Money Won’t Make You Rich By Sunday Adelaja.

Money Won’t Make You Rich By Sunday Adelaja- Book Summary

The World Bank defines extreme poverty as living on less than the equivalent of one U.S. dollar per day. Moderate poverty is defined as living on less than two dollars a day. By that definition, a man earning three U.S. dollars per day or ninety U.S. dollars per month is not poor.

THE MAIN ERRORS OF THE PROSPERITY MOVEMENT

In Money Won’t Make You Rich, Sunday Adelaja points how the prosperity gospel teaches that one prospers only when giving. Giving is the main emphasis. This is false.

True prosperity comes not just when we give but also when we know the laws of money and discipline ourselves to abide by them. This is the difference between being rich or poor. Although there is an important place for the law of giving, it is only one of many laws. By itself, it will fail to make anyone sustainably wealthy.

When Christians teach that the only way to be prosperous is by giving to the church or ministry, the only person who becomes wealthy is the one on the receiving end or those who have control of the collection. Usually, this is the pastor, televangelist, or radio preacher and his or her inner circle. This leads to a situation where many pastors, especially those of most megachurches, live in the lap of luxury and excess while large portions of their flock can barely afford three square meals a day.

There is something wholly unsettling about a Christian leader whose taste for the good life exceeds his sense of justice.

You often hear them teach that what you say is what you get, or “confessing it means possessing it.” Start speaking about it and it will come into being as God creates what you are speaking. This is the Wheel of Fortune approach to faith, and it amounts to extortion because it purports to teach people how to make God work at their behest.

Money Won’t Make You Rich, author argues that most teachers of prosperity teach an incomplete aspect of financial empowerment. They emphasize faith and belief and never teach about the production of goods and services, and often because they are not comfortable with having to release their controlling grip on the congregation.

POPULAR SCRIPTURES BUT FALSE INTERPRETATIONS

Proverbs 13:22

“The wealth of the wicked is laid up for the righteous” is a major doctrine in prosperity-preaching circles. The emphasis is on the fact that God wants to take wealth from the sinner and give it to believers.

Proverbs 13:22 does say, “A good man leaves an inheritance to his children’s children, but the wealth of the sinner is stored up for the righteous.” This is true, and the Bible does not lie. Nevertheless, when preached this way, there is contradiction in the very principles of God’s nature. The principles of the justice of God would not allow collecting the wealth of the wicked to give to the Christian, because the Bible teaches in Proverbs 10:4 that the diligent worker will prosper, no matter whether that worker is a believer or not. God makes people rich because of diligence and hard work, not because they are followers of one or the other prosperity teacher. The Bible teaches us to love our enemies, this kind of teaching ends up causing us to hope and pray for the downfall or misfortune of the unbelieving wealthy, so we can dispossess them of that wealth we have been eyeing.

Clear-headed way of Proverb 13:22

Money Won’t Make You Rich addresses different interpretation of some of the scriptures, for instance, the way to look at the meaning of Proverbs 13:22 is that we reach wealth when the righteous produce a better product than anyone else on the market. This is because the righteous will produce goods and services not only to impress people but also to please God. The transfer of wealth that prosperity teachers should emphasize is not God taking from the wicked to give to the believer, but rather people buying from the righteous in exchange for the best quality of goods on the market.

Proverbs 12:12

The wicked desire the plunder of evil men, but the root of the righteous flourishes. (Prov. 12:12, niv).

In this scripture, the Bible tells us that only the wicked desires the plunder of other men, even if the man with the plunder is an evil man. It is still wickedness to desire what you did not work for.

“But the root of the righteous flourishes,” which goes a long to tell us that if we are really righteous, we will be productive and do things better than other men. That is what the word flourish indicates. We are supposed to not just be productive but also exemplify excellence and perfection in our work. When something flourishes, everybody is attracted to it. When we flourish in what we do, in the goods we produce, in the services we offer, all other people who wish to flourish will come to us.

