At Hillsong Conference 2018, the Business Leader and Coach Amanda Tay talked about a significant conversation with her colleague about “Wealth Creation”.
Wisdom is not found in how much money you have but your attitude toward the way it is acquired and by the way it is used. God is not calling us to be rich but to steward what we have been given. He is not calling us to wealth but to faithfulness. The world is crying out for our generosity and we have been given financial seeds to grow with wisdom which will help our world of need.
Below are three basic stewardship principles to help us be faithful with what we have been given.
Stewardship Principle 1 : Budget
- Set financial goals – This can be as simple as pay off my credit card to a robust retirement goal. Just get started.
- List your incomings and outgoings in order of priority – Take a good look through your statements as you may be surprised at how much you actually spend.
- Pay off debt – Every little bit makes a difference and can save thousands in interest. Use a free debt calculator to show you how much interest you will save by paying down your loan quicker. It will shock you.
Stewardship Principle 2 : Savings
- Work towards having three month of salary saved up – This is minimum recommended amount to avoid financial hardship if an unexpected event occurs and to avoid getting yourself into a credit trap.
Stewardship Principle 3 : Investment
You will never build wealth with cash. When you subtract interest earned from increasing inflation you will generally be going backwards in real terms. A robust budget and having savings for a rainy day are the foundations to a sound investment strategy.
- Get Educated
- Know the true costs attached to any strategy
- Be cautious in going too fast