Seven Things I Taught My Children about Money


By: Waylon Bailey ~

Finances make up a big part of life. After all, we all have to eat and we all need a place to live.

How you use your finances will determine a lot about you. That’s why I made money part of my “Starting Over” sermon series.

What do we need to know about money?

Here are seven things I told my children about financial matters.

First, take charge of your money. Your money is yours and you have to take care of it. Don’t throw your money away. The real “secret” about finances is controlling your spending. You may not be able to control your income, but you can control your outflow.

Second, learn all you can about how money works. Ask astute financial people about money. Learn the tax laws. Read books and magazines. Money will be a big part of your life. Learn all you can.

Third, let your money work for you. Learn about compound interest and investing. Make good long term investments.

Fourth, be realistic. Don’t fall for the lottery or the idea that you can make it big with the right deal. One of the most famous gamblers in Louisiana said that the lottery is a loser’s bet.

The best way to increase your savings and retirement nest egg is by thoughtful and careful investing, letting time make your investment grow. The most important truth about growing your nest egg is that the earlier you invest the more your investment will increase.

Fifth, money is an important part of life, but it’s not your life. Center your life around God.

Sixth, Always–always–tithe. Give God at least ten percent of your income and look for other ways to please God with your money.

Seventh, remember who allows you to have money. Use all of it for His glory.

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Have a great week!