Some prosperity preachers use another passage of the Bible to push their wares: when the children of Israel left Egypt and God told the Egyptians to give their gold and silver to the Israelites. (See Exodus 12.) They use this as an example of God giving the wealth of the world to the believers, and it sounds nice—except that the children of Israel had worked very hard for a very long time in slavery and forced, unrewarded labor for that gold and silver. So in this case, God was proving He is a God of justice.

PAY GOD FIRST AND YOURSELF SECOND

In Money won’t make you rich, Pastor Sunday points out that the vicious cycle of paying others first never ends. This repetitive system is a deterrent to us. Therefore, it makes all the sense in the world for the person making the money to pay himself or herself first after paying God.

SAVINGS THROUGH ECONOMIZING YOUR SPENDING

If you receive a million dollars monthly and spend as much, then you will never be truly wealthy. What determines wealth is not how much you receive, but rather how much you can save. To the extent you are able to reduce your expenses, you will be able to receive God’s wealth.

The paradox of money is that people tend to spend more than they earn. The Bible says that when wealth increases, those who spend it also increase (Eccles. 5:11), but that should not be true of believers. That is why we must learn by practicing saving, even while we are earning small amounts of money. If we master this now, we will be able to save more when we make more. Part of trusting God includes saving for the future. See also 41 best ways to save money.

NON-ESSENTIAL EXPENDITURES

We can all save five to ten dollars daily simply by refraining from non compulsory daily expenditures. If we spend money on unnecessary things every day, it could total up to as much as one hundred fifty dollars per month, or two thousand dollars each year. What would happen if we put that same money into an account yielding a 10 percent annual return?

THE CULTURE OF SAVINGS AND INVESTMENTS

Don’t be in a hurry to invest. Take great caution so that you do not lose your money. Remember, quick gain is deceptive.

Develop a budget, and live by it. A budget defends your priorities from casual wishes, and it helps to differentiate between the two.

Save for uncertain times such as old age or unexpected circumstances. (See 1 Timothy 5:8; 6:10.)

Be focused, and concentrate your efforts to acquire more information, new networks, strategies for better service, and cheaper and better products.

Beware of lending out money. You are not a bank, so do not bring others’ burdens on yourself.

PRINCIPLES OF WEALTH CREATION

According to Money Won’t Make You Rich author money is not necessarily what you should desire. The crucial thing is wealth. Keep in mind that money is not the same thing as wealth. Wealth pertains to all the things we want and need, things like food, clothes, cars, houses, and so on. Money is a recent invention, but wealth has been here for many thousands of years. You can have wealth without necessarily having money.

The one who understands the laws of money—multiplication, retention, diligence—is on the way toward wealth.

Money Won’t Make You Rich provide some practical wisdom for aspiring millionaires. (If you’re aspiring millionaire, I recommend you read The Millionaire Fastlane By Mj DeMarco)

PRACTICAL WISDOM FOR ASPIRING MILLIONAIRES

1. Successful financial life begins with a successful saving mentality.

2. Save to invest in your future.

3. One of the keys to saving is never to spend on what you can do without.

4. You either waste money, spend money, or invest money.

5. Fools waste money.

6. The mediocre spend money.

7. The wise invest money.

8. Investments become your future and assets.

9. Fight against pride in your life.

10. Always recognize the fact that we are only the managers and trustees of God’s property.

MONEY DOES NOT MAKE YOU RICH

Do not love money! Love God; your family; love friends and neighbours! Love people, but never love money! When you fall in love with money, it possesses you. By itself, money does not truly make you rich. It is neutral. That is why we need to acquire moral wealth before acquiring large amounts of money.

Most people do the opposite. They put all their energy into amassing monetary wealth while ignoring the development of their character. The end result is that instead of them controlling their money, the money begins to control them.

Money will not make you happy. We use money to solve certain problems, which may produce a temporary sense of fulfilment or happiness, but it is never a true source of a joyful life—Christ is.

Contentment

For those convinced money is required for happiness, they need to know that mammon itself is responsible for this deceit.

