“Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths.” - Proverbs 3:5-6
Why are people so worried about the economy these days?
Part of the issue is concern about a number of factors, including the upcoming US election, high inflation, high interest rates, and various geopolitical issues like what's happening with China/Taiwan, Ukraine, and the Middle East.
How are people dealing with this uncertainty?
- Uncertainty for many people leads to fear, especially for those on a fixed budget or struggling financially.
- Fear can cause people to become either indecisive with money or take ill-advised financial risks by forgetting whose money they are stewarding.
How do you help people who are struggling with economic uncertainty?
- Get back to the basics and focus on the things that are within our control. Pray and ask God for insight on ways you can trust Him more in your finances.
- Look to Scripture for guidance, such as Deuteronomy 8 which talks about God's purpose for us in times of crisis, and 1 Corinthians 7:7 which discusses God's role in providing and our responsibility to obey his commands regarding finances.
- On a practical level: tightening budgets, reducing spending, paying down debt, and building emergency funds during uncertain times helps tremendously as well.
What about someone who might not be thinking about the future at all?
- There could be an opposite issue - if their investments are doing well and markets have recovered, there could be some greed or pride setting in where they think "I did this."
- Stay balanced, remain committed to your financial plan, and most of all, stay humble.
- Deuteronomy 8:18 reminds us that it is God who gives the power to get wealth, not ourselves.
What resources would you recommend for those who want to trust God more in their finances during times of economic uncertainty?
Compass has partnered with YouVersion to provide a series of short, topical Reading Plans to help you learn, apply, and multiply what the Bible says about money and possessions.
On Today’s Program, Rob Answers Listener Questions:
- Because of the devaluation of the dollar with the BRICS situation right now and the implications that may have for our 401(k) accounts, what can I invest in or look at to protect us from losing our money? Should we invest in gold or other things so that we don’t lose anything?
- What resources can you point me towards if I’d like to lead a small group at my church on the subject of managing finances God’s way?
- What are the differences between a TSP and a Roth IRA? Are there differences in how you can use the money or when you can take it out?
- My husband recently passed away and he was always a very good steward of our finances. I don’t have a house payment or any other bills, but I have a very large sum of money that has come to me after his death. Everything else we had prior to his death has been invested and I don’t know if I should be investing in annuities or take that money and split it up. What should I do with it?
Resources Mentioned:
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