A good steward, however, will negotiate furiously to get the best deal. Second, a humble person may not be inclined to negotiate a hard bargain for goods and services for him or herself. Since businesses are lifting more people out of poverty that any other efforts, it makes sense to have our money invested there. But in the stewardship model of managing wealth, investing in businesses that employ people-and which provide life-enhancing goods and services-is also a virtuous choice. To be clear, it’s good to give money to charitable ventures.
Good steward of money free#
This incredible progress in eliminating poverty is partly the result of charitable efforts, but it’s also because more people have access to capital, thanks to free markets. A realistic goal set by some: Erase almost all abject poverty in the world by 2030. The World Bank estimates that more than a billion people have been lifted out of extreme poverty in the last 25 years.
The evidence, however, suggests otherwise. The radio interviewer may have thought the best way to do that is to give all but essential money to churches and nonprofits. That has three implications for how we handle our money-implications that I think are useful to everybody, no matter what their religious beliefs.įirst, as a steward, we need to consider the most effective way we can use our wealth to help others. Rather, we are stewards of what we’ve been given and must manage our wealth accordingly. We don’t actually own anything in this life. It’s a great question-and I think there’s only one answer for those of us in the Christian tradition. In one interview on a Christian radio station, I was asked how I could encourage Christians to save money when Jesus taught that we shouldn’t lay up treasures on earth but instead store them in heaven. After writing a book on money a few years ago, I did a number of radio interviews. A virtuous cycle exists in the lifestyle of the humble.īut, in my opinion, humility alone isn’t enough to have a successful relationship with money. That same humility may lead them to drive older cars and wear less expensive clothes, which leads to increased savings. They typically don’t want recognition for donations. Why not? Unlike my dinner party friend, the humble wealthy don’t need to impress anyone with a show of wealth. This includes not only life and disability insurance, but also a well-designed estate plan.Ī fourth lesson comes from the book The Millionaire Next Door: We can’t necessarily spot those around us who have grown wealthy. To protect those who depend on us, we make sure they’ll be okay if something happens to us. Third, humble investors won’t assume that a long life is guaranteed.
Second, humble investors won’t assume high future investment returns, instead compensating by saving as much as they reasonably can.Ĭheck your inbox or spam folder to confirm your subscription. If the market professionals can’t beat the averages, humble investors will lean toward spreading their money broadly, owning a globally diversified mix of stocks and bonds. King Solomon’s Proverbs tells us, “The outcome of humility and of the fear of the Lord is wealth, honor, and life.” How does this ancient wisdom speak to us in the 21st century? Consider four ways.įirst, humility in investing leads us to avoid big investment bets. Still, I think we should look to the old-fashioned virtues of humility and stewardship to guide our thinking about money. I recount this experience not because I think narcissists can’t grow wealthy. I said “hello” to her and she said “hello” back. If I’d had the chance, I could have offered that I once met Janet Yellen at the buffet table during a lunch break at a Federal Reserve conference. And the incredibly insightful views this person had on politics and other issues. And the fabulous career that supported this lavish lifestyle. I also heard about this person’s exotic travels and homes around the world. soon and I’m looking forward to connecting.”īut it didn’t end there. Wanting to impress me, I suppose, I learned that, “Yes, Janet Yellen and I are good friends. I GOT STUCK IN a conversation at a dinner party recently with a name dropper.
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