Wealth in the Bible

Using God's Blessings to Bless Others…

Category: Wealthy Christians (Page 2 of 4)

Wealthy Christians Day 22: The Ability to Produce Wealth

Deuteronomy 8:18 – ‘You must remember the Lord your God, for he is the one who gives ability to get wealth…’

Some people seem to have this incredible knack for generating wealth. Do you know of someone who has amassed a fortune by 30 years of age? Or perhaps you’ve read about the 21 year old who has just purchased their fourth investment property?

Wealthy Christians Day 22: the Ability to Produce Wealth

Wealthy Christians Day 22: the Ability to Produce Wealth

There are those who can naturally make sales or wise investments. I believe however, if we desire to generate wealth to build God’s kingdom and we’re willing to listen to Him, he can help us learn to generate wealth. We can learn skills that will slowly and steadily generate a return that can be given back to God.

After all, it’s the same God who has made us all. It is not beyond his power to help us accumulate wealth. But we have to be willing to do things on God’s terms. Rick Warren, author of the Purpose Driven Life outlines a simple but effective concept for wealth builders:

  1. Acknowledge that it is God who gives us the ability to generate wealth. Give him the credit for it.
  2. With your business skill, use it to meet the needs of others and to spread the Gospel.
  3. Give a tithe of your earnings back into the church as an act of worship. (Don’t feel you have to limit your giving to 10% though!)

Don’t ever feel that you cannot produce wealth. If you are able to have money coming in, then you have the ability to save and it goes from here. How much you earn is up to you and God. Likewise, how much you save is down to using your finances wisely – which can be guided by God. Remember always, it is God who gives you the ability to produce wealth. Ask him to help you in this area, but remember always to acknowledge him in your earnings.

It is my prayer for you:

  • That you will be excited by the fact that it is God who grants you the ability to generate wealth, no one else.
  • That you will always acknowledge where your wealth comes from.
  • That you will desire to be a good steward of all finances entrusted to you.

Today’s prayer:
Lord I thank you that generating wealth isn’t solely down to me – you grant me the ability! Help me to be wise with my finances and to make wise decisions with regards to work and opportunities to earn and save.

Actionable ideas:
Be proactive six days a week to bring in income, develop residual income and increase the value of your property; rest on the seventh day knowing you have been hard working and that God not only ordains, but insists on His people resting so they don’t burn out.

Wealthy Christians Day 21: Use it or Lose it

Matthew 25:28 – ‘Take the talent from him and give it to the one who has ten talents.’

You can read over the whole parable of the talents in Matthew chapter 25. If we do not use the talents and finances that God has blessed us with, then our talents will decrease and our money will be lost. If however, we use what we’ve been given, God will increase it. Our skills will develop and improve. Our finances will grow and earn interest.

Wealthy Christians Day 21: Use it or Lose it

Wealthy Christians Day 21: Use it or Lose it

It really is as simple as use it or lose it. As was shown in the parable of the talents and the three servants – those who used what they were given were able to generate more. Because of this, they were seen as faithful and were given even more.

God wants us to use what we’ve been given – our skills, our passions and our finances. He wants us to use them for his glory. We can acknowledge that he gave us these attributes and because of him, we’re able to do things we enjoy and are good at; we’re able to earn income. In return, we should share him with everyone we can. We should be good examples of hard working, ethical people. We should use our finances to give back to him, a little of what he’s given to us.

For the one servant who was fearful, he did nothing with his talent. And the master questioned when he returned – why didn’t you at least put it in the bank? Are you using your talents and finances or are you digging a hole in the ground and burying them because you don’t want to risk failure or loss?

The irony here is that you are failing to do what God has asked of you. And you are losing many opportunities to give to those in need, to shine God’s light and to do something you love and are good at! Use it or lose it. Your talents are not just for you and neither are your finances – they are to bless others. Don’t be the person who is robbing others of a blessing because you won’t use your talents or finances.

It is my prayer for you:

  • That you will acknowledge that your talents and finances aren’t given to you just for you; they have a role to play in blessing others.
  • That you will be motivated to use what you have to hone skills and to generate income.
  • That you will acknowledge the skills and talents that are special to you, which could be used for God’s glory.

