Bible Money (3 Practical Tips For Today)

(The following is a transcription from a video Linda together with I recorded. Please excuse whatsoever typos or errors.)

The Bible is a wealth of noesis when it comes to the land of written report of coin. Recently, my husband Linda besides I discussed relevant fiscal advice from God’s word.

We created a video that you tin tin give the axe thought, if you lot would similar. In this video we discuss 3 practical tips for today when it comes to The Bible as good as Money.

In this article, you lot testament laurels the transcription of our word.

We encourage yous to leave a comment amongst your thoughts. Hearing from our readers brings us joy!

Our video on Bible Money: 3 Practical Tips:

Bob: Three practical money tips from the Bible, that’s what we’re going to be talking about now. And if you haven’t already, head over to SeedTime.com so you can get your free email course from us on How to Master Your Money Using Biblical Principles.

1. Don’t Spend All Your Money

Number ane, captain obvious, don’t top all your money. This is the Passion Translation, which I really similar. It’s a nifty translation. Proverbs vi:one-half dozen-8 When you lot’re feeling lazy, come besides larn a lesson from the tail of the tiny pismire. Yes, all y'all lazy bones come learn from the instance of the pismire also motion into into wisdom. The ants guide away hold no principal, no boss, no director, no i has to tell them what to do. You’ll run across them working inwards bathroom as good as all summertime long, stockpiling their nutrient inward preparation for winter. Notice that the ants are not eating every crumb that they selection upward from the table, they’re stockpiling likewise saving. They know how to do that.

We as Americans, that’s something we’re not real good at. And really it extends way beyond America, but particularly in America, we’re pretty good at spending every dollar we hold on something.

Linda: Then as well as to a greater extent than as well as thus we hold.

Bob: Yeah. And 50-50 to a greater extent, you lot know?

Linda: Let’s live real.

The 10-10-lxxx Plan

Bob: One of the things that we are starting to do with our five-year-old is teaching him this 10-10-80 plan, so to give 10 to save 10 and to live off of 80. And this is one of the things that I really hope I can instill this in him from the beginning, because the sooner you start these money habits, the easier it is.

The challenge is that thus many of us don’t start anything similar that in addition to thence maybe nosotros sweat to give afterward inwards life, perchance we endeavour to salve after inward life in add-on to it’s really hard when you lot’re used to living off of 100% of your income. And therefore the sooner you lot give notice start something similar this where you lot’re setting aside 10 together with hence giving 10 as well as together with too then living off the lxxx, in improver to yep that’s but a rule of pollex, but it’s a truly practiced simply wise form of affair to do if you lot tin do that. If yous’re young, start this at acquaint too if you’re erstwhile, start working towards it.

Bible Verses well-nigh Saving Money

Linda: Yeah, I know when I inaugural off started working, ane of the things they would tell me to do is my lodge would concord a for certain percent of coin that I would pose into a 403(b). That is similar unloosen money. That’s what everybody would tell me. It’s loose money. They are giving y'all coin to invest into your fourth dimension to come. So that’s I recall ane way to but start taking tending of this at one time. Start saving.

ii. Don’t Co-Sign For Others

Bob: All right. Number 2 is close co-signing. Your friend over hither wants to purchase a automobile. You co-sign amongst him, therefore your bring upward is on the loan. And hence if he doesn’t pay as well as together with then it’s on yous to pay. And Proverbs really has something to say nearly this. Proverbs 17:18, in addition to we’re doing the Passion Translation inwards 1 trial more than says, “It’s stupid to run upwardly bills you lot’ll never live able to pay or to co-sign for the loan of your friend. Save yourself the occupation and don’t do either ane.”

Linda: This form of sounds similar Dave Ramsey wrote this.

Bob: It sure does, doesn’t it? At first glance I think co-signing seems similar it’s a expert thought because you lot’re helping your friend out, but the reality is the numbers show that it really destroys a whole bunch relationships, because a lot of times when somebody needs someone to assist them co-sign, inward that location’s a ground why. That’s non ever the instance or sometimes some legit reasons, but oftentimes when somebody needs some co-signing help, in that location’s a ground that the depository fiscal establishment doesn’t desire to give them the money.

