This is the fourth part of a four-part series examining the four main chapters in Mick Owens’ Diamond of Life book.
Chapter IV: “3rd Base: Assess Your Performance: Professional, Financial, Material”
If you’re looking for a nuts-and-bolts, Joe Friday, “just the facts” approach to personal finance, Chapter IV might be the best place for you to start Diamond of Life: The Five P’s of Success and Significance.
Author Mick Owens starts off the book’s final chapter with a discussion about taking the time to identify your personal strengths and weaknesses. As you travel through the process, Mick encourages readers to “keep your eyes open. Seek God’s guidance. You will end up where He wants you to be.”
Mick challenges readers by asking the question, “What job, profession, or career are you uniquely gifted for in which you can serve others and show them to Jesus at the same time?”
“Lord, the God of heaven, the great and awesome God, who keeps his covenant of love with those who love him and keep his commandments.” Nehemiah 1:5
The second portion of Chapter IV has spreadsheets, checklists and fill-in-the-blanks for those readers who want some guidance on debt management, cash flow and budgeting ideas. Mick breaks down personal finance into nine key topics. Here’s a brief overview of a few of the key areas.
Key #1–Preparing for Emergencies
Mick reminds readers that money is just one part of an emergency fund. He encourages readers to consider adding a water supply, medicines, and other items to prepare for emergencies. “God is our Source and Provider. But he does expect us to use the intellect He has blessed us with.”
Key #7–Investment Planning
“Never invest just to invest! Only invest to achieve something—a goal or to meet a need,” Mick reminds readers at the beginning of Key #7. Take the time to identify your key goals, which will help guide your investment strategy and help determine your time horizon, risk tolerance, and distribution needs.
Key #9–Estate Planning
“If you apply the first eight keys, you will most likely accumulate some stuff,” Mick says to open the section on estate planning.
“Don’t allow Uncle Sam to be the biggest beneficiary by failing to properly plan,” Mick writes. He encourages readers to work with professionals to create an estate strategy, which can include legal documents (some of which are state specific) and other tools that can help structure your overall approach.
Mick closes Chapter IV with a brief but powerful discussion of material possessions. “The father of lies (Satan himself) is roaming about seeking who he might devour by tempting them with a bunch of things in order to distract them (me and you) from pursuing heavenly riches and treasures.”
It’s a strong take-away message, and a reminder from 1 Timothy 6:10. “Money is the root of all evil.” Chapter IV gives plenty of insights and, more importantly, plenty of perspective.
