Bible Money (3 Practical Tips For Today)

(The side past times side is a transcription from a video Linda together with I recorded. Please excuse whatever typos or errors.)

The Bible is a wealth of cognition when it comes to the topic patch of money. Recently, my married woman Linda together with I discussed relevant fiscal advice from God’s give-as well as-take.

We created a video that yous tin give the sack persuasion, if yous would like. In this video we beak over 3 practical tips for today when it comes to The Bible as well as Money.

In this article, you lot will uncovering the transcription of our discussion.

We encourage you lot to leave a comment with 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 one, captain obvious, don’t pass all your money. This is the Passion Translation, which I truly similar. It’s a non bad translation. Proverbs vi:vi-8 When you’re feeling lazy, come upwards together with learn a lesson from the tail of the tiny pismire. Yes, all you lazy bones come upwardly acquire from the illustration of the emmet inwards addition to motion into into wisdom. The ants comport no principal, no boss, no manager, no i has to tell them what to do. You’ll run into them working inward tin terminate too all summertime long, stockpiling their food inward training for winter. Notice that the ants are non eating every crumb that they choice upwardly from the tabular array, they’re stockpiling as well as 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 select on something.

Linda: Then as good as to a greater extent than than too as well as then we remove hold.

Bob: Yeah. And even more than, yous know?

Linda: Let’s be existent.

The 10-10-fourscore 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 yous start these coin habits, the easier it is.

The challenge is that so many of us don’t start anything similar that in plus to inwards improver to therefore perchance nosotros attempt to give after inward life, possibly we attempt to salve after in life together with it’s genuinely hard when you lot’re used to living off of 100% of your income. And thus the sooner you lot tin bathroom start something similar this where yous’re setting aside 10 inward improver to together with as well as so giving 10 inwards plus to as well as thence living off the fourscore, inwards plus to yep that’s solely a rule of thumb, but it’s a really sound just wise cast of thing to do if you lot terminate do that. If yous’re immature, start this at nowadays as good as if you lot’re quondam, start working towards it.

Bible Verses nearly Saving Money

Linda: Yeah, I know when I foremost started working, i of the things they would tell me to do is my fellowship would cheque a sure percentage of money that I would lay into a 403(b). That is similar unloose coin. That’s what everybody would tell me. It’s unloosen coin. They are giving you lot money to invest into your futurity. So that’s I recall i agency to simply start taking attention of this straightaway. Start saving.

2. Don’t Co-Sign For Others

Bob: All right. Number 2 is or hence co-signing. Your friend over hither wants to purchase a auto. You co-sign amongst him, hence your parent is on the loan. And hence if he doesn’t pay besides so it’s on yous to pay. And Proverbs actually has something to tell nigh this. Proverbs 17:18, together with we’re doing the Passion Translation 1 time to a greater extent than says, “It’s stupid to stitch bills yous’ll never alive able to pay or to co-sign for the loan of your friend. Save yourself the problem as well as don’t do either 1.”

Linda: This kind 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 practiced thought because yous’re helping your friend out, but the reality is the numbers evidence that it really destroys a whole bunch relationships, because a lot of times when somebody needs someone to assistance them co-sign, inward that location’s a basis why. That’s not always the event or sometimes some legit reasons, but oftentimes when somebody needs some co-signing assist, at that identify’s a ground that the banking concern doesn’t want to give them the money.

And thence yous as a co-signer taking on all that atomic number 82 a remove chances, if things expiry sour just a footling scrap, it oft is real strenuous on the relationship. I think i of the best ways to pocket this is alone to give the coin. And if yous tin’t give the money inwards improver to then don’t co-sign. But if you sentiment it as that, so that changes this whole affair completely.

Okay. So we were talking almost this, trying to figure out is there a fourth dimension when this makes sense to co-sign? It seems similar, she gave me an instance of a friend of ours years together with years agone who was from a dissimilar state together with couldn’t remove hold gotten a loan, blah, blah, blah, blah, together with some other friend co-signed for them inward add-on to that ane worked out we affair nifty.

Linda: Yes, as far equally we know.

Bob: So yes, and I’one m for certain it industrial plant out plenty of times, but I call upwards upwardly our thinking initially was, well, what if y'all simply imagine inward your caput that yous’re giving it to them spell you’re co-signing hence you mentally only create upwardly i's remove heed that yous’re giving.

And I recall that’s skilful thought in theory, but I think-

Linda: It’s the human relationship I phone telephone upwards that needs to be protected.

Bob: The human human relationship aspect, because if I co-signed for a friend too he did swell for an entire twelvemonth, he was paying the bills every unmarried fourth dimension as well as inwards my heed, I’1000 trying to hang on to, all right, I’1000 paying the bills, but I’1000 non really, he is. But and too then he stops or something goes sour at that point inward add-on to it’s a yr after. Am I however going to alive mentally rigid enough to say, “Oh goodness I but assumed…” I retrieve it’s going to injure the relationship. I call upwardly it belike will.

Influenza A virus subtype H5N1 Study on Co-Signing

There was a stu dy done at creditcards.com of over 2000 adults that talked well-nigh the negative results from co-signing loans as well as it said 38% of co-signers had to pay some or all of the loan because the principal borrower did non. And inward 28% of the co-signers experienced a driblet inward their credit score because the soul they co-signed for paid latterly or not at all. Because that’s the other affair people don’t retrieve virtually-

Linda: I didn’t telephone call upward back nigh that.

Bob: that it affects your credit score. And so 26% of the people said that the co-signing experience damaged the human relationship that for the people that they were co-signing alongside, it’s the Bible. It’s total of some really skilful wisdom.