If the concept of money is to work for you and not against you, you must grasp these three crucial facts:

Money does not make you rich
Money enslaves, and money will not make you happy.
A fourth and similar principle says that God entrusts money to the pure in heart. “Now godliness with contentment is great gain” (1 Tim. 6:6).

In Money Won’t Make You Rich, Pastor Sunday believes that everyone who wishes to attain lasting financial prosperity has to work on developing a righteous and pure heart.

Righteousness is true wealth, for it is the possession of God’s character. The entire world’s wealth could never corrupt a righteous person, because the righteous rule over wealth and not the other way around.

“Godliness with contentment…” By contentment, we mean a deep gratitude and appreciation to God for where we currently are and with what we currently have. The ability to be content is a quality that should be valued more than gold. Whoever has this trait is already a wealthy person.

Money will destroy us if that is all we are seeking. Money should bless and not kill its possessor.

PROCESS OF PRODUCTION

Preachers should encourage their people to learn the process of production of either goods or services, not just giving and expecting miracles.

We cannot just sit in church and pray to God to make us millionaires, rich and wealthy, without actually getting involved in the production of goods and services.

God required even Adam to go through the process of production by telling him to till the ground and keep it. He could have commanded the angels to come and do the upkeep of the garden. But God did not do that, because He designed man to do it. In that process of cultivating and tilling the ground, not only is production made possible, but man develops himself as well.

Money is a by-product of the process of production of goods and services. When people play the lottery or pray for financial miracles without the process of production, it is more a manifestation of greed than blessing. That is why the Bible says that God blesses a diligent worker rather than an idle person who is just hoping for blessings to rain down from heaven on him.

UNDERSTANDING THE LAWS THAT GOVERN MONEY

Understanding the difference between assets and liabilities

The poor acquire liabilities while the rich acquire assets. A liability is something you own that requires expenses on your part to maintain. A liability is also something that depreciates. The cars we drive and the houses we live in are liabilities because of expenses required for upkeep.

Understanding that money, just like a seed, is meant to be multiplied

Money functions as a seed. What do we do with seeds? We can eat them, but that would be unwise. If we consume the seeds, next year will come and we will not have anything to eat, because we have not sown a thing. “Whoever does not sow does not reap” is a universal law.

God does not sit in heaven with a money-printing machine, waiting for us to ask for riches so He can drop a few bundles into our laps. He gives us power, authority, intellect, wisdom, and ideas—in other words, the abilities to make money ourselves.

He does not give wealth, but rather He gives the power and ability to gain wealth. The first talent or the first money that comes to us is not for spending. Sow it into good soil, which is the beginning of producing fruit, or profit.

Understanding the difference between an investment mentality and a consumer mentality

A savings culture is the first step to wealth. The second is investment. As soon as you complete the first condition and start receiving returns on your money, the next question arises—how to keep it. Poor count how far the money will go and then go out and spend the money on new clothes or new shoes, expensive cars, extravagant travel, and so on, until the money runs out. That is why the poor get even poorer.

Understanding the difference between financial discipline and instant gratification

True investment begins with a culture of saving. After savings, then we will begin to have something to invest and multiply. We must discipline ourselves to control the lust and desire to spend money.

Sacrifice before pleasure

If these laws are followed, we will succeed in reducing the amount of poverty that we have in our culture and society today.

RULES OF FINANCIAL EQUILIBRIUM

The next thing to know about money is how to balance expenses and income. No matter how much money we have, even if it is a billion dollars, it will eventually run out.

Proverbs 13:23 says, “A poor man’s field may produce abundant food, but injustice sweeps it away” (niv).

This Scripture says there is plenty of food in the fields of the poor. If that is true, then why are some people poor? They are poor because their “food” is decreasing due to lack of order, management, and knowledge. They do not understand how money functions, and they do not know the laws of money. It is easy to learn these things, but the more information we have about money, the better we can control it.

The key to saving is to never spend money on what you can do without.

True investment begins with a culture of saving.

The sin of indolence is doing nothing; the sin of insolence is passing the blame to others.

