What is a Biblical Principle to Help you Grow your Wealth?

Video Transcript: What is a Biblical Principle to Help You Grow Your Wealth?

0:00 Hello everyone, Phil here with Foundation Wealth Planning, and I got another topic today. This one is gonna be how to get financially wealthy based on what the Bible tells us. 0:13 The Bible does obviously talk a lot about money in addition to many other topics, a lot of wisdom in there. 0:18 So what I want to do today is go through a Bible verse that really drives this point home and kind of 0:25 apply it to how that would be working in today's modern age. So if you like it, please like it, subscribe, share the video, follow me on Instagram, like my YouTube page, all that good stuff. 0:38 Love to keep getting the word out. So what we're gonna do today, without any further ado is hop right in and talk about it. 0:47 So we are pulling up the Revised Standard Version, Second Catholic Edition and it's Proverbs 13 verse 11, “Wealth hastily gotten will dwindle, but he who gathers little by little will increase it.”

 1:05 It's a pretty good one, huh? So when I look at this, there's a few different ways we could take it, but, the two main points from a financial perspective that I would look at would be avoid get-rich-quick schemes and, you know, save systematically, invest monthly, all that good stuff. 1:26 So let's break that down. So when we're talking about the first one, you know, wealth hastily gotten will dwindle. This principle will apply to a lot of things. 1:37 You know, weight loss would be a good corollary to this, right? If you are trying, you know, the shortcut crash diets, more often than not, they crash and burn. 1:49 Now you will occasionally have people that say, hey, I did this extreme thing and it worked and I kept the weight off. 1:54 Okay. Most people when they try something really, really extreme, they're going to crash and burn. Okay. So the same thing is going to happen financially. 2:02 There are some people that are trying to get-rich-quick type of methodology and it has worked for them, but that is basically not many people. 2:14 And the Bible is saying, don't try it. You're going to, you're going to more often than not get burned. And so, you know, this is obviously an inspired word of God saying, Hey, just be patient. 2:25 When we're talking about, in the modern age of investing, right? There's obviously a lot of investments that have got good solid long track records that you could investigate, invest in and talk to a financial advisor and find one that you understand, find one that, you know, makes sense 2:46 for your situation based on your risk and, you know, just steadily invest. Into those things that make sense to you. 2:57 Anytime you're trying to chase above average or above market returns or just really trying to push it to the limit to say, how fast can I grow this? 3:09 How much more can I make on this investment? That's typically when, you find investments are going to be boom and bust, right? 3:16 So you got to be really careful. With what you're choosing, where you're putting your money and ultimately just having the peace of mind to say, look, God wants us you know, to not put all of our focus and energy and faith into these things of the world. 3:37 We want to have faith in God and what he's saying in this passage is be patient. Don't try to get there too fast. 3:45 And you know, when he talks about when you gather little by little, those who gather a little by little will increase it. 3:54 Well,, that is pretty easily done in a very systematic way, right? Most investments these days you can save and invest into every month, right? 4:06 You can get some of your pay. You check whether that be from your 401k into an IRA or what have you. 4:12 There are different investments you can do to just say every, every paycheck or every month, I'm just going to put a little bit in a little bit and a little bit over time adds up to a lot. 4:23 So if you, if you haven't done a financial calculator, I did some of this in a previous video of mine where I went through compound interest (https://www.foundationwealthplanning.com/resources/what-is-compound-interest ). 4:33 But if you, if you say you take 500 bucks a month, right, and you went from age 27 to age 67 and so you got an 8% rate of return and you just systematically just did every month, every month, every month, boom, boom, boom, boom, boom. 4:48 Well, that 500 bucks a month is going to turn into $1.7 million. Right. And that's on 8% rate of return. 4:54 Maybe you get more, maybe you get less. But that's a pretty good number to look at. And that's a lot of money, right? 5:02 And if you do the math on 500 bucks a month times 40 years, you've only invested $240,000 in that scenario. 5:08 So that's how much growth you've had. You know, nearly one and a half million dollars of growth on that money over the course of 40 years. 5:18 So when we're talking about those two, gather little by little increase it. Well, that's one way to do it right there. 5:26 And, you know, 500 bucks a month, some people might say, well, I can't say 500 bucks a month. I would say that most people listening to this probably can. 5:34 It's more about priorities, right? So if you look at $500 bucks a month, that's $6,000 a year. If you make $60,000, right, that's only 10%. 5:46 And if your gross income, so I know everyone's got different expenses, different bills, things like that. So you either need to work on increasing your income and/or trying to prioritize your spending. 6:01 So making sure that we're getting out of that consumer debt, right? That's going to free up some monthly margin in your budget to save and invest. 6:09 And then the other piece would be making sure that you're prioritizing your saving and investing before you go out to eat, go shopping, travel, things like that. 6:21 So if you put a focus on it you can do it, but it might take a little bit of time for you to get there. 6:27 So I encourage you to, you know, sit down, you know, maybe think about this Bible verse. See how you could maybe adjust your lifestyle to see, okay, how could I increase what I'm saving every month? 6:43 So I can really set myself financially and living the way that God is teaching us through scripture. So I hope this helps. 6:50 You can do it. Sit down, take a look at your budget and you know, save as much as you can. 6:57 Do it consistently buying good investments. It's a recipe right there in the Bible. So if you like it, again, follow, share, like, subscribe, all that good stuff. 7:08 And I'll catch you in the next one. Thank you and God bless.

This is for education purposes only, this is not financial advice. Please speak to a financial advisor to help you with your specific situation. 

Phil Francois, CFP®

Foundation Wealth Planning, where we help Christian families align their finances with their values.

phil@founationwealthplanning.com

https://www.foundationwealthplanning.com/contact-us