Saving vs. Earning — Talking about Finances from the Bible
“A penny saved is a penny earned!” said Benjamin Franklin in his book, Poor Richard’s Almanack. It’s basically the savers’ mantra. This strategy would have worked in the 1700s but in the advent of the 21st century, people might want to rethink the application of this witty advice. Of course, we’re not saying that saving money is wrong or not applicable in this era anymore, especially in this pandemic. We just worry that some people might take it literally, a little bit too much. So that’s why in Greatway, we are here to help!
“A good person leaves inheritance for their children’s children…”
Proverbs 13:22 NIV
Nowadays, you can see a lot of books, podcasts, YouTube videos, courses, and finance gurus trying to teach people the value of earning and/or how to earn from your savings. At Greatway, we want to introduce to you the Greater Way! Hopefully after reading this article, you will learn how an effective strategy can help you and your family create not only a good retirement for your immediate future but also generational wealth to be passed on.
“A good person leaves inheritance for their children’s children.” (Proverbs 13:22 NIV) The Bible is always seen as only a guide to spirituality. Not a lot of people realize that you can also use it as a guide to prosperity. Greatway’s CEO and Lead Mentor, Marlon Antonio, always teaches us that Greatway’s Philosophy is all about Biblical Financial Planning. There’s already a lot of books about using the Bible as basis for creating wealth, namely: The Richest Man in Babylon, The Greatest Salesman in the World, Business Secrets from the Bible, The Richest Man Who Ever Lived, and if you just want to use the Bible, you can turn the page to the Proverbs. These are just to name a few and if you are looking for more books not only about finance but also personal development, you can always go to our Think Good, Read Good curated list.
First, let’s talk about saving. Saving is essential for any kind of preparation. The ants learned that if they work hard in the summer and save up food, they will have food all winter and survive. Typically, we save money to survive. When our income is good, we should do our best to save a good percentage of our earnings to survive downtimes in our economy. It also helps us prepare for other unexpected hardships like suddenly falling sick, losing a job, or simply a broken car.
Saving is an act of preserving. If you preserve food, however good you are at it, it will eventually spoil. The same goes for money- sadly, even if we make it out of non-perishable things. This is the other danger of just saving. It is the looming effects of inflation which is another inevitability. Over the years, the cost of goods is just increasing while wages and most income sources, not so much. Even tuition fees and ways to learn how to earn more income is slowly creeping up in price. We need to realize that this is beyond our control, and we just must plan accordingly to prepare for this inevitability.
Saving is essential for any kind of preparation.
Saving is an act of preserving.
Saving is fundamental. Every solid financial plan starts with saving and saving consistently. Without this skill and/or habit, most strategies are moot. However, saving is just not enough, especially in this current economy to thrive, let alone survive. This lesson can be learned in the Parable of the Talents (Matthew 25:14–30 ESV) from the Bible once again. The last servant who just buried or saved his money to just give it back, lost everything because he didn’t do anything with it. The first two servants, however, were given more of what they earned and given more responsibility because of they have shown not only their ingenuity but also their loyalty. “For to everyone who has will more be given, and he will have an abundance. But from the one who has not, even what he has will be taken away.” (Matthew 25:29 ESV) Marlon always taught us that understanding this passage is the key to prosperity.
Once you have mastered the art of saving, you got to make sure that what you saved is earning. Here at Greatway, that’s what we do: make sure that your money is working hard to earn for you! Over the last 10 years, we strived to share the financial teachings from the Bible to everyone so that we can apply it in today’s economy.
But before that, let’s talk about earning. Earning can take on many forms. The most common type of earning is in the form of wages or salaries given by a job position. Other types of earning include commissions, if you are a contract worker or in a commission-based business, rental income, from rental properties and/or assets, and profits, from sales or service provided. There are also royalties, dividends, capital gains, etc. What we want to focus on today is the income you can passively earn from saving using passive investments.
Once you have mastered the art of saving,
you got to make sure that what you saved is earning.
Earning, fundamentally, is saving on steroids. Investing and earning basically go hand in hand. When we start our professional lives, usually, we invest most of our time from age 5 until 15, or the age when we can legally work. Some people don’t start working till they graduate college or university at age 22 to 25. So first, we invest time to get more money an most of us invest a lot more time before we enter the workforce. Some people even go further just to secure a possibility for more income and study till they have degrees.
