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Did you know the Bible doesn’t call money the root of all evil? And it makes sense. Why would the Bible call something necessary to subsist evil in nature? Actually, the scripture (1 Tim. 6:10) says, “For the love of money is the root of all kinds of evil…” The scripture sounds different and makes more sense when you consider it in light of what it really means, right?
The Bible has much more to say about money than the dangers of loving it, and many of its tips will steer you in the direction of creating generational wealth for you and your family. So, let’s see what else the Good Book has to teach us about finances.
Pr. 1:5 – “A Wise Man will Hear and Increase Learning, and a Man of Understanding will Attain Wise Counsel.
One of the keys to getting better at managing your money is becoming financially literate. Most of us work for money, but financial wisdom is about learning to make your money work for you. This particular passage from the Bible highlights the importance of understanding your money and seeking wise counsel from those who know more than you.
It’s a good idea to schedule a consultation with a financial advisor to learn about different ways to save and invest. Multi-year guaranteed annuities (MYGAs) are a great long-term investment strategy to supplement your retirement fund.
An MYGA is a type of annuity insurance companies sell. A fixed annuity can have a term of anywhere from three to 10 years, and your interest rate depends on the insurance company and the length of time on your annuity contract. Generally speaking, longer contracts offer higher rates.
Pr. 21:20 – “The Wise Store Up Choice Food and Olive Oil, but Fools Gulp Theirs Down.”
One of the most important Bible lessons for adults underscores the importance of saving. Indeed, God’s word tells believers that not saving is foolish and strongly suggests being conservative with your spending. Replace choice food and olive oil for dollars and cents, and you have a money maxim to live by.
Pr. 27:23 – “Be Diligent to Know the State of Your Flocks, and Attend to Your Herds.”
When you’re struggling financially, changing your bank account can feel like pulling your own teeth. However, this scripture tells us that we must be diligent in tracking our finances, even when we’re scared of what we may see.
With online banking and mobile banking apps, you can track every dollar that flows in and out of your account, helping you to become a better steward over your finances.
Pr. 14:29 – “He Who is Impulsive Exalts Folly.”
Have you ever made an impulse buy only to wonder days (or moments) later why you had been so careless with your funds? The Bible warns us against impulsiveness, and this should go double for your spending. If you have problems with impulsive spending, you might want to see a behavioral therapist, as your spending could be linked to a deeper mental health issue.
As you can see, the Bible has a lot to say about how to manage your finances. One lesson we can all benefit from is the need to become financially literate and seek the counsel of financial professionals to better understand how to achieve financial goals.
Furthermore, creating a financial plan is central to maximizing your capital and securing your future. Also, it’s a good idea to put money in savings every pay period so you’ll always have the necessary funds for life’s unexpected emergencies. Additionally, check on your financial affairs regularly and avoid impulsive spending.
Of course, all the scriptures on money management are easier read than applied, but repetition is the mother of learning. Commit these scriptures to memory and practice them consciously when making financial decisions. Like anything else, the more you practice these precepts for managing your finances, the more natural they will become.
