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A Challenge for Cross Cultural Workers
Financial planning stresses and concerns, deeply impact missionary ministry.
“One of the leading reasons mission staff return home is finance related. Whether it's just part of the general stress of finances or particular planning, it does happen. One specific area of stress here is our current staff who maybe are 20 years into their work and just now realizing they need to think about financial planning. And sort of coupled with this is those moving into retirement always have questions.” Member Care Advisor (large Canadian mission org) response to a question from an SSR survey.
Cost to replace: In “Too valuable to Lose” by William Taylor, it was calculated that it costs $250,000 to mobilize a missionary couple, recognizing the financial impact on the mission organization when they have to replace a couple or a family returning prematurely. That’s 20+ year old data. What’s the true figure today? 400-500,000? "Keeping them on assignment rather than them returning prematurely, has huge positive financial impact." Quoting Paul Dyck, MORE Network Ambassador
Missionary burnout: another stat I recently read from a solid source: 80% of missionaries burn out and don’t finish their term. 46% of missionaries have been diagnosed with a psychological issue, and of those 87% are diagnosed with depression. (Free Rain Int’l). Quoting Paul Dyck, MORE Network Ambassador
FP Canada 2023 Financial Stress Index finds that "money" remains the leading source of stress for Canadians. For the sixth consecutive year, financial stress remains the top concern for Canadians (40%), fueled by rising inflation, soaring gas prices, and escalating grocery costs. A staggering 48% of Canadians have lost sleep over their financial situations, and one in three (36%) have faced significant mental health challenges as a result. However, there's a solution: Canadians who engage with a professional financial planner report significantly lower levels of money-related stress and fewer regrets about their financial decisions. Investing in professional guidance can lead to a more secure and peaceful financial future. Source: https://www.newswire.ca/news-releases/fp-canada-tm-2023-financial-stress-index-finds-money-remains-the-leading-source-of-stress-for-canadians-847951791.html
Stronger Together with MORE Network
THE VISION
Our vision is to offer a Christ-centered, not-for-profit ministry that exists to serve the financial planning needs of Christian Canadian cross-cultural workers, incorporating the highest professional standards while offering a biblical perspective.
The ministry will make available accredited Christ-following financial professionals whom cross-cultural workers engaged in active ministry or who have retired from active ministry can reach out to for unbiased and completely professional financial advice, preferably at no cost or at a low cost.
To be clear, this is not a “for profit” business strategy. Rather, it is a support ministry and an opportunity for financial planners working from a biblical perspective to serve in ministry alongside cross-cultural workers through the donation of their expertise.
In partnership with the MORE Network, which is a Canada-wide collaborative that exists to bolster, strengthen and encourage Canadian CCWs and their children, in times of transition. They facilitate care for singles, couples and families, particularly as they repatriate from the cross-cultural assignment, and facilitate the resourcing of member care support staff.
What is Financial Planning?
Hint: it's kind of like planning a road trip...
- A financial plan documents an individual’s short -and long- term financial goals, and includes a strategy to achieve them.
- The plan should be comprehensive and highly customized.
- It should reflect an individual’s personal and family financial needs, investment risk tolerance, and plan for saving and investing.
- Planning in finance starts with a calculation of one’s current net worth and cash flow.
- A solid financial plan provides guidance over time and serves as a way to track progress toward your goals.
Source: https://www.investopedia.com/terms/f/financial_plan.asp
One of many CCW Family in Crisis
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Their feedback:
“We are so very thankful for the ministry of SSR. Ryan and JT have been instrumental in helping us get on track financially. Their expertise and dedication have helped us uncover the underlying root causes of our situation and chart a course toward a more secure and prosperous future. Through our time with them, we dedicated ourselves to thoroughly examining our budget and assessing our current financial situation. It was an opportunity for us to confront the financial realities and challenges we face as a family. Through open and honest conversations, we were able to explore together what lies ahead for us in terms of both ministry and finances. This introspective process allowed us to gain clarity and develop a concrete plan for our future. It has been eye-opening to realize how much we needed this kind of counseling and intervention in our lives. We are genuinely appreciative of the commitment and personalized attention they have shown us. God has blessed us so much through our time with Ryan and JT. ”
About the SSR founder
Ryan M. Taves
Certified Financial Planner (CFP®), Chartered Investment Manager (CIM®), Fellow of CSI (FCSI®).
Ryan has 35 years of experience in the financial industry. He has a Bachelor of Arts (University of Alberta) – Economics, Psychology and History. Since he retired from full-time practice in December 2022, has envisioned launching a support ministry offering financial planning resources to Canadian cross-cultural workers, thing he did in 2023.