Getting a job is not normally viewed this way but we are basically not only investing our time to get good jobs but also risking that very time we invested. Earning is Investing and Investing proposes some degree of Risking. So, at first, we invest and risk our time. Then, with whatever we decide to invest our earned income, we risk it to have more income. Everything is really a risk if you take a good hard look at it. Like what Jim Rohn, one of the most influential and motivational speakers about success and self-actualization, said, “Life’s a risk. Do you want to know how risky life is? No one gets out alive!” So, living really is a risk. The greatest risk of all is not taking risk at all because if you don’t take the risk, someone will take it for you. Then, who will get the reward? This is one of the things that we teach, how you can effectively manage risk so that you can take advantage of the rewards. Why do we need to do this? Because we need to plan ahead and be prepared for the inevitabilities as well as the surprises in life. Again, we can find some wisdom in the Bible on why we do this, “A wise man thinks ahead; a fool doesn’t and even brags about it!” (Proverbs 13:16 TLB)
Earning is the act of creating something of value to others. Earning can take many forms. Earning can be another way of serving.
But why? Why do we actually risk all our time and even our hard-earned money that we got from investing our time? Is it just to get rich? Is it just to get ahead? Would you agree that it’s not? In the Bible it says, “For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.” (1 Timothy 6:10 NLT) This is also what we say when we teach about Biblical Financial Planning. If we examine ourselves ultimately, we want to earn more to help. First, we want to help ourselves, to achieve our personal goals and be able to spend our time however we want. Second, we want to help our families, so that they can enjoy a lifestyle that we want for them and be able to spend more time with them. Third, we want to help others, so that it can raise the overall happiness of our environment. It is also to make that lifestyle a norm so that we can enjoy life without worry of being ridiculed.
Another book called The Go-giver, talks about this further. They say that we work hard first to survive, to afford the basic needs of a man. Then, we save, so that we can have no worry in the future. Once we have that security, we then, serve. We help others get what they deserve in life, so we become happier as a collective and enjoy our time here on Earth better. This again, can be learned from the Bible. “Teach those who are rich in this world not to be proud and not to trust in their money, which is so unreliable. Their trust should be in God, who richly gives us all we need for our enjoyment. Tell them to use their money to do good. They should be rich in good works and generous to those in need, always being ready to share with others. By doing this they will be storing up their treasure as a good foundation for the future so that they may experience true life.” (1 Timothy 6:17–19 NLT) All we need to do know is find something that can allow us to do this easily and effectively.
Earning is the act of creating. It is the act of creating a means for you to help, yourself, your family and then others. All our blessings, all the things we created, are creating and will create are given by God. We need to realize this as Marlon will say you can find it in the Bible, “Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much. So, if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? And if you have not been trustworthy with someone else’s property, who will give you property of your own?” (Luke 16:10–12 NIV) This passage teaches us that we need to do build on however little we have so that we can be trusted for a much larger wealth. If we have more wealth, then we can help more. This is further emphasized by another verse, “And God will generously provide all you need. Then you will always have everything you need and plenty left over to share with others.” (2 Corinthians 9:8 NLT)
The three stages in our financial lives:
Work to Survive, Save for our Families, Serve so others can also enjoy Life
What if there is a financial tool or strategy that gives you a great retirement, depending on your goals? Some protection if you get sick or get into an accident and couldn’t work right away, and ultimately provide you with a solid income after you retire or even when you are forced to retire? There are three risks in life: Mortality, the inevitability that we might die anytime, Morbidity, the off chance that we might get sick and/or get into an accident which prevents us from earning a decent income and, Longevity, the very likely chance, because of medical advances today, that we live longer the normal lifespan of humans today. The very first plan that we introduce to individuals and families employs a strategy where you put some money from your income, something that you can afford and not affect your quality of life drastically, and make sure that that money earns a substantial, arguably exponential growth to cover all the things unexpected and inevitable and still have enough to pass on wealth that will last generations.
With this strategy that our 3000+ advisors are introducing to families all over Canada, we have proven how a simple thing like saving can help individuals have a great retirement using passive investments. It is also a strategy where they can actually enjoy the things that they are longing to do and pass on wealth to their children and children’s children. Moreover, if the inevitable happens or if life decides to throw you a curveball, our plan can still protect your family’s lifestyle. You don’t have to worry about them financially so you can focus on your recovery and spend more time for them.
Our mission is to provide Canadian families with the tools and moreover the education to be able to carry out their missions in life. We are here ultimately to make it so that it’s easier for individuals to chase their dreams, reach their goals for their professional lives, for their families, for their personal achievement. Whatever the universe called us to do, we want to be the agents that help you realize that. Passive investments is just one of the things that we are confident that will get you to that dream, whatever that is.
“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.’”
Jeremiah 29:11 NIV
Then, Marlon asks, “Do you believe that God wants us to be prosperous? To live our lives without worry?” This is how our CEO usually ends his teachings when talking about Bible and Prosperity. “It goes back again to the Bible,” he says. “If they listen and obey God, they will be blessed with prosperity throughout their lives. All their years will be pleasant.” (Job 36:11 NLT) “This is our passion, our mission, and with you, we hope that this will be the reality for all, soon.”