How do you know if your financial future will be good or not? How can the Bible inform financial decisions?
Ken Frenke, certified financial planner and founder and president of Kenneth Frenke & Co, answers finance questions from a biblical perspective.
Whether on a federal, state, local, or personal level, there is a lot of talk these days about budgeting and planning for the future. Even though the U.S.’s national financial situation may be beyond the control of the individual, Ken thinks it’s important for individuals to understand what’s going on.
“Nobody knows exactly where were going in the future, only God knows that, He does tell us to be aware of the time in which we live and look at the big picture.”
Ken discusses how the amount of national debt and deficit, especially when it’s talked about in terms of billions and trillions, is hard to comprehend.
On a more personal note, Ken discusses biblical financial principles that lead to success.
“The core biblical financial principles really do work, they’re suitable for any economy.”
Ken lists four key biblical financial principles:
1. Living on less than you earn
“Our financial futures are more dependent on how much we spend rather than how much we earn.”
2. Avoid the use of consumer credit
“Consumer credit is a no-win situation.”
3. Build liquidity
“When you build liquidity you are tremendously more flexible than the person who doesn’t, you have margin in your life.”
4. Set long-term goals
“Long-term goals are within our realm of control.”
Following these general principles will set individuals and families on the road to financial success, but there are a lot of complex situations people face in everyday life.
Listeners chime in with questions about 401K rollovers, finances when a disability comes into the picture, finances after the loss of a spouse and rebuilding a credit score.
Key Scripture: Proverbs 21:20