When it comes to financial literacy, many money myths are circulating around the Internet and crowding up the minds of well-meaning people. Our beliefs about money have a powerful impact on our lives and can lead us to poverty or riches. Often, these money myths arise from a misunderstanding of the teachings on money in the Bible. We will examine 10 of the most common money myths that derive from the very Word of God. We hope exposing these 10 money myths will boost your financial literacy.
10 Common Myths about Money in the Bible
1. Seeking wealth is sinful.
While James 4:13 warns readers not to boast about making a profit, it is the boasting that is condemned not the seeking for financial gain. Without gainful employ, it is impossible to fulfill the Christian duty to provide for our families and give to the poor.
2. Rich people are evil.
It is true that there are examples of evil men with money in the Bible, such as in the parable of the rich man and Lazarus. However, the Bible also teaches that God gives the power to attain wealth and adds no sorrow to it. He blessed Abraham, Job, Solomon, Joseph of Arimathea, and others with great riches.
3. People only get rich by lying, cheating, and stealing.
Many Scriptures talk about dishonest gain. But that is not all the Bible says about how to get rich. The Bible says that the hand of the diligent makes rich (Proverbs 10:4) and that humility and the fear of the Lord are riches, honor, and life (Proverbs 22:4).
4. God expects us to give everything to the poor.
The Bible often talks about giving money to the poor. And Jesus challenges the rich young ruler to sell everything and give it all away. The rich young ruler loved money more than God. Jesus was trying to show him that money was an idol to him. We cannot serve both God and riches. If God wanted us to give everything to the poor, He would not have told us that a good man leaves an inheritance for their grandchildren.
5. Money is the root of all evil.
This is likely the most common of all the money myths that originate from the Bible. This myth about money in the Bible comes from 1 Timothy 6:10: “For the love of money is the root of all kinds of evil.” It is not money that is evil, it is the love of money that God condemns – in other words, loving money more than God.
6. Being poor is more honorable than being rich.
This money myth creeps up out of many teachings in the Bible. But it couldn’t be further from the truth. The Bible says that the rich and poor have this in common: The Lord is the maker of them both. Plus, Proverbs identifies that poverty is often (not always) caused by poor stewardship and laziness. These qualities are not honorable at all.
7. The early church was communistic.
The book of Acts teaches that the early church sold their property to help those in need, having all things in common. What many people fail to note is that the early church 1. had property and 2. sold it willingly. There was no compulsion by the church or the government for them to sell their belongings.
8. Rich people can’t get to heaven.
Jesus said it was hard for a rich person to enter heaven. At the same time, Jesus said that nothing was impossible with Him. No-one can use their riches to buy heaven; it is a free gift for those who believe. However, money itself will not keep someone from the Kingdom of God.
9. Property ownership is wrong.
The earth is the Lord’s and all it contains. Yes, the early church sold their property so they could give to those in need. But God has made us stewards of this earth. Part of that stewardship is property ownership. Abraham was promised land as an inheritance, and he bought a cave as a down payment of that promise. Property ownership is part of God’s plan.
10. We should give all our money away and live like a pauper.
Many Christians throughout history have believed that they ought to give everything away and live like a pauper. The great hymn writer Fanny Crosby was one of these. But is this what God expects? In the parable of the talents, Jesus commends those who invest their money, increasing its value; He condemns those who bury it.
Learn More About Financial Literacy
These 10 myths about money in the Bible have been provided in conjunction with Jason Hartman and his Empowered Investor Network. If you want to learn how to grow your wealth with biblical principles, check out his podcast.