Five Elements of Successful Financial Management
by David S. Topazian, D.D.S., M.B.A.1. Realize that God owns everything
God's ownership of all material possessions calls us to a realistic distinction between needs and wants. We need food, clothing and shelter, all of which can be of good quality. But when we step over the line that separates needs from wants, we have subtly yearned for things that we feel perhaps we ought to have or have the right to own.
2. See money as a tool, not a goal
I asked a middle-aged healthcare professional to assist in a ministry opportunity that would require one evening of activity. She told me that she had to be on call every weekend because she had such great financial needs and a daughter in college. She was not willing to give up one night's potential income. The biblical Christian should be seeking out opportunities to exercise more responsibility in the kingdom of God rather than marshalling excuses to shun them.
3. Give with integrity
When giving is a regular part of our financial management and when it is done with integrity, great blessings result. This is not to say that we buy our way into God's favor so that He guarantees financial success. What it does say is that when we give first, when we do not hedge but give from our full income, God honors the priority that we place on the financial needs of His kingdom by giving us wisdom to manage wisely whatever remains.
4. Adopt a stewardship lifestyle
Christian professionals can be leaders in the movement to consume less, to buy necessities carefully and thoughtfully and to purchase luxuries with great care. Too often, impulse rules our buying decisions with neither comparison-shopping nor any kind of long-range goals in mind. As Christians take seriously their stewardship of God's creation, they will become leaders in conserving scarce resources in order to serve future generations. They will use things all the way up, prevent the fouling of our environment, avoid waste such as carelessly discarded food and they will recycle reusable resources.
5. Spend less than you earn
When you implement this simple principle, you should also plan what to do with the money that is not spent. I suggest that you take advantage of the "miracle" of compounded interest. Compounding interest for a long time is not only financially astute, but also in line with a principle of Scripture (Proverbs 13:11).
Those who remain debt-free, who have saved and increased their savings little by little, will achieve financial security for their futures. They can use the resources they have developed to increase their giving and to serve freely, especially when family responsibilities have diminished and their children have become self-sufficient.
This article first appeared in the Spring 2001 issue of Today's Christian Doctor, a publication of the Christian Medical & Dental Associations. Used by permission. All rights reserved.
Unless otherwise noted, all materials on the urbana.org web site are Copyright InterVarsity Christian Fellowship / USA. All rights reserved.
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