Today’s prayer:
Lord I thank you that you have made each and every one of us unique with varying skills, talents and financial circumstances. Help me to use all that I have for your glory.

Actionable ideas:
Establish a separate bank account for your child. If you put away $10 a week for 18 years, this totals $9,360 dollars for a deposit, education or something else. If you invested $10 a week for 18 years at 5% interest, this would total in excess of $14,600 at the end.

Wealthy Christians Day 20: Giving Obediently – The Impact of Wealthy Christians

Malachi 3:8 – 10 – “Will a mere mortal rob God? Yet you rob me. But you ask, ‘How are we robbing you?’ “In tithes and offerings. You are under a curse—your whole nation—because you are robbing me. Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this,” says the Lord Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it.”

Can you imagine the impact we could have on the world if more Christians were to accumulate wealth? They would need one other quality in their lives for this to make a difference. They would also need to be obedient to giving. It is of little value to be Christian and to acquire great wealth, if you will not use it for God.

Wealthy Christians Day 20: Giving Obediently – The Impact of Wealthy Christians

Wealthy Christians Day 20: Giving Obediently – The Impact of Wealthy Christians

We’ve had a look at setting up a savings account and saving regularly. We’ve also looked at our budget in detail and discovered where we can cut back or make changes. The ability to generate further income has also been explored. Now I want to focus on giving.

There are many things that cannot be done in this world without money. Churches often struggle because their whole congregation is not obedient to giving.

Everything that we receive comes from God. It’s a pretty generous God who gives to us and then asks that in return we provide him with a tenth of this, to carry out his works on this earth. Ten percent seems like a small amount to me – but at the end of the day if everyone was tithing or providing offerings into God’s house, so much more could be done than is currently achieved.

It is my prayer for you:

  • That you will grasp the concept that all money comes from God and is given to you as an act of love and stewardship.
  • That you will endeavour to give a tithe or offering into your church regularly.
  • That you will find it within your means to give more than the ten percent that is talked about in regards to tithing.

Today’s prayer:
Lord I thank you that you have entrusted me with finances. Help me to give back to you that which is rightly yours, by investing in your church. Help me too, to pray for wisdom for the people who handle your finances in churches around the world.

Actionable ideas:
Be clear on payment terms before undertaking a job so that you know where you stand; don’t set yourself up to be dissatisfied if you learn someone else has better terms than what you agreed upon.

Wealthy Christians Day 19: Cash Flow

Luke 14:28 – ‘But don’t begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it?’

It is important that you know what you need to earn before you get paid anything. Not all jobs pay you as soon as you’ve completed a task or a day’s work. Some jobs pay fortnightly or even monthly – you have to work a set amount before you see any money. Just because you have earned a certain amount of money, doesn’t guarantee payment at a set time.

Wealthy Christians Day 19: Cash Flow

Wealthy Christians Day 19: Cash Flow

$100 is an important figure for me. I have a set goal of how much income I would like to earn each week on various projects that I do. This doesn’t always tie in however, with what I get paid in a given week. For example, some of my income comes in via:

  • Amazon affiliates
  • Amazon book sales
  • Google Adsense
  • Udemy – an online platform for courses
  • TeachersPayTeachers – a website for digital educational products

For the first three sources that allow me to earn money, I need to earn at least $100 in total before I am paid by them. For my book sales on Amazon, this has to occur in one particular currency. Most of my sales are made in the US and UK, so although I may accumulate the given $100 in a month, this doesn’t mean I’ll get paid if that sum spans over four different currencies!

It’s great to earn a large sum of money in any given week or month. It’s important to know however, that this money is going to get paid in the near future. It is very difficult to be a wealthy Christian if you are earning, but scraping by because you haven’t been paid!

In your endeavour to accumulate wealth, make sure you have sufficient cash flow. If money isn’t coming to you, then it cannot go through you for investments or blessing others. If you have a job that pays you monthly, then it is very important to be on top of your budget and know that you can make your pay stretch for a month until you are paid again.

If you are looking for other opportunities to earn, try to find possibilities that pay regularly so you consistently have money coming in that you can live on, save, tithe and invest.

