Financial blunders aren’t new. Consider this: the web portal Excite once passed on buying Google for just $750,000. Today, Google’s parent company is worth over $2 trillion. That, my friends, is a legendary missed opportunity.
Most of us won’t miss out on trillions, but we’ve all made financial mistakes. The good news is that God’s Word offers wisdom for recovery and direction when we stumble.
Scripture reminds us that falling isn’t the end for those who walk with God:
Failure can be a stepping stone when we let God guide us forward. With that encouragement, here are 10 financial mistakes to avoid—and biblical wisdom to help you course-correct.
It feels like “borrowing from yourself,” but it often masks overspending or debt. While repaying, you may miss out on employer matches and the compounding growth that comes with them. Worse, leaving your job could trigger taxes and penalties.
Starting at 62, benefits are reduced by up to 30%—for life. If possible, wait until full retirement age (or beyond) for a larger monthly check that lasts as long as you do.
A $5,000 balance at 20% interest can take nearly a decade to pay off with minimum payments, costing more than $8,000 in interest. Pay extra and utilize debt payoff strategies, such as the snowball or avalanche method.
Compound interest rewards the early saver. Even small contributions in your 20s can grow into a significant nest egg. Don’t panic if you’re starting late—just start now.
Helping with college, weddings, or down payments shouldn’t jeopardize your own financial stability. Generosity is good, but if you sacrifice retirement now, you may depend on your kids later.
Many sell low during downturns because they lack guidance. Proverbs 15:22 says, “Without counsel plans fail, but with many advisers they succeed.” Seek out wise, faith-based financial advice.
Scripture warns: “One who lacks sense gives a pledge and puts up security in the presence of his neighbor” (Proverbs 17:18). About 40% of co-signers end up paying the loan themselves. Be wise in your generosity.
Education—whether a four-year degree, trade school, or certification—equips you with marketable skills. Think of it as an investment in your future, not just a cost.
Timeshares are marketed as affordable luxury, but often come with steep fees, little flexibility, and low resale value. They’re rarely the “investment” they claim to be.
Scammers prey on fear, urgency, and greed. Whether through fake calls, emails, or investment pitches, their goal is always the same—to separate you from your money. Be vigilant and discerning.
Jesus warned His disciples: “I am sending you out as sheep in the midst of wolves, so be wise as serpents and innocent as doves” (Matthew 10:16).
Wise stewardship isn’t about never failing—it’s about learning, leaning on God’s wisdom, and moving forward faithfully. With His help, you can recover from mistakes and grow into a more faithful steward of His resources.
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