Building Wealth for the Next Generation One Cent at a Time (Part 2)
- Whitney Nicole
- Jul 16, 2023
- 5 min read
It’s timely that I hopped on Facebook the other day and saw a story from my big cousin. He had recently uploaded a new podcast about how our behavior is more vital to growing wealth than the dollar amount. It was insightful, as the root of it all came down to discipline and consistency. The definition of discipline is “1) training to act in accordance with rules; drill or 2) an activity, exercise, or regimen that develops or improves a skill; training” (1). Consistency is defined as “steadfast adherence to the same principles, course, form, etc.” (2).
There are a couple of things that jumped out at me as I thought about this. The first is how closely related discipline and consistency are to the two words God gave me to work out this year: intentional and steady. And the second thing is the word training that's repeated in the definition for discipline.
If we’re going to grow wealth for the next generation, we need to develop the mindset and action of each of these words. I’m primarily speaking to the people like me who wrestle with all five of them. It’s interesting that these same words, if put into practice, will not only grow financial resources, but if applied to our souls and spirits, will grow those too.
Why do we do what we do? Because we seek an outcome. If I do this, I get or produce that. I like that we’re taking steps back to the foundation because before we consider the wealth, we must consider the behavior that grows the wealth, and before we consider the behavior that grows the wealth, we must consider why to grow it in the first place.
As I spoke about in my last blog, I have witnessed God provide for me in all kinds of circumstances throughout my life. When it came to provision, I trusted that God wouldn’t have His girl begging bread. What I wasn’t considering is how God may desire to use me to not have someone else begging bread either.
When God gives us something, it is not merely for our own use and comfort. He wants it to affect the people and environments around us. The first of which He gives us is our families, but even in addition to them, our lives and the gifts we’re bequeathed ought to bless beyond the borders of our homes.
Each of us knows something about starting strong. Whenever we get into a new relationship, a new job, start a project, or seek to reach a goal, we have motivation. And unless we know our why, if the task at hand is hard or just ongoing, we tend to lose our momentum and focus. This is why I appreciate that the Lord gave me the words intentional and steady this year. Every time I thought about the vision for JoshuaNation, it seemed too big and unattainable… for me. Because I couldn’t do all the things and do them to perfection, I’d just abandon the mission. But this is a mission I cannot abort. What God has been teaching me is to be intentional and steady with what I think is doable. And as I continue with some consistency and grow my stamina for the one thing, I can then add the next thing.
I’m no financial guru (I’ll point you to some people who are), but I want to help you lay a foundation to growing wealth. So, my first tip is 1) Write your why. If I could sum it up, my why for growing wealth is because
I want to be a good steward of what God’s blessed me with
I want to model stewardship for my son and lay a better foundation for him in knowledge, practice, and provision than I had and
I want to fund Kingdom missions – the work and purposes God calls me to
Some time ago, I listened to a great message by Bishop Dale C. Bronner entitled Battle Ready. Interestingly enough, it was posted on my birthday. One of the things he talked about is how warfare requires resources. To rescue, to fight, to defend, to care, we must have finances. I see all the time how God provides for the needs of the ministry I work for full-time. And He does it miraculously and generously by the outpouring of gifts from many willing hands. And I believe He does so because it’s His mission and we’re seeking to be trustworthy stewards of the work and finances He’s given us to oversee.
My second tip for laying your foundation for wealth is 2) Make the budget and start managing the behavior. As I mentioned in my last blog, you have to know what you have and where it’s going. I’m even starting this with my four-year-old. I’m going to allot him a certain amount of money each month, while teaching him three money management basics: give some, save some, and spend some. This is what your budget should look like. There are all kinds of templates out there so just Google it and download one that’s simple; and for those who need aesthetics, something that looks pretty.
Next, listen to my cousin’s podcast about budgeting your behavior. Think about the money you have allotted for each category. What does that look like practically in how you spend, where you go, and the company you keep? I know a lot of people who as soon as they get some extra funds (i.e., tax time or that third paycheck in a month), immediately spend it. What if one of the things you set your mind to do as soon as you get any extra cash is assign it a purpose that isn’t swipe now? What if outside of a real immediate need, all or a portion of those funds goes to growing your checking or savings balance or if you have an emergency fund fully stocked, that you double down on a current investment or start one (i.e., retirement account, CD, 529 plan for your kid).
My last tip in this blog for building wealth is 3) Pick one thing and do it intentionally and steadily. There is a wealth of information, no pun intended, out there about finances. So much so that it can be overwhelming and make you want to abort mission. But don’t. I want you to look at the progression of managing and growing finances, find out where you are, and gain more knowledge on that one thing. As you get insight, choose an action that will help you begin to do the one thing well. And just keep going.
Below are a few resources to get started:
Biblical Foundations
Managing Money God’s Way by Randy Alcorn
Sites & Articles
Podcasts
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