It is my prayer for you:

  • That you will recognise the importance of regular cash flow, no matter what you earn.
  • That for income that is paid monthly or less frequently, that you will be able to budget this well to avoid any financial issues.
  • That you will be able to generate different streams of income that come in at different times of the month, to increase your cash flow.

Today’s prayer:
Lord I thank you for the possibility to earn, but for also getting paid once I have earned. Help me to find income earning opportunities that provide me with money on a regular basis, so that I am not left without or desperately waiting for pay day.

Actionable ideas:
Meal plan; organising what you will cook each week or month will help you to utilise what you have bought, rather than leave food unused in cupboards and buy other things.

Wealthy Christians Day 18: Offsetting Debt

2 Kings4:6 – 7 – ‘When the containers were full, she said to one of her sons, ‘Bring me another container.’ But he answered her, ‘There are no more.’ Then the olive oil stopped flowing. She went and told the prophet. He said, ‘Go, sell the olive oil. Repay your creditor, and then you and your sons can live off the rest of the profit.’’

If you are in a position to have purchased a house and acquired a mortgage, it may be worth considering if your savings are best utilised in a savings account. They may be better off in an offset account. This sits against your mortgage.

Let’s consider an example to explain the benefit of this.

You have $10,000 sitting in savings. In a savings account, it is able to earn you 3% per annum. This is around $300 a year in interest. At the end of the financial year, you will be paying tax on this $300, which will decrease the total.

Wealthy Christians Day 18: Offsetting Debt

Wealthy Christians Day 18: Offsetting Debt

If you opened up an offset account with your mortgage and deposited your $10,000 here, then it would be acting as if you had paid off $10,000 from your mortgage. So you would be saving interest on $10,000. Now your mortgage interest rate will be higher – let’s say around 4.5%. So you’re saving $450 of interest on your mortgage each year, rather than earning $300 which will then be taxed.

What do you feel is a better investment of your money? Earning interest or decreasing your debt with the same sum of money? This is entirely up to you. One thing you should note is that setting up an offset account after you have already established a mortgage will probably cost you a one-off fee. Chances are your interest rate will increase a little too, with this offset account.

Be sure to look into all the costs. A higher rate on your mortgage to open an offset account is only worth it if your savings are substantial enough to offset the interest.

This can be a great way to reorganise your finances if the savings are going to be available to you for a length of time. It may not be worth changing things if you have them for less than 12 months and then plan to use them on a holiday or other purchase. If you are planning to continue to build your savings however, this can be a wise financial change to make. And in time, as your debt decreases your mortgage payments may also be able to decrease, resulting in you saving more for your offset. This in time will result in your debt decreasing more and your repayments lowering. And so the cycle continues! Repaying debts is a great way to improve your financial future.

It is my prayer for you:

  • That you will recognise the different ways you can organise your money to best benefit your financial situation without having to bring in more income.
  • That you will decide what is better for your individual situation – earning interest on savings or decreasing debt with it.
  • That you will look into all conditions associated with financial accounts before committing to any.

Today’s prayer:
Lord I thank you that it is possible to rearrange my finances in many different ways that can benefit me. Help me to recognise all the options and to adjust as I see fit and then to stick with this change to see the benefits.

Actionable ideas:
Compare the benefits of saving money and earning interest with keeping loans down that are incurring you interest. A mortgage may charge 5% interest while savings earn you 4% interest. It is wiser financially to put extra funds against the mortgage and save interest of 5%, rather than earn interest of 4% that ends up getting taxed.

Wealthy Christians Day 17: Buying on Credit

Proverbs 22:26-27 – ‘Don’t agree to guarantee another person’s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you.’

It is easy to purchase a lot of items today on credit. Ultimately, this means that you get the product at a time when you can’t afford it and you pay it off over a set term. This tends to cost you a lot more than if you had bought the item with your own money.

Wealthy Christians Day 17: Buying on Credit

Wealthy Christians Day 17: Buying on Credit

If you buy a house you may receive an interest rate of let’s say 4% per annum. Over a thirty year term, you will end up paying close to 200% interest on the sum of money you borrowed. In this regard, I think a loan is ok – your house and land generally will increase in value over time and the interest rate is low, although over a long term. If you think about it though, a $200,000 loan will cost you this as well as close to $400,000 in interest or $600,000 in total will be paid off at the end of the 30 year loan.

