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Challenges and Opportunities in the Global Economy

by | Sat, Jan 27 2024

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Many Christians would argue that the way we think about money is one of the most important dimensions of our Christian walk. The Bible offers us plenty of practical financial wisdom, which is especially relevant in these challenging times.

How can we maximise our existing resources, not only to thrive financially but to make Godly investments? Taking a moment to pause and evaluate our mindsets around money and purposeful wealth management is always beneficial.

Rising Cost of Living

Alex Cook is a successful financial planner and the founder of Wealth With Purpose. His ministry is to help equip Christians to honour God with their finances by teaching them sound financial skills. Alex recently joined us on 20Twenty to share his insights on the broader world economy and its effect on Australia.

‘The big thing that’s obviously happening in Australia is the cost of living continuing to rise,’ said Alex. ‘And we’ve got record low vacancy rates across Australia, the lowest, I believe, in recorded history. There are pressures on rents and mortgages and people are feeling that squeeze.’

The current state of the global economy is marked by significant volatility, and forecasts indicate that the rest of 2024 could see slower than expected growth. The traditional investing approach in Australia has always been towards buying shares and real estate, though recently there has been a shift towards more ethical investments that align with Kingdom principles.

Biblical Wisdom

‘The Bible gives us immense wisdom about how to handle money,’ Alex said. ‘Whether you have Bitcoin, gold, Aussie dollars or property we’re called to be good stewards with whatever God has put in our hands. That principle doesn’t change, and it puts the responsibility on us as Christians to do that.’

Alex believes that our goals should always start with being able to sow and build God’s Kingdom. ‘When you consider all the volatility, Ecclesiastes 11:2 says, invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land. What that’s really saying is what any financial planner will tell you; don’t put all your eggs in one basket.’

Everything Belongs To God

The principles in the Bible are timeless, and we can apply them irrespective of whether there are new technologies. But it starts with our hearts and minds being aligned with Scripture and realising that everything we have belongs to God.

‘We’ve got to guard our hearts at all times,’ said Alex, ‘and make sure we’re saving purposefully but not hoarding and being greedy with what God has blessed us with.’

Listen to Alex’s full message on 20Twenty below: