Building Blocks of Financial Success

Imagine being handed $2.8 million all at once as a teenager! How would you spend those winnings?

This actually happened to a 16-year-old British girl in 2003. After winning nearly $3 million from the lottery, she quit her minimum-wage job. She spent most of the money on luxury vacations, parties, expensive gifts, cosmetic surgery and even illicit drugs.

Only a few years later, she had less than $3,000 left in her bank account. Sadly, she even admitted to having been extremely depressed and having attempted suicide multiple times. In 2017, she told a news outlet, “I was too young to win the lottery—I don’t think 16-year-olds should be eligible.”

She also stated: “It was too much money for someone so young. Even if you say your life won’t change, it does—and often not for the better. It nearly broke me…”

Of course, we do not play the lottery because gambling in all its forms is contrary to God’s way of life. Yet this example shows how money, no matter how much, can disappear almost as quickly as it is earned or “won.”

You probably experienced this on a smaller scale when you received some cash, only to find that your wallet had developed holes and the money had vanished into thin air.

Because of this, everyone seems to be searching for secrets to make and keep money. The internet is rife with videos claiming to help you get rich quickly. Often, these are really advertisements that try to catch people in their desire for more.

Despite everyone needing money to survive, many cannot seem to manage it properly.

You do not want this to happen to you! You want to make money and use it properly, in a way that makes you happy and allows you to purchase the things you need to live. There are four building blocks of managing finances that can ensure your success.

(1) Learn to Earn

Almost everything costs money. Therefore, earning it is crucial to supporting yourself and others. Read God’s warning about work in II Thessalonians 3:10: “…if anyone would not work, neither should he eat.” This mainly applies to adults who are no longer living with their parents and must entirely depend on themselves. However, as a teen approaching adulthood, you should be developing the habits necessary to avoid violating this principle.

To help you earn money, strive to be the best worker possible. King Solomon said, “whatsoever your hand finds to do, do it with your might” (Ecc. 9:10). Whether you earn money by flipping hamburgers, bagging groceries or cutting grass, do your best.

This starts with developing a deep gratitude to God for providing you with a source of income in the first place. The more you appreciate the opportunity to earn income, the harder you will work for it.

And when you do work for someone, keep in mind Colossians 3:22-23: “Servants, obey in all things your masters according to the flesh; not with eyeservice, as menpleasers; but in singleness of heart, fearing God; and whatsoever you do, do it heartily, as to the Lord and not unto men…”

Here is a plainer way to read this verse: “Employees, obey your bosses while on the job, not just when a supervisor is watching, or just to win favor, but with sincerity, respecting God. And whatever you do, do it as if you are supervised by the Lord and not men.” Imagine God being your direct supervisor—you would probably work very hard! This is why the apostle Paul made the comparison.

Nothing impresses a boss or client more than a hardworking, trustworthy person whose sincere aim is to do an excellent job—even when the person in charge is not there to witness it.

And nothing is more rewarding for employees than working hard for their paychecks and being recognized for doing a good job by their superiors.

If you are not working but want to be, make a job out of getting a job. Go out and seek employment the same way you would work a job you already have. This could mean getting up earlier in the morning, dressing professionally and going out to pick up and fill out job applications. If you work hard at getting a job, you will demonstrate to potential employers (along with God and your parents) that you can handle the responsibilities you are given.

Depending on your age, you may be limited in the kinds of jobs you can seek. If you are younger than 14, you may have to go for odd jobs like babysitting, mowing lawns, shoveling snow or washing cars. If you are 14 to 18, your goal should be steady employment at places such as fast-food restaurants, ice cream shops, grocery stores or stores inside a mall or shopping plaza. At 18 and older, you could seek more professional opportunities in an office, store or factory. Find out what it takes to do these jobs well and go for it.

(2) Learn to Give

You must give a portion of what you earn. This includes federal, state and local government taxes. But in almost every case, these funds are deducted from your paycheck before receiving it.

The Bible shows in Leviticus 27:30 and other places that there is a portion of your earnings you must give—God’s tithes and offerings. Notice it says these belong to God, which may seem strange since you are the one who earned the money. God says everything, including all the money on Earth, belongs to Him (Hag. 2:8). Another way to look at it is that God generously gives us what is His. The least we can—and must—do is give back what belongs to Him in the form of tithes and offerings.

