Personal Finance News Tuesday 2/5

Phil's Personal Finance Tip of the Day:

Money Tips From God

 

If God gave out advice about money would you listen? Here are a few ideas you may want to add to your tip sheet.

by Lynne Thompson/Focus on the Family

If God gave out financial advice, would you listen? After all, who better to predict market forecasts? Instructions on how to ride out a down market? Protect us from bad trades? Teach us how to best live in a bull market?

Fortunately, God offers a plethora of financial advice that extends beyond tomorrow's closing bell on Wall Street. His lessons are tucked away within the pages of Scripture. Here are few that you may want to add to your tip sheet.

• Prepare for leaner times. The poster child for this one is Joseph. Through God's revelations, he forecasted Egypt's deadly famine—seven years before it happened. Knowing that it's pretty much impossible to grow crops without rain, he persuaded Pharaoh to tell the Egyptians to, first, cut down on how much they ate, and second, build storage bins so they would have enough food.
  What is the modern-day application? Live modestly today in case of lean times ahead. Joseph understood this concept of going from feast to famine. In today's volatile economy, we'd all benefit from adopting this model.
• Seek financial advice. Proverbs 28:26 emphasizes the importance of surrounding yourself with wise counsel; a greedy spirit, after all, can cloud the vision of even the most level-headed investor. Remember Ananias and Sapphira in Acts 5? They relied on their own intuition instead of consulting other church members; then they fabricated a story about how much they really donated to the church. Consumed by their greedy impulses, God struck them down.
  When seeking financial advice, approach a friend, mentor or someone else you trust; ask them to help you answer these two questions, “Why would I not want to do this?” and “What is the worst thing that could happen?” When you and your advisor have anticipated possible outcomes—and have decided you can live with the risk—then you've made your financial decision intelligently.

To read the entire article from Lynne Thompson/Focus on the Family:
http://www.focusonthefamily.com/lifechallenges/managing_money/achieving_financial_harmony/money_tips_from_god.aspx

Inspirational Quotes@Inspire_Us from Twitter:

Your talent is God's gift to you. What you do with it is your gift back to God.

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com