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Imagine that you unexpectedly inherited two million dollars. How should you wisely steward your newfound riches? There are basically three things you can do with wealth. You can enjoy it by spending it. You can save money for future concerns. Or you can give money to the Lord’s work. Each of these is addressed in 1 Timothy 6:17–19:
As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share, thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life.
Let’s consider a few characteristics of wise financial stewardship.
characteristics of wise stewardship
Wise stewards are generous. Paul exhorts those who are rich to be “rich in good works.” Wealth offers the opportunity to make significant investments in the local church, missions, and other charitable activities. I dedicated my book Money, Debt, and Finances: Critical Questions and Answers to the productive people who have generously supported the churches and institutions where I have served for the past forty years. Giving is an act of faith by which we trust that the benefit of storing up treasure in heaven surpasses the earthly security or pleasure we might have if we kept our resources for ourselves (Prov. 11:25). Wise stewards give carefully. We have all been given resources by God, and we are not to waste those resources by, for example, giving them to those who refuse to work (2 Thess. 3:10). It also is important to research ministries that solicit our support to ensure that they have sound doctrine, that their mission is biblical, and that they are faithful stewards of the resources that the Lord entrusts to them.
Wise stewards enjoy God’s material gifts. Paul acknowledges that God “richly provides us with everything to enjoy.” Those whom God has blessed materially can afford and enjoy homes, cars, food, clothes, and vacations. While Scripture warns against extravagance (Prov. 21:17), God’s Word does not mandate that we live a meager, ascetic lifestyle. In the Old Testament, God provided feasts for His people to enjoy and celebrate His abundant material blessings. Paul warns against those who “require abstinence from foods that God created to be received with thanksgiving by those who believe and know the truth. For everything created by God is good, and nothing is to be rejected if it is received with thanksgiving, for it is made holy by the word of God and prayer” (1 Tim. 4:3–5). What sets us apart from the world is that we are God-centered in our enjoyment of material blessings. Unbelievers receive abundant gifts from God but refuse to acknowledge Him by giving thanks (Rom. 1:21). God’s people recognize that every good gift comes from God (James 1:17), and they enjoy their blessings with gratitude (1 Cor. 10:31).
Wise stewards prepare for the future. Paul assumes that after being generous and enjoying the benefits of their productivity, the rich will still be “the rich.” There are benefits to saving as preparation for the future (Prov. 21:5). In a fallen world, there are unexpected medical bills, car repairs, unemployment, and recessions. Just as Joseph encouraged Pharaoh to save during the years of plenty as preparation for the coming famine (Gen. 41), savings can provide protection in times of calamity. “A rich man’s wealth is his strong city; the poverty of the poor is their ruin” (Prov. 10:15). Stored wealth can serve many other important purposes, including retirement, children’s education, and an inheritance for grandchildren (Prov. 13:22).
spiritual considerations of stewardship
Stewarding wealth brings both freedom and responsibility. Paul doesn’t specify percentages of how much we should give, save, and spend. Some believe that it is enough to give 10 percent of their income. They assume that after the Lord gets His tithe, the rest is ours to spend as we please. But we are not stewards merely of the portion we give away. We are to use 100 percent of our wealth in a way that pleases God (2 Cor. 5:9). Nor does Scripture tell us what standard of living we should enjoy—the size of our house or the make of our car. Nor does the Bible reveal what level of savings might be considered excessive. God has given us a great deal of freedom, which means that we have great responsibility. We each are called to prayerfully and diligently consider how we can best glorify God with our resources (2 Cor. 5:9). We are to give generously as God has prospered us (1 Cor. 16:2; 2 Cor. 8:1–15). The freedom that God gives us also implies that we need to be careful not to judge the choices and allocations that our brothers and sisters make (James 4:11–12). We can be tempted to envy those whose lifestyle and wealth surpass ours. “Love does not envy” (1 Cor. 13:4).
Stewardship begins in the heart. Paul warns those who are rich “not to be haughty, nor to set their hopes on the uncertainty of riches, but on God” (1 Tim. 6:17). The key to wise stewardship is not merely budgeting and sound investing. Rather, it is a matter of the heart. Wealth can be seductive. Proverbs counsels, “Give me neither poverty nor riches; feed me with the food that is needful for me, lest I be full and deny you and say, ‘Who is the Lord?’ or lest I be poor and steal and profane the name of my God” (30:8–9). Paul warns:
Those who desire to be rich fall into temptation, into a snare, into many senseless and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs. (1 Tim. 6:9–10)
Elsewhere, Paul gets to the heart of the matter by declaring that greed amounts to idolatry (Col. 3:5). Unbelievers place material wealth in the place of God. Jesus often spoke about the spiritual implications of our attitude toward wealth. In the parable of the sower, He observes how interest in God’s kingdom can be choked out by the deceitfulness of riches (Matt. 13:22). He makes clear that one cannot serve both God and wealth (6:24) as illustrated by the rich young ruler, who was unwilling to give up his wealth to follow Christ (19:16–22). In the parable of the rich fool, our Lord warns against “the one who lays up treasure for himself and is not rich toward God” (Luke 12:21).