THE BASIC LAWS OF MONEY

According to Money Won’t Make You Rich, Author the first law of money is multiplication. The second law of money is retention. We are often tempted to spend the money coming our way on pressing and legitimate needs, but wise people keep it in their possession before investing. It is irresponsible to spend money before it multiplies. No matter how small your income, keep a part of it for multiplication. You have been faithful with a few things; I will put you in charge of many things. This third stage is the stage of investment.

PRACTICAL WISDOM FOR ASPIRING MILLIONAIRES

Legitimate millionaires live below their means and do not concentrate on living big.

Faithful millionaires are givers but not wasters of money, both in the family and in the church.

Genuine millionaires are frugal in that they control their expenses and do not waste anything.

THE YOKE OF FINANCIAL PROSPERITY

Never lend money to people. Jesus said, if someone asks you, give (Matt. 5:42). This is part of His principle of loving one’s enemies. Notice that Jesus did not say lend, but give. These are two different things. Never lend out what you are not ready to lose or donate. The reason I am saying this is that this practice spoils relationships more than anything else, especially when people fail to give back the money.

OVERCOMING FINANCIAL ILLITERACY AND IGNORANCE

Knowledge is the key word when it comes to finances, because money comes to those who have the knowledge of what to do with it.

Investing money to produce an overflow is an action God calls wise and faithful. Spending everything to the last cent, even on charity, is what God calls foolishness. We should not spend money before multiplying it. Money should be spent only after it have been invested and profit received. We can spend profit, but never our original capital. That is wisdom in money management.

ASSETS AND LIABILITIES

You buy either liabilities or assets, and you spend money either multiplying assets or multiplying liabilities. Borrowed money is only to multiply capital!

In our modern society, people are of the opinion that fulfillment and success mean owning things, such as your own home and car. It is not wrong to own these things, but only after you have multiplied seed or capital. See the types of assets that rich people invest in.

When we live in the house we have purchased, we are increasing our liabilities because, apart from paying the mortgage (with interest) to the bank, we are adding to the cost of the house through maintenance and upkeep. In the end, this increases the overall cost. It would, therefore, be more beneficial to rent out the house and rent a smaller apartment, so that the tenant in your house ends up paying the expense of the house—mortgage costs, related bills, and so on.

The second kind of expense is for capital. When purchasing a house and then renting it out, you keep on receiving money from the house through rentals and savings. This is a capital investment of assets.

Rent an apartment for now. Walk or take public transportation—do whatever it takes, but invest your capital.

The person who knows how will always control those who only know what.

Rich people do not take loans for liabilities—that is, for expenses they use on themselves that do not earn them more money. Poor people do this, and when they do, the poor get poorer while the rich get richer.

THE MIND: AN AREA OF FINANCIAL SLAVERY

Knowledge is a great source of power. Whoever increases knowledge also increases power. People who know the laws of money and how they work—as well as how the financial system of the world works— can make, save, and multiply money more easily than the uninitiated. The only force that can break the yoke, however, is taking the time and energy to become knowledgeable about money. The most exciting advantage of wealth is that it gives us the opportunity to break free from the slavery of “salary work” while we labor for God through our calling and gifting.

“Good understanding gains favor, but the way of the unfaithful is hard. Every prudent man acts with knowledge, but a fool lays open his folly” (Prov. 13:15-16).

A good mind is developed and filled with knowledge that comes from God and His truth.

Do not think that after you pray for twenty-four hours, angels will bring money to your doorstep. The way of the ignorant is difficult. Yes, we need to pray; that is inherent in the spiritual life. However, we also need to work hard to develop a sound mind and a good understanding— which is the beginning of success.

The best steward-ship of all is to raise up others to be successful.

KNOW THE HOWS OF MONEY

Knowledge is like a magnet for money—attracting wealth, and total dependence on the Holy Spirit leads us so we do not make mistakes with the knowledge we obtain.

Ecclesiastes 10:15 says, “A fool’s work wearies him; he does not know the way to town” (niv).

