How do I build wealth on a ministry salary?
So, you work at a ministry. And, like many people who work at a ministry, you have a “ministry salary.” There are, of course, hurdles that come with this reality, but none that preclude you from building wealth. As you undertake this venture, remember that building wealth should always be for a Kingdom purpose. Otherwise, we will fail no matter how much wealth is accumulated. The adage “more money, more problems” can be true for many. Ecclesiastes sums it up even better: "Whoever loves money never has enough; whoever loves wealth is never satisfied with their income." (Ecclesiastes 5:10)
As you endeavor to build wealth with Kingdom purposes in mind, the following steps are wise advice, regardless of your salary.
Step 1: Determine your long-term goals.
It should go without saying, but sometimes we need to say it anyway… before you can begin to work toward your goals, you must know what those goals are. Start by inventorying your values and passions: What do you want from life? What is your purpose in life? How can you best use your talents, skills, and resources to make a positive impact on others? Now, take an inventory of what God is calling you to. What has He gifted you with and why? Does He want you to build wealth? Whom does He want you to serve? Let the answers to these questions guide the formation of your long-term financial goals—then pursue them!
Step 2. Save money where you can.
As you consider your capacity to save, the following question is a great starting point: Does your spending today support your long-term goals for tomorrow? If the answer is no, then start identifying alternative spending choices. If you're paying out-of-pocket for medical expenses or insurance premiums (and not getting reimbursed), it might be worth switching over to an HSA or FSA account so those costs can be deducted from your income at tax time. Or maybe your rent or mortgage payment amount doesn’t make sense for your family – maybe it could be lower in another neighborhood, city, state, etc.
Step 3. Own things that make money.
One of the best ways to build wealth is by owning income-producing assets. The most common examples you’ve probably read about are stocks and real estate. Owning a business is another example. Most wealthy individuals, even in ministry, are those who “own things.” Their salary (ministry or not) did not propel their wealth. They did not focus on their savings account balance. They focused on owning things. The ownership factor allows for wealth creation far beyond what our hours of labor can accomplish.
Step 4. Get the right advice.
The last step is key – getting the right advice. Those who haven't built much wealth may give you advice that sounds good but actually isn't helpful. On the other hand, those who have built wealth can tell you what worked for them and what didn't. If you talk to enough people who have built wealth, they’ll be honest about how difficult it was. There were struggles and hard choices, and it may have involved a good amount of risk for their families. But they learned along the way and ultimately succeeded.
Make goals. Save money—own things. Seek advice.
And always remember… building wealth is not about safety and security from our reliance upon God – it’s about achieving goals He has called us to for purposes only He can accomplish.