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An examination of the Bible’s perspective on borrowing money
By J. Barry Watts
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| J. Barry Watts |
Editor’s Note: How should franchisees think about debt? It’s a topic that was recently raised in a HVA Franchisee Mastermind, and we thought it was important enough to ask Missouri franchisee J. Barry Watts to give us his perspectives—not only as a franchisee, but also as a professional financial manager, and as a student of the Bible. His essay will appear in several installments in The Vestor’s Voice®. As you read the articles, we welcome your comments, which you can post on the Message Board at HomeVestors.com.
In the volatile downswings of life (which make the “upswings” possible) people typically search to be sure their thinking and decision making rests on a solid foundation. It happens when people get sick, when someone they love dies, when their marriage or their kids struggle, and it happens in economic difficulty. Case in point: the present economy has brought about interest in what the Bible says about money--specifically borrowing.
Unfortunately, in today’s microwave pace where everything is instantaneous, people approach the Bible in the same way; looking for a verse that gives them a rule they can apply, rather than studiously building--precept upon precept--a rational, principled theology about their topic of interest. That approach can result in a misinterpretation of the larger principle in the whole of scripture. Therefore, my intent in this essay is to build a more complete view of what The Bible says about borrowing and debt.
First, we must get our attitude right. Attitude is closely tied with emotion, and at the root of the question we are dealing with is the emotion of fear. Fear is the major driver in this type of Bible mining expedition. Yet God doesn’t want people seeking Him out of fear, or living their lives in fear, but rather in confidence. While there are fearsome things we face, fear itself is worthless---a waste of emotion that can be replaced with confidence once we have understanding.
Secondly, money isn’t good or bad, it is neutral. The Bible does not say, as it is so often quoted, that “Money is the root of all evil.” Instead I Timothy 6:10 says “…Love of money is the root of all sorts of evil...” So money isn’t a problem, it’s the love of it that leads us astray. Many people have entangled themselves in risky financial deals in foolish pursuit of love: love of money! Verse 9 of that same passage says “…those who want to get rich fall into temptation….which plunge men into ruin and destruction.”
How then should we think about money? I believe money is a tool. Life is the object of the game. I want to live a life of maximum impact. I want to maximize my impact for good upon as many people as possible. That will take money. But money is never the focus. Money is simply a tool or resource for the greater purpose I am called to fulfill.
Thirdly, because we HomeVestors franchisees tend to be RED and confident, I think we overplay our own importance. It is easy for us to thump our chest and be proud of what we have accomplished while the quiet voice of scripture asks “Who regards you as superior? What do you have that you did not receive? If you received it, why are you bragging about it as if you’d done it yourself?” I Corinthians 4:7 while Deuteronomy 8:18 commands “Remember the Lord….it is He who gives you the power to get wealth.”
Setting your attitude right about these bigger issues prepares you to approach The Bible with a right heart so you can understand and apply what you learn when you seek the Bible’s wisdom on the question of borrowing money.
. . . Next issue, Barry will answer the question: Is borrowing wrong?
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