If you want to learn any important thing about money, you need to study from the life of one of the wealthiest men who ever lived, King Solomon!

King Solomon was exceedingly blessed among all the kings in the Bible. He was given superior wisdom by God himself. In Second Chronicles 1:7, it says, “that night God appeared to Solomon and said to him, “Ask for whatever you want me to give you.”

In verses 10 to 12, Solomon answered, “ ¹⁰ Give me wisdom and knowledge, that I may lead this people, for who is able to govern this great people of yours?”

¹¹ God said to Solomon, “Since this is your heart’s desire and you have not asked for wealth, possessions or honour, nor for the death of your enemies, and since you have not asked for a long life but for wisdom and knowledge to govern my people over whom I have made you king, ¹² therefore wisdom and knowledge will be given you. And I will also give you wealth, possessions and honour, such as no king who was before you ever had and none after you will have.”

We all need godly wisdom in every aspect of our life especially when it comes to finances. Here are three financial principles we can learn from King Solomon.

1. Love God, not money

Ecclesiastes 5:10 says, “He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity.”

This is contrary with the world’s culture. I once heard someone say that the person who says money isn’t everything probably does not have enough money. This is absolutely a lie. This is greed and greed is a bad master.

People who run after money and do everything just to have it are setting themselves up for a great disappointment. King Solomon had everything, power, fame, and money, yet he declared that everything is meaningless.

While we all use money to buy and acquire things we need to live on earth, we should not be a slave to it. Only God can satisfy our needs. Our soul and spirit can only have true lasting peace and joy when we have an intimate personal relationship with the Lord.

All of the things that money offers are just temporary pleasures but the Lord, being our creator, will be able to provide our real purpose and sense of fulfillment. Put God first in your life and all the things you need will be added to you.

2. Discipline and hard work brings wealth and success

Success is not automatic. Tim Notke says, “Hard work beats talent when talent doesn’t work hard.”

Most people need to study and practice to master a certain skill. Any athlete or artist can attest to this. No lazy or idle person can achieve success.

Many times we want the success without the sacrifice or the harvest without the labouring and planting. Unfortunately, there’s no trophy without a fight. Anything that’s worth pursuing will require a good amount of work. Discipline shapes your character, your bank account, and your reputation.

If you want to graduate from school, you need to learn and learning takes time and effort. You can learn by reading, applying what you’ve learned, observing others, and getting mentored.

If you want to become a successful entrepreneur, you need to study the business you’re getting into and establish a good network where you can share your ideas. Working hard positions you to a place where good opportunities can find you!

If you want to become a great leader, you need to consistently develop the right habits, improve your communication and people skills, and establish your integrity.

Here are some nuggets of wisdom from King Solomon when it comes to work.

Proverbs 14:23

Work brings profit, but mere talk leads to poverty!

Proverbs 28:19

Those who work their land will have abundant food, but those who chase fantasies will have their fill of poverty.

3. Avoid the debt trap

The dictionary defines a ‘debt trap’ as a situation in which a debt is difficult or impossible to repay, typically because high interest payments prevent repayment of the principal.

Proverbs 22:7 says, “The rich rule over the poor, and the borrower is slave to the lender.”

Getting trapped in debt does not come overnight. It’s usually a series of “not so good” decisions that have piled up over a long period of time.

When it does happen instantly, it is probably caused by an unforeseen life event that you haven’t had time to prepare for. This could be getting laid off, or having a medical condition that wasn’t covered by health insurance.

Like with any traps, you need to see the hidden signs. Look out for the warnings to trigger the alarm bells in your mind. Be aware that our world is full of experts deliberately looking for ways to entice people to borrow money so they can make money from them.

If you want to be financially free, follow these practical tips to avoid the “debt trap”.

Live within your means

Live within your means, or better yet, beneath your means. Do not spend money you don’t have. If you can’t pay in cash, don’t buy it. Plan your purchases. Have the restraint to buy what you need and not what you want.

Solomon wrote in Proverbs 24:27, “Prepare your work outside; get everything ready for yourself in the field, and after that build your house.”

Save money

Save money for big purchases so you can pay in cash instead of paying for it in installments which include interest. If you run late in your payments that’s when the credit card companies kick in their hefty penalties.

Spend wisely

Avoid buying things that you don’t need. De-clutter your life, your home, and your cupboard. If it’s hard for you to control your buying impulsiveness, then stay away from places where you will be tempted to spend money. As they say, it’s better safe than sorry.

Solomon wrote the book of Proverbs a long time ago and yet the principles found in it are still applicable and just as effective today. Use these money lessons as a guide to make wise financial decisions. It’s never too late to start good habits.