A timeless no nonsense wealth-growing principle.
The moneymaking sense God showed thru Joseph of the old testament still holds true in the present pandemic era.
It’s Sunday folks and I thought of writing something biblical but practical. I do write bible themed pieces from time to time, well, because I am a Christian and I studied and taught theology in the past. And because I believe that a high level of spiritual intelligence directly improves the critical and strategic thinking skills of a person.
Because strategic thinking visualizes different scenarios to map the desired future, we can look for “patterns” from Joseph’s story to extract lessons that we can apply to the present.
The Moneymaking sense of Joseph
A man named Joseph was first mentioned in the old testament as the bullied son of Jacob. Forsaken by his brothers, forcibly taken to Egypt, sold as a slave, imprisoned but became the 2nd most powerful figure in the nation.
His moneymaking sense made Egypt rich and powerful in a time of crisis. And from his story, we are hoping to learn and gain similar results.
Here’s the gist of what Joseph taught us:
There are two phases in an economic cycle, the phase of abundance or the bull run, and the phase of crisis or bear run. In his time, this cycle is about 14 years and each phase took 7 years. You can read more of Joseph story in Genesis 37-50
After God revealed to him the economic cycle, he implemented timely measures to save the most important commodity during the bull run. And as a result, he began to acquire wealth for Egypt during the 7-years of famine. His strategy saved Egypt from the devastating effect of the crisis and became a major supplier of grain.
Modern economists are also using this pattern. I was told the same principle was being observed by Singapore that’s why they have plenty of cash to deal with the economic effects of COVID-19– assisting businesses and ensuring the welfare of its citizens.
In this regard, how do we gain from this and apply on a personal level?
During good times, be frugal and save. In the period of economic growth, yes, cash abounds but the cost of living is “also” high. It may not be wise to buy and get in debt.
But in bad times, businesses (and people) were affected. They dispose of assets to be fluid or to cut losses. They sell at a bargain price just to survive. If you have saved for the rainy days, this is the best time to buy if you have more than enough to weather the crisis.
COVID 19 brought the world economy to its knees. Companies are closing, people are losing job, and debt defaults happening in banks. But those who are fluid are in the position of strength.
I’ve read a few months back in an ad, that you can buy 1 car model and get another model for free. I heard from wifey that repossessed real estate properties in Pag-ibig are up for grabs to the highest bidder.
A word of advice for HR pros and top management.
This pandemic took a big financial toll even on well-funded companies because they also supported their displaced employees.
I gave this suggestion last year and I am bringing this up again. Moving forward, saving a certain % of income for the unforeseen crises in the future can give companies an additional arsenal for employee welfare and business continuity.
And making employees agree to a forced saving scheme will prepare them for the next crisis too.
The principle we just discussed may sound harsh and insensitive because we are in a crisis. But please note this principle is cheered when discussed during good times.
So in closing, let’s be sensitive to those who were badly affected by the crisis. They are still hurting because their flight is largely ignored, They were probably abused and taken advantage of because they are in need. But for those people, be encouraged because this too shall pass. Bounce back and be better positioned the next time the economic cycle turns.
And for those who are in a position of strength, being compassionate will bring you lots of goodwill, more than what wealth can give. And a gentle reminder that God sees how we treat those who were badly affected by the pandemic.