Chad is a pastor in Maine. And he wants to know how to claim a parsonage allowance. Franklin is also a pastor. And he has a question about Social Security. In this episode, we answer their questions.
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I mentioned the 8 Money Milestones. Here they are for your reference.
Milestone 1: Start giving.
Milestone 2: Save $1,500 for a minor emergency.
Milestone 3: Max out your 401(k) or 403(b) match.
Milestone 4: Pay off all debt except your mortgage.
Milestone 5: Save 3-6 months of living expenses for a job-loss level emergency.
Milestone 6: Put 15% of your gross income to retirement.
Milestone 7: Save for college or pay off your mortgage.
Milestone 8: Live generously.
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And click the button below for more information about parsonage-living.
8 Tips for Transitioning from Homeownership to Parsonage-Living