Archives For Corey

Should You Give Away All of Your Wealth?

Corey —  April 17, 2012

One of the most obvious bible passages that relates to personal finances is the story of the rich young ruler. The passage, which is found in all three of the synoptic gospels (Matthew, Mark, and Luke) tells the story of a man asking what he needs to do to obtain eternal life. The question is one of the most pertinent questions because since those of us living in western society are the rich, it forces us to ask whether we need to give away all of our wealth. Does God’s message suggest those who are following Jesus to give away everything we have? Such an extreme message seems to suggest that financial planning of any sort is the opposite of what Jesus commands. This seems to be the opposite of what this blog is about, but if we refuse to go the extreme, do we lost the identity as Christians. This paradox is one that has puzzled the church for some time, so I thought I would spend some time reflecting on it.

Here’s the exact words from Mark 10:17-31:

17  And as he was setting out on his journey, a man ran up and knelt before him and asked him, “Good Teacher, what must I do to inherit eternal life?” 18 And Jesus said to him, “Why do you call me good? No one is good except God alone. 19 You know the commandments: ‘Do not murder, Do not commit adultery, Do not steal, Do not bear false witness, Do not defraud, Honor your father and mother.’” 20 And he said to him, “Teacher, all these I have kept from my youth.” 21 And Jesus, looking at him, loved him, and said to him, “You lack one thing: go, sell all that you have and give to the poor, and you will have treasure in heaven; and come, follow me.” 22  Disheartened by the saying, he went away sorrowful, for he had great possessions.

23 And Jesus looked around and said to his disciples, “How difficult it will be for those who have wealth to enter the kingdom of God!” 24 And the disciples were amazed at his words. But Jesus said to them again,“Children, how difficult it is[a] to enter the kingdom of God! 25 It is easier for a camel to go through the eye of a needle than for a rich person to enter the kingdom of God.” 26 And they were exceedingly astonished, and said to him,[b] “Then who can be saved?” 27 Jesus looked at them and said, “With man it is impossible, but not with God. For all things are possible with God.” 28 Peter began to say to him, “See, we have left everything and followed you.” 29 Jesus said, “Truly, I say to you, there is no one who has left house or brothers or sisters or mother or father or children or lands, for my sake and for the gospel, 30 who will not receive a hundredfoldnow in this time, houses and brothers and sisters and mothers and children and lands, with persecutions, and in the age to come eternal life. 31 But many who are first will be last, and the last first.”

Initial Commentary on Rich Young Ruler Passage

There are a few preliminary points that I need to point out before reflecting on the question of whether you need to give away all of your wealth. The first, and perhaps more important, is our understanding of “eternal life.” Most often, in Christian circles, this is understood as the path to Heaven. When understood this way, the rich ruler’s question to Jesus seems to be phrased as such: “Jesus, what do I need to do in order to get into Heaven?”

This couldn’t be further from the truth of what he is asking Jesus. Instead, eternal life is more accurately referring to a way of life. In the same way that the “kingdom of God” is referring to a movement that Jesus is starting (instead of some place you go after you die), so is eternal life.  This interpretation is supported by Jesus’ response. He instantly refers to the commandments. The commandments were a part of the covenant of Israelites with God – it was about their life with God right now – in this world. Therefore, the rich young ruler’s question, when paired with this understanding of ‘eternal life’, affirms the importance of our action now.

A Possible Interpretation of Rich Young Ruler Passage

The question remains then, what should be the Christian response when it comes to using our wealth. Does this passage suggest that we need to give everything away?

While it may be tempting to support such an idea, I think reading the passage in this way is too simplistic and misses the point of the passage. Jesus’ point is not that everyone who is rich should give away everything that they have, but instead to point out that we are too strongly connected to our possessions. After all, verse 22 says,

 Disheartened by the saying, he went away sorrowful, for he had great possessions. (emphasis added)

I am not sure about you, but I know that I can relate to this state of being. I know that I am considered on of the richest people in the world. While I strive not to be tied down to physical items or consumed with buying the latest, fastest gadgets, it can be difficult at times. I think we can all relate to wanting the best stuff. The problem is too often we let our consumerism get in the way of following a better path. Instead of feeding the poor, or contributing to a better society, we are caught up taking care of our items. It was just today that I had to run to the DMV before work, drop off my car to get the oil changed, and will have to do several other errands this just to take care of my car. While it is a blessing to have such items, it can also be a curse, as it has the potential to drain all of my free time.

