Billionaire lives by these 3 biblical financial principles – do you?

by | Aug 8, 2017

Where I grew up, I was taught you either dribble your way, tackle your way, or rap your way to financial freedom.

So, most people from my neighborhood want to make it to the NFL…the NBA…or the Grammy’s.

But what happens when that dream doesn’t become a reality?

Why does the Bible say, “God gives you the power to gain wealth” if the only way to get there is by entertaining other people?

The question becomes: if you can’t entertain are you destined to be broke?

Fortunately, I learned that the Bible actually has some very practical steps to help all of us achieve financial freedom.

It doesn’t matter what your job is. It doesn’t matter where you live. It doesn’t even matter how much you make.

The practical steps worked for a little old lady named Oseola McCarty, that worked at a dry cleaner. And they worked for Forbes 2008 world’s richest person, Warren Buffett.

These two people have almost nothing in common. Except for two things…

1. They both achieved things others would consider impossible.

2. They both followed 3 biblical financial principles — that would work for anybody.

You see, McCarty never made more than $12,000 in a year, but managed to build up a fortune worth almost $300,000. And she made headlines when she donated $150,000 to University of Southern Mississippi. Her endowment now presents several full-tuition scholarships every year.

Buffett, on the other hand, is the only person to top the Forbes richest list just by investing in businesses. He didn’t start or inherit his own business. Buffett has pledged to give away 99% of his fortune.

Now, how did these two people do these extraordinary things?

They followed these 3 biblical financial principles…

LIVE BELOW YOUR MEANS

As McCarty and Buffett show, it doesn’t matter how much you make.

You can be an employee at a dry cleaner or a billionaire investor, but the key is to live below your means.

If you make $30,000 a year, live like you make $24,000.  If you make $100,000 a year, live like you make $80,000.  Even if you make $1 million per year, live like you make $800,000.

You don’t need more.  The key is to realize that you already have enough.

The Bible says in Proverbs “only a foolish man devours all he has.”  And in Ecclesiastes, the Bible tells us those who love money with never be satisfied.

Believe me, if you’re unhappy with your current income, most likely you’re going to to be unhappy with a higher one.

Pray for a spirit of contentment.  The answer to your problems is never more money.  Try being a better steward over what God has already blessed you with.

Although, Warren Buffett is a billionaire he still lives in the first house he bought for $31,500.

McCarty never purchased a car, instead, she chose to walk or ride with family.  She was quoted as saying, “my secret was contentment.  I was happy with what I had.”

AVOID DEBT

The Bible tells us to work tirelessly to rid ourselves of debt.  More specifically it says “deliver yourself like a gazelle from the hand of hunters or like a bird from the hand of a predator.”

And if this wasn’t enough, the Bible also says “the borrower is servant to the lender.”

Still, most people choose to get into debt — then they have the nerves to ask God why they’re struggling financially.

God said this about people being disobedient, “You have planted much, but harvested little. You eat, but never have enough. You drink, but never have your fill. You put on clothes, but are not warm. You earn wages, only to put them in a purse with holes in it.”

I’ve seen people with $600 car payments that say the don’t have enough money to give to their church.

This is the type of money management that society has made us believe is ok.

Buffett had this to say about debt “I’ve seen more people fail because of liquor and leverage — leverage being borrowed money.”

INVEST A PORTION OF ALL YOU MAKE

McCarty started investing before she was ten years old.  Warren Buffett started investing at eleven years old.

The key was they never stopped.  No matter what.

Now, I have to be clear.  There are two types of investments you should always make.

Spiritual investments and economic investments.

Spiritual investments are investments in your church and investments to those in need.

Economic investments are investments that are going to grow your money over time.

It’s not about finding one big investment that’s going to make you a millionaire overnight.  It’s about diversifying and being patient.

The Bible says this about diversifying your investments, “invest in seven ventures, yes, in eight; you do not know what disaster may come.”

The Bible says this about patience, “steady plodding brings prosperity; hasty speculation brings poverty.”

It took McCarty decades to turn dollars and quarters into over a half a million dollars — but she did it.

One of my favorite McCarty quotes is “I commenced to save money.  I never would take any of it out.  I just put it in…”

Buffett had this to say about investing, “Only buy something you’d be perfectly happy to hold if the market shut down for 10 years.”

He also says, “Our favorite holding period [for stocks] is forever.”

ARE YOU HANDLING MONEY GOD’S WAY?

If you’re ready to start handling money God’s way the best time to start is now.  Don’t spend another day handling money the way society tells you to handle money.

To help you get started, I’ve created Bible Money Makeover.  It’s a free three-part video series that will help you start building wealth God’s way.  Click here to start watching.

 

If you found this post helpful, I ask you to please hit a share button below.  Together we can bless someone else.

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