Home Forums Members Forum Working against the ‘get rich quick mentality’

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  • Leslie HarvathLeslie Harvath
    Participant
    Post count: 280

    My devotional this morning from Crown Ministries reminded me that even when using Sean’s investing system, div cap, or options, I can be enticed by a get-rich-quick mentality. I feel it when I see a buy alert or a sell signal, I feel it when I research div-cap possibilities and read more about options. Instead of just eschewing these emotions, I’m realizing this is God’s way of tapping me on the shoulder and saying, “Have you talked to Me about this lately?” I’m seeing these as opportunities for the Holy Spirit to do some reno work on my heart and mind. I am so, so thankful that Sean always exhorts us to understand what he is doing–not to just follow him blindly–and provides so many materials for us to learn together. And to you, dear fellow Logicians, I appreciate all your teaching as well. Blessings to each of you!

    Here is the devotion in full:
    “A man with an evil eye hastens after wealth and does not know that want will come upon him.” (Proverbs 28:22)

    Get Rich Quick by Larry Burkett
    The basic premise of all get-rich-quick schemes is to make a lot of money with very little effort—fast! A typical get-rich-quick “opportunity” involves investing in an area you know little or nothing about. It leads you to risk money you can’t afford to lose and forces you to make snap decisions. Most of the time this leads to “get-poor-quicker” instead of get-rich-quick.

    You can avoid falling into a get-rich-quick snare if you will set a minimum time to pray and seek God’s direction, never risk money you can’t afford to lose, never become involved with things you don’t understand, demand enough information for a thorough evaluation, and seek counsel from knowledgeable and impartial Christians.

    Be a good steward of what God has entrusted to you.

    “Let no man deceive himself. If any man among you thinks that he is wise in this age, let him become foolish that he may become wise. For the wisdom of this world is foolishness before God. For it is written, ‘He is the One Who catches the wise in their craftiness’ ” (1 Corinthians 3:18-19).

    Steven JohnsonSteven Johnson
    Participant
    Post count: 53

    Thank you for sharing this Leslie!

    AvatarOostburger
    Participant
    Post count: 34

    Nice write-up Ms. Harvath. Well done. We also can learn a lot from our ancestors. Regarding prayer, in other words, if we would all be on our knees a little more often, the world will be less chaotic and more clear.

    Leslie HarvathLeslie Harvath
    Participant
    Post count: 280

    You’re welcome, Steven! 🙂

    Leslie HarvathLeslie Harvath
    Participant
    Post count: 280

    Thank you, Oostburger, and, agreed!

    AvatarScott Pearcy
    Participant
    Post count: 332

    Thanks Leslie…..I also find myself being tempted by the noise from other newsletters….but I always look at the opportunity using the filters Sean has taught us to use, fundamentals, market cap, debt, cash on the books, sentiment, PE ratios…etc…etc….and most, not all but most, fall short of earning my investment dollars….

    Christiaan VlasblomChristiaan Vlasblom
    Participant
    Post count: 220

    Thanks Leslie, for sharing these wise teachings. I recognize them, learned a lot of patience over the years, because of this sound reasoning.

    AvatarMichael Hornback
    Participant
    Post count: 7

    Very good reminders Leslie. Another thing that seems to help my thinking to be less attached to money is giving. As my wife and I have practiced generosity we find that our attachment to money lessens.

    John NiehausJohn Niehaus
    Participant
    Post count: 33

    Leslie and Michael, thank you together with Sean, you kind folks are a blessing and am also blessed to be here with you!

    Sean HymanSean Hyman
    Keymaster
    Post count: 3806

    Yep, the Bible cautions about “get-rich-quick” even though I know people in congregations all over the place that either don’t know that or ignore it and they pay the penalty for it through massive financial losses.

    I was at a campfire this weekend with some godly guys that go to some great churches here in the Dallas area: Pastor Keith Craft Elevate Life Church (where I attend and serve), Robert Morris’ Gateway church, etc.

    One guy blew his mortgage down-payment money by day-trading options and lost it in one day. Why? His personal greed was trying to “get-rich-quick”.

    Yet the Bible talks about money coming over time.

    The Bible says “you shall know the truth and the truth shall set you free”. However, it’s only the truth that you KNOW and the truth of the Word that you PUT INTO ACTION. This guy didn’t do that. Now…again, no condemnation because anyone could have done that and gotten caught up if they allowed themselves. And many people fall short in many different ways.

    But you’ll notice that we invest over time. We don’t invest on margin. We diversify among different sectors/industries/countries, etc. You’ll see my encourage a more conservative path rather than an edgy, aggressive path. Why? Those that make their money “over time” tend to do well and those that swing for the fences tend to get wiped out.

    You’ll also find that when risks are high in markets, we hold lots of cash. When risks are high in markets, most people are “elated” and can’t invest enough of their capital. That’s unwise.

    So, you’ll find that I instruct you in a very Biblical balance as it concerns investing, personal finances, etc. Even my system and its allocation strategy is a very conservative way to invest long-term.

    Also, the Bible is clear that it’s for prosperity and that God even made a number of people wealthy. However, what He’s not for is us making wealth accumulation our God. How do we ensure we don’t do that? We honor God with the first 10th of our gross income and we give offerings. That helps to break the back of greed over us and it is a constant reminder that God is our source and provider and not solely ourselves or our job/boss, etc. It’s an act of honor and humility and it shows that God is God over our wallet/money and not just over our soul. Many people haven’t submitted their wallet under God…only their eternal soul. But if I can’t trust my God with paper money, how can I trust him with my eternal soul, which is far more valuable? You’ll find that as you give tithes and offerings and steward your personal finances and investments well, that it gives you confidence to ask more from God, in faith, because you’ve stewarded well what you now have.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3806

    You’ll also find that by following me and my experience in markets and knowing my investing system and the “whys” of why we’re getting into an investment helps to make sure you’re not investing in an area that you don’t know or do it foolishly. Even the allocation section of the system helps to ensure that people allocate their money to their investments in a wise fashion.

    Even for the long-time subscriber, its good to go back over it at least annually as a good reminder so that one doesn’t stray away from the system. https://logicalinvestor.net/members-only/my-complete-investing-system-how-to-allocate-your-money/

    Sean HymanSean Hyman
    Keymaster
    Post count: 3806

    I grew up listening to Larry Burkett back in the 1980’s on the radio. Loved is sound stewardship. I believe its part of where I get mine from as well. He was the Dave Ramsey before their was a Dave Ramsey.

    In my opinion, Dave Ramsey is a great 101 course on getting your personal finances in order and heading the right direction. I’d say the same with Crown (even though I’m biased to the Larry Burkett days). 201, is Robert Kiyosaki’s book, Cashflow Quadrant.

    Steve KenagySteve Kenagy
    Participant
    Post count: 21

    Great reminder, thank you all.

    Sean HymanSean Hyman
    Keymaster
    Post count: 3806

    You’re welcome.

    AvatarMangojango
    Participant
    Post count: 55

    Amen! Awesome and inspiring…so needed in today’s world. Thank you all for the contributions!

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