The Bible’s Financial Wisdom With Sharon Epps | FaithFi
January 24, 2024
The Bible’s Financial Wisdom With Sharon Epps
Faith & Finance with Rob West
You may have heard us say that the Bible has more than 2300 verses related to money and possessions. Sharon Epps joins us today for a fascinating discussion on the depth and breadth of financial wisdom found in God’s Word.
“For the Lord gives wisdom; from his mouth come knowledge and understanding.” Proverbs 2:6
Sharon Epps is the president of Kingdom Advisors, our parent organization. Kingdom Advisors is a group dedicated to training financial professionals to guide and advise you according to biblical principles.
WHAT ARE THE BIBLICAL PRINCIPLES RELATED TO CASH FLOW AND LIVING EXPENSES?
Sharon emphasizes the importance of spending less than we earn, drawing from Philippians which teaches contentment in all situations. Contentment is key in managing finances as it helps us be satisfied with what we have and avoid unnecessary spending.
To improve financial health, it's vital to spend less than what we earn.
Contentment with our current situation is crucial for financial stability.
Reducing living expenses is a quick way to enhance cash flow.
HOW CAN WE TRAIN OUR CHILDREN IN FINANCIAL MATTERS FROM A BIBLICAL PERSPECTIVE?
Proverbs 22:6 tells us to train children in the way they should go, including financial education. Sharon suggests setting an example through actions rather than just words, teaching children both financial literacy and a biblical worldview of money.
Train children in financial matters, including the importance of savings and understanding debt.
It's essential to model good financial behavior as children learn more from what they see than from what they hear.
A biblical worldview of money, emphasizing stewardship and generosity, should be part of their financial education.
WHAT DOES THE BIBLE SAY ABOUT BORROWING AND DEBT?
Proverbs 22:7 warns about the dangers of borrowing, portraying the borrower as a slave to the lender. Borrowing can sometimes prevent us from seeing God's provision and often presumes on the future. Sharon advises careful consideration before taking on debt, ensuring there's a guaranteed way to repay.
Borrowing should be approached with caution, as it can lead to financial slavery.
It's important to consider if the economic return of borrowing outweighs the cost.
Before taking on debt, ensure unity with a spouse, exhaust all alternatives, and have a guaranteed repayment plan.
WHAT IS THE IMPORTANCE OF GOAL SETTING ACCORDING TO BIBLICAL WISDOM?
Sharon highlights the importance of setting goals, referencing Proverbs 16:3 which directs us to commit our plans to the Lord. Goal setting, when done prayerfully, aligns our financial plans with God's will and allows for flexibility as He leads.
Setting financial goals helps align our plans with God's will.
Goals should be set prayerfully, keeping open to God's guidance and changes.
Flexibility in goals allows for God's intervention and redirection.
HOW SHOULD CHRISTIANS APPROACH PAYING TAXES ACCORDING TO THE BIBLE?
Referencing Luke 20:25, Sharon says that Jesus teaches to render to Caesar what is Caesar's. Paying taxes should be seen as a part of God's provision, recognizing that income is the reason for taxation. She emphasizes that seeking tax deductions shouldn't lead to unnecessary spending.
Paying taxes is part of our duty and a reflection of God's provision.
Taxes are symptomatic of income; reducing them often costs more in the long run.
Rejoicing in the ability to pay taxes acknowledges God's provision in our lives.
Sharon also discussed the principles of investing, understanding net worth, life insurance, life planning, and the role of a Certified Kingdom Advisor in integrating faith into financial decision-making.
For more information on becoming a Certified Kingdom Advisor or finding one, visitKingdom Advisors.
ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:
I recently bought a car with cash after initially considering financing it, and I'm receiving notifications about a hard credit check; can you explain why this impacts my credit score?
We came into some money, about $25,000, and I'm trying to figure out the best way to manage it without nickel-and-diming it away.
RESOURCES MENTIONED:
Bankrate for finding the best online savings account rates:bankrate.com
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