08/03/2022
7 Important Financial Tips From the Bible About Money
1. Set Priorities
Proverbs 24:27 โ Put your outdoor work in order and get your fields ready; after that, build your house.
2. Make a Budget
Luke 14:28-30 โ Suppose one of you wants to build a tower. Wonโt you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, โThis person began to build and wasnโt able to finish.โ
3. Build an Emergency Fund
Genesis 41:34-36 โ Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.
4. Avoid Debt
Proverbs 22:7 โ The rich rule over the poor, and the borrower is slave to the lender.
5. Diversify Your Investments
Ecclesiastes 11:2 โ Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.
6. Reduce Risk as You Age
Ecclesiastes 5:13-14 โ I have seen a grievous evil under the sun: wealth hoarded to the harm of its owners, or wealth lost through some misfortune, so that when they have children there is nothing left for them to inherit.
7. Make a Financial Plan
Proverbs 21:5 โ The plans of the diligent lead to profit as surely as haste leads to poverty.
This final rule from Proverbs more or less sums up all the others. Budgeting, planning for retirement, saving for emergencies โ theyโre all different ways of being diligent by planning ahead.