If we understand this passage this way, it helps re-affirm our act of being intentional with our finances. Planning, one of the core fundamental values of this blog, is supported. Following Jesus or even caring for others does not mean that we do the opposite of financial planning, but the exact opposite. In order to help others, we need to weigh the options and be purposeful to not get caught up in consumerism. Jesus asks us to step away from the distractions for the benefit of others. Last but not least, it is important to point out that I am not saying that you should forego giving. This isn’t in support of the idea of hoarding all of your wealth to yourself because it is yours and we are supposed to be wise with our money. Instead, this is an attempt to hold in tension the willingness to help others while also planning ahead for the financial needs that will come up with your family.

Do you identify with the rich young ruler? Is it difficult to avoid buying the latest items?

In Personal Finance Bible Verses, Stewardship , , , ,
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Is the Traditional Missionary System Sustainable?

Corey —  April 10, 2012

Do you know how missionaries in the traditional sense fund their efforts? Growing up in and being an active of a Christian church, I have become quite familiar with how missionaries fund their mission efforts. In fact, it was just last week that I met up with a friend of mine who, with his wife, is an official missionary with a particular denomination.

He and his wife returned from overseas for 2 short (and meeting-filled) weeks in the U.S. In fact, it was so busy for him and his wife that I only got to see him for a couple hours. One of the primary purposes of their trip back to the U.S. was to raise more monetary support. While it was great to see him and he was able to connect with friends, I can’t help but question the sustainability of the Missionary system. While my particular friend wouldn’t consider himself a traditional missionary, I still can’t help but criticize the traditional system of missionaries, with particular attention to the finances.

What is a Missionary?

For those who didn’t grow up in the church, you may be wondering what I am referring to or what/who is a missionary. Let me first start by defining missionary, as it has traditionally been understood within Christian churches. While I would like to trace the development of this term, it would take thousands of words to do so – and unnecessarily so.

In the traditional sense, a Missionary is one who is on a mission by God. While this is the basic understanding, the term is most often used to refer to a religious individual who travels overseas for the sake of spreading the gospel – i.e. sharing about the influence of Jesus Christ in their lives in order to make the world a better place. The actual work that missionaries get involved in varies from person to person. Some see the most important aspect as winning souls, saving innocent people from an eternity in Hell. Others find the purpose in making this world a better place and focus more on social justice issues.

While there are recent voices who stress the importance that anyone can be a missionary in their home location, there is a strong correlation with moving overseas or to a foreign place.

How Missionaries Traditionally Fund their Efforts

Moving to a new place is difficult enough without having to worry about how to provide for the family. Given the primary purpose of a Missionary’s effort to be about church-related activity, it is often difficult, if not impossible for Christian missionaries to provide for themselves as they work in a new place. As a result, missionaries are often financially able to do what they do only by support from the sending communities. It is through the financial support or sponsorship that they are able to leave and pursue this work.

My friend and his wife are only able to live overseas as seminary instructors and members of the church through the support of many local churches here in the U.S. Simply put: sponsorship makes their work possible. This means lots of visits to churches and correspondence with local churches to fund their trip(s) and effort(s).

Is this Missionary System Sustainable?

While I think sponsorship is an important step in the right direction, I can’t help but wonder about the sustainability of this system. First and foremost, (and not just financially) this form of Missionary work can easily be seen as charity (in a bad way). What I mean is that this type of work, while helpful for many people, does nothing to help the other community long-term. It is a short-term fix; a band-aid.

