It was the fall of 2022. I was sitting at a table in the church fellowship hall along with several Council Members. It was that time of the year when we discussed the budget for the upcoming year. Each committee took about five minutes to give their report, and when it was time for the treasurer’s report, I was hard struck by the words I heard. With well over $2 million in endowment funds, the treasurer wanted the church to become even more frugal and make staff cuts. They said, “Most churches don’t have a full-time pastor anymore.”

I know of a church about 20 miles from where I work that cut their staff and replaced those positions with volunteers. “What is happening?” I thought to myself. I continued to listen to the well-meaning treasurer suggest we become more frugal as a church. By the end of the report, I knew I had to jump into the driver’s seat of my own financial future. Yet, I went home from that Council meeting feeling defeated.

I shared with my spouse the words that were spoken at that Council meeting, and she looked at me and said, “You’re not a part-time pastor. You either need to find another church or find another stream of income.”

New Direction, New Opportunities

After praying and seeking God’s direction, I felt a deep passion to create a second stream of income. I prayed some more and sought God’s direction again about what to do. I stumbled upon a second stream that would prove to be beneficial not only in the short-term, but also in the future. Before going to seminary, I earned a Bachelor of Business Administration degree, and I always had an itch for the real estate business. About a year after that Council meeting, it hit me like lightning that real estate was the way to go.

“Making the decision to take my investments into my own hands was the best decision I ever made… it gave me an opportunity to give back and help low-income families…”

So, in my spare time, I began a course of self-study through YouTube University in real estate investing. I began reading articles, books, and talking with other investors about how they got started. Throughout this journey, I continued to pray and seek God’s direction, and lo and behold an opportunity presented itself. I created an LLC, opened a business bank account with a local credit union, obtained an EIN, and then began scraping up every dime I could get my hands on to begin investing in small multi-family units.

Making the decision to take my investments into my own hands was the best I ever made. Not only did it prove to be economically advantageous in the short term, but also in the long term. What’s more, it gave me an opportunity to give back and help low-income families (some of which would be homeless otherwise) to secure adequate housing.

Take control of your finances

I strongly encourage every pastor, whether you are working part-time or full-time, to take your investments into your own hands and create multiple streams of income. This can be accomplished in as little as 5-10 hours per week. Every pastor has gifts and talents that has the potential to produce a second and possibly third stream of income, without the time constraints.

Consider, for example, authoring books and/or articles; teaching as an adjunct; becoming a per diem chaplain at a hospital, funeral home, and/or university; running for office (I know several pastors who held public office and pastored a church); or starting a nonprofit organization and obtaining grants.

Here are some additional options: real estate investing; starting a YouTube channel and/or podcast that requires a monthly subscription fee; driving for Uber or Lyft; or purchasing a small cash flowing business through a broker. The options are endless.

Once the second and/or third stream is created, it is imperative that the additional funds be immediately placed into an investment account such as a pension, IRA, CD, high-interest-bearing account, EFT (exchange traded funds), stocks, bonds, etc.

It is also vitally important that every pastor do three things, immediately:

1. create a household budget and stick to it;
2. reduce your household budget by 10 percent as often as possible (there are several ways to do this); and
3. save 10 percent of every dollar you earn by setting up a bi-weekly ACH transaction to a virtual bank account with no ATM card access.

These actions will not just increase your income, they will bring you the freedom to make your own choices and to be in control of your family’s financial future and wellbeing.

The Rev. Michael L. Sloan, D.Min., is the Senior Minister of First Congregational Church of Spencerport in Upstate New York. He is married to Ebony C. Sloan, an elementary school teacher. They have a 23-year-daugther, Michelle, who earned an A.S. Degree in Fashion Business. The Rev. Sloan earned a Bachelor of Business Administration degree, a Master of Divinity in Preaching, a Master of Arts in Theology, and a Doctor of Ministry in Homiletics. He completed one unit of CPE through Crossroads of Caring, Inc.

Rev. Sloan is also a Board Member of the New York Conference of the United Church of Christ, and a participant in the UCC’s Next Generation Leadership Initiative Cohort 13. He is passionate about preaching, community-engagement, church leadership and administration, leading small groups, and leading worship.