Biblical Tools for Building Wealth

If you’re looking for methods to manage money well and build wealth, many sources claim that they can show you the best path. Unfortunately, many common theories on the topic prevent people from succeeding financially. Like other aspects of God’s way of life, the process of managing money well and using it to generate lasting wealth is quite simple. Knowing what to do is not difficult, but doing it is. The hard news is that financial success primarily requires work, self-discipline and patience. The good news is that biblical principles for managing money produce good financial and spiritual outcomes, in both prosperous and difficult times.

Wealth begins with diligence, obedience and generosity

There have always been people claiming that they can show you a fast track to wealth with minimal effort, and there have always been people who chase that dream. Popular concepts in recent years include “passive income,” the idea of setting up businesses that continue generating revenue with little or no work required after an initial investment, and “money hacks,” the idea of unknown clever tricks that provide big financial gains.

These ideas sound great, but usually fail to deliver. A far more reliable method of building wealth is to generate an income through work, and then manage the money that you earn wisely and intentionally over time. It isn’t glamorous and requires a lot of patience. But unlike the so-called fast-track methods, this process is dependable, low risk and high reward! As Proverbs states, “a hard worker has plenty of food” (12:11, New Living Translation), and “the hand of the diligent makes rich” (10:4). In contrast, “a person who wants quick riches will get into trouble” (28:20, NLT).

To maintain the wealth generated through the effort that we invest in work, it’s important to be obedient through tithing (Leviticus 27:30; Deuteronomy 14:22-29) and generous through additional giving (Proverbs 11:25; 22:9). These are physical and spiritual disciplines that teach us to live unselfishly, recognizing that wealth is a blessing from God that we need to both honor Him with and steward well for the benefit of others as well as ourselves.

Multiple personal finance experts and authors provide practical teaching and tools that align with biblical principles. One such author and podcast/radio host, Dave Ramsey, teaches that income from your work is “your best wealth-building tool.” Once you’ve earned the money, what do you do with it beyond tithing and generosity? Great question—read on!

Prioritize financial freedom

People who maintain financial freedom have a lot of options for choosing their lifestyle and making it a reality. People who aren’t financially free have more limited options and opportunities. The best tools to create financial margin as you manage your money are a spending plan, generally referred to as a budget, and avoiding the many options to borrow money, generally referred to as debt. A budget keeps you focused on present and future money choices, while debt keeps you focused on money decisions made in the past.

Debt products such as credit cards, buy-now-pay-later plans, car loans and student loans are very heavily marketed to seem both attractive and necessary. Ads that show people celebrating and enjoying an elevated lifestyle when they are “approved” for debt products make it seem like these products provide wealth to borrowers. But despite the appearance that borrowing money creates wealth, in reality it takes your wealth! Borrowers often wind up very literally transferring their own hard-earned money to lenders in the form of overspending, interest and fees that cause consumers to spend far more than they intended with the original purchases.

In the Bible, borrowing money is described in unfavorable terms, not as an easy shortcut to buy things that you can’t afford or as a strategy for building wealth. Quite the opposite, Proverbs 22:7 tells us exactly what it means to owe money to others: “the borrower is servant to the lender.” Companies or people who have loaned you money control a portion of your present and future life, and that limits your options and opportunities in choosing how to live. As personal finance expert George Kamel explains, the financial trends of recent decades are “the story of how debt becomes ‘normal’ in our lives and how the normalization of debt over time robs us of margin, freedom, options and joy.”

The better alternative to debt is simply using your own money intentionally to meet your goals. Christian leadership author John Maxwell is widely quoted in describing a budget as “telling your money where to go, instead of wondering where it went,” which is both funny and true! If we don’t have a plan for it, the money that we earn disappears without accomplishing very much. In contrast, a budget gives you both the freedom to spend on things that you’ve chosen to enjoy in advance and the power to accomplish the goals you prioritize.

Budgets are often perceived as a restrictive tool to limit spending, but they actually give permission to spend when you decide when and how that spending will happen in advance. They’re quite simple too. Start with the amount of money earned and make a list of what you will use each of those dollars for until there’s no money left. Include tithes, giving, necessities such as food, housing and transportation, savings goals, and reasonable spending on other needs and enjoyment. That’s it!

There are many widely accessible budgeting aids and tools to help with the process. Find one (ask your parents or a trusted resource for help if needed), and start practicing. The more regularly you do it, the easier and more empowering it becomes. Unplanned spending tinges the excitement of a purchase with regret, whereas buying something that we’ve worked and planned for feels genuinely good. Feeling the traction of accomplishing a financial goal also gives us momentum to accomplish even bigger goals with giving, saving and spending.

