7 Important Financial Tips From the Bible – Verses About Money

Here is the article.

1. Set Priorities

Proverbs 24:27 – Put your outdoor work in order and get your fields ready; after that, build your house.

So in modern terms, this proverb means that you need to set priorities with your money. Make sure you save enough to cover the essentials – what you need to keep yourself alive and able to work – before spending money on creature comforts. In other words, set aside money to pay all the bills before you spend any on new clothes.

My thoughts:

I do not have a home in Canada, but I spent over $6000 dollars last 10 years on clothing purchase, over $10,000 on vacations, parties with relatives in China over $6,000 dollars. I do not even invest anything before 2019 May. 

2. Make a Budget

Luke 14:28-30 – Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, “This person began to build and wasn’t able to finish.”

My thoughts:

Use mint to track all investment accounts and accounts, and I like to be frugal. Every day I will learn something about money. I do think that it is not so tough for me to figure out how to work with bear market and learn to find opportunities in next few months. 

3. Build an Emergency Fund

Genesis 41:34-36 – Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.

Of course, present-day financial experts tend to modify Joseph’s advice a little bit. Instead of storing up cash for seven years, they say you should set aside roughly six months’ worth of living expenses in an emergency fund (more if you’re self-employed or have a fluctuating income). And since you can’t predict exactly when a financial crisis will hit the way Joseph could, this money should be kept in cash or safe investments that should hold their value, so your money is there to draw on whenever you happen to need it.