THE ETHICS & RELIGIOUS LIBERTY COMMISSION OF THE SOUTHERN BAPTIST CONVENTION 901 COMMERCE ST., #550 NASHVILLE, TN 37203 (615) 244-2495
A Message from
Dr. Richard Land
The Bible is clear that
God expects parents to
teach their children
how to live. One key
area of instruction is
how to handle money:
to give, to save, and to
spend wisely. While it
grates on their fleshly
nature, youngsters
must be taught the
principle of delayed
gratification. As they
learn to wait until they
have saved enough to
buy that special toy,
they also are learning
how to avoid the trap
of debt later in life.
Early lessons about
money management
will produce greater
dividends in many
areas of their lives as
they mature.
Richard Land,
President of the ERLC
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“Credit cards have made it possible
for the typical American family to
live beyond its means. The average
American household owes about
eight thousand dollars for credit
card charges. Paying only the
minimum payment each month
keeps more than 70 percent of all
cardholders in perma-debt, a state
most families have come to accept
as normal.
“One of the hottest prospective
markets for new credit customers is
the next generation of spenders—
our kids. While the marketing
tactics are often subtle, the industry
is going after kids with a vengeance.
They’re counting heavily on a new
generation of debtors who will
carry on the consumer credit
tradition. These marketers are
making a serious effort to get
children to believe credit cards are
good, that it’s okay to pay with
plastic if you don’t have the cash.
“America’s kids are becoming
increasingly accepting of plastic,
finding it far more friendly than
cash. And why not? Cash makes you
think. Plastic is so easy. Kids see
their parents living on plastic, so
why shouldn’t they live that
way too?”
Mary Hunt,
Debt-Proof Your Kids
(Nashville: Broadman
& Holman Publishers, 1998), 57-58.
“MasterCard, Visa,
American Express,
and Discover will
spend a combined
$567 billion
this year alone in
advertising. Card
companies will
send consumers
1.1 billion pieces of
mail this year.“
Dave Ramsey,
Financial Peace
(New York:Viking Penguin, 1995), 71-72
“I have a secret for you: banks are not nonprofit
companies. They have a product line too; they sell
debt—MasterCard and Visa, Gold MasterCard and Visa,
Platinum MasterCard and Visa, Plutonium MasterCard
and Visa, home equity loans, home mortgages, car loans,
car leases, student loans—and they are all for profit.
Santa Claus did not build those tall bank
buildings; you did.
The only difference between the
bank and the furniture store is that in the furniture
store we say, ‘I’m just looking’—but we crawl on our
hands and knees into the bank lobby begging to buy
their product . . . And banks are aggressively marketing
their products.”
Dave Ramsey,
Financial Peace
(New York:Viking Penguin, 1995), 71-72
Whoever loves
money never has
money enough;
whoever loves
wealth is never
satisfied with
his income.
Ecclesiastes 5:10a
Better the little
that the righteous
have than the
wealth of many
wicked.
Psalm 37:16
1 Chron. 29:11-12
Yours, O LORD , is the
greatness and the power
and the glory and the
majesty and the splendor, for
everything in heaven and
earth is yours.Yours, O
LORD , is the kingdom; you
are exalted as head over all.
Wealth and honor come
from you; you are the ruler
of all things. In your hands
are strength and power to
exalt and give strength to all.
1 Cor. 4:2
Now it is required that
those who have been given a
trust must prove faithful.
WHAT DOES THE BIBLE SAY ABOUT MONEY?
Since the Bible has so much to say about
money and its use, it is important to
understand some fundamental truths about
the subject.
WHAT WE POSSESS,GOD
OWNS.
Society would have us believe that we own
all we have and control our own destiny.
The Bible teaches that God loves us (John
3:16-18) and gives us good gifts. He is ruler
over all things, owns everything, and is in
absolute control (1 Chron. 29:11-12).
There should be no doubt that God is the
owner of all we possess.
WORK WITH PROPER FOCUS.
Society gives us extreme messages about
work. Some say get out of work any way
you can. Others say work is the only thing
that matters; it does not matter who you
hurt along the way.The Bible reminds us to
work as if we are working for God.Work
hard but do not let it become an idol.
GOD WANTS US TO BE WISE
WITH HIS RESOURCES.
God wants to find us faithful (1 Cor. 4:2).
Unfortunately, statistics indicate that over
90 percent of Christian educational
institutions, denominations, and churches
lack planned training on finances. Learn all
you can and make a plan.
WE ARE TO BE STEWARDS OF
GOD’S POSSESSIONS.
God has given us responsibility as
stewards (managers) over His possessions
(Gen. 1:26-31).We will have to give
account to God regarding how we manage
the resources He has entrusted to us.
TRUE JOY COMES FROM A
RELATIONSHIP WITH CHRIST,
NOT FROM WEALTH.
Some may think that wealth brings
security and happiness, but those qualities
are fleeting. Our trust should be in Christ.
If God blesses you with wealth, share
freely with those in need.
