Here are Ten Biblical Steps in Managing Your Finances
1. Recognize that you are a steward and everything belongs to God.
Luke 12:41-44, Psalms 24:1, 1 Corinthians 6:19-20
This means everything. (You and all material possessions)
Proverbs 3:5-6; Proverbs 1:5
Make a commitment to consult God on any financial matter you may have.
Read books on finance, attend financial conferences, watch financial programs.
3. Release what you owe to God, tithe.
Malachi 3:7- 12
4. Become a generous giver.
Prov 11:25, Luke 6:38, 2Cor 9:6-10
5. Live within your means.
Simply put, don’t try to live a $4,000.00 dollar a month life style on a $2,000.00 dollar a month income. 1Tim 6:6-8, Proverbs 10:22
6. Learn to live debt free.
Prov 22:7
7. Learn to save money. (In this volatile market, cash is King)
Prov 6:6-8
Make saving a habit. Most financial consultants say that we should try to save or invest 10% of our monthly income. If your income is $2,000.00 a month you should try and save $200.00 per month minimum.
The old saying goes, always have something saved for a rainy day.
8. Learn to make your money work for you.
Create a financial portfolio with investment vehicles for your money to grow. Example - 401K, Mutual Funds, Stocks and Bonds.
Don’t depend on the government to take care of you.
Be proactive and prepare for your future.
9. Set up a Life Insurance Policy.
This life insurance policy is designed to allow your family to maintain the same quality of life if you should die.
10. Create a will.
The will ensures that your final wishes are honored and financial resources are distributed according to your instructions.
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