Nine Strategies for Biblical Wealth Management
Over the next few weeks we will be looking at 9 strategies that can be applied to successful Biblical Wealth Management. They are:
1. Discovering Your purpose for Biblical Wealth Management
2. Cash Flow Discovery and Management that honors God
3. Wise Risk Management
4. Estate Planning that incorporates caring for your loved ones and others
5. Investing and Asset Allocation that uses Biblical principles
6. Setting up a Retirement Income Strategy that will last throughout you and your
spouse’s lifetime
7. Wise Tax Planning Strategies that are legal and ethical
8. Philanthropic Planning and Giving that creates a lasting legacy
9. Seeking Non-Proprietary, Fee-Based Biblical council.
“In all labor there is profit, but mere talk leads only to poverty. The crown of the wise is their riches, but the folly of fools is foolishness” Proverbs 14:23-24
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Today let’s look at the first strategy: Discovering Your Purpose for Biblical Wealth Management (Why are you here and how does this affect your wealth?)
Jeremiah 29:11 (New International Version) For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future.
Before wealth can be managed properly you must first identify the core values and priorities by which you will steer all areas of your life, including your finances. What drives you? What principles guide your decisions? What do you ultimately want to achieve with the life that God has given you? What’s your mission in life; your vision for the future? These are just a few of the questions you will answer as part of the process of discovering your purpose. I believe those who take the time to discover their purpose will reap eternal, spiritual and financial rewards because you will lay out a life roadmap to follow.
By completing a series of exercises you can identify the priorities that are a result of your core values. You can discover your purpose, your purpose for Biblical Wealth Management, by examining these values. These exercises will take you through the process of discovery and action planning. Once you complete the exercises, you’ll have a personalized design to guide you through fulfilling all your God given dreams. Your enthusiasm and motivation will increase dramatically because you’ll now have a clear picture of what you should focus on—goals God has given you through prayer that He wants you to accomplish.
Here are the five exercises that will help you Discover your Purpose for Biblical Wealth Management:
1. Identifying what you value most in life. Things like a personal relationship with Jesus Christ, your spouse and family members, a healthy body, your church and/or other non-profit organization(s), the financial freedom to go where and when you are called to go, etc. This is a critical step because it will become the building block for the next four steps.
2. Explore what your meaningful purpose is in life. Knowing your purpose fuels your passion and commitment and gives meaning to your life.
3. Design a compelling vision for your future. This is a vivid representation of your life that results from being true to your purpose. It envisions such things as: your living and work environment, the people you want to surround yourself with, how you want to spend your time, and what you want to accomplish in your personal and professional life.
4. Create a personal mission statement (and for some, a professional mission statement) which will be your roadmap to guide you toward your vision in your daily life.
5. Set 1, 3, 5 and 10 year goals and create an action plan that will help you implement your mission, live your values, and move toward achieving your vision.
By completing these exercises and internalizing their meaning, you’ll have a renewed enthusiasm for living your life by design, God’s design.
Once you have discovered your purpose for Biblical Wealth Management, you can build on this foundation for the other eight strategies. Next week I will talk about the importance of Cash Flow Discovery and Management as the second building block of NINE STRATEGIES FOR BIBLICAL WEALTH MANAGEMENT.
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Bob Barber is the President of the National Association of Christian Financial Consultants (NACFC).