If you gain finance to purchase a car, chances are the interest rate will be considerably higher. On top of this, the car will devalue very quickly in the space of 12 months. In light of this, financially it may be much wiser to save up and purchase a new car or to even get one second hand that is a couple of years old. This will save you a lot of money over the longer term.

Whenever you need to buy something on credit – acquire a loan to purchase an item – it is worth considering the item itself. Will it increase in value over time? Or will it decrease in worth? This is a good way to consider what should be bought on credit.

In this regard, I think that credit cards can be dangerous. The interest rate you need to pay if the loan isn’t paid on time is high. Plus, as soon as you acquire interest, this in turn earns interest. It is very easy to get into debt this way and have to pay back so much more than you borrowed.

Wherever possible, make it a rule to only purchase on credit that which will increase in value over time – a house or land, for example. For things that will quickly decrease in value, find a way to purchase them second hand or save up until you can buy them outright without having to lock yourself into repayments with high interest. In this way, you’ll only be acquiring what is considered ‘good’ debt by investing in an asset that increases in value over time. Other than this, try to avoid the use of credit.

It is my prayer for you:

  • That you will recognise that not all debt is bad, but will instead appreciate the need for a loan for investment items such as a house.
  • That you will be able to recognise the value of saving for an item and buying it with cash, rather than on credit.
  • That you will desire to avoid debt as much as possible and make financial choices with this in mind.

Today’s prayer:
Lord I thank you that it is possible to purchase items that I wouldn’t normally be able to buy with the use of a loan. Help me to recognise good investments and to stay away from those that will only acquire me debt for an item that is of little value.

Actionable ideas:
In times of plenty, don’t splurge this extra. Save a set percentage and use it to build up for times of need. If you unexpectedly come into money (like a tax refund) use it to decrease debts or increase savings.

Wealthy Christians Day 16: Residual Income

Proverbs 13:11 – ‘Wealth gained quickly will dwindle away, but the one who gathers it little by little will become rich.’

Give me $1,000,000 and I will comfortably live out the rest of the days of my life without actually spending the million. Ha! Christine, you say, that is not possible. You need to spend the money to be able to live.

Wrong.

Let’s do a little math. What is 5% of $1,000,000?

Wealthy Christians Day 16 - Residual Income

Wealthy Christians Day 16 – Residual Income

Well if 10% is $100,000, then half this is $50,000, right? So your million dollars sits in a savings account and earns you 5% per annum. So if you earn $50,000 for the whole year, then this means you’re earning around $137 per day, or around $959 a week.

How much do you earn on a weekly basis? I can honestly tell you now that my family earns – and lives comfortably – on less than this. So yes, I can boldly say that if I had one million dollars to live on, I would actually only live on the interest it could earn me at 5%.

But what if the economy isn’t doing so well, Christine, what then?

Well let’s say you can only get 3% – which is closer to current figures – then this is still $30,000 per annum. And yes, I could live on this! In fact, my husband and I with our two children do. We save as much as we possibly can and live on what we need to be comfortable.

So I look at the above figures and get excited – even though I don’t anticipate being given $1,000,000 anytime soon! What’s even more exciting to me is the fact that this $1,000,000 has the potential to grow over the year.

How is that you ask? Well, you get paid your interest monthly after it is acquired daily. So, after a month you get paid your 5%, or 30 days of earning $137 in interest each day. So January 1 you start with $1,000,000. January 31st you’re paid $4,247 in interest!

Now you have $1,004,247. Now, presumably you don’t spend the whole amount in one day. You make use of the money to live over the next month. And for every day that you have over $1,000,000 sitting in your account, you are then earning your interest of $4,247 for the following month as well as interest on your recently acquired interest! Wow.

Yes, this is an extreme example, but it does show you how interest can increase over time and truly work for you. This is the benefit of any savings account. For money that isn’t needed right now, why not place it into a savings account where it can earn interest? This is a way to earn that you don’t have to work for – the money does it all for you and then your earned interest goes on to develop more interest for you. This is an example of residual or passive income.

