I used to have a hard time-saving money. My business lived paycheck to paycheck, so whatever little was left over was definitely NOT going to a savings account. That didn’t make sense to me.
But after reading Secrets of the Millionaire Mind and another book called Profits First, my perspective on saving a change. Both books challenged me to save 10% of my money in a separate account that is in a different bank, making it difficult for me to access, even in the case of an emergency.
I started doing this and months later, looked at the account and was astonished to find I had accumulated a good amount of money. I didn’t even notice it because it was 10% at a time.
We Godpreneurs may want to earn a lot of money in our businesses, but not letting it slip through our fingers and making it grow is a totally different subject. The bible says in Proverbs 21:20 ESV, “Precious treasure and oil are in a wise man’s dwelling, but a foolish man devours it.”
When dealing with money, the author of Secrets of the Millionaire Mind (and all Christian-based financial programs) stress that dealing with money is a discipline we must exercise and that managing money correctly (and not letting it manage us) is very important if we want to get out of debt and achieve wealth and prosperity.
We can’t just think that making more sales in our business will make us rich. Remember Proverbs 13:11 ESV says “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” How we handle that sudden burst of money is what will determine if we’re rich. Will we spend it? Will we save it? Will we invest it? Will we squander it? Will we lend it? Will we give it?
Being rich isn’t as important as being wealthy, and wealth is determined by our net worth. This is all of our assets minus all of our debts. Wealthy people have more savings and investments gains than they do debt (liabilities). And because they have more money than what they owe, they can now make investments and give more to charities (storing treasures in heaven) with an eye on their financial and spiritual future.
The bible says in Matthew 6:19-21 ESV
Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also.
We can store up treasures in heaven 2 ways
- We can build wealth here for our family’s future generations to come (savings, investments, stocks, trust accounts)
- We can use our wealth to help the church and the poor
But to do this, we must be able to be trusted with more by God. Rich people can be trusted with more because they keep an overview of long-term financial plans (storing treasures) and are able to bring in money, make sober-minded purchasing decisions, and save money.
STRATEGIES FOR HANDLING & MAKING MONEY FOR CHRISTIAN ENTREPRENEURS
Get an Advisor
If you need a financial advisor or planner, there are many Primerica representatives in the Christian community that will help you in the process. Just Google “Primerica” in your area.
Get Passive Income
You need a way in which money is coming in without working. For example, investing in the stock market or in mutual funds returns the money without you working. You simply leave it there, and every year it returns a dividend.
You can also write a book and sell it on Amazon.com through www.createspace.com, and it’s totally free!
Don’t hide your money where moths can get to it (Matthew 6:19-21). You need to put that money to work for you. It can be real estate, a promising business idea, or other ways. There’s a lot of ways to make money grow.
Spit Your Income Into Accounts
I learned this tactic from the book Profits First and from Secrets of the Millionaire Mind. You do the following:
- Split up your income into different bank accounts!
- Set aside 50 percent for overhead costs
- Put 10 percent of every dollar you earn into an account strictly reserved for capital investments or other investments with passive income flows.
- Put 10 percent into a pleasure account so you can do something nice for yourself and feel like a millionaire – like going to an exclusive restaurant and ordering the most expensive thing on the menu.
- Save 10 percent of your money
- Give 10 percent of your money (tithe)
- Put 10 percent into an education account (to pay for things like www.godpreneuracademy.com – shameless plug!)
Keep Costs of Living Down
The bible says in 1 John 2:16, “For all that is in the world—the desires of the flesh and the desires of the eyes and pride in possessions—is not from the Father but is from the world.”
As Godpreneurs, it’s important that we be more excited about saving money than spending money. We can’t splurge on expensive dinners and cars, we’ll never be rich that way. A man without self-control is like a city broken into and left without walls (Proverbs 25:28 ESV).
Godpreneur Rule: Godpreneurs think long-term and are willing to forgo immediate gratification to become millionaires.