Thots For Life
September, 2002
Is There Ever Enough Money?
Habit Five of Successful Living:
Investing Your Money: Would More Really Be Enough?
Why is it that we never seem to have enough money? Bankruptcies are at an all time high. It is not just among low or mid income families. A February 24
th article in People Magazine listed several entertainment millionaires that recently filed for bankruptcy. Could it be that it is not the amount of money that we have, but rather the way we manage it that determines our success? Look at what God=s Word says about how to manage your money.
The Joseph Principle
In Genesis 30-50, there is the story of Joseph. Hidden away in this story is a great financial principle first taught to me by my father, Bass Redd. He called it the Joseph Principle. In Genesis 41, Pharaoh, the ruler had a dream which Joseph interpreted. The interpretation of the dream that there was going to be seven years of agricultural abundance followed by seven years of famine in the land. He then suggested that they store one-fifth (20%) during the seven years of plenty to be used during the seven years of famine. My father adapted Joseph=s saving strategy to the Joseph Principle. How is this translated to today=s finances?
Three Steps of the Joseph Principle
First, Give God the first ten percent.
For the Christian, this really is a command from God. God realizes that what we do with our money indicates what our life priorities are. "Honor the LORD with your wealth, with the firstfruits of all your crops; 10 then your barns will be filled to overflowing, and your vats will brim over with new wine." (Proverbs 3:9-10 NIV) "For where your treasure is, there your heart will be also." (Matthew 6:21 NIV)
Second, Save the next twenty-percent.
You can save money in a variety of ways. Savings accounts, Stocks, Bonds, Mutual Funds, I.R.A=s, any number of investments opportunities are there. Study each one carefully before investing. "The wise man saves for the future, but the foolish man spends whatever he gets." Proverbs 21:20
Third, Live on the remaining seventy-percent.
This is for living expenses, cars, house, food, entertainment, etc. "But if we have food and clothing, we will be content with that." (1 Timothy 6:8 NIV)
The Joseph Principle is a great standard for which to strive. It can make a difference in your finances at home, as well as serve as a great pattern with which to operate a business.
When you control your money, it will not control you!