Treavor Dodsworth CFP®, CPA, CKA®
#88 - Wisdom on Wealth
The Bible is a collection of several books. Several of these books are grouped together and called the wisdom literature. Proverbs, one of the wisdom literature books, contains several short sayings. Many of these are related to money and I wanted to list a few of them for you to reflect on today.
Proverbs 6:6-8 - “Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.”
Proverbs 10:4 - “Lazy hands make for poverty, but diligent hands bring wealth.”
Proverbs 11:4 - “Wealth is worthless in the day of wrath, but righteousness delivers from death.”
Proverbs 13:11 - “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”
Proverbs 20:10 - “Differing weights and differing measures— the LORD detests them both.”
Proverbs 21:5 - “The plans of the diligent lead to profit as surely as haste leads to poverty.”
Proverbs 21:13 - “Whoever shuts their ears to the cry of the poor will also cry out and not be answered.”
Proverbs 22:7 - “The rich rule over the poor, and the borrower is slave to the lender.”
Proverbs 23:4-5 - “Do not wear yourself out to get rich; do not trust your own cleverness. Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle.”
Proverbs 28:6 - “Better the poor whose walk is blameless than the rich whose ways are perverse.”
Work hard and work with integrity. Wealth should not be the primary goal and remember to be good to the poor.
This is just a small sample of the verses that are related to money in Proverbs. I encourage you to check out all the wisdom that it contains.
Interesting Article(s) or Video(s)
New York Times - Biden's $4 Trillion Economic Plan, in One Chart
This past week Biden introduced the second part of his spending plan - the American Families Plan. The chart included in the article shows an overview of where Biden is planning to spend money. These plans are not law but the proposals do give us an idea of possible tax changes that could be implemented to pay for the plan. Namely, a significant increase of the capital gains tax (if above an income threshold), increasing the percentage of the top tax rate, and partial reduction of a provision in the tax code that reduces tax owed on inherited assets. What all becomes law remains to be seen.
Thank you for reading!