Financially speaking, the system to fund missionary work is very similar. In order to obtain enough money to support their efforts, missionaries are often required to return to their home to ask for financial support. For many people, this could mean long periods of time away from what their work. It is not only dependent on the willingness to give of the rich communities, but does nothing to stimulate the economy where Missionaries are working. This is all done instead of trying to create a business in the new community, which would be of greater help to the communities in which missionaries serve.

To put it simply, the traditional ways that missionaries fund their efforts is not sustainable. It is always dependent on the sending community’s support and does very little to empower the community that missionaries serve. I don’t mean to say that the entire concept should be thrown out the window. But, if Missionaries want to have any lasting influence on the community that they are serving, they should make every effort to create sustainable change.

What are your thoughts on Missionaries?

In Giving, Stewardship , ,
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How Much Do I Need to Give?

Corey —  April 3, 2012

Have you ever wondered how much you NEED to give? Whether you are wondering about the standard amount of tithing or giving to charities, this is a very popular question. Regrettably, this question has been debated for decades (if not longer) with no happy answer. While I will work to answer this question, I want to point out that I don’t intend to give an easy answer. I won’t suggest that you should give this much or that much.

Should Giving be a Necessity?

The first thing I want to point out is that giving should not be a necessity. In my opinion, the question, “How much do I NEED to give?” is the wrong question to ask. In fact, it often misses the purpose of giving altogether. Let me explain. By asking how much do you need to give, you are looking for a set amount to satisfy some mysterious requirement. When we ask this question, as we often do, we are acting as if God wants us to give a certain amount away. I don’t know about you, but I don’t think God is about easy answers. The world that we live in is much more complicated than a simple black and white solution – It’s easy to see why this applies to giving. People’s financial situations are different for everyone, so how can there be a standard for giving?

More importantly, asking what is necessary to give away defeats the purpose of giving in the first place. Giving is suppose to encourage generosity and help for others. Asking this basic question, while it may be intended for good, is actually (at least partially) motivated by selfish desires to satisfy this false assumption of good. I know this to be the case for me. Usually when I ask how much should I give, I am trying to give the bare minimum to appease my conscience or guilt.

Giving Should Never Be Coerced

If you are asking this question, while it may be motivated by this desire to keep more money for yourself, it is moving in the right direction. Asking this question in the first place suggests that you recognize that the world is in bad shape and you want to contribute towards making it a better place. The simple fact is that no one is perfect. There is no ideal person for giving. If we wanted to, we could criticize everyone for being too selfish at times. The purpose is not point out everyone’s faults and therefore justify how we spend our money on ourselves, but instead move towards giving freely.

I should point out that giving should never be seen as a competition. The point isn’t all about just giving more, but changing the motivations behind our giving. After all, the widow’s offering shows us that it’s not the amount that is important, but the sacrifice.

Perhaps the question should not be how much do I need to give or even should I give… but instead, “Why Should I Give?” Perhaps when we begin to buy into this idea of generosity, we will move beyond these legalistic questions of how much or how little… Instead, we may be able to start making a difference in this world.

Why is Giving Important for You?

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What is Rich? What does it Mean?

Corey —  March 30, 2012

Do you consider yourself rich? Odds are that you don’t consider yourself rich. My wife and I are both in graduate school and working full-time. While we do okay for ourselves by most standards, in most conversations, we wouldn’t consider ourselves rich. Not by any means.

What Does “Rich” Usually Mean?

When you hear the word, “rich” what do you think of? I am sure everyone has their own image in their mind (and it’s probably relative to your current financial state), but I am sure there are some commonalities. Perhaps it means having enough money so that you never have to worry about making ends meet? Maybe it means driving a nice car or living in a big house?

The truth is that our society often labels “rich” or “wealthy” by the stuff that we have. Not only are we a culture obsessed with material possessions, but because of this, we always think that we aren’t rich. Rich always seems to be defined as the people one or two steps above us. We aren’t rich because we don’t have what THEY have. They’re the ones that are actually rich.

