Saturday, April 13, 2013

Biblical Economics

Here we are, continuing our series on The Book That Transforms Nations by Loren Cunningham. For a summary of what we have already talked about take a look at my last post. After moving from family, to church, to government we are on to the economy. A part of transforming a nation is bringing Biblical principles into the economy, into the way the nation handles finances. Money is a touchy subject with people and many people don't realize how much the Bible has to say about this subject. If you are one who has never looked to the Bible for financial advice you should check out this post 250 Verses About Money.

It's hard to imagine having the ability to change an entire nation's economy. We all know how we are in a recession, and we know how much debt our nation is in. According to the U.S. National Debt Clock we are well on our way to approaching 17 trillion dollars in debt. So the question is: What part can I play in turning our economy around? Of course we can advocate for more responsible decisions from our politicians and we can make educated decisions in voting but sometimes it feels like there is nothing that we can actually do, especially between election years. However, there is one thing that all of us can do. Each one of us can make the decision to revolutionize our own finances.

There are many programs, classes, and books out there meant to help individuals and families to get their finances in control but the class that my wife and I took is Financial Peace University by Dave Ramsey. If you find yourself sinking in debt and barely making it to each paycheck it might be worth it for you to find one of these classes but here are the basic principles, all taken directly from the Bible:

Dave Ramsey's success is based on what he calls baby steps. The principle is that we take little steps towards financial peace, take it slow and steady. The baby steps are as follows:

Baby Step #1: Build an emergency fund of $1000

Baby Step #2: Pay off all debt except your house

Baby Step #3: Continue building the emergency fund to 3-6 months of income

Baby Step #4: Invest 15% of income for retirement

Baby Step #5: Start college funds for your children

Baby Step #6: Pay off home early

Baby Step #7: Build wealth and give!

The idea is that you have a budget and you stick to it, and every extra dollar that comes in goes toward the step that you are on. So get started doing your part to revolutionize the economy, revolutionize your finances. As Dave says "Live like no one else today, so that tomorrow you can live like no one else!"

1 comment:

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