Money advice that doesn’t get old

[Vee]

The Bible contains more than 2000 verses that talk about money, and most of them are still very useful today.

We live in complicated times, with many people struggling to keep their finances in order, so here’s some advice we can find in the Bible:



1 Corinthians 16:2 – On the first day of every week, each of you should set something aside, according to his own means.

Lesson = Build up some savings.

Luke 12:15 – Then he said to them: “Keep your eyes open and guard against every sort of greed, because even when a person has an abundance, his life does not result from the things he possesses”.

Lesson = The Bible doesn’t say we should be minimalists, but it talks a lot about being careful and avoiding greed. In a few verses we see that the amount of money we have doesn’t correlate to happiness, doesn’t give us self-worth and we can’t really take it with us when we die.

Proverbs 22: 7 – The rich one rules the poor, and the borrower is a slave to the lender.

Lesson = Debt will ruin your life! (This is the one I take more seriously).

Proverbs 6: 10-11 – A little sleep, a little slumbering, a little folding of the hands to rest, and your poverty will come like a bandit.

Lesson = Don’t be lazy.

Proverbs 10:4 – Idle hands will cause poverty, but diligent hands bring riches.

Lesson = work hard.

Ecclesiastes 11:2 – Give a share to seven or even to eight, for you do not know what disaster will occur.

Lesson = It probably means we should be careful, but I think we can also interpret it as "diversify your portfolio".


I hope some of these verses will remind or help some of you to be financially smart.

Have a lovely day everyone

 

[Alien826]

This one comes from Shakespeare, but I have learned the truth of it in my own life.

"Neither a borrower nor a lender be ... for loan oft loseth both itself and friend ..."

I have found the people least likely to repay loans are friends and family. I now give money rather lend it when I feel it is needed, Might as well, it's the same thing.

 

[Jayhawker Soule]

We live in complicated times, with many people struggling to keep their finances in order, so here’s some advice we can find in the Bible:

This is likely because the scope of the Bible transcends religion and fiscal wisdom transcends the Bible.

 

[Revoltingest]

- Don't take any wooden nickels.
- The best person to lend money to is someone who doesn't need it.
- Don't lend money to friends or family...unless you get a recorded lien on property.
- Keep all your bills facing the same way, & right side up. Sort by denomination.
- Sometimes you shouldn't take money offered to you. Beware of obligations.
- When in doubt, take the money.
- If you lend money, be prepared to lose it.
- Never extend credit to anyone who shows you any disrespect.
- Save your records involving money. You never know what you might need.
Some say to only keep them 7 years. This is bad advice. I've needed records
going farther back. And the IRS can set no limit on how long you keep them.

 

[libre]

Proverbs 22: 7 – The rich one rules the poor, and the borrower is a slave to the lender.

This stops being true when you've tricked them into letting you borrow enough.

If you owe the bank 90k, they own you.
If you owe the bank 90 million, you own the bank.

 

[Revoltingest]

This stops being true when you've tricked them into letting you borrow enough.

If you owe the bank 90k, they own you.
If you owe the bank 90 million, you own the bank.

When I had more rental properties, they'd
check my pulse when I walked in the bank.
Now that I own slightly more than zilch,
they just give me a friendly hello.

 

[PoetPhilosopher]

My basic tips for anyone starting out in life:

-Try to understand APR, variable APR, and compound interest.

-Try to understand credit ratings, and how just because something "seems" like it will help one's credit rating according to "common sense", doesn't necessarily mean it will - best to do research.

-Understand what a "hard credit check" is, and the difference between hard and soft.

 

[ChristineM]

My dad often said "money doesn't grow on trees".
Usually when i was asking for a £ or 2

 

[Heyo]

You never get rich by hard work - unless it's the hard work of others you can exploit.

 

[Vinayaka]

Don't spend more than you make.

 

[Shaul]

“Do not twist justice in legal matters by favoring the poor or being partial to the rich and powerful. Always judge people fairly." Leviticus 19:15

 

[Twilight Hue]

Don't spend more than you make.

Any loan should equal what you already have in savings and that's the perfect picture.

 

[Vee]

My basic tips for anyone starting out in life:

-Try to understand APR, variable APR, and compound interest.

-Try to understand credit ratings, and how just because something "seems" like it will help one's credit rating according to "common sense", doesn't necessarily mean it will - best to do research.

-Understand what a "hard credit check" is, and the difference between hard and soft.

We don't have credit ratings in France. I never understood how that works.

 

[Vinayaka]

Any loan should equal what you already have in savings and that's the perfect picture.

OPM is addictive, though. (Other People's Money)

 

[Debater Slayer]

I like living below my means and never buying something expensive just to impress others. I have seen well-off people bankrupt themselves by living above their means and spending a lot just to impress their social circles.

 

[ChristineM]

Shakespeare, Hamlet act 1 scene 3

'Neither a borrower nor a lender be'

 

[Vinayaka]

I like living below my means and never buying something expensive just to impress others. I have seen well-off people bankrupt themselves by living above their means and spending a lot just to impress their social circles.

As do we. I think a lot of people do. Banks don't like us. The other thing that many people do is spend a lot of small money on small things, which, when repeated regularly, isn't small money at all. (Drive through coffee shops come to mind immediately.)

 

[Alien826]

Any loan should equal what you already have in savings and that's the perfect picture.

There's one huge exception to this, buying a house.

It's been the main source of wealth acquisition for the middle class for decades, and if you follow that rule you will never save enough to buy your first house. The price will go up faster than you ability to save.