It is my prayer for you:

  • That you will truly grasp the importance of a savings account
  • That you will take the time to shop around for the best rate of interest your money can earn and set up an account
  • That you are able to consistently deposit money into your account so that it can work for you

Today’s prayer:
Lord I thank you for the opportunity to do something so simple that can greatly benefit my financial situation. Help me to be a good steward of the money you have placed into my care.

Actionable ideas:
Shop around for the best interest rate that you can find. Many banks offer a higher introductory rate for new customers. You are already saving, make sure the money is earning as much for you as it can! Term deposits are another way to earn more if you don’t need the money for a length of time.

Wealthy Christians Day 15: Earning More

Proverbs 11:10 – 11 – ‘The whole city celebrates when the godly succeed; they shout for joy when the godless die. Upright citizens bless a city and make it prosper, but the talk of the wicked tears it apart.’

If you are comfortably living within what you currently earn, is it wrong to desire to earn more? I think not! You are a blessing to so many when you are able to earn more. Why?

When you earn more:

  1. You can tithe more, further blessing your church and God
  2. You may pay more taxes, benefiting your government
  3. You may purchase more, blessing your local community
  4. You can give more, blessing those in need
  5. You can save more, preparing for your future
Wealthy Christians Day 15: Earning More

Wealthy Christians Day 15: Earning More

If you have put into practice the first actionable idea (start saving today) then already you are earning more. Do you disagree? Think about this. Your money in savings is earning interest daily. So technically, you are earning more than before you set up that savings plan. Exciting!

You may have a job that earns you more than enough and so you’re already saving and perhaps even investing. Have you considered looking into other ways you can earn? An example may be purchasing an investment property. The rent that you earn from this is a consistent increased earning. As long as the rent is covering the cost of the mortgage for the property and then some, it is earning you more money.

At a stage when I was working two jobs that kept me busy 5 and a half days a week, I was also looking into other ways to earn money online. I was able to do this through writing about my profession as both a horse studies teacher and a stable hand at the racetrack. I didn’t need to learn any more about these topics – I was employed in both of them! It meant that I was able to generate content that I could write once, but then earn from on a consistent basis. I invested my time in creating content that would earn me money more than once – this I felt was a wise way to use my time and earn more.

I am not suggesting the need to find time for another job. Instead, I am suggesting developing a hobby or investing in something that can generate a consistent return for you.

It is my prayer for you:

  • That you will be excited about the idea of earning more, not stressed by it.
  • That you will find researching ways to earn more money – without picking up another job – an exciting task.
  • That you will find another way to earn money that requires minimal input from you once the decision is made.

Today’s prayer:
Lord I thank you that I can consider ways I might be able to earn more money without having to work longer hours. Help me to be excited about opportunities to earn more because of what it can do for You.

Actionable ideas:
Research investment opportunities online or other ways to generate money through a hobby such as a website on your favourite topic. You may find that you can earn money from a topic you’re passionate about and already spending time on.

Wealthy Christians Day 14: Cutting Back on Spending

Proverbs 13:18 – ‘He who ignores discipline comes to poverty and shame, but whoever heeds correction is honoured.’

It’s quite possible that some people can turn their finances around simply by cutting back on what they spend. There are many people who fall into debt because they spend more than they earn. The simple math is that if you consistently spend $500 a week, but only bring home $400, then you are short $100 a week. In a year, you’ve accumulated more than $5,000 in debt. This is huge when you consider the inability to repay it!

Wealthy Christians Day 14: Cutting Back on Spending

Wealthy Christians Day 14: Cutting Back on Spending

Our budget is one tool we can greatly use to determine where we can cut back on spending. Other tools we can use are our weekly/fortnightly/monthly shopping dockets or a spending diary. In this, the idea is that you list every item you purchase over a 30 day period and how much it costs.

It is quite possible that you’re spending a sum of money where you felt you were only spending a small amount. For example, a $3.00 coffee at work results in $15 for the week or $720 for a 48 week working year. (I don’t know about you, but $720 would cover more than one of my fortnightly mortgage repayments!) I’m not saying that you should forfeit the coffee, but when you consider the annual amount you spend on it, you may question if you would like to spend that money elsewhere. And until you do make use of it, it can be sitting in savings. (Are you suddenly thinking you can save an extra $15/week? Great!)

