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The Bible: Personal Finance Advice From The Bible

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Personal Finance Advice From The Bible

There are a lot of books out there that can give us personal finance advice. There are best selling authors like Robert Kiyosaki whose book Rich Dad, Poor Dad is well known in teaching us the right way to handle finances.

There is one book that is the considered as the best selling book of all time that has been overlooked when seeking personal finance advice: the Bible.

With over 5 billion copies sold worldwide, the Bible has no equal when it comes to being the all time best-seller. 100 million copies are estimated to be sold yearly.

There are a lot of financial principles that we can get from the Bible which is timeless and these can be applied in today.

Finance Tips From The Bible

1. Learn To …show more content…

Proverbs 24:27 TLB
Develop your business first before building your house.
This is such a great advice from the book of Proverbs. During the time this was written, people were planting crops in the field in order to earn a living. Farming was their means of livelihood.

The verse is saying that we should prioritize working on our source of income and make sure that it is stable. As a farmer, one needs to prepare his field and plant crops in it in order to reap a harvest.

In today's context, we should prioritize having a source of stable income. It could be a job or a business where our basic needs are met. Once all of these are put in order you can proceed with building your house.

2. Savings Are Important
Proverbs 21:20 TLB
The wise man saves for the future, but the foolish man spends whatever he gets.

This verse is direct and can't be clearer on what it wants to say. Wise people save while foolish people don't and even spend all that they have.

A lot of people are living from paycheck to paycheck. This is not the way the bible says that we should live. Proper money management and discipline should be exercised in order to come up with a plan where savings is included. If ever the income is too small, then you should make plans in order to get more …show more content…

But the good man returns what he owes with some extra besides.

Proverbs 22:7 TLB
Just as the rich rule the poor, so the borrower is servant to the lender. Many people fall into the debt trap and it takes a long time for them to recover. There are a lot of tempting offers from lending companies that would entice you to get credit in order to buy what they want.

Most people fall for these marketing gimmicks and get deep into debt before they realize it. This is because compounding interest is also applied to the interest once debts are not paid on time. Credit card companies charge a very high rate of interest plus all the other fees and penalties that are added for late payments.

We need to get wisdom from the bible, we don't want to be servants to credit card companies forever. People who don't pay their debts are considered "evil" by the bible. If ever we get into debt like for a house, car or business we have to make sure that we have measures in place that would allow us to pay off what we owe at all cost.

Some financial experts would say that there are "good debts" like in the case of business loans. This can be true up to some extent, especially when the business takes off and you are able to make a lot of

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