At Cooke Wealth management, we approach financial planning with a clear goal in mind: long-term financial stability. A strategic, biblical approach to wealth management can help you and your family lead better lives, build stronger communities, and fulfill your purpose. 

We are all stewards of God’s money here on earth. It’s important to preserve and enhance these resources to better serve His will. But what’s the right way to do this? 

The Bible offers so many practical and actionable insights to manage wealth. In this piece, we’ll take you through some of the biblical advice we offer all our clients. Let’s take a look!

Stability and long-term vision vs “getting rich quick” 

Proverbs 28:20 - “A faithful man will abound with blessings, but one eager to be rich will not go unpunished.”

The message here is clear. Faith in God and a reliable, long-term plan are likely to lead financial success. Taking shortcuts to “get rich quick,” however, might not work out as well as you’d think. 

If you are serious about wealth management, look at the long-term big picture, instead of chasing after short-term gain. What is your vision for 10 years down the line? Are you ready for retirement? What do you plan on leaving to your family and community? 

Short-term profit will always have an allure, but the higher risk generally associated with it often outweighs the possible rewards. 

At Cooke, we offer investment advice that’s designed to preserve your wealth. We prioritize investments with steady returns focused on growth while working to manage risk. 

Make saving and investment key priorities 

Ecclesiastes 5:13-15

“There is a severe evil which I have seen under the sun:

Riches kept for their owner to his hurt.

But those riches perish through misfortune;

When he begets a son, there is nothing in his hand.

As he came from his mother’s womb, naked shall he return,

To go as he came;

And he shall take nothing from his labor

Which he may carry away in his hand.”

As stewards of God’s resources, we believe that you should focus on how you might use money to accomplish His purposes while protecting these resources for the future. Savings can provide you the peace of mind to focus on the things that matter in life and the confidence to walk further towards your purpose. 

The Bible teaches it’s important to have reserves that can come from your income while living a reasonable lifestyle. This will provide resources that will reduce the burden in times of uncertainty or hardship.

At Cooke, we’ll work closely with you to build a sustainable savings and investment plan to weather uncertainty and inflation: sensible, economical budgeting so that you spend less than you earn can help you live a fulfilling life while ensuring that you have resources on hand for times of real need. 

Avoid the burden of debt

Proverbs 22:7- “The rich rules over the poor, and the borrower is slave of the lender.”

God intended this as a clear warning about the risks of debt. Eliminating debt from your financial picture isn’t just a good financial strategy: it’s can be a step towards better personal wellbeing too! 

But, for better or for worse, debt management is a reality in today’s world, whether you’re paying off credit card debt, a mortgage, or student loans. 

At Cooke, our approach to Biblical wealth management focuses on both debt avoidance and debt elimination. We’ll work with you to draw up a sustainable and time-bound repayment plan for your existing debts. We’ll also help you plan out your savings, expenses, and investments to avoid future debt piling up. 

When it comes to debt avoidance, it starts with the basics: spend less than you make. Make sure to save and invest diligently to account for uncertainties that may arise in the future. You should have enough liquidity on hand from savings and investments to get out of the trap of using credit to meet your expenses. 

Biblical principles also help us to frame out a plan for you to eliminate your existing without incurring more costs than you have to. 

One approach we take is called the “debt snowball” 

First, you’ll list your debts from smallest to largest. Pay the minimum required amount for all debts excluding the smallest one. Then, pay as much as you can towards eliminating the smallest debt. 

Repeat this process as many times as needed and you will eventually eliminate all your outstanding debts. The Bible teaches us patience and prudence: that’s never as important as it is when it comes to paying off the debts you owe: consistency is key. 

Conclusion

Wealth management can be challenging. There are so many questions you need to find answers to what are your real goals? What’s your risk appetite? How do you save, and how much? 

For Christians, it’s also important to ask this question: how well does your approach to wealth management align with your spiritual beliefs? 

At Cooke, we take the rich insights from the Bible and turn them into actionable wealth management advice that aligns with your faith.

The basic principles are simple: We’ll help you plan for the long term, prioritize the stability of investments and savings, and help you eliminate debt. The Bible shows us the way and we put His words into wealth management action. 

Reach out to us at number. We’d love to talk to you about our 90-day foundation plan. We’ll get the ball rolling on your journey towards holistic wealth management, in perfect alignment with your spiritual values too.