I finished my medical training in 2016, this on top of my training as a pharmacist. I have a plan in place to pay off my student loans in 5 more years. My wife is an engineer but is currently staying at home with our three children. She is planning on going back to school to get a teaching certificate when our children start school so that we can get a nice tuition discount at our parish school.
We live below our means, I contribute the max to our 401k and and we drive inexpensive cars. I have read your book (Thou Shall Prosper-loved it) and I tithe around 10% of our net income to our church and various charities.
It has come to my attention that we need to contribute around 11,000.00 a year more to “retirement” accounts than we are currently doing. I would like to contribute to a backdoor Roth IRA account automatically from my paycheck every pay period , which means my net income would go down, and I would tithe less.
So I am struggling with whether or not it is ok to tithe less but contribute to retirement more, or if I should forgo investing more in retirement until I make more money.
Thank you so much,
We were ready to take a nap by the time we had finished reading of all your personal and professional accomplishments! You and your wife sound like thoughtful, caring and disciplined people.
Please allow us to try and rephrase the question you are asking. We think it is one that applies in many different situations. Are we under any obligation to manage our finances in order to maximize tithing?
We have been asked similar questions from people inquiring whether they should tithe on pre or post-tax income. As always, we encourage people to ask someone in their own faith family, but we can only say that from the perspective of ancient Jewish wisdom, you tithe on the money you actually receive and that is available for your needs and desires. If taxes reduce what you get to take home, then you do not tithe on the amount that went to the government and that you never received.