But giving can feel difficult, especially when you work for the money. Giving willingly is something that must be learned.

Jesus Christ instructed: “Render therefore unto Caesar the things which are Caesar’s; and unto God the things that are God’s” (Matt. 22:21).

According to Thayer’s Greek Lexicon, the original Greek word translated “render” in this verse can mean “to give away for one’s own profit…” By telling His followers to give to Caesar—meaning the Roman government—He was telling them to pay their taxes and, by doing so, it would profit or benefit them. Consider all that tax dollars provide today, such as public education, paved roads and emergency police, fire and medical services.

Tithes and offerings are similar in that they provide benefits as well. These funds help support the work of God’s Church. That Work directly helps you and many others! This magazine is just one example. Think of the Church’s website that answers your questions. Think of the place you meet for Sabbath services every week and the video sermons you receive. Also think of the beautiful sites you get to travel to for the Feast of Tabernacles. These are paid for by the obedience and generosity of God’s people through tithes and offerings.

Giving as God commands to both His Work (Mal. 3:7-10) and man’s governments is an investment for your future profit! If you see them that way, it will help you contribute more willingly.

Notice Paul’s instruction in II Corinthians 9: “He who sows sparingly will also reap sparingly, and he who sows bountifully will also reap bountifully. So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver” (vs. 6-7, New King James Version).

Learning to cheerfully give what you earn will benefit you tremendously.

(3) Learn to Save

Many people have learned to earn. Few have learned to give as God commands. But the step most fail to consider is to set money aside for themselves.

Those who skip this crucial step jump right into spending the remainder of what they have.

There are consequences to this practice. A MarketWatch article titled “Most Americans Are One Paycheck Away from the Street” revealed that 63 percent of U.S. citizens do not have enough to cover a $500 emergency.

The article points out that people get through emergencies by lowering their expenses, borrowing from family or friends and using credit cards.

This is why saving money is important. It can be used for emergencies like unexpected bills or even unemployment. As a teenager living with parents, you may not be working regularly. Still, it is good to consider the importance of saving as you move toward or continue to build up funds for a down payment on a car, education or even a house. These are habits that will benefit you as an adult.

To begin saving, establish a goal. If you are an older teen and have been working for a while, your goal could be to create a three- to six-month buffer. It may take five years to achieve that goal, but it will be worth it.

If you are just starting to work, set aside a certain percentage—perhaps 5 to 10 percent—when you receive your paycheck. Not everyone can save that amount, but you should strive to save as much as possible. Be willing to sacrifice now for a later return.

Once you reach your goal, you can pull back the amount you put toward savings and use those funds in another category in your budget.

Even if you do not have a job, make a habit of saving a reasonable amount of the money you get.

(4) Learn to Spend

Finally, what is left of your earnings after you give and save, you can spend. But learn to spend on needs before wants.

For example, if you need to purchase a pair of gloves for work or lunches for school, do not use all your money to buy a new phone or bike.

It can be difficult to forgo some things you want. You may find you have less money than you expected after giving, saving and buying the things you need. But this will help you develop the discipline required to handle your finances as you set out to earn money over an entire career.

In summary, you should begin spending only after you have accounted for taxes, tithes and offerings and contributed to your savings account. Then, use what is left to buy what you need and then what you want.

Your parents have been spending money for years and can offer you valuable advice on handling your hard-earned cash.

Purpose of Managing Money

After reviewing all that goes into managing your money, it may seem stressful. You may be wondering, why does my money have to go in so many different directions?

God wants us to learn to be good stewards or overseers of the money we receive. People highly value money because it allows them to obtain almost anything in this life. Therefore, what we do with our money proves to God what we value.

To be a good steward, put into practice the steps you have learned. Work to earn, then give, save and spend. Doing so will lead you to a life of fulfillment and help you avoid tragedies like the teenage lottery winner experienced.

Yes, it can be challenging. But you do not have to face the challenge alone. Use tools the Church has made available—including the booklets Taking Charge of Your Finances and End All Your Financial Worries.

Seek advice from your parents. Share this article with them as a starting point. Also, seek counsel from your minister if necessary to help you create a budget specific to your circumstances.

Starting now will set you up for success!