Adapted from Ken Harmon,“The Truth About Money,” www.lifeway.com
Honor the LORD
with your wealth,
with the firstfruits
of all your crops.
Proverbs 3:9
TEACHING CHILDREN
ABOUT GOOD MONEY
MANAGEMENT MUST
INCLUDE INSTRUCTION
ABOUT SAVING.THE
FOLLOWING ARE SOME
HELPFUL TIPS:
Adapted from
Five Steps to Financial Freedom: Money Management Made Easy
(Tulsa, OK: Hensley Publishing, 2003), 164-165.
Saving is wise.
We all desire to exercise godly wisdom,
both for our own benefit and as a matter
of obedience to our loving Father. God has
given us many financial principles to live by,
and saving is one of them. Remember His
counsel in Proverbs 21:20:
In the house of
the wise are stores of choice food and oil, but
a foolish man devours all he has.
Wisdom
demands that we commit to a lifestyle that
allows for regular and consistent saving.
Saving is profitable.
Contrary to the get-rich-quick mentality
that leads many to financial ruin, Proverbs
13:11 promises that
he who gathers money
little by little makes it grow.
The key is
consistency and discipline. Our savings will
accumulate quickly if we are committed to
adding to them each month.This practice
will ensure the successful achievement of
our financial goals.
Saving is our responsibility.
In our efforts to apply God’s Word to our
finances, it is important to understand that
saving is not just a good idea, it is a re-
quirement.We are taught in 1 Timothy 5:8
that
if anyone does not provide for his rela-
tives, and especially for his immediate family,
he has denied the faith and is worse than an
unbeliever.
Part of providing for our family
includes both having an emergency cash
reserve and setting aside funds for future
needs that we won’t be able to cover out
of our regular cash flow. God supplies the
income and instruction, and we are respon-
sible to use both to properly provide for
our families.
Saving offers God’s protection.
Financial challenges are a normal part of
life, and economic cycles include both the
good and the bad . . .
A prudent man sees
danger and takes refuge, but the simple keep
going and suffer for it
(Prov. 22:3).
Scripture taken from the HOLY BIBLE: NEW INTERNATIONAL VERSION. Copyright © 1973, 1978, 1984 by International Bible Society. Used by permission of Zondervan Publishing House.
Honor the LORD
with your wealth,
with the firstfruits
of all your crops.
Proverbs 3:9
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A part-time job teaches a child how to work for
another person.
As he learns to submit and work
under other authority figures, some of them won’t be
nice, and your child will learn some character issues that
God will honor throughout life. For example, he’ll learn
how to submit and come under the authority of
someone other than his parents or teachers.
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A part-time job teaches responsibility. This is
another character development issue.
You really
learn at this point how to please your boss and how to
follow through on things expected of you.
•
A part-time job can bring exposure to the “real
world” while a child is still at home.
As your child
goes to work, he is going to bump into issues like
possible unethical practices.You will have an opportunity
to process issues like this with him.
•
A part-time job can teach your child about
fulfilling commitment.
Many young people today
have hard lessons ahead of them, because they have not
endured some hard situations.
Dennis and Barbara Rainey,“Teenagers and Part-Time Jobs,” www.familylife.com
Part-time jobs can be a good way for teenagers to learn about money.
Like most everything else, college costs continue to rise.
So do student loans. If your family is thinking about a
student loan for college, there are some things to
consider.
If you’re a student, your payments shouldn’t exceed 10
percent of your expected monthly gross income once
you graduate.
If you’re a parent, all your debts — including mortgage
payments, credit cards, car loans and education loans —
shouldn’t eat up more than 35 percent of your gross pay.
Once you start borrowing, keep track of your debt. It’s
easy to get confused about how much you owe,
particularly if you borrow from a number of different
lenders.
Liz Pulliam Weston,“How Much College Debt Is Too Much?”
moneycentral.msn.com
“I want [children] to have an emotional connection between work and money.
At four-years-old, that’s a good idea because I still meet 54-year-olds that don’t
have that emotional connection. It is vital that they learn to work and that
money is caused by work at an early age . . .We teach kids four basic things
about money . . . One is, work creates money.Two, save.Three, spend wisely. Four,
give . . . Little kids aren’t in debt. So let’s just teach them don’t ever go there.”
Dave Ramsey interview,
For Faith & Family
radio broadcast, April 15, 2004 [Note: If you have Internet access, you can
order the CD of the 30-minute broadcast.Visit www.faithandfamily.com, click on “Broadcast,” then “Recent Broadcasts,”
then search for broadcast date and click on “Info.”]
“Citibank, the largest
issuer of Visa, will
spend $10 million this
year just marketing
credit cards to your
high school and college
student. Isn’t that excit-
ing? To add insult to in-
jury, the college can
earn $50,000 to
$100,000 per year just
to allow a credit card
company to operate on
campus. Credit cards
have become a rite of
passage.”
Dave Ramsey,
Financial Peace
(New
York:Viking Penguin, 1995), 71-72
He who puts up security for
another will surely suffer, but
whoever refuses to strike
hands in pledge is safe.
Proverbs 11:15