Seeing how much you spend and on what can help you make informed decisions. Firstly, you could total the amount you spend on things that you don’t need. Examples of things that you may buy that aren’t necessary include desserts, takeaway food, jewellery, extra clothes or shoes, books. If they are things that are for your sole enjoyment or entertainment, then perhaps you can consider cutting back or forfeiting them for a set period of time. Then, invest this money elsewhere where it’ll generate a return.

Some items that you buy, it may be possible to get them cheaper. Are there things on your monthly list that you bought more than once? Can you buy these in bulk to save? Try this and see how much your spending is decreased by.

It is a good challenge to assess your budget and determine if there are areas where you can decrease your spending. If you are able to do this, it means you can save more, give more, pay off any debt/s quicker and potentially invest more. Over the long term, this can put you in a much better financial situation where you can consider spending more on things you want rather than need.

It is my prayer for you:

  • That you will truly appreciate the difference between wants and needs, but that you won’t feel guilty about buying things you enjoy but don’t need.
  • That you will recognise areas where you can decrease your spending and so improve your financial situation.
  • That you will be diligent in cutting back so that you can invest your finances in another area that will benefit your future wealth.

Today’s prayer:
Lord I thank you that you have provided me with tools to assess my finances wisely. Help me to be diligent in assessing where I utilise my money and to recognise areas where I can implement change for the better.

Actionable ideas:
Create a spending diary. Find a notepad or book that you can write in for a 30 day period. Make a note of every thing that you buy and how much it has cost you. At the end of this period, highlight the items you feel you can cut back on or purchase cheaper elsewhere. Do it!

Wealthy Christians Day 13: Informed Budgeting

Luke 14:28 – ‘But don’t begin until you count the cost. For who would begin construction of a building without first calculating the cost to see if there is enough money to finish it?

It’s time to take a closer look at your budget. At the end of the day, most people have financial goals in life. We can make better choices and more informed decisions if we use our budget to guide us.

Wealthy Christians Day 13: Informed Budgeting

Wealthy Christians Day 13: Informed Budgeting

Perhaps we want to save more. Our budget shows us where all our money is currently being spent. We may be able to make adjustments – buying a cheaper brand, buying in bulk or paying with cash to get a discount.

Maybe we would like to give more at church. Our budget shows us how much we are currently giving and if there’s room to increase our offering to God and how much by.

Perhaps we want to organise a family holiday or invest in a house. The budget we have can indicate how much we’re currently saving and on what basis, i.e. $100/week. This can help us to calculate what amount of savings we can anticipate after a 12 month period.

Now that you’ve filled in your budget, don’t just leave it. Perhaps every quarter, or at least once a year, reassess. Living costs can increase over time; this may mean you need to put aside that little bit more for expected bills the following year. Your typical costs over the years will change too. For example, when you have young ones, nappies and wipes are consistent needs. As kids grow older, the focus will turn to education, text books and uniforms.

Your family income is bound to change, too. As you learn how to save more, interest earned increases gradually over time. A raise or a new job may result in higher earnings.

Whenever you desire to make a big investment in your life, go first to God about it. Following this, assess your budget and see if any sacrifices need to be made to increase your capacity to earn or save. Be sure to count the cost before you invest for the long term. After all, buying a house often results in an ongoing debt for a 30 year term – it shouldn’t be taken lightly! Likewise, renting a house will be a consistent cost to your budget.

It is my prayer for you:

  • That you will consider the costs before buying or investing. Be wise about the debt you acquire.
  • That you will consistently seek God’s guidance about how to best utilise your finances.
  • That you will be willing to assess your budget and adjust it as time passes.

Today’s prayer:
Lord I thank you that you have provided me with tools to get a snapshot of my finances. Help me to open my eyes to unique ways I can cut back on spending, increase earnings and save more for my future.

Actionable ideas:
Set yourself financial goals; be sure to list steps to achieve these (e.g. go on a family holiday in 12 months time. This will require saving $100/week on top of my usual savings). Share your goal with one or two trusted friends who will keep you accountable so that you’re working towards the goal regularly.

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