3 Misused Money Verses

Show Notes

• We all know the power of God’s Word changes lives in dramatic ways and we need to understand its teaching especially about money and possessions because both are so much a part of our lives.
• The Bible is clear in its meaning it has no hidden codes that we have to decipher. It’s only our interpretation of it that sometimes gets us into trouble. You can’t properly apply God’s principles for managing money if you misinterpret the meaning of the verses.
• Here are 3 passages where that sometimes happens:

  • 1 - 1 Timothy 6:10, “For the love of money is a root of all kinds of evil.” - often paraphrased incorrectly as “Money is the root of all evil.” That misses the point entirely because money is simply a tool that can be used for good or bad. The love of money is always destructive and sinful, because it replaces our love for God and is yet one more form of idolatry.

    • This misinterpretation has led some to think that people with few resources are more godly than the affluent. The Bible never teaches that. This was one of the issues that arose during the Reformation with reformers calling out so-called mendicant or poverty orders of priests and monks who begged for their sustenance but were corrupt and lived in luxury.
    • Many people whom God favored had significant resources David, Solomon and Job to name a few. God gives some people abundant resources so they can be generous to others in need. That, of course, is a very godly use of money.

  • 2 - Luke 18, verses 24 and 25 - “How hard it is for the rich to enter the kingdom of God! Indeed, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.” often misrepresented to mean that somehow there’s righteousness in being poor, and that being rich is a sin. That’s certainly not what Jesus is teaching as he calls out those who think their riches and their works, will buy their salvation.

    • Those hearing Jesus say this were confused, too asking “Then who can be saved?” Jesus went on to say, “The things that are impossible with people are possible with God.” We can’t get to heaven by our own efforts, but only by the grace of God through faith.

  • 3 - Luke 12:34 - “For where your treasure is, there your heart will be also.” seems clear enough but is often taken to mean there’s a difference between your treasure and your heart meaning you can separate your earning and spending from your love of God. But you can’t.

    • Our monthly bank statements are a reflection of what we hold in our hearts and if we’re spending money in a way that dishonors God, it’s an indication of our spiritual condition.

Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

• If you're investing with Merrill-Lynch and their fees are 6% for a taxable retirement account, is this normal or comparatively high?
• If you are self-admittedly heavily in debt totaling about $100,000, some of which includes $80,000 of student loans, how do you begin to attack this seemingly impossible task?
• If you're 75 years old and have income from Social Security and your pension and you have a $40,000 balance on a loan for a motorhome and can cover the minimum payment, should you draw funds from your money market to pay this off?
• If you're 48 years old, have battled and paid off credit card debt in the past and are making a decent income now and would like to retire at 62 but don't have retirement set up, what are some first-steps to get started?
• If you have 2 teen-aged daughters and have $16,000 you'd like to give to them, how should you do this?
• If you're 71 and just sold your small business clearing $1.5M and have a monthly income of about $4,000/month from a rental property and Social Security, what is the best investment path for this money?

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