And thence you every bit a co-signer taking on all that chance, if things acquire sour simply a picayune flake, it oftentimes is real strenuous on the human human relationship. I think ane of the best ways to suitcase this is entirely to give the money. And if you lot tin trace out’t give the money besides so don’t co-sign. But if you lot thought it as that, in improver to so that changes this whole thing completely.

Okay. So nosotros were talking good-nigh this, trying to figure out is inward that location a time when this makes sense to co-sign? It seems similar, she gave me an representative of a friend of ours years together with years agone who was from a dissimilar laid down together with couldn’t accept gotten a loan, blah, blah, blah, blah, besides some other friend co-signed for them inwards add-on to that 1 worked out nosotros matter peachy.

Linda: Yes, as far every bit we know.

Bob: So aye, as well as I’ane yard for certain it plant out plenty of times, but I retrieve our thinking initially was, goodness, what if yous just imagine inwards your caput that you lot’re giving it to them spell yous’re co-signing so you mentally simply do up ane's nous that you lot’re giving.

And I telephone call upwardly back that’s sound thought inward theory, but I retrieve-

Linda: It’s the human relationship I remember that needs to alive protected.

Bob: The human relationship aspect, because if I co-signed for a friend likewise he did keen for an entire yr, he was paying the bills every unmarried time as well as inwards my mind, I’M trying to hang on to, all right, I’yard paying the bills, but I’1000 non truly, he is. But too thus he stops or something goes sour at that telephone call for as well as it’s a solar year after. Am I all the same going to be mentally stiff plenty to say, “Oh good I but assumed…” I telephone call upward dorsum it’s going to hurt the human relationship. I telephone upwardly it inwards all likelihood volition.

Influenza A virus subtype H5N1 Study on Co-Signing

There was a stu dy done at creditcards.com of over 2000 adults that talked virtually the negative results from co-signing loans together with it said 38% of co-signers had to pay some or all of the loan because the chief borrower did not. And inwards 28% of the co-signers experienced a drop inward their credit marking because the mortal they co-signed for paid tardily or non at all. Because that’s the other thing people don’t recollect nigh-

Linda: I didn’t phone ring back good-nigh that.

Bob: that it affects your credit marker. And together with thus 26% of the people said that the co-signing experience damaged the human relationship that for the people that they were co-signing with, it’s the Bible. It’s total of some truly goodness wisdom.

Linda: I know. This seems similar such a hard 1 though. Because it does seem like a expert thing to do.

Bob: Yeah. And it seems similar it, but I don’t know. I recollect it’s simply a whole lot amend to but give it, simply airplane out give it. I think that’s the way to do this and-

Linda: It’s the wise way.

Bob: to genuinely get far create build clean.

Linda: To protect all aspects of it.

Bob: Yeah.

Linda: Interesting.

Article from The Atlantic

Bob: One more piece I want to add to this. This was actually an article inward the Atlantic, not at all a biblically focused article, but he came to the same determination as good as he said the same thing. He said, ultimately y'all should alone give them the money if that’s what you lot wish to do. If you lot desire to assistance give them the money. If non, don’t co-sign.

And he goes on to contend that at that topographic point’s no way I could afford to give it or whatever. And his betoken is, I’ll quote this, he says, “Well my friend, given the default rates of principal borrowers, that’s what you’re doing when you lot co-sign. With the additional terms of origination fees, involvement payments, tardily fees, collection fees, a night mark on your credit written report, together with likely a destroyed human relationship. When the master borrower defaults, you are on the hook, not just for the loan, but also for whatsoever tardily charges inward addition to collection fees that may select accrued.

If it’s a machine, the repo human volition sell it for inexpensive at auction as good as besides so sue yous for the divergence. There are no non-recourse auto loans. Meanwhile your credit testament alive trashed. Contracts don’t ever include find requirements for the secondary borrower, thus you may non l-l uncovering out close the lately payments until it’s inward collections.”

Linda: Wow.

Bob: So that’s a pretty goodness, pretty compelling controversy non to do it.

Linda: I’k non co-signing for whatever to a greater extent than of your loans. I don’t assistance what it is.

3. Stop Trying To Keep Up With The Joneses

Bob: Number 3 is to halt trying to conduct hold upward amongst the Jones’s. And for anyone who doesn’t know, keeping upward the Jones’s, I don’t know where this human face came from, do yous?

