With permission from Steve Murrell, I am re-posting his blog. Very good read.

7 truths about wealth and wealthy people

by Steve Murrell

1. Salvation is not for sale, no matter how rich you are
Psalm 49:7-9 when it comes to redeeming a life, “no payment is ever enough”

2. Wealth is temporary
Psalm 49:10 everyone eventually dies “leaving their wealth to others”

3. All rich people die
Psalm 49:12 “Human beings, despite their wealth, do not endure”

4. We should not be impressed with or intimidated by wealth
Psalm 49:16 “do not be overawed when others grow rich…”

5. No U-hauls behind a hearse
Psalm 49:17 “they will take nothing with them when they die”

6. People pander to the rich
Psalm 49:18 “people praise you when you prosper”

7. Some people have money but live and die like animals
Psalm 49:20 “Human beings who have wealth but lack understanding are like the beasts that perish”

Jesus warned that the “deceitfulness of riches” can “choke the word” in our lives. (Matt 13:22) Have you ever been deceived by riches and wealth?

Without a doubt, the biggest problem of the Philippines is poverty. I doubt if anyone can debate the fact that poverty in this country is alarming.

Why is it so? Our country is not lacking in resources, both natural and human. Our lands are fertile, we have good supply of water, our seas are bountiful and we have our good share of minerals… plus more. Our labor force is really good– too good that we are end up ‘exporting’ them and adding the term ‘Diaspora’ into our culture.

So what is the problem? When I was much younger and being a student of Economics, I thought that our problems were economic in nature – distribution of wealth, stagflation, sustainability of economic growth, fiscal and monetary policies, etc.

As I got a little older and was exposed to the ‘real world’, I thought that the cause of our problems were political in nature. Too much corruption, poor service, inconsistent policies, self-serving officials, etc.

To a great degree, I still think our problems are economic in nature and yes, political in nature. However, after all these years, I would like to believe that our problems are largely ‘social’ in nature.

I’ll write about why I think so … soon.

I have to admit that if there’s one thing I need to cut back on, its coffee. I simply love coffee and my day is not complete without sipping a cup. I like my coffee simple as I prefer brewed coffee with a little milk and some sweetener. I also do not substitute brewed coffee with instant coffee, it’s really not the same.

Coffee is good for me, it helps me focus and because of it, I can do more work — like blogging, haha! However, coffee can be harmful in excess, both physically and financially. Too much caffeine in the body is definitely not good for you and some people develop an acidic stomach because of too much coffee. Too much coffee can also hurt your wallet. Imagine drinking two cups of your favorite latte or those coffee blended stuff many people love to drink on a daily basis.

Let’s do a little math here: let’s assume you spend an average of P200 per visit to your favorite cafe and you do it 6 times a week; and let’s say you will do this in the next 10 years. Instead of spending this on coffee, you instead invested it and your average investment yield is say, 5% p.a. — your money would have been P 760,710.94  at end of 10 years!!!

A lot of people do not realize that the compounding effect of the ‘small’ things they spend their money on would have amounted to something ‘big’ in the future. The issue is not just expensive coffee. How about eating out? Cell phone bills? Shopping?

Don’t get me wrong. I love coffee, I like to eat out, I use my cell phone and I go shopping. The issue is if we do it excessively. Like they say, anything that is excessive  is not good and if we can  see the actual cost of those excess, we will think twice, won’t we?

Since I budget my expenses a lot, it doesn’t mean I won’t take coffee anymore. I like to brew my own cup at home, the cost of a home brewed cup would be just a tenth as compared to your favorite coffee shop. I also go to coffee shops from time to time too. Since I am an independent, coffee shops has been like an office for me where I meet clients and friends, work, read and kill time while sipping coffee.

There’s one coffee place that I like going to because of value, The Coffee Bean & Teal Leaf. Why? Their coffee is priced a little lower than the famous Starbucks and as a coffee aficionado, I can say their coffee tastes better. I also love their service… the crew of Coffee Bean are always courteous, friendly and efficient.  They also have this cool rewards program called Swirl which not only gives me rewards points, it gives me unlimited internet access! I love Coffee Bean because even a cheapskate like me who spends just a measly P100 gets impeccable service and unmatched courtesy. In their outlet in Promenade, the crew there are so friendly and courteous that whenever I visit there (not that many times mind you!), it feels like home.

So folks, try to moderate your spending and if you do have to spend, spend it where you get really, really good value.