Many people want to take the easy road. They want to invest whatever money they have and take risks in order to grow their money. As a result they focus more on the specific investments than the overall strategy required to achieve their financial goals. To build any significant financial increase or wealth, you need to set aside a portion of your income every month, and invest it for the short and long-term.
“Go to the ant, you sluggard; consider its ways and be wise! 7 It has no commander, no overseer or ruler, 8 yet it stores its provisions in summer and gathers its food at harvest”.
– Proverbs 6:6-8 (NIV)
5 Biblical Principles For Financial Growth & Management:
1. SURROUND YOURSELF WITH FINANCIALLY RESPONSIBLE PEOPLE
“Whoever walks with the wise becomes wise, but the companion of fools will suffer harm.” (Proverbs 13:20)
If you want to always make sound financial decisions, the first biblical financial principle is to keep company with people who are knowledgeable about personal finance and have good money habits. When you hang with like-minded people, it helps you to stay on track financially. It also keeps you from making some costly mistakes. Surrounding yourself with people who have bad money habits can cause you to ignore sound financial principles.
2. GAIN FINANCIAL KNOWLEDGE
“Therefore my people go into exile for lack of knowledge; their honored men go hungry, and their multitude is parched with thirst.” (Isaiah 5:13)
Financial literacy is a basic life skill everyone should have. Some Christians are living in financial bondage because of a lack of financial knowledge. Hosea 4:6 – “My people are destroyed for lack of knowledge”. Make it a priority to become financially literate. Learn about some basic financial topics like saving money, investing, debt management, budgeting, etc.
3. PLAN AND RESEARCH
“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?
Luke 14:28 (NIV)
In order to build something that won’t topple over, you need to do the appropriate planning and research. When it comes to investing your money, make sure you do your own homework. Don’t rely too much on the views of others, even while you get professional advice, take responsibility for doing proper due diligence.
Know well the condition of your flocks, and give attention to your herds.” (Proverbs 27:23)
You can’t have a solid financial foundation without planning. Planning takes the guesswork out of your finances. It helps you to stay on track financially and keeps you from making costly mistakes.
4. BE PATIENT
“A faithful person will be richly blessed, but one eager to get rich will not go unpunished”.
– Proverbs 28:20 NLT.
Patience could be hard, but it yields the best results. Purchase your investments based on their likelihood of doing well over the long-term.
5. SELF-CONTROL AND DISCIPLINE
“Precious treasure and oil are in a wise man’s dwelling, but a foolish man devours it.” (Proverbs 21:20)
Lack of self-control and self-discipline is the root of many financial problems. When you lack self-control, you are in danger of making impulsive decisions that could hurt you or your family financially. So the way to ensure you always have precious treasure and oil in your house is to be disciplined. Embrace self-control. Be willing to say no and take control of your spending.
While it’s God who gives us the power to get wealth, we must take that power and put it to good use. The Bible says in Ecclesiastes 3:2, there’s a time to plant and a time to harvest. It’s the same thing with your finances. There’s a time for taking action and a time to sit back and enjoy the labor of your hands.
Cheers!!!
