English statesman Francis Bacon once wrote, “Money is a great servant but a bad master.”
If we don’t learn to manage money wisely to take control of it, it will soon master us. It’s one way or the other. Today, Bob Lotich tells us how to be the master and not the servant when it comes to money—and he makes it pretty clear, as well.
Bob Lotich is a high-performance financial coach and Certified Educator in Personal Finance (CEPF®) and has been named a top-20 influencer in personal finance. His wife, Linda, and their award-winning website, SeedTime.com, as well as the SeedTime Money Podcast, have reached over 50 million people in the past decade. He is also the author of Simple Money, Rich Life: Achieve True Financial Freedom and Design a Life of Eternal Impact.
The Wake-Up Call: A Breakdown Leads to Breakthrough
Bob’s story, which began in 2002 when his car broke down while he was on his way to deposit a paycheck, is one that many can relate to. He described how that moment of crisis led to a deep spiritual awakening about finances and stewardship.
Unfortunately, the car breaking down prevented him from depositing his paycheck and paying rent on time. Facing the stress of a possible late fee he couldn’t afford, Bob realized that his financial life was on shaky ground. He describes this moment as a "house of cards" that collapsed.
In his frustration, Bob prayed for wisdom, and that simple prayer became the catalyst for a profound change. God responded, leading Bob to learn about biblical stewardship and practical financial management.
Biblical Wisdom: Earning, Saving, and Giving
As Bob delved into the Bible, he came across a quote from John Wesley that changed his financial perspective:
"Earn all you can, save all you can, and give all you can."
This idea, combined with scriptural truths, inspired him to view money not as a burden but as a tool for good.
Bob reflected on passages like:
- Proverbs 13:11: "Gathering money little by little makes it grow."
- 1 Timothy 6:17-19: Paul’s admonition to the rich to be generous.
- Proverbs 22:7: The borrower is slave to the lender, which motivated Bob to eliminate debt.
These verses reinforced the idea that managing money well is not about hoarding wealth but using it for God’s purposes.
Financial Unity in Marriage
Bob also emphasized the power of financial unity in marriage. Once he and his wife Linda aligned their financial goals with biblical principles, their relationship strengthened. They not only eliminated stress but also achieved impressive financial milestones, like paying off their house by the age of 31. Bob’s stor