I received a promotional email a while ago about a managed fund. It is titled saving for wealth. Isn’t that an anomaly??
Practically, it is impossible to build wealth through saving. To build an equity of $1M by putting aside $1,000 per month, it will take about 1000 months which is about 80 years!!! Sure there is the interest compounding effect…but even if the period is halved, it still takes 40 years at best and you will be 60 years old by then. And again how many people can set aside $1,000 per month?! especially if you have dependent.
Biblically speaking, Proverbs has many things to say about wealth. From my reading of Proverbs last week, saving is a smart thing to do but the aim is not to build wealth. Rather it’s for sharing in the time of needs. I can’t remember the specific verses…need to look up my notes again
Wealth is also a good thing…well basically being poor is a bad thing as poor is often associated with laziness. Having enough wealth is good to provide for own need and to share with the needy.