How to Set Your House in Order
Guest Writer: Matt Bell
“In those days [King] Hezekiah became sick and was at the point of death. And Isaiah the prophet, the son of Amoz, came to him and said to him, “Thus says the LORD, ‘Set your house in order, for you shall die; you shall not recover.’”
– Isaiah 38:1
Imagine you’ve been making all the right financial moves for a long time. You estimated your future needs, diligently set aside a portion of every paycheck, invested the money according to a trustworthy strategy, bought proper insurance for your family, stocked an emergency fund, made sure your paperwork is in order (wills, trusts, living wills, power-of-attorney documents), and everything else. If you’ve done all that, congratulations — you’re in far better shape than most people!
Now imagine today is your last day alive. You never saw it coming, didn’t even have a chance to say goodbye to those you love. Sure, you’re in a better place. Your spouse, while grieving, has a confidence about that as well. But would your spouse know how to carry on managing the household finances? Would he or she know how you’ve been investing, how much insurance you have, what to do with the proceeds, or who to call?
Chances are, a prophet will not appear to let us know when our time is up. But unless the Lord returns first, the odds are approximately 100% that we will all die. So, it would be wise to follow Isaiah’s guidance and “set [our] house in order.” The sooner, the better.
How well prepared are you?
A survey of Sound Mind Investing members really brought home the importance of this. We asked, “If your household’s primary investment decision-maker died today, how well equipped would the survivor be to make such decisions? Only 7% said, “Very well-equipped.” Another 29% said, “Somewhat well-equipped.” But the majority said, “Not very well-equipped” or “Not at all well-equipped.”
A helpful resource
The ministry of Compass–Finances God’s Way has an important resource that’ll help make sure your spouse is well prepared to handle all of your family’s finances, not just your investments.
Set Your House in Order is a five-week course that’s one-part Bible study and one-part highly practical organize-your-finances activities. The Bible study, including weekly scripture memory, reminds us of God’s ownership over everything, our role as stewards of His resources, the importance of consulting with wise counselors, and more.
The practical activities include putting together a financial statement, taking an asset inventory, developing cash flow plans for now and after the main breadwinner’s death, creating a family history to pass down to future generations, making inheritance and other estate planning decisions, expressing your funeral and burial wishes, gathering details for your obituary, and more.
One of the most valuable activities is gathering all of your important financial documents in one place. (Or two places, since originals of some of them should be kept in a safe deposit box.) This includes information about investments, insurance, bank accounts, wills or trusts, living wills, power-of-attorney documents, deeds, birth and marriage certificates, and more. That will go a long way toward helping your spouse manage his or her finances after you’re gone.
The study prompts you to tackle an exhausting list of tasks, but since it’s grounded in scripture, bathed in prayer, and focused on the benefits for your loved ones, it quickly becomes clear that the tasks are actually acts of good stewardship and love. That provides all the needed motivation.
While it could be completed on your own, Set Your House In Order is designed for a small-group setting, which provides helpful accountability. The participants do not need to live in the same city. They can connect via free video-conferencing tools such as Zoom.
On a personal note
Week one of the study includes a description of a meeting that Compass founder Howard Dayton and his wife had with a recently widowed woman. In addition to the grief you’d expect her to be experiencing, the woman was also angry and fearful. Her husband had handled their finances and had never discussed the topic with her. She didn’t even know if they had savings or debt, where they had bank accounts, or the names of their tax preparer and insurance agent.
When I participated in the study, I tried to imagine how my wife would feel if I died suddenly. The absolute last emotions I’d want her to experience are anger and fear.
The Set Your House in Order study prompted me to take several steps, such as increasing our life insurance and putting all of our financial documents in one place. It has also led to more conversations about our finances. Overall, participating in the study has left me feeling much better about how organized our finances are.
If you need some help in this area, I highly recommend the Set Your House in Order small-group study. You can get the study in hardcopy or an interactive digital version. You could either organize and facilitate a study yourself or sign up to participate in an online study led by a Compass facilitator.
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Matt Bell is Managing Editor at Sound Mind Investing, a Christian company founded 30 years ago at the encouragement of the late Larry Burkett that provides rules-based investment strategies and specific mutual fund investment recommendations. Matt and SMI Executive Editor Mark Biller are featured in a four-part video-based small group study, “Multiply,” that teaches a practical, biblical approach to investing.
For Further Reading:
What the Widow’s Gift Says About Giving
Are You Called to Stewardship Ministry?
The Marks of a Christian Investor
The Greatest Hindrance in Our Faith, According to Jesus
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