In his book called The 5 Lessons a Millionaire Taught Me, Richard Paul Evans shares what he learned from a millionaire friend. Lesson #2 is to take responsibility for your money.

Here are the four things you need to know about your money…

1. You need to know how much money you have

To do this, you’d simply add up your assets (cash on hand, cash in bank, stocks, bonds, tax refund, home, other material possessions), then add up your liabilities (credit cards, loans, taxes or bills due). To calculate your network, subtract your liabilities from your assets.

2. You need to know where your money comes from

This includes bonuses, paychecks, gifts, royalty payments, income, commissions, alimony, inheritance, etc.

3. You need to know where your money is going

Track what you’re spending your money on.

4. You need to know what your money is doing

Understand how your money is growing and where you are losing ground.

This advice reminds me of the Kenny Rogers song…

Although the song is about gambling, I still like the fact that he sings about you knowing what to do when the cards are in your hands. He says you have to know how to hold ’em, fold ’em, when to walk away or when to run. You also need to count your money when you’re sitting at the table.

If a gambler does this with his cards, shouldn’t we pay this much attention to the money placed in our care?

Yes, we do. By taking responsibility for your money, you’re showing God that you can be trusted with this resource. Aim to track your money by knowing how much you have, where it comes from, where it’s going and what it’s doing.