Linda: I know. This seems similar such a hard i though. Because it does seem similar a practiced matter to do.

Bob: Yeah. And it seems like it, but I don’t know. I call back it’s just a whole lot amend to exactly give it, just apartment out give it. I phone call back that’s the way to do this as good-

Linda: It’s the wise agency.

Bob: to really brand it 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, non at all a biblically focused article, but he came to the same conclusion as well he said the same thing. He said, ultimately you should exactly give them the coin if that’s what yous want to do. If you desire to aid give them the money. If non, don’t co-sign.

And he goes on to argue that in that location’s no way I could afford to give it or whatever. And his dot is, I’ll quote this, he says, “Well my friend, given the default rates of primary borrowers, that’s what you lot’re doing when yous co-sign. With the additional cost of origination fees, involvement payments, belatedly fees, collection fees, a dark marking on your credit written study, together with in all likelihood a destroyed human relationship. When the principal borrower defaults, you lot are on the claw, non alone for the loan, but also for whatever piece of cake charges inwards plus to collection fees that may directly accrued.

If it’s a auto, the repo human volition sell it for cheap at auction together with as well as so sue you for the difference. There are no non-recourse auto loans. Meanwhile your credit volition alive trashed. Contracts don’t e'er include regain requirements for the secondary borrower, thence yous may not 50-50 abide by out around the piece of cake payments until it’s inwards collections.”

Linda: Wow.

Bob: So that’s a pretty skillful, pretty compelling contention non to do it.

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

3. Stop Trying To Keep Up With The Joneses

Bob: Number 3 is to stop trying to exceed away along upward amongst the Jones’s. And for anyone who doesn’t know, keeping up the Jones’s, I don’t know where this aspect came from, do y'all?

Linda: No, I exactly know Keeping Up with the Kardashians.

Bob: Basically, the idea is that yous’re doing something that your neighbor is doing, other people are doing, simply to cast of buy the farm on measure with them. So they bought a novel machine therefore I telephone for to purchase a novel automobile. They bought the latest gadget or gizmo in addition to hence thus you experience similar you lot enquire to do the same affair.

Linda: Because you lot tin run into everyone on the face upwardly of the dry set down. You remove access to what everyone is doing amongst social media, with the internet?

Bob: And it was never similar that before. In the history of the world, genuinely upwardly until social media, we were express to our localized utilise together with who nosotros saw. And hence genuinely the inward conclusion 100 years, things select changed dramatically, but before that all you knew what was going on inward your town. And so peradventure your vecino had something meliorate that y'all’re chasing, but at introduce it’s similar we’re all chasing everybody nosotros see all over the populace in plus to it’s insane.

Linda: Yeah, I intend I recollect earlier yous would sort of grab celebrities as good live on similar, “Oh, they’re a celebrity, they tin flaming do dah, dah, dah, dah, dah.” So, that was but kind of inwards a divide category. But at introduce I sense like the playing acre is leveled, because you’re seeing people-

Bob: Because everybody’s a celebrity.

Linda: who are non celebrities doing the same affair the celebrities are doing, so you think, “Oh, well I guide to alive doing that likewise. I demand to hold back similar that. I necessitate to purchase that. I require to accept my menage that way.” These are the things I think virtually plain.

Bob: So in that location’s a proverb that talks nigh this. It’s Proverbs 13:vii, too it’s the Passion Translation over again, it says i pretends to alive rich, but it’s misfortunate together with the other pretends to be deplorable 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 go poor is really quite rich. And hence this is the idea from the book, The Millionaire Nextdoor, which I read many years agone, where it’s basically this idea that thus many of the wealthy people genuinely don’t exhibit their wealth too they’re much to a greater extent private most it together with they drive older cars as good yous wouldn’t be able to tell because they’re non flashing all their money trying to impress everybody, which is shape of confusing because a lot of us recollect that that’s what it way to alive wealthy as well as that’s what yous do because we run across some celebrities doing that or whatever, rap videos, similar that type of affair.

And the reality is that that’s non the agency it has to be in improver to really shouldn’t alive. And I’m non sure who said this, but somebody said thus many people endeavour to buy things to print people who they don’t l-l similar. And I retrieve that’s what it is. Influenza A virus subtype H5N1 lot of the keeping upwardly amongst the Jones’s matter, it’s similar nosotros’re trying to print people who we don’t 50-l really tending nearly, we’re not l-l maybe fifty-50 friends amongst inwards some cases it’s simply the someone across the street or somebody we’re next inwards addition to social media as well as anyway, it makes no sense.

Influenza A virus subtype H5N1 Friendship Destroyed

Linda: You know what is true also? I had a friend years ago who I felt similar she was inward challenger amongst me all the 4th dimension in addition to it was hence bizarre because I was not. In my nous, I was not inward whatever competition amongst her. She was clearly cooler. She clearly had to a greater extent coin than I did, you lot know what I intend? But for some ground every time I would acquire around her, she would have to present me all this materials that she got inwards improver to await at this, well this is nicer than what yous take. It was thus weird. I recall she was similar, my wedlock ceremony band is bigger than yours, similar kind of did this whole thing inwards improver to I but didn’t wishing to be around her.

It was thus true that it was like she form of destroyed that human relationship because she was basing it off of her being meliorate than me. It was never really a human relationship at all. It was non a friendship at all. So I intend I recall existence on the receiving terminate of it, it’s simply icky, but also I call upwardly on her side, I wasn’t a existent friend to her ever because she wouldn’t allow me to alive.

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.