Highlights from the Re-Think Re-Invest Financial Conference

MMBB members, friends, colleagues, staff and board members attended the first ever MMBB Re-Think, Re-Invest Financial Conference. From March 10-13, 2024, attendees connected, learned and worshiped together amidst great excitement at the Sheraton Philadelphia Downtown.

Featuring insightful panel discussions, informative workshops, musical performances and worship, attendees received practical, straightforward guidance and recommendations on financial wellness for clergy and how to reach their financial goals.

Impactful Keynote Sessions

The conference featured two dynamic keynote speakers, the Rev. Dr. DeForest B. Soaries, Jr and Jill Schlesinger.  Prior to the Dr. Soaries keynote, MMBB CEO Louis Barbarin told his money story and how he learned to balance the needs of today with the needs of the future.

Dr. Soaries opened his keynote by telling pastors, “We treat finance as though it’s optional. We treat discussions about money as if they are not central to who we are when the fact of the matter is you can’t do anything related to ministry or have good mental health if you’re broke.”

Using himself as an example, Dr. Soaries, shared how pastors can live debt free, have financial freedom and leave a real legacy for heirs.  He told of being offered a pastor’s salary that was not adequate to take care of his family's needs and expenses.  “The church had no process in place for calculating my salary,” he explained. “Their priority was to build a new building.”  That same church later became a model of calculating clergy compensation based on rational assumptions, including the cost of living.

The founder of the dfree Financial Movement, Soaries is the author of 12 books, hosts a weekly show on Sirius radio called “For Your Soul” and has over 30 years pastoral experience.

An Emmy and Gracie award winning Business Analyst with CBS News, Jill Schlesinger spoke about the “Dumb Things People Do with Their Money” and how to have a money reset. Schlesinger suggested to start your reset with looking at your emotions around money. “All people feel insecure about money,” she told the audience. The next step is setting goals. The big three are:

1. Pay down debt

2. an emergency fund of six-12 months before retirement and 12-24 months after retirement

3. Contribute the maximum amount to your retirement savings.

Schlesinger is the author of two books and hosts a podcast called, "Jill On Money."

The Breakout Workshop Sessions

Attendees told MMBB staff that they came to increase their knowledge about their finances and the workshop presenters made sure they left with increased financial literacy on a variety of topics tailored to ministers and lay personnel.

“A Candid Conversation about Clergy Compensation,” led by MMBB’s Rev. David Hinson and Director of Ministry Services Ania Norori, featured a frank conversation on the components of clergy compensation and how it is more than just a paycheck.

Dr. Soaries hosted a small group session called "The Financially Free Pastor," where he discussed the realities of negotiating salary, housing and how to close the gap between what a church can afford, and what a pastor needs in terms of a living wage.

“Understanding the Markets: Making Your Investments Work for You” was jammed packed with the basics of investing led by MMBB Financial Planning Specialist Alex Kim, CFP®.  Kim began the presentation by stressing to attendees that the most important thing is “You” when it comes to investing. “Forget about the market and the economy. Those are just distractions,” he said. “What is important to you? What is your level of risk tolerance? What are your goals?”  Kim then reviewed several types of investments, including stocks and bonds and the risk/return tradeoff of each.

“Clergy Taxes Don’t Have to Be Taxing” was led by MMBB Financial Planning Specialist Rev. James R. Cook, CFP® and Alex Kim. The session was filled with useful information to help clergy file their taxes in the most efficient way to reduce their taxes. The financial planning specialists not only discussed the housing allowance, but also using the tax code wisely to structure compensation to avoid high taxes.   This session was filled to capacity as even seasoned ministers find taxes to be complex.

MMBB Financial Planning Specialist Alina Parizianu, CFP® and Director of Ministry Services Ania Norori led “Women & Finances: Financial Success with Less Stress,” which offered women empowering advice about taking control of their finances.  

MMBB Cares, a New Ministry Offering

A new program, MMBB Cares, was launched at the conference to address clergy’s mental health and vocational wellness needs. MMBB understands that being in ministry can be stressful and is often compounded by financial concerns, burnout and family issues. We also know the importance of professional development. The goal of this program is to give pastors the resources to thrive in ministry by helping to remove obstacles. MMBB has partnered with three providers: the National Employee Assistance Program (NEAP), the Center for Career Development and Ministry (CCDM) and the Ministry Development Network (MDN).

NEAP offers counseling services. Their master level clinicians deliver expert assessment, solution-focused counseling and provide referrals as needed, targeting a multitude of issues.

Both CCDM and MDN offer coaching sessions to pastors and their spouses for vocational well-being. CCDM offers service options for those residing in the Northeast, the South, and Southeastern parts of the United States. MDN offers service options to those in the Midwest, Southwest, and Western U.S.

Pastors who took advantage of the 20-minute consultations that were available throughout the two days were deeply moved by their experience.  One pastor expressed his gratitude commenting that “even in the brief introductory appointment a weight was lifted off my shoulders.” There was also an hour-long workshop session each day to further explain the program.

Dynamic Panel Discussions

Conference participants had the chance to ask MMBB’s Certified Financial Planners questions during the Monday panel discussion, “Ask the MMBB Financial Planning Team: What Keeps You Up At Night?” During a Q&A, audience members raised some of their most pressing financial concerns ranging from taxes to interest rates along with foundational investing and saving questions.

“The Church: Where We’ve Been, Where We Are Now and Where Do We Go From Here” proved to be a spirited and engaging panel discussion. Moderated by MMBB CEO Louis P. Barbarin, the Rev. Marcus Davidson, the Rev. Timothy Pantoja and the Rev. Dr. Jacqueline Thompson had an honest conversation about the state of the church today, and its future.

Ian Johnson and Belle Entertainment led the praise and worship experience each morning. The conference ended on a high note with Bishop Hezekiah Walker & The Love Fellowship Choir providing musical entertainment during the closing night dinner.