Wealth Gained Hastily Will Dwindle | Proverbs
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- Опубліковано 6 вер 2024
- “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” Proverbs 13:11 ESV
Most people seek wealth for the wrong reasons.
People would rather gain dishonest money to appear like something they are not, rather than humbly acquire money and use it responsibly.
We need more people to invest in the long-term, rather than the short-term.
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Trusting in God for our sustenance is a good step toward remembering where the money comes from, which should lead to humility rather than a belief in our own abilities to grow wealth in our own strength.(Blessings to you man of God!)🙏🏾🙌🏾🙏🏾
Lance your the man.
Glad the message was edifying, Rene!
cool
Hey lance does this mean we invest using dollar cost averaging instead of lump sum?
This is not financial advice, but I would say that dollar cost averaging is a great way to go. Instead of trying to time the market every time, just having a set amount you will put in monthly will be very beneficial over time.
Index funds can be a great investment to put your money in - they go with the market and you get micro-ownership of many shares (as opposed to just putting money into one share (ex: Tesla) and hoping that it does well).
Also, having an automatic amount to deposit into a Roth IRA will help it compound and accumulate overtime when you "retire". The max you can do for that is $500 a month from my understanding.
If you haven't started a Roth IRA, I think it would be wise. A good thing to note as well with those - you can access and pull the amount you have put into the account (in case of emergency) at any time without a penalty. You just cannot take profits that you have earned within those accounts until 65+ (or whatever the required age is currently). If you go past and take profits, there will be penalties.
Hopefully this makes sense and helps some!
Make sure to do additional research and talk to others who do this as a profession.
May God bless you with wisdom and patience in this matter. Happy investing :)
@@LanceVanTine thanks lance.
The idea of Index funds vs a single stock sounds like
"Invest in seven ventures.." Ecclesiastes 11:2