The Bible is not only a source of inspiration, comfort, and a guide for living, but also a guide for how you should manage your money. Take a look at these money lessons from the bible.
7 Money Lessons from the Bible
“Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it?” —Luke 14:28
Lesson: Keep track of your money and think before you spend. Check out these money-saving apps that can make your financial goals a bit more doable.
“A good man leaves an inheritance for his children’s children.” —Proverbs 13:22
Lesson: Leave wealth for the next generation. There are many resources for African Americans on building generational wealth. Rodney Sampson, founder of Opportunity Hub (OHUB), just announced at this year’s SXSW event, a number of programs he and others are launching to help the community build multigenerational wealth. Also, here is great information on how some are using life insurance to build generational wealth. Find other great wealth-building information here.
“Dishonest money dwindles away, but he who gathers money little by little makes it grow.” —Proverbs 13:11
Lesson: Be honest in your financial dealings and always watch out for ‘get-rich-quick’ schemes. Here’s how not to lose money and fall victim to network marketing and pyramid schemes; multilevel marketing pitches; and scams that target those with home-based businesses.
“Plans fail for lack of counsel, but with many advisers, they succeed.” —Proverbs 15:22
“A man lacking judgement strikes hands in pledge and puts up security for his neighbor.” —Proverbs 17:18
Lesson: Use caution when lending money, especially when official documentation is involved like co-signing a loan for someone. For example, here’s why you should never lend out your credit card. And these reasons will make you think twice before co-signing that loan.
“Give everyone what you owe him. If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.” —Romans 13:7
Lesson: Stay on top of your debt, taxes, credit cards, loans (especially student loans)—fit payments into your monthly budget. Get some great tips from those who are ‘young, single, and free of debt’, and even greater advice on eliminating debt without going crazy.
“To those who use well what they are given, even more will be given, and they will have an abundance. But from those who do nothing, even what little they have will be taken away.” —Matthew 25:14-30
Lesson: It takes money to make money; invest, but invest wisely. Take advantage of that 401(k) at work, or, at minimum, make a commitment to put a specific amount of money away from every paycheck—even if it’s just $20.
—Lisa Fraser, Samara Lynn, and Sequoia Blodgett also contributed to this article.
Editor’s Note: This article was originally published in December 2010.