We must examine what very successful people have to say about money, even if they are unbelievers. Anybody who has conquered wealth and money must know the hows by which money works, and we should study them, balancing their thinking with God’s Word. We cannot read only the Bible to know the laws of money. To think that way is to deny that God has already given the knowledge to some. We need to learn from them!

The science of money creation has developed over centuries, and we can possess all that knowledge just by learning. If we only want to read the Bible, we deny the work God has done over the centuries through other great men and women in history. The labor of a fool makes him tired, and his life is difficult because he lacks knowledge and does not know where he is going. Everything will make us weary if we do not have knowledge.

INVEST IN YOUR MIND

I therefore encourage you to invest in your mind by reading the best books on the market about wealth creation, but balance it with the principles of the Bible, and you will never go wrong. Money won’t make you rich! You must make sure you are rich before gaining money, and one of those areas of wealth is being rich in the mind. Robert Kiyosaki wrote more about educating the mind in his book Unfair Advantage: The Power of Financial Education.

FIVE WAYS TO MAKE MONEY

Salary – you work and you are paid

Money Won’t Make You Rich, Pastor Sunday points out that no one can get truly rich off only a paycheck, even one from a high-paying job. Working for a salary does not make you rich, but it does make your boss and your government richer, because when you have a job, you pay taxes.

Lack of information on where to invest money is the problem of most people in the world today.

Most Christians hardly ever study books on the laws of money. This is why they think that if their paycheck increases, they are becoming richer. That is a myth. Without a corresponding increase in financial knowledge, one actually becomes poorer each day—even if the paycheck increases. This is because we don’t multiply our money before spending it, thus creating more needs rather than taking care of needs.

Small- and medium-sized business

Big-business owners and entrepreneurs

Honorariums / royalties

Investments, shares, bonds, and similar opportunities

Now we come to the best and most practical way to make money. Investment is by far the superior way of making money and becoming a millionaire in five to ten years, especially if we know the laws and principles of money. If we begin to study about money and invest it little by little, even if our salary is very small, we will soon see results. Investing is the fastest way to get rich in the world today. This is the way people become millionaires and even billionaires.

Capitalistic idealism convinces us that the only source of money is our paycheck, and everything else is secondary. Many see no viable alternatives.

“The poor man and the oppressor have this in common: the Lord gives light to the eyes of both” (Prov. 29:13).

God has given everyone eyes to see his or her place or areas of calling. The difference between the poor and the rich is in their eyes. The rich can see opportunities and take advantage of them, while the poor overlook opportunities and complain.

“The hearing ear and the seeing eye, the Lord has made them both” (Prov. 20:12).

This means God gave ears to the poor as well as to the rich, and He gives sight to the eyes of both. Wealthy people can see because they look around for opportunities, but the poor just lay back and relax.

TAKING ADVANTAGE OF THE BANKING SYSTEM

Banks give loans to tie us to themselves for many years. We need to be smarter than the system. Take out a loan for twenty years, but pay it back in a few years. (See also Wealthy Barber, advice on the same) Otherwise, in eighteen years, the interest increases to much more than the amount actually borrowed. You may say, “A Christian should not have debts!” I agree that would be the ideal.

You can have good debts when you use the loan to buy assets that multiply your money instead of buying liabilities that only multiply your debt. A loan is worth taking only to increase your capital base or to make much more money than the original loan.

BEWARE OF GREED

Greed is the desire to get something quickly—whether money, sex, power, recognition, leisure, or other things.

Greed can destroy your financial security.

“A stingy man is eager to get rich and is unaware that poverty awaits him” (Prov. 28:22, niv).

Declare war on poverty. Get to work and take your destiny seriously. Arrange your priorities and objectives. Never be content with your current state; always pursue your life goals.

If you have read Money Won’t Make You Rich by Sunday Adelaja, you might also want to read the list of best must read personal finance books.

Money Won’t Make You Rich by Sunday Adelaja, published by ‎Golden Pen Ltd March 22, 2016. The book has 256 pages.