, there is no magic wand that will instantly fund this for you, therefore you must be responsible enough to do this on your own.

3. Live Within Your Means
I can’t even lie, I’m feeling the new Lexus LS 460L that parallel parks itself, especially since I can’t parallel park to save my life! But at $71k+, that doesn’t mean that I will rush out to the nearest Lexus dealership and buy one, as I’m perfectly content with a car that fits my budget more appropriately.

We as a people need to learn that although we see famous celebrities and athletes with fancy cars, big houses and fine jewelry, we have to keep it in perspective that they are just material things that will eventually fade away or at the very least go out of style. Most importantly, if you couldn’t afford it in the first place, you’ve now incurred a load of debt that you’ll still be paying off even after that Lexus is towed off to the junkyard.

4. Pay Off Your Bills and Credit Card Balances
My father was quite proud of the fact that he always paid his bills on-time and refused to carry a credit card balance.

First, he established a house checking account strictly for household expenses and ensured that his paycheck went directly to this account first. Second, he put his bills in a central location and clearly marked on the outside of the envelope when the bill was due. It should also be noted that he always knew the average due date and amount for each bill so if he missed a statement or if the amount due seemed incorrect he knew how to respond accordingly. Lastly, after each payday he reviewed his bills and paid and mailed each bill at least 8-10 days before the due date (I’ve personally modified this step by utilizing online banking services). Following these principles I can assure you that you will never pay a late fee or have service discontinued because of a misplaced bill or because you spent the rent money at Macy’s. The same is true for credit cards by making sure you pay off the balance each month to avoid high interest payments.

Don’t let my father’s advice be in vain – take charge of your financial future today! By applying these principles you too, like my father, can hear Jesus say “Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things…” (Matthew 25:21). Thank you, Daddy!