You know the Bible as a collection of religious teachings that help people lead more fulfilling lives. But have you ever stopped to ponder what the “Good Book” has to say about your finances?
The first thing you need to know is, the Bible doesn’t call money the root of all evil. The exact quote is from 1 Tim. 6:10, and it says, “For the love of money is the root of all manners of evil…” Do you see how a few words make a big difference in the message of that passage? Money isn’t evil in and of itself. Read on to learn what else the “Good Book” says about money.
Ecc. 11:2 “Invest in Seven Ventures…you do not Know what Disaster may Come…”
In the United States, we have the world’s best, most robust, and prosperous economy. Investing in the New York Stock Exchange (NYSE) can help you make significant dividends, but as the scripture heading this discussion indicates, you should spread your wealth.
Alamos Gold Inc. (AGI) is one of the largest gold mining companies in North America. They operate the Young-Davidson mine in Ontario and recently agreed to a bilateral investment treaty with the Turkish government to procure mining licenses near the village of Kirazli in the Republic of Turkey. Alamos Gold is confident that their Turkish project will be a high-return project for their investor and the local community, meaning it could be great for you, too.
Pr. 21:20 “The Wise Store up Choice Food and Olive Oil, but Fools Gulp their Down”
This scripture is very clear about the value of saving. Replace food and olive oil with money, and you have a maxim for saving that’s as true today as it was over 2,000 years ago.
Put away a portion of every paycheck (or whenever possible). It’s challenging to save when your earnings and living expenses are nearly the same. However, poor spending habits are often self-perpetuating. Furthermore, making more money won’t improve your spending habits. It could make things worse. So, learn how to save now, and you’ll be a pro at it when you begin earning more. If your earnings are only slightly more than your living expenses, start saving a little and save more as you earn more.
Pr. 21:5 “The Plans of the Diligent Lead to Profit as Surely as Haste Leads to Poverty”
Some people find themselves living from one paycheck to the next because they fail to create a plan for managing their money. In the previous section, we discussed saving. However, one of the reasons people fail to save effectively is they don’t have a financial plan.
Plan your saving and spending before payday to prevent your paycheck from wasting away shortly after getting it. Decide how much to save, create a budget for living expenses like your rent or mortgage, car note, utilities, and food, and create a separate one for entertainment and things you want rather than need.
Pr. 12:15 “The Way of a Fool is Right in his Own Eyes, but a Wise Man Listens to Advice.”
Financial advisors have years of experience helping people manage their finances. It’s their job to help you find ways to put your money to work for you. So, be wise enough to realize you’re not a financial expert, and take the initiative to get sound counsel from one. You might also find books offering financial advice straight from the scriptures at your local Bible store.
The Bible has many things to say about managing finances that are still relevant today. Some scriptures extoll the value of financial planning and seek financial professionals’ advice. The “Good Book” also speaks of the importance of saving and diversifying your investments.
The Bible is a book for spiritual instruction and growth, but it’s also a fountain of practical financial wisdom. Indeed, applying biblical principles to your finances can help you achieve financial freedom and peace of mind.