Susan C. Anthony

Motives for Accumulating Wealth

Wealth is worthless in the day of wrath, but righteousness delivers from death. (Proverbs 11:4)

Do not wear yourself out to get rich. Have the wisdom to show restraint. Cast but a glance at riches, and they are gone. (Proverbs 23:4-5)

A faithful man will be richly blessed, but one eager to get rich will not go unpunished. (Proverbs 28:20)

Better a little with the fear of the Lord than great wealth with turmoil. (Proverbs 15:16)

Some Reasons to Accumulate:

Accumulation should not be a goal in itself. It can be a means to accomplishing one or more of the following goals:

  • Pay off debt
  • College for kids
  • Major lifestyle desires
  • Major charitable giving
  • Owning your own business
  • Creating a "family bank" from which family members can borrow at low interest to buy homes, start businesses, etc.
  • Financial independence, where you don't have to work for money because money is working for you.

Rule of 72

Any interest rate divided by 72 gives you the length of time it will take for the investment to double in value. The earlier you start, the less money you have to start with to achieve financial goals.

Advantages of Wealth

The disadvantages of wealth were discussed in Lesson 1. Some advantages of wealth include:

  • You can pursue personal goals that once seemed out of reach. A disadvantage of this is, if you fail at those goals, you won't be able to blame a lack of money.
  • You can help other people. You can go into a restaurant, pick out a young struggling family, and anonymously pay their dinner bill. Think of the fun!
  • You can substantially contribute to making a difference in the world. There are many wonderful making great sacrifices to carry out the Great Commission and otherwise do God's work in the world. They have bills and need money to pay them.
  • You have the opportunity to free them from financial insecurity so they can devote their time and energy to ministry.

Eight Steps to Becoming Wealthy

  • Spend less than you earn. Nothing is more important.
  • Start small. Even saving $10-25/week can make a big difference in the long run.
  • Have a goal. Find something that will motivate you to save.
  • Pay off debt. When one debt is paid off, use the extra dollars to pay down another one until they're all gone.
  • Plan for problems. Before investing, set up a cash reserve fund.
  • Invest. Begin by funding your 401(K) or opening an IRA.
  • Make it automatic. Set up payroll deductions or an automatic investment plan.
  • Resist the spending urge.

Then just wait. With time, your savings will grow geometrically.

Profile of a Millionaire

  • 92% are married. On average, they've been married to the same spouse for 28 years.
  • Many were told early in life that they were not gifted.
  • Integrity and discipline are cited by most as the keys to success.
  • They are focused and have found a profitable niche.
  • Many did not do especially well in school.
  • About 37% have strong religious faith, and credit it with helping them deal with adversity.
  • Most live a simple lifestyle, without conspicuous consumption. More than half of them live in houses built in about 1958 with three or four bedrooms.
Riches are consistent with godliness, and the more a man hath, the more advantage he hath to do good with it, if God give him a heart to it.
—Puritan William Ames

The following quotes are from The Millionaire Next Door:

  • The primary difference between a rich person and a poor person is how they handle the fear of failure.
  • If you start young, it's easy to get rich.
  • It's what's in your head that determines what's in your hands.
  • Money without financial intelligence is money soon gone.

Go on to read How Much is Enough?
Source:, ©Susan C. Anthony