According to Investopedia, a recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. Specifically, it has been typically recognized as two consecutive quarters of economic decline, as reflected by the GDP in conjunction with monthly indicators such as a rise in unemployment. Learn more by clicking here.
Some effects of the recession:
- Higher unemployment rates
- Lower wages and income
- Increased lay offs
- Resources for education programs are cut
- Crime increases
Based on the definition above and what we see in the economy today, it looks like we are headed towards a recession.
Before going on, it is important for me to tell you that I am a believer! Specifically, God’s word is true, and I believe everything he says when it comes to your financial life. If you are struggling financially, keep reading!
The original financial guide (the bible) gives US a plan, tells US why WE should save for a rainy day, and why WE should have multiple sources of income. The Bible was written over 1,500 years ago, and the plans/guidance still apply today.
People are panicking and stressing because of the current economy and the future of it. I ask you not to do that. In fact, try these healthy financial habits:
- Automate your savings and bill paying
- Stop using credit cards
- Buy what you need, delay wants
- Learn how to say NO: you do not have to do everything.
- Get professional help with your finances. Investing will pay off!
Now, God made it clear we will go through hard times while we are here. However, he left instructions on how to manage, overcome, and live a peaceful life. In Hebrew 12:11 NIV he states: No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace, for those who have been trained by it.
As you can see, following his word will allow us to WIN! The following financial principles are found in the bible:
- God is your source for everything – Psalm 121:2 NIV
- Save money for a rainy day – Genesis 41: 34-36 NIV
- Avoid debt – Proverbs 22:7 NIV
- Budgeting – Luke 14:28-30 NIV
- Set priorities – Proverbs 24:27 MSG
Take this time to apply what you have learned and create a plan that works for you. The bible verses and financial money moves will help you and your future will thank you. Here are some books you can read that can help you create a plan, get rid of debt, and learn about how to have multiple sources of income that the Bible talks about:
- Smart Women Finish Rich- David Bach
- Smart Couples Finish Rich- David Bach
- Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth – T. Harv Eker
- Financial Freedom: My Only Hope –Jeremiah Brown
- Rich Dad Poor Dad- Robert T. Kiyosaki
Be aware, be informed!