People often misinterpret the scripture “For the love of money is the root of all evils” (1 Tm 6:10) to mean that money itself is evil. They think of profits and investing as somehow not the Christian way.
Avoiding Turmoil
What are examples of future requirements you should be saving for? They include your emergency fund; major purchases, such as a down payment on a home or paying cash for your next automobile; the education of your children; and your retirement. A second reason for saving and investing, beyond meeting your own needs, is to grow resources that you can invest in the lives of others.
When it comes to saving and investing, Americans largely fall into two camps. The vast majority fail to save at all, and as a result, experience the turmoil of living paycheck to paycheck, often relying on credit to make ends meet. When Alan Greenspan, the former Chairman of the Federal Reserve, testified before Congress in 2005, he said, “The sizable gains in consumer spending of recent years have been accompanied by a drop in the personal savings rate to an average of only one percent over 2004 — a very low figure relative to the nearly 7 percent rate averaged over the previous three decades.” This low savings rate and the problems it creates reminds me of the proverb, “Precious treasure remains in a wise man’s dwelling, but a foolish man devours it” (Prv 21:20).
Avoiding Extremes
For others, though, investing becomes a game, with the goal of acquiring as much personal wealth as possible. They play to “win.” One of the most popular board games of all time is Monopoly. The objective of the game is to end up with the most money, and those who have played Monopoly will be familiar with the adrenalin rush that comes when you’re able to purchase Boardwalk, Park Place, and the other valuable properties that lead to winning. Monopoly reminds me of the license-plate frame, “He who dies with the most toys wins.” This attitude leads to narcissism and a sense of selfishness.
In this case, Paul’s words to Timothy should be heeded: “But those who desire to be rich fall into temptation, into a snare, into many senseless and hurtful desires that plunge men into ruin and destruction. For the love of money is the root of all evils; it is through this craving that some have wandered away from the faith and pierced their hearts with many pangs” (1 Tm 6:9–10).
Phil Lenahan is President of Veritas Financial Ministries. If you have questions you would like Phil to address, please email them to [email protected].
Work for an Increase
That’s not true. Money is just an object that can be used for either good or bad. It’s the love of money and its misuse that are the problems. The Lord doesn’t condemn the multiplication of our assets. In fact, He instructed us to work for such an increase in the parable of the good steward (Mt 25:14–30). What’s important is that we use these resources in a godly manner.
Why should we save? First of all, to meet our future needs. Let’s consider the example of Joseph in the Old Testament book of Genesis (see Genesis 41). You remember how he was the favorite son of his father, Jacob. Out of envy, his brothers sold him off to travelers headed to Egypt. While there, he became known for his wisdom and was able to interpret the pharaoh’s dreams. In one of those dreams, pharaoh is forewarned about seven years of plenty to be followed by seven years of famine. He assigns Joseph the task of managing Egypt’s affairs during this time so they will be prepared for the future. Joseph wisely sets aside grain from the good years so there would be food available during the years of shortage. This is a classic example in scripture of saving — putting aside resources from today’s surplus to meet needs down the road.
