You can acquire money by many different ways: hard work, through an inheritance, and by investing. But is all investing for profit created equal? Not according to the Bible. The Bible says there are two kinds of profit: ill-gotten and well-gotten gain. How can you tell the difference? MoneyWise host Rob West talks with investing expert Jason Myhre to find out.
- How many us even have a category for “bad profit”? Bad profit almost seems like an oxymoron, two words that don’t go together.
- Proverbs 1 opens up on a conversation between a wise father and his son. The father says to his son that there will be times when we’ll be presented with the chance to profit at the expense of others.
- At a very basic level, investing is just one of the ways we can get money in this life. And from that perspective, there are a wealth of passages that can help us think about investing from a Christian perspective.
- Where are our profits coming from? What are the sources? What are the business activities that are generating these profits? From a Christian perspective, do we feel good about how and where this money is coming from?
- Every dollar that flows into our wallets and into our IRAs and 401(k)s has a story behind it. God’s word encourages us to think about these stories of how the dollars come into our hands. So, it’s not just about many dollars we’re able to accumulate or even what good things we could do with the money.
- Many of us are investing in mutual funds or exchange-traded funds and we have no idea what companies we own. The average Christian whose retirement program is in mutual funds or stocks managed by others has no clue where God’s money is actually going.
- But faith-based investing is an approach to provide investment vehicles to Christian investors whose returns do not flow from bad profit areas.
Here are a couple of questions we answered from our callers on today’s program:
- I have a sizable annuity. Should we pay off our house with it?
- Is there a service that can automatically deduct money from my paycheck to put into a savings plan?
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