Odd as it might seem, successful Bible investing comes down to a lot of stuff you already know, and a little bit of common sense. Still, it might be a good idea to have a short refresher course on exactly how you can take that common sense inside and put it to use, through investing, to increase the bounty God gives you. We’ve boiled down what can sometimes seem to be an overwhelming field of study into a four simple ideas that should keep you on the right track.
1. Too good to be true usually is: We really should say that too good to be true ALWAYS is the case, but there is often at least one exception. For our purposes though, don’t even waste your time with fantastical visions of south Pacific beaches and luxury yachts appearing in your name overnight. Get rich quick schemes are for suckers and that doesn’t describe you, right?
2. Diversify: If you’re bound and determined to stick it out in the stock market, at least have the sense to diversify through a spectrum of industry classes and assets. Don’t sink everything into a fervent hope that pet rocks are going to make a big comeback. Your financial adviser can help you arrive at a good stock/bond/mutual fund mix for your portfolio. An even better choice, and natural source of diversification, is to invest in income properties located in different geographical areas.
3. Patience: The opposite of get rich quick is get rich slow, and that’s what most of us have to work with. The good news is that it actually does work, as opposed to losing your shirt in another scam. To get rich slow requires patience. Slow, methodical patience. But don’t worry, you’ll get there. Dollar cost averaging is a great approach to stock market purchases though, once again, we’ve seen an income property strategy work wonders with our own portfolio.
4. Ignore the fear: We’re pretty sure it was Warren Buffett who said sell when everyone else is buying and buy when everyone else is selling. As the third richest man in the world as we speak, it worked out pretty well for the old codger. You could do worse than to base your Bible investing around his simple, effective ideas.
The Solomon Success Team
Flickr / Aaron Friedman
Tags: Bible investing