“Train up a child in the way he should go; even when he is old he will not depart from it.” We all want our kids to become wise stewards of God’s resources. Younger generations need training to do that. Rob gives you some lessons for young adults.
We all want our kids to mature and become wise stewards of God’s resources. Younger generations need training to do that. We’ll give you some lessons for young adults today on Faith and Finance.
Some of the lessons we’ll talk about can be taught to younger children, but by the time they’re adults, they should have all of these down pat. It’s sometimes too early, but never too late to teach your children how to manage money wisely.
So today we want to focus on teaching your older kids who are in, or nearing, adulthood because they may have missed a lesson along the way.
This is especially important because a recent financial literacy survey by the TIAA Institute found that Americans aged 18 to 29 scored the lowest of any age group. Only about 40% of these young adults answered money-related questions correctly.
That’s disturbing, but your family doesn’t have to be part of that statistic if you pass along several important lessons.
Two of the most important are, first, that God owns everything, including ourselves. Psalm 24:1 reads, “The earth is the Lord's and the fullness thereof, the world and those who dwell therein.”
And second, God is our Provider. Everything we have is a gift from Him, including and especially, our salvation. James 1:17 tells us, “Every good gift and every perfect gift is from above, coming down from the Father of lights.”
Grasping those two truths will enable your child to trust in God to provide and to give cheerfully out of gratitude. More on that in a minute.
Now some lessons about managing money wisely.
MANAGING MONEY WISELY
THE VALUE OF WORK: Teach your kids the value of work, whether that’s studying for school or earning money on a job.
Work is not punishment. It was ordained by God before the Fall. Genesis 2:15 reads, “The Lord God placed the man in the Garden of Eden as its gardener, to tend and care for it.”
You never want to express the idea that work is punishment, but rather as an opportunity, given by God, to earn money. Children who’ve reached adulthood and are not still in school should work outside the home and contribute to household expenses. You probably aren’t helping them by allowing them to live at home and not contribute.
Remind them that all work has value and is profitable, that God is their real boss, and that they should always conduct themselves in ways that honor the Lord.
BUDGETING: The next lesson they need to learn is that living on a budget is essential for wise money management. Everyone needs to budget and the less money you make, the more important it is to have a spending plan.
Young adults should have zero trouble downloading the FaithFi app to help them set up a spending plan. They can just look for FaithFi in their app store.
SAVE: The next lesson is to A.B.S. — Always Be Saving. A budget will help your young adult cut expenses, or maybe increase income, so there’s something left over each month. If he or she can’t learn to live on less than they make, they’ll always be in debt, which is our next lesson.
AVOID DEBT: Teach them that debt is not a sin, but that Proverbs 22:7 teaches that, “ … the borrower is slave to the lender.” This lesson should not be limited to credit cards. Student loans are a huge problem for young adults entering the workforce. They need to borrow as little as possible for college.
Living beyond one’s means and running up debt is “presuming on the future,” that you’ll have enough money later to pay it off. But Proverbs 19:21 warns, “Many are the plans in the mind of a man, but it is the purpose of the Lord that will stand.” Debt may also be a sign that one is discontent with God’s provision and is ungrateful … but Philippians 4:19 reads, “My God will supply every need of yours according to his riches in glory in Christ Jesus.”
GIVING: Our last lesson for young adults, but certainly not least, is about giving. They may be just entering or new to the workforce and struggling financially. We get that, but generosity is an essential part of Christian life and can’t be ignored.
Encourage your young adult to be a percentage giver to his or her local church. Giving is an act of worship and as Jesus said, it’s better to give than to receive. Giving with an open hand breaks the power that money has over us and strengthens our relationship with Jesus.
Young adults should learn to give cheerfully out of gratitude for already receiving the gift of salvation through Christ’s work on the Cross. There’s nothing more valuable than that.
On this program, Rob also answers listener questions:
What does the Bible say about tithing?
When is okay for a Christian to consider bankruptcy?
Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and even download the free FaithFi app.