Strive to fund as much of your life as possible with the money that you earn and save instead of borrowing money. This is more possible than we often think. Consider any job that you can earn money with, support from parents, scholarships, work-study programs and other creative options for larger expenses such as cars and education after high school. In both cases, shop around and choose lower-cost options that meet your needs adequately. For example, older and still reliable used cars are more affordable and transport you just as well as newer more expensive models. Similarly, community colleges or in-state universities generally offer the same courses and degrees as out-of-state or private schools for less overall cost. Remember that lower expenses now will give you greater freedom in the present and future, especially as your income grows over time. Choose and pursue financial freedom!

Get rich slow (build lasting wealth)

Many believe that only people with ultra-high salaries such as athletes, entertainers and executives, or those who inherited lots of money can achieve financial security. Thankfully, that simply isn’t true. A research study by Ramsey Solutions found that:

“The top three jobs held by the 10,000 millionaires surveyed in the National Study of Millionaires were engineer, accountant and teacher—and one-third never had a six-figure household income! Plus, 79% got zero inheritance. They just earned and managed their money really, really, really well.”¹

In the age of social media, it’s more important than ever to have an accurate picture of what realistic wealth looks like. A person who has built lasting wealth based on biblical principles is unlikely to have a lifestyle and possessions such as clothes, cars and homes that make them appear to have wealth. Instead, they are more likely to look quite average, but actually have some accumulated wealth.

An average person who builds and retains wealth does so by avoiding debt and using a budget, driving ordinary cars and living in modest homes that they can pay for or pay off fully, and having enough income, savings and other assets to fund life during their working years and in retirement. Most importantly, they have the blessing of financial freedom and peace that allows them to both enjoy what they’ve worked for and live generously in sharing it with others.

Being intentional with money also includes long-term saving and investing. The Bible encourages this tried-and-true approach in passages that teach active management of financial assets to generate additional income (Proverbs 27:23-27) and wise investing in diverse opportunities that will create future income (Ecclesiastes 11:1-2). Modern examples of this type of investing are tax-advantaged retirement savings plans or paid-for real estate. There are many resources available to learn about investments that produce reliable growth over time.

The Bible gives us the blessing of knowing that high-risk strategies just aren’t necessary. Lasting wealth is far more achievable than we often believe. By practicing enjoyment of life with steady discipline in the present along with preparing for the future, we can be blessed through the principle that “wealth from hard work grows over time” (Proverbs 13:11, NLT).  

Do Credit Card Rewards Help Build Wealth?

Consumers who are careful and diligent in managing the use of credit cards can earn some nice benefits at no cost to them by participating in programs that offer travel, merchandise and cash back rewards. However, the old phrase from Roman law “let the buyer beware” (or “caveat emptor” in Latin, for trivia fans) offers useful perspective, and it is wise to consider several cautionary points regarding these programs.

Credit cards make it very easy to overspend impulsively, by not paying attention, or (ironically) to earn more rewards. Also, consumers often intend to pay off the full balance each month but wind up carrying debt and paying interest. A 2024 Federal Reserve study found that in the prior year, half of those using credit cards carried a balance month to month at least once, and around one-quarter carried a balance most of the time. Overspending, interest charges, late fees or annual fees can quickly reduce or entirely negate the value of rewards.

In addition, rewards are often not so easy to cash in as the commercials make it seem. According to the Consumer Financial Protection Bureau, “consumers encounter numerous problems with credit card rewards programs.” Based on complaints registered, “fine print” terms and conditions can make it difficult for consumers to spend their rewards as they had intended.

With respect to building wealth perks from rewards programs do not contribute significantly to long-term wealth. Caution is necessary, as credit card companies are often better at encouraging spending than consumers are at managing their finances. The most important aspect of meeting financial goals and building wealth is to use a budget to spend and save intentionally, with or without participating in rewards programs.

References

“Report on the Economic Well-Being of U.S. Households in 2023,” Federal Reserve, May 2024, federalreserve.gov/publications/2024-economic-well-being-of-us-households-
in-2023-banking-credit.htm

“CFPB Report Highlights Consumer Frustrations with Credit Card Rewards Programs,” Consumer Financial Protection Bureau, May 2024, consumerfinance.gov/about-us/newsroom/cfpb-report-highlights-consumer-frustrations-with-credit-card-rewards-programs