TheGPSProcess™ got it's inspiration from the innovative GPS (Global Positioning System) that is used to navigate in unfamiliar and foreign territories. For most people, managing money and building wealth is a complete foreign terrritory. Like the GPS, if you do not know how to get to where you want to go financially, TheGPSProcess™ will get you there faster, better and more effectively.
TheGPSProcess™ is based on the following 5 biblical principles:
1) That we are all stewards and not owners of all the resources we have been entrusted with, including money and wealth. This comes from Matthew 25:14 " Again it will be like a man going on a journey, who called his servants and entrusted his property to them. "
2) That we are going to be held accountable for the resources that we have been entrusted with as per Matthew 25: 19 " After a long time, the master of those servants returned and settled accounts with them."
3) That debt is oppressive as per Proverbs 22:7 (TNIV) " The rich rule over the poor and the borrower is a slave to the lender. "
4) That we should save at least 20% of our resources as per Genesis 41:34, 36 where God counselled Pharoah some 3500 years to save 20% of Egypt's resources (verse 34) in reserve (verse 36) for the years of famine (scarcity) that were to follow.
5) That we should build eternal treasures "..it is the only safe investment for eternity " (1 Timothy 6:19)(LB)
and in the words of our Lord " Do not build for yourself treasures on earth where moth and rust destroy and where thieves break in and steal but build for yourself treasures in heaven , where moth and rust do not destroy and where thieves do not break in and steal. For where your treasure is, there your heart will be also." Matthew 6:19-21
In TheGPSProcess™, the "G" stands for a Goal, the "P" stands for a Plan and the "S" stands for a system to stay focused on the goal and the plan. More specifically,the Goal is "Financial Freedom", the Plan is "The10Steps2FinancialFreedom™"and the System is to meet for 2 hours every 90 days to review the Goal and the Plan and to learn one of 21 corefinancial insights .
Financial Freedom is specifically defined as :
1) Tithing (giving away first 10% of gross income to the local church)
2) Being optimally insured ( for life and health insurance)
3) Becoming completely debtfree
4) Having a 6 month emergency fund
5) Having an investment portfolio of upto $10 million
Each of these five components is essential to Financial Freedom. One cannot claim to be financially free if any of them is missing.
The10Steps2FinancialFreedom™ comprise the following:
Step # 1 : Give away first 10% of gross income
Step # 2 : Minimally insure for life and health insurance
Step # 3 : Build a mini emergency fund of $1000
Step # 4 : Become completely consumer debtfee through TheReverseDebtSnowball™
Step # 5 : Max out life and health insurance
Step # 6 : Max out emergency fund to 6 months' needs
Step # 7 : Max out RRSPs, RESPs, RDSPs and TFSAs
Step # 8 : Become completely debtree by paying off the mortgage
Step # 9 : Invest, invest, invest up and stay frugal, frugal, frugal up to $10 million
Step # 10 : Give away 90% of gross income
The System is to meet for 2 hours every 90 days to review TheGPSProcess™ and to learn one of 21 core financial insights that build on TheGPSProcess™. Public meetings are held at evangelical churches and the local Roone153™ Advisor is available to meet attendees individually and privately in between these quarterly public meetings to move them along The10Steps2FinancialFreedom.
2 hours every 90 days add up to 8 hours per year and is less than 1/1000th of the 8760 hours per year (24 hours per day X 365 days per year) that each person has and hence is not a big enroachment on time to get one's financial house in order.
90 days is long enough to process and implement what is learnt at each financial workshop but not long enough to lose total focus on the goal and the plan .
The 21 Core Financial Insights:
1) Tithing - What ?, Why ? How ?, Where ? and When ?
2) Budgeting - What ?, Why? & How ?
3) Debt Management Part 1 - Getting out of debt - TheReverseDebtSnowBall™
4) Debt Management Part 2 - Staying out of debt - Emergency Funds
5) Insurance Part 1 - Life Insurance - Lifeboat & Legacy
6) Insurance Part 2 - Disability Insurance - How much ?, How soon ?, How long ?
7) Insurance Part 3 - Critical Illness Insurance - Cancer,Heart Attack, Stroke
8) Insurance Part 4 - Long Term Care Insurance - Home care or Facility care
9) Insurance Part 5 - Dental and Medical Insurance
10) Tax Efficiency Part 1 - Tax Free Income
11) Tax Efficiency Part 2 - Tax Deferred Income
12) Tax Efficienty Part 3 - Tax Rates - Progressive, Marginal & Effective
13) Investments Part 1 - Building blocks
14) Investments Part 2 - TheWarChest™ - Insured, Guaranteed, Tax-free, Creditor proof & Probate free
15) Investments Part 3 - The Stock Market - Rule # 1 Strategy
16) Investments Part 4 - Real Estate - Tax Sales & Foreclosures
17) Investments Part 5 - Businesses - Operating Companies,Franchises & Network Marketing Companies
18) Investments Part 6 - Gold & Silver as a hedge
19) Retirement Planning - Now & Then
20) Estate Planning - Basic, Advanced & Eternal
21) Asset Protection - Physical loss, Inflation, Taxes, Creditors, Market losses & Professional fees