A Different Perspective on Rich

It was a couple years ago that I came across this film and had my perspective radically changed. I always thought that I was not rich – that I was just a middle-class nobody. I failed to realize that I was not looking outside of my culture. Instead, I was buying into the materialistic paradigm.

How does the following film change your perspective?

Here are some key lines that stood out to me:

  • 43% of the world’s population live without basic sanitation
  • 18% live without an improved water source
  • 20% of the population owns 75% of the wealth
  • 14% are hungry or malnurished
  • only 8% have an internet connection

The list could go on and on. The key theme for me is realizing how much I already have and take for granted. The truth is that my wife and I are pretty comfortable. We have a large emergency fund where we could survive for about 10 months without earning any income – and that’s without cutting any major expenses.

What Does This Mean?

Understanding myself as rich ultimately means a new appreciation for the things I have AND a higher importance on correcting the imbalance in the world. Instead of continuing within a highly capitalistic society that is driven by material possessions, this new understanding forces me to give to others. Generosity is a defining factor of Christianity – and it’s not just a coincidence.

The truth is that many of who wouldn’t normally consider ourselves rich are indeed rich. Christians are forced to recognize this and do something about it. We are called to use our wealth and/or status to help bring about change in the world – not to reinforce it.

Does a global understanding of wealth/rich change your self-perception?

 

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How is Christian Finance Unique?

Corey —  March 25, 2012

One of the many things that has kept me from starting a Christian personal finance website to this point is the fact that I have been left wondering what is so unique about Christianity from other finances. Often, the token distinction between a Christian personal finance blog and just a regular old personal finance blog is the attention to one issue: tithing. Is this really the only distinction between a Christian personal finance blog and any other finance blog?

Before I dive into this question further, another question that haunts me is whether it makes a difference. Does it matter if Christian finance is unique? What I mean is that there seems to be a troubling exclusiveness to Christianity. Growing up in a Christian family, it is easy for me to say that this rings true with my experience. There is a constant need within some Christian communities to completely separate themselves from the rest of the world. Understanding these two issues will not only help me focus and share the direction of the site, but should also clear up some misconceptions about Christianity.

Does Christianity Need to be Exclusive?

The first of these two questions is then, whether Christianity needs to be exclusive. This issue arises out of a tradition that reinforces a false dualism. Many people have heard the terms sacred (or Christian) and secular. These are terms that have changed meanings over the years. Nowadays, these terms are used to apply strict labels to items, people, movements, etc. Have you ever heard of music being defined as secular?

Growing up in a Christian home, I was determined to listen to only “Christian” music. While I wouldn’t have admitted it at the time, it was along the assumption that this would make me a better Christian. Somehow, I understood the path or identity of a Christian to be one who separated him/herself from anything specifically Christian. This mentality stems out of this strict and false binary. It has to be either Christian or secular. There is no middle ground or shade of gray.

In the past few years, I have come to realize that the world is much more complicated than this simple division. I am reminded that I am not one to judge someone’s identity with strict labels. Instead, I have come to understand the complexity in which this world exists and thrives.

How do I Distinguish Christian Personal Finance from Personal Finance

If my understanding of the world is one that is complicated, without strict borders, the question naturally arises how to distinguish christian approach to personal finance. The question, “How is Christian finance different?” still echoes. The easy answer would be to continually emphasizing themes of giving, generosity, and compassion for those without. This is why Christian blogs often discuss tithing, or giving and using the Bible as a source of information. It is the easiest overlap of the two.

The more difficult answer would be that there isn’t always a distinction. Sometimes, the “Christian” financial advice is the same as advice that does not self-identify as Christian. The truth is that in managing your personal finances, everyone is forced to wrestle with questions that Christians also face. How much should I save for my future? Am I giving enough to help the world? Am I treating myself too much? Are my spending habits healthy? Even in using the Bible as a source, everyone is interpreting it in their own context…

Personal finances offers us a unique overlap with the Christian faith. Yet, at the same time – it is not exclusively Christian. Sometimes the need to be exclusive is more of a deterrent than anything else. Perhaps the need to separate or distinguish Christian personal finance is all in vain.