Linda: No, I but know Keeping Up amongst the Kardashians.

Bob: Basically, the thought is that you lot’re doing something that your neighbour is doing, other people are doing, just to sort of expire along touchstone with them. So they bought a novel machine thence I telephone telephone for to buy a new automobile. They bought the latest gadget or gizmo as well as thus as well as then yous sense similar you require to do the same affair.

Linda: Because yous tin meet everyone on the face upward of the ground. You receive got access to what everyone is doing with social media, amongst the mesh?

Bob: And it was never similar that before. In the history of the ground, really upwardly until social media, we were express to our localized region in addition to who we saw. And so truly the concluding 100 years, things pick out changed dramatically, but earlier that all yous knew what was going on inward your town. And thence peradventure your neighbor had something meliorate that you’re chasing, but instantly it’s like we’re all chasing everybody we visit all over the populace likewise it’s insane.

Linda: Yeah, I think I recall earlier you lot would kind of encounter celebrities together with alive similar, “Oh, they’re a celebrity, they give the axe do dah, dah, dah, dah, dah.” So, that was only variety of inwards a divide upwards category. But right away I sense like the playing state is leveled, because yous’re seeing people-

Bob: Because everybody’s a celebrity.

Linda: who are not celebrities doing the same affair the celebrities are doing, thence you lot think, “Oh, good I pick out to alive doing that likewise. I enquire to seem similar that. I demand to buy that. I require to have got got my menage that way.” These are the things I recall goodness-nigh plainly.

Bob: So in that location’s a maxim that talks virtually this. It’s Proverbs thirteen:vii, likewise it’s the Passion Translation ane fourth dimension more, it says i pretends to live rich, but it’s miserable besides the other pretends to live pitiable but is quite rich.

And there’s a little sub kind of thing here and it says, it’s never godly to be a phony. It’s always better to be who you are and avoid pretense. I love this, and it says there’s another who pretends to live poor is really quite rich. And thus this is the thought from the volume, The Millionaire Nextdoor, which I read many years ago, where it’s basically this thought that thence many of the wealthy people really don’t exhibit their wealth as well as they’re much to a greater extent than private shut it besides they drive older cars as good as you wouldn’t be able to tell because they’re non flashing all their coin trying to impress everybody, which is sort of confusing because a lot of us recollect that that’s what it way to be wealthy in add-on to that’s what you lot do because we run across some celebrities doing that or whatever, rap videos, similar that type of matter.

And the reality is that that’s non the way it has to live as well as truly shouldn’t alive. And I’one thousand non surely enough who said this, but somebody said so many people assay to purchase things to print people who they don’t even like. And I recall that’s what it is. A lot of the keeping upwards with the Jones’s affair, it’s similar we’re trying to impress people who nosotros don’t l-l really aid nigh, nosotros’re non 50-50 mayhap even friends amongst inwards some cases it’s precisely the someone across the street or somebody we’re next as good as social media too anyway, it makes no sense.

Influenza A virus subtype A Friendship Destroyed

Linda: You know what is true also? I had a friend years agone who I felt similar she was inward competition amongst me all the fourth dimension together with it was therefore bizarre because I was non. In my heed, I was not inwards whatever contender with her. She was clearly cooler. She clearly had to a greater extent coin than I did, you lot know what I call upwards upward? But for some reason every fourth dimension I would acquire around her, she would accept to demonstrate me all this materials that she got together with await at this, good this is nicer than what you guide. It was thence weird. I call upward she was like, my marriage ceremony ceremony band is bigger than yours, like form of did this whole affair too I exactly didn’t want to live around her.

It was hence true that it was similar she kind of destroyed that human relationship because she was basing it off of her existence amend than me. It was never genuinely a human relationship at all. It was non a friendship at all. So I hateful I phone telephone dorsum beingness on the receiving terminate of it, it’s just icky, but also I telephone call up upwards on her side, I wasn’t a existent friend to her ever because she wouldn’t allow me to be.

Bob: Yeah. All right, so those are our three money tips that we found in the Bible. I’d love to hear from you in the comments below what else you have found, share them down there. Hit the like button. Let us know if you enjoyed this and we’ll see you in the next video.