Jesus teaches that the antidote to greed is to pursue heavenly treasure (Matt. 6:19–21). We value the Lord more highly than His material gifts because He is more satisfying than all that money can buy (Isa. 55:1–2). We remember that our ability to create wealth comes from God and that everything we have ultimately belongs to God (Deut. 8:18; Ps. 50:10). And we learn to be content with what He chooses to entrust to us (1 Tim. 6:6–8). Proverbs encourages us to make our goal to be wise, not rich: “For wisdom is better than jewels, and all that you may desire cannot compare with her” (8:11). True wisdom is found in Christ (Col. 2:3).
earning resources to steward
Most of us won’t suddenly have millions of dollars to allocate among giving, spending, and saving. Many struggle just to make ends meet. For those who may be struggling, Scripture offers wisdom so that we can improve our financial situation and gain wealth to steward.
Wise stewards work hard and work smart. The biblical way to produce wealth is to provide value to others through diligence and skill. Hard work is necessary for success. “A slack hand causes poverty, but the hand of the diligent makes rich” (Prov. 10:4). The ant is an example of diligence in contrast to the shameful sluggard (6:6–11), who wants the benefits of hard work without putting forth the required effort (20:4). The only thing at which he labors is making excuses (26:13). In contrast, a godly man will do whatever it takes to provide for his family (1 Tim. 5:8). But hard work is only half the formula for success. One could work eighty hours a week at minimum wage and still struggle financially. The other half of the formula for success is to work smart. “Do you see a man skillful in his work? He will stand before kings; he will not stand before obscure men” (Prov. 22:29). Employers pay high wages to those who provide the greatest value through their skill. An excellent doctor or plumber will make far more money than an unskilled worker. The entrepreneur who creates a desirable new product will reap the financial rewards. Those who desire more income should seek to develop the abilities that God has given them by acquiring skills that have greater value in the marketplace. Sluggards foolishly try to circumvent God’s formula for creating wealth by attempting to succeed without hard work and skill. “Whoever works his land will have plenty of bread, but he who follows worthless pursuits lacks sense” (12:11).
Wise stewards budget. I often counsel families who “come to poverty” or go into debt, not because their income is inadequate, but because they spend carelessly. A budget is simply a detailed plan of how you will spend your money. “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty” (21:5). There are many resources available to help families create and follow a budget. Sometimes the budgeting process reveals the need to reduce lifestyle and/or increase income (by working harder and smarter). Usually the heart issues behind overspending need to be addressed before a budget can be effective (v. 17).
Wise stewards avoid debt. Scripture warns, “The borrower is the slave of the lender” (22:7). Debt can be enslaving. Many families rely on credit cards and other forms of debt to pursue a lifestyle beyond their means or to make ends meet. This can lead to a compounding of financial woes. Scripture also warns that making yourself liable for the debts of others is exceptionally dangerous and foolish (6:1–5; 22:26–27). If you are drowning in debt, seek wise counsel from a deacon or elder. Many books, including my own, offer guidance for getting out of debt. For many people, the best place to start using an inherited sum of money would be to become debt-free.
Wise stewards prepare for the future. As we have seen, it is good to have savings to be prepared for future needs. Build your savings gradually through careful investing. “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it” (13:11). Just as some attempt to circumvent God’s design for earning wealth through skilled work, some squander their wealth through get-rich-quick schemes. “A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished” (28:20). Investment risk increases with promises of greater reward. If someone promises that he can give you an exceptionally high return with no risk, or if it sounds too good to be true, flee. Insurance can also help you to be prepared for possible future calamities (22:3). If you have children, I strongly advise that you buy sufficient term life insurance. I once gave a million dollars’ worth of advice to a young friend who bought life insurance for his wife and children shortly before he was unexpectedly diagnosed with terminal cancer.
conclusion: be a good steward for christ’s sake
My favorite verse related to finances comes in Paul’s exhortation for the Corinthians to be generous: “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sake he became poor, so that you by his poverty might become rich” (2 Cor. 8:9). We owed an infinite debt of sin that was imputed to Jesus. He not only paid off our debt but also made us spiritually rich with His imputed righteousness. We who have been made rich in every way should gratefully steward the material wealth that God has given us to His glory.