Lessons in Discipleship(21) دروس في التلمذة

LID#21 – Financial Wisdom

This is Dr. Ed Hoskins welcoming you to Lessons in Discipleship, a series designed to help new believers become established in their Christian faith.  Today’s session is titled Financial Wisdom.

First, let me tell you a little about myself.  I am a retired physician who spent 34 years in family medicine and student health.

I became a Christian 50 years ago and was helped early in my faith by the Navigators, an international, non-denominational Christian organization whose stated goal is “To Know Christ and to Make Him Known.”  I have been on associate staff with that organization since 1980.  Lessons in Discipleship is a compilation of what I learned from the Bible and under the guidance of the Navigators during that time.  What I learned then I now pass on to you.

Today’s session is on Financial Wisdom.  All our possessions belong to God.  We are only stewards.  That means that possessions don’t really  belong to us, they belong to someone else – God.

In the Bible it says, “Command those who are rich in this present world not to be arrogant, nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for enjoyment.  Command them to do good, to be rich in good deeds, and to be generous and willing to share.” (I Timothy 6:17-18)

Paul writes, “Now it is required that those who have been given a trust must prove faithful.” (I Corinthians 4:2)  God has made us stewards.

The Bible gives very specific instructions for what to do with money.  The Bible tells us how to earn it, how to spend it, how to save it, how to invest it, how to give it away, and how to enjoy it.

It says, “He who gathers crops in summer is a wise son.” (Proverbs 10:5)

It also talks about spending money.  “The wages of the righteous bring them life.” (Proverbs 10:16)  The Bible also tells us how to save money.  “Go to the aunt you sluggard; consider its ways and be wise.  It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.” (Proverbs 6:6-8)

We are also told how to invest money.  “He who works his land will have abundant food, but he who chases fantasies lacks judgment.” (Proverbs 12:11)

The Bible also teaches us to give money away.  “Honor the Lord with your wealth, and with the first-fruits of all your crops.” (Proverbs 3:9)

We are also told how to enjoy money.  “To put their hope in God, who richly provides us with everything for our enjoyment.” (I Timothy 6:17)

But there are also things we must avoid concerning finances.

We are to avoid dishonest gain.  “Ill-gotten treasures are of no value.” (Proverbs 10:2)

What about charging excessive interest to others in loans?  That is unreasonably profiting off other people’s money.

Or what about the concept of ‘surety’?  A modern word for that is co-signing for another person’s loan.  The Bible simply advises you not to do it.  Why? Because it’s a bad idea from the start.  “He who puts up security for another will surely suffer, but whoever refuses to strike hands in pledge is safe.” (Proverbs 11:15)

How about loaning or borrowing money?  The Bible says, “The rich rule over the poor, and the borrower is servant to the lender.” (Proverbs 22:7)  The Bible does not forbid us from borrowing or lending money, but it does urge real caution in doing so.

Here is another thing we should avoid –  get-rich-quick schemes (trying to make a lot of money in a hurry).  “One eager to get rich will not go unpunished.” (Proverbs 28:20)

Here are a few practical suggestions I and my wife have found over the years.  First, use a budget.  Since we were first married 46 years ago, we have followed what we call the 70:30 model.  In other words, we have learned to live off 70% of our income.  Of the remaining 30% we first take 10% off the top to give away, then 10% to save, and 10% for discretionary use (unplanned expenses which always occur).  Then we live off the remaining 70%.  Here’s a question.  What if you find you can’t live off the remaining 70%?  That means that your budget needs to be reevaluated and reworked.  Oftentimes people budget too much in some areas, such as excessive entertainment or a home that is too large or too expensive for their needs.  Almost always, we can live more simply than we think.

Here’s another area to be warned about.  If at all possible, try not to loan money to other people, even family.  We have found over the years that loaning money almost always tends to destroy relationships.  The Bible doesn’t say that you can’t do it, but you should be very cautious about it.  Look for an alternative.

Here is a practice we’ve applied when asked for money.  We always pray about the request first.  If we feel the need is genuine we try to help out, but only if we can afford to give the entire amount.  We prefer not to loan money, but rather to give it.  We let the person know they are not obligated to pay us back, but that they can if they want to.  If we can’t afford to give it, we let the asker know that and we decline their request.

Here is another practical suggestion.  Don’t borrow money for anything that depreciates (diminishes) in value with time.  Depreciation means something that two months or a year from now will be worth less than when you first bought it.  Cars, boats, and many other items fit into this type of a category.  Again, it doesn’t mean you can’t do it, only do it when absolutely necessary.  In general it’s better not to borrow money at all.

Here is more practical advice.  Have only one or two credit cards maximum.  I know it is almost impossible to live in today’s society without at least one credit card.  Another recommendation concerning credit cards is only to charge something you know you will be able to pay off completely at the end of each month.  I remember that one of my friends had been in terrible financial distress owing anywhere from $700-$1000 a month just in credit card interest alone.   That is really exorbitant and certainly not financially wise.

Here is another financial thought.  If you’re paying off a house mortgage, plan on paying a little bit extra towards the principle for the house payment each month. We’ve tried $100 to $150 extra each month.  This will actually bring most 30 year mortgages down to about 15 years.   We tried it and it works.

But no matter what your view is on borrowing money, whenever practical, get out of all debt as soon as possible.  What you don’t owe to someone they can’t take away from you.

Finally, be willing to live on a lower scale.  We have tried to live by this useful poetic verse for many years.

Use it up. 

          Wear it out,

          Make it do,

          or do without. 

We don’t always shop at the top stores.  We still occasionally shop at thrift stories like Goodwill Industry.

Let’s summarize what we’ve learned in this brief presentation.

First, money is a gift from God. It’s OK to enjoy it.

Second, try to be content with less rather than more.  “But godliness with contentment is great gain.” (I Timothy 6:6)

Third, remember that God has made us stewards and not owners.  All our money and possessions belong to God.  Money and possessions are not ours. It all belongs to God.  We simply ask him what he wants us to do with his money.

Fourth, some people think the Bible teaches that ‘money is the root of all evil.’  But that is not what it says.  “For the LOVE of money is a root of all kinds of evil.” (I Timothy 6:10)  There is a huge difference!

We will see you next time when we cover lesson 22 of Lessons in Discipleship when our topic will be the Basis of Marriage.

That wraps up today’s presentation.  Thanks for being a part.

Until next time, keep following Jesus.  He is worth it!