30 Days of Smart Money Choices --

Sow your seed in the morning and do not be idle in the evening, for you do not know whether morning or evening sowing will succeed, or whether both of them alike will be good. Ecclesiastes 11:6

1) To quote a popular proverb, "Don't put all of your eggs in one basket." Diversify your investments. Have a good investment plan which does not depend on just one type of investment to succeed. A mutual fund can provide some diversity for you simply by the fact that it manages a wide portfolio of stocks. Even so, your personal investment strategy needs a little diversity, as well.
2) Have a good grasp of the overall picture of your life. Have a unifying purpose for your endeavors. For the Christian, it could be to seek God and His kingdom first and to follow Jesus. As Jesus told Martha, it's not good to fret and stew over many things. Only one thing is needed. Working toward a over-arching goal gives meaning to everything we do. Yet, under that umbrella of a unifying purpose, we will need to accomplish work in many sub-areas. For example, the keeper at home must not only organize meals, but see to it that her family is clothed as well. Be able to allot time and finances to complete your work. Do not work hard in the morning and slack off as the day goes on. Do not pour all of your time into your favorite activities and fail to succeed at other responsibilities. In this sense, you not only diversify your financial investments, but your time investments, as well.
3) When investing and making other financial decisions, watch out for these attitudes that can sabotage you: fear (as opposed to reasoned and prayerful prudence), greed, envy, making rash decisions, believing unreasonable claims, placing too much security in temporal things, and a lack of trust in God's provision. Cultivate trust, generosity, prayerful and reasoned prudence, and the knowledge that God can provide no matter what happens to your personal finances or to the overall economy.