It is a new year, it is 2023, many people may be searching for advice on what to do with their money, one book that has a lot to say about financial topics, but one that is not usually consulted often is the Holy Bible.
What most of us often do not know, is that the Bible has numerous verses that essentially try to give a picture of how God wants us to view money. Lessons about wealth, contentment, giving, greed, debt, worry etc. are all available in the Bible.
As we approach 2023, I want to touch on what the Bible talks about in regard to setting goals, saving and investing, and managing risk. While studying and preparing for 2023, I came across a Christian personal finance blogger, biblemoneymatter.com, who talked about the topic “What Does The Bible Have to Say About Investing?”, and thought I should share extracts from the blog here on Investogist.com.
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In the pursuit of one’s objectives in 2023, it is paramount that personal finance is one of them, however, it is equally important to realize that the pursuit of wealth without good reason, and without a heart for Christ will only lead to disappointment.
Do not wear yourself out trying to get rich. Your money can be gone in a flash, as if it had grown wings and flown away like an eagle – Proverbs 23:4-5.
Do not make your life to be all about wealth and money, make sure that you’re seeking to create wealth for good reasons, to take care of your family, to help others and give, and to help bring others to Christ.
As we approach 2023, let us prepare our personal finance objectives, by doing the following;
Write down your financial goals
Did the Bible advise us to have a plan ahead? You bet it did,
Plan carefully and you will have plenty, if you act too quickly, you will never have enough – Proverbs 21: 5
A very popular adage we heard while growing up in Igboland in Nigeria is “There is no route to Onitsha that is nearer”, you do not set out on a journey to Onitsha without planning on the route you will follow to get there.
Without knowing where you want to go or what you want to do with your money and finances, your wealth building will essentially be without purpose. Write down your goals, and revisit them on a regular basis to stay on track.
First Save, then Invest, before Spending
Most of the people that take their personal finances seriously may be more conversant with the laws of Gold postulated by George S. Classon in his book The Richest Man in Babylon, than those clearly advised in the Bible.
In The Richest Man in Babylon, the first law of gold for us to save;
Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
The second law calls for us to invest to earn more gold;
Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
The Bible in the book of proverbs, calls for us to do the same.
Plan carefully and you will have plenty; if you act quickly, you will never have enough – Proverbs 21-5
In essence, the lesson here is to plan how you spend your income prudently, and by doing so, your savings will grow.
Don’t be impulsive and spend first, and then try to save later. Save and invest first, and don’t even consider that money to be there and considered for spending.
Saving up for a rainy day, putting your money to work and multiplying it is a wise thing to do.
Having saved the money, the Bible illustrated the need for investing in the story of the man who before going on a journey, entrusted his possessions to them. Read Mathew 25:14-30.
The servant who had received 5,000 coins went at once and invested his money and earned another 5,000. The servant who had received 2,000 coins went at once and invested his money and earned another 2,000. – Mathew 25:16-17
Diversify your Investment
The Bible advise on diversification of investment is so clear that it is easy for anyone to comprehend and implement.
Put your investments in several places – many places, in fact – because you never know what kind of bad luck you are going to have in this world. – Ecclesiastes 11:2
Managing risk and ethical investing
To earn returns is good and desirable, but to earn it honestly is paramount. In this fast moving world, we are often in a hurry to “make it” and to “meet up”. The Bible admonishes us to take it easy, and to plan for the long time, as some things just take time to mature.
Sensible people always think before they act, but stupid people advertise their ignorance. – Proverbs 13:16
Be aware of just how much risk you can afford to take on in your situation, and be wary of something that seems too good to be true, because often it is.
Here is a terrible thing that I have seen in this world: People save up their money for a time when they need it, and then lose it all in some unlucky deal and end up with nothing left to pass on to their children. – Ecclesiastes 5:13-14
In all, when we engage in business and when we invest, we’re called on to be faithful and to deal justly. Invest ethically, and in a way that doesn’t harm others.
I will close by leaving these words of advise on ethical investing,
It is better to have a little, honestly earned, than to have a large income gained dishonestly. – Proverbs 16: 8
Honest people will lead a full, happy life. But if you are in a hurry to get rich, you are going to be punished. Proverbs 28: 20
The more easily you get your wealth, the sooner you will lose it. The harder it is to earn, the more you will have. Proverbs 13:11
We wish you a happy and prosperous new year, always remember;
After all this, there is only one thing to say: have reverence for God, and obey his commands, because this is all that human beings were created for.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
