Proverbs 13:11 says “Wealth gained hastily will dwindle. But whoever gathers little by little will increase it.”
As an advisor, I want to pause and reflect on verses that come from the wisest man on earth: Solomon. The first thing we can take away from this is not just gaining wealth hastily, but with vanity or money that comes from empty pursuits.
Have you ever watched someone pursue empty money? And you may be thinking, "What does he mean by that?" Well how about things like gambling?
That’s a profitless, worthless pursuit. The people who run those industries as well as the people who partake of those are literally trying to create something out of nothing more than entertainment.
\\ "Learn to work an honest day's work for an honest day's wage."
The contrast here is between vain pursuits or wealth gained hastily versus gathering by labor. Here it is in a nutshell: learning to work an honest day’s work for an honest day’s wage. We’ve all been taught that since we were young but that really is the foundation to true wealth.
In the verse it says, “getting wealth hastily will cause it to diminish." What does that mean in our modern vernacular? I believe it’s referring to “get rich quick” schemes, many of which take the form in a Pyramid or Ponzi scheme. They are built to lure you in and leave you financially dry.
I want to pivot a bit and discuss Bitcoin and Ethereum and other versions of Bitcoin that have come out of cryptocurrency over the years. People ask me all the time, “Colin, should I be investing a portion of my portfolio in crypto?” And I say “ABSOLUTELY NOT!”
\\ Are you lured in by a get-rich-quick scheme?
Until someone can show me it’s an actual currency that can be used across all platforms, then stay far from it. It’s currently something that’s literally generated out of nothing, out of code. In the future, it may generate great wealth, but as we’ve seen recently, it lures people in and destroys their assets, their wealth.
What about attempting to time the market just right? Someone has wisely said “it’s not timing the market, but time IN the market that matters.” Even if you do time the market getting out, you still have to time it just right to get back in. Unfortunately, what history has shown over and over again, is that most “market timers” aren’t great at jumping out right when the market recovers and starts to go up. They’re great at creating a buzz and jumping on the wave of enthusiasm, but when push comes to shove, they don’t get it quite right.
\\ You're a fiduciary for God!
Another biblical principle I want to add to this is that we’re all stewards of the money God has entrusted to us. If you’re a believer, you live for the kingdom. That means everything you own belongs to God, whether you acknowledge it or not. We should be cautious of placing the money He’s given to us in something that has no real value.
Try to think of yourself as a fiduciary for God. Trust people with your money who have been trained and certified in financial planning. We are required to have your best interest in mind!