Ministers’ Financial Vitality Initiative (MFVI)
Sponsored by the UCC Pension Board
Ministers' Financial Vitality Initiative (MFVI), is a five-year Faith and Personal Finance program of the Pension Boards, which empowers UCC ministers with the financial tools and strategies they'll need to manage their personal and educational debt so they can serve their ministries more effectively. In particular, MFVI will support ministers from historically-underrepresented groups within the denomination such as, but not limited to, people of color, LGBTQ persons, people living with disabilities, and clergy under 30. MFVI was made possible by a $1 million grant awarded to PBUCC by the Lilly Endowment's National Initiative to Address Economic Challenges Facing Pastoral Leaders. Here is a summary of the program elements:
MFVI Program One: Engages a selection of 30 UCC authorized ministers per year for three years to commit to a three-year personal finance education curriculum, including a yearly financial incentive, and no-cost financial planning and counseling through Ernst & Young Financial Planning Services (EYFPS). Applications for Program 1 are now being accepted. Click here to apply.
MFVI Program Two [now available]: Helps 100 selected UCC authorized ministers achieve personal financial vitality through provision of one-time grants of up to $1,000, with the employing congregations committing to raising a matching amount for the minister. Applications for Program 2 are now being accepted. Click here to apply.
Testimony from 2019 MFVI recipient,
"The Ministers Financial Vitality Initiative was a real blessing to me. Evaluating my financial situation was eye opening. Many times you have an idea of your financial situation but seeing it on paper makes it real. You have a personal consultant to help that is not trying to sell you a product. These consultants help you with financial tools that will make your life easier."
In looking at the Rent vs Owning it always appeals to me to own therefore it could be a potential income. I always thought it was cheaper to buy in my mind. This reports says it’s cheaper to rent because of the renter does not have the overhead of the owner. This report says that if you own your home right under 2 years it was worth owning vs renting. There is also an action plan available to you. There is also a scenario to see what works for you renting vs buying. The break-even analysis is a great tool.
My overall thought is this is a great tool for any and every one. There are twelve area of interest that would benefit your life."