Money
Money Tip - Diversification
Ecclesiastes 11:2 “Divide your portion to seven, or even eight for you do not know what misfortune may occur on the earth.” There is no investment without risk, and scripture ’t recommend any specific investments. Money can be lost on any investment. The perfect investment doesn’t exist. We need to diversify.
Here are some recommendations on what you should be doing.
Step 1: Save $1,000 for emergencies. Proverbs 21:20 TLB “The wise man save for the future, but the foolish man spends whatever he gets.”
Step 2: Pay off credit cards, increase savings to one month’s living expenses. Proverbs 22:7 NIV “The borrower is servant to the lender.”
Step 3: Pay off all consumer debt (auto, furniture, student loans, etc. –everything except home mortgage), increase savings to three month’s living expenses. Romans 13:8 AMP “Keep out of debt and owe no man anything.”
Step 4: Save for major purchases, develop your business or vocational skills. Proverbs 24:27 LB “Develop your business first before building your house.”
Step 5: Buy an affordable home and begin investing. Proverbs 21:5 TLB “Steady plodding brings prosperity.”
Step 6: Diversify your investments into many categories, not just stocks and bonds but real estate, precious metals, government notes, commodities, annuities, a new idea for product or service. Ecclesiastes 5:13 TLB “Savings are put into risky investments that turn sour…The man who speculates is soon back to where he began –with nothing.” You are less likely to lose everything if all your eggs are not in one basket.
If you would like to meet with someone to walk with you through the steps of establishing your financial house properly, we have a team of Personal Money Coaches whom have been trained to help you develop a plan and make proper choices in your journey to financial freedom. The program is confidential. The coaches cannot sell you anything. They are there to serve you. Please contact Ty Dye at 360-721-3776 to co-ordinate your Personal Money Coach Program.
Money Tip - Put the Lord First.
Download a sample spending plan Financial House 12.08.xls (33kb)
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