God In Your Finances

When you need help with your finances, where do you turn?

More Americans are apparently shunning traditional financial advisers and turning to a higher power instead.

On The Early Show, CBS News Susan McGinnis takes a look at what's called "faith-based investing."

It is a growing trend. There's an increased demand for what are called faith-based financial advisers. They teach people to apply religious convictions to their financial decisions. And after meeting some of them, it's clear this is a group that's after more than the bottom line.

Like everything else at the Preston home in Gainesville, Ga., lunch is a project.

But even with six children to care for, Glen and Susan Preston make sure there's always time for a prayer.

In fact, the Prestons make sure God is part of all aspects of their lives, even their finances.

"God owns everything" was lesson No. 1 when the Prestons enrolled with Crown Financial Ministries in Atlanta, and let God into their financial lives.

At the seminar, instructor David Scobey says, "What you're going to find out is that God has a lot of things to say about the way we manage resources."

Crown holds church-based seminars nationwide, teaching residents to bring their faith into their financial decisions. Along with tough lessons on budgeting, saving, and investing, come lots of Bible study.

Crown co-founder Howard Dayton says money comes up in more than 2,000 verses in the good book.

He says, "How you earn your money, spend it, save it, invest it, get out of debt, teach your children, really everything you need to know about money is found in the scriptures."

After struggling to make ends meet, and failing with traditional financial advisers, the Prestons believe Crown showed them a better way. Now, before they spend, they factor in a new consideration: What would God want them to do?

Susan Preston says, "The Bible study revealed to me that it's not my money. God owns it all."

Crown taught the Prestons the dangers of material riches; contentment with their income; and getting rid of debt is priority one. Where other advisers might counsel you to manage your debt - holding onto some while earning better returns putting your money elsewhere - Crown says it's right in the book of Psalms: that debt is not normal and there should be NO CREDIT CARD PURCHASES UNTIL DEBT IS PAID OFF.

Crown expects its seminar attendance to rise 25 percent this year.

Faith-based financial advisers nationwide say they're seeing more business these days. Also, more investment firms are inviting folks to put their money where their faith is, offering mutual funds that actually screen out companies involved in activities that some faiths find undesirable (like gambling or alcohol).

There's little doubt the idea of incorporating your faith into your finances is gaining disciples. The Riverview Community Bank in Elk River, Minn., operates under Christian principles. And on any given day, it's not uncommon to see bank tellers and employees praying with customers.

Debra and Jeff Willemsen came to apply for a mortgage. But they got a little something extra.

"Chuck prayed with us," Debra Willemsen says, "And the presence of the Lord was very special."

Bank co-founder Chuck Ripka says he prays for direction, and the Lord takes care of the bottom line.

"Because really it's not our bank. It's His bank," he explains.

But not everyone agrees with the idea of melding dollars with dogma.

University of California professor Wade Clark Roof says, "Evangelicals are extraordinarily keen on infusing their religious values in virtually every secular aspect of our life today."

He teaches religion's impact on society and notes, "It strikes me as a trend which if it were followed by other religious traditions would create a really bizarre scene."

Still there's no denying, more folks are believing that it works. Susan and Glen Preston aren't out of the woods financially.

"I am not going to sit there an act like we don't struggle anymore," Glen Preston admits. "It's still tough when it's time to pay the bills."

But they now see, there's more to money than just the bottom line.
To find out more about faith-based organizations, visit:

Crown Financial Ministries
Ave Maria Catholic Values Fund
MMA Praxis Mutual Funds
New Covenant Funds