The Difference between Saving and Investing

Is there a difference between saving and investing? Well, of course there is, right? Right. Let’s put that one on a hook on the wall for now, we will come back to it. But first, should we save or invest? Of course we should save. The Bible is full of examples of people who saved and made plans for the future. One account comes to mind; that is the man who gave all to buy the field that had a jewel in it – treasure. Many of the people we read about in the Bible were wealthy. So we agree some funds are to be given to God, the poor and others.

We as Godly people need to be able to provide for ourselves and our family. A purposely portioned account of our earned income must be arranged in an order. God shows many people who did right by Him with the accounting of the funds they had. We remember the widow’s mite. The rich young ruler. The family who sold their land and said they gave all, and so on.

Back to the difference between saving and investing. How do saving and investing differ; saving is for short term needs and investing is for long-term objectives.

So that was easy. Now for the part some people roll their eyes at. How does one decide the amount that is to be split between savings accounts and investment accounts? That is the question. One other question that may come up, what type of account should I use for saving and what type of account should I use for investments?

We at Solace Wealth Management would like to listen to you. To what you expect may happen over the years with your funds. To learn about how you would handle circumstances if you were told the funds were lost due to a failure of your expectations. Your response will direct the path to be followed. This path will lead you to place your earned funds into the accounts that make sense. Missionaries are very special to us and need a full understanding of options such as safety and security. Missionaries also need to have an understanding of how to access their funds, healthcare needs, associated fees, and taxes.

We at Solace Wealth Management will teach, involve, and inform you as to the solutions that will make and keep you whole.