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Personal Finance

Bible and MoneyI thought I should share some of the things that I have learned from Scriptures on personal finance. These Bible verses have been able to show me God’s wisdom in my attitude to work, and managing my money well.

Each of these Scriptures from the Bible have been categorized so you can better receive the message in them.

Attitude to Work

You will see that the message from these verses of Scripture is that if you’re a lazy person you can’t achieve much in life. These days people are looking for ways to get rich quick, while there has been enough awareness that throws people off  “get-rich-quick” schemes. People are still looking for a formula by which they can get rich, but maybe not very quickly but moderately quickly. The simple truth is that if you focus on gathering little by little you will eventually have enough capital for business or investments, and this will put you on the path to riches.

Proverbs 10:4, NIV “Lazy hands make for poverty, but diligent hands bring wealth.”

Proverbs 22:29, NIV “Do you see someone skilled in their work? They will serve before kings; they will not serve before officials of low rank.”

Prov.24:30-34 NIV 30 I went past the field of a sluggard, past the vineyard of someone who has no sense;31 thorns had come up everywhere, the ground was covered with weeds, and the stone wall was in ruins.32 I applied my heart to what I observed and learned a lesson from what I saw:33 A little sleep, a little slumber, a little folding of the hands to rest —34 and poverty will come on you like a thief and scarcity like an armed man.”

Proverbs 28:19 NIV “Those who work their land will have abundant food, but those who chase fantasies will have their fill of poverty.”

1 Timothy 5:8 NIV “Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever.”

Proverbs 13:11 NIV “Dishonest money dwindles away,  but whoever gathers money little by little makes it grow.”

 

Budgeting

Failing to plan is just as good as planning to fail. In managing your personal finance, there must be a plan for your money. There are many budget planners out there that will help you. Here’s a link that can give you more info on the simplicity of creating a budget. The idea behind a budget is to plan how and when each dollar should be spent. It is you paying attention to your personal finances. Budget planning automatically gives you a big picture of where you are in your finances, and you are able to know what is a need and what is a luxury. You are also able to quickly curtail frivolous spending.

Proverbs 6:6-8 NIVGo to the ant, you sluggard; consider its ways and be wise!It has no commander,  no overseer or ruler,yet it stores its provisions in summer and gathers its food at harvest.”

Proverbs 27:23 NIV “Be sure you know the condition of your flocks, give careful attention to your herds”

Luke 14:28-30 NIV 28 “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? 29 For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, 30 saying, ‘This person began to build and wasn’t able to finish.”

1 Corinthians 16:2 NIV On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up, so that when I come no collections will have to be made.”

 

Save some money

Proverbs clearly reveals that there is wisdom in saving money. I’m not going to try and explain why it is wise to save money, the wise thing to do in managing your finances well is to save some money. The challenge for most people is how much to save. I’m not sure there is a right amount or formula to it, there are numerous opinions about this, but I think you should save what’s reasonable depending on the circumstances surrounding your life.

Proverbs 21:20 NIV “The wise store up choice food and olive oil, but fools gulp theirs down.”

Proverbs 27:12 NIV “The prudent see danger and take refuge,  but the simple keep going and pay the penalty.”

Proverbs 30:24-25 NIV “Four things on earth are small,  yet they are extremely wise:25 Ants are creatures of little strength,  yet they store up their food in the summer”

 

Invest

I have found that people have mixed feelings about investments. Some people hate the idea because of past pain and others get greedy, with their eyeballs popping out. Investing is a wise thing to do for the growth of your personal finance. It is putting an effort in today for a future reward. Whatever resources you have available to you, it is always a good idea to plan to multiply it and increase it. Over the years of my investing escapades, I have learned a few lessons that have proven a good guide in making investments. These lessons are best illustrated by the Parable of the Talents. Read it by clicking here, Matthew 25:14-30

1. Each person was given talent or gold or resources according to his capacity. This means you should not invest beyond your knowledge of what the investment is all about. If you are investing in stocks, make sure you have an in-depth knowledge in the company you’re investing in. This applies for bonds, real estate etc.

2. Prove the investment. The guy with ten talents didn’t start at ten. We know this because the person given one talent made the excuse that what he had was little. However his little was taken and given to the person with ten. Why not the person with five? Because the person with ten had proven knowledge and competency. If your investments in a particular venture have failed in the past, investing more money is typically not the solution. You must first prove with little, then if you see it works for you, increase it.

3. You always have something to invest. Many people like the guy with the one talent, feel they do not have enough to invest, but from this we see that the master expected him to trade with the one for profit, or at least get the minimum interest income from savings. No matter how small what you have is, you can save something and you can channel it towards some kind of investment.

4. The parable talks about talents. The Bible is silent on what this is, and various translations talk about different things. One of the things I have learned is that the safest investments are the ones the Bible highlights as assets of the rich. Many times we see the Bible talks about land (real estate), live stock, gold, silver and precious metals, textiles etc. I deduce from this that hard assets are safe investments; real estate, agricultural commodities, fuel and energy and precious metals.

Giving & Stewardship

Ultimately while managing your personal finance you must recognize that you are a steward. God has given you what you have to manage so you can cater to the needs of those around you and the expansion of His kingdom upon the earth.

Stewardship requires that you be faithful in managing the money. Faithful in gathering it, and making it grow. A major part of stewardship is in giving. Life is more fulfilling when you live as a giver, rather than a taker or a hoarder.

Acts 20:35 NIV “In everything I did, I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive.”

2 Corinthians 9:6-10 NIV Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion,for God loves a cheerful giver. And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work. As it is written: “They have freely scattered their gifts to the poor;  their righteousness endures forever.”10 Now he who supplies seed to the sower and bread for food will also supply and increase your store of seed and will enlarge the harvest of your righteousness.”

Luke 16:9-11 NIV “I tell you, use worldly wealth to gain friends for yourselves, so that when it is gone, you will be welcomed into eternal dwellings.10 “Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. 11 So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?”

Luke 12:42-44 NIV The Lord answered, “Who then is the faithful and wise manager, whom the master puts in charge of his servants to give them their food allowance at the proper time? It will be good for that servant whom the master finds doing so when he returns. 44 Truly I tell you, he will put him in charge of all his possessions.”

 

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