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How Much Should You Be Saving/Spending?

Corey —  March 20, 2012

Do you know how much you should be spending on various bills or areas in your budget? Do you know what the “experts” recommend? If you are wondering what you should be doing when you budget or how much money should be designated to certain areas of your budget, it is important to consult popular advice, but it doesn’t mean it should be the end all answer. Finding a happy balance should be something that you take the time to discern. There are many people out there that want to tell you where to spend your money or how much to give. I want to suggest that this is just impractical.

What the “Experts” Tell You to Spend / Give

Many people use national averages to regulate their spending. One of the most common guidelines is that you should not spend more than more than 40% of your income on housing. This means that when you add up your household income, no more than $.40 for every dollar that you earn should be spent on housing-related costs. This sounds like a great guideline (as it prevents people from overspending), but it is limited in its scope. I’ll get to that in a minute.

Another popular rule of thumb, particularly within Christian circles, is that you should tithe 10%. Many Christian circles believe that you are required to give 10% of your income to the church because it is biblical. While Christian tithing is an important value because of its indication of generosity, this hard and fast rule is rather limited and fails to highlight the real importance for tithing.

Why These Rule of Thumbs are Limited

When it comes to understand these common suggestions for how we should spend our money, it becomes clear to me that we have to accept them with a grain of salt. They may be beneficial for comparison, but they should not be followed strictly. Here’s where the suggestions fall apart.

The recommendation not to spend more than 40% is rather limited because it does not account for the different regions of the country. My wife and I live in the greater NYC area and housing (along with cost of living) is higher than almost anywhere else in the country. Yet, while housing is higher, our transportation costs are significantly lower than my siblings as they are required to have to cars. My wife and I are able to get by with one car that we drive infrequently because of our access to public transportation. To make a long story short, it doesn’t account for the many variables that affect your budget. Spending more than 40% of your budget may be perfectly okay if other costs are lower.

Thinking about strict and fast rules about giving or spending always reminds me about the Widow’s offering in the gospel of Mark. Here’s what Mark 12:41-44 says…

41  And he sat down opposite the treasury and watched the people putting money into the offering box. Many rich people put in large sums. 42 And a poor widow came and put in two small copper coins, which make a penny.[a]43 And he called his disciples to him and said to them, “Truly, I say to you, this poor widow has put in more than all those who are contributing to the offering box. 44 For they all contributed out of their abundance, but she out of her poverty has put in everything she had, all she had to live on.”

The truth is that many of these guidelines break down because of the different incomes that people earning. Giving 10% is a lot easier for someone earning 100k each year than a poor graduate student who is barely paying for the cost of tuition. The truth is that many recommendations prove their inadequacy when you try to appropriate them to people with lower incomes.

If you are trying to figure out how to budget, it’s important to listen to recommendations as long as you are making your own decision after that. If you fall into cookie-cutter plans that don’t apply to you, you could become frustrated and give up being responsible with your finances. My advice would be to take time to discern what will work for you and what is the best use of your money, paying close attention to your motives when doing so.

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Why Living Below Your Means is Important

Corey —  March 15, 2012

One of the most important financial lessons that I have learned in the past few years is the importance of living below your means. If you are unfamiliar with this term, it simply means to spend less than you earn. In today’s culture and the numerous everyday expenses that come up (like insurance, rent, food, transportation, etc.), it can seem almost impossible to stay within your budget.

I know from personal experience that this can be difficult. My wife and I live in one of the most expensive regions in the United States. We make very modest salaries while both of us also go to graduate school.  Despite the apparent difficulty of living on less money than you earn, it isn’t impossible.

How My Family Lives Below Our Means

As I mentioned, my wife and I live in a region of the U.S. with one of the highest costs of living. If I were to tell you how much we pay for rent (for a 1 bedroom apartment without laundry or a dishwasher), you would probably faint. In fact, when we moved here so that I could pursue my graduate studies at a seminary, I nearly did the same thing. Considering that my wife and I had just graduated from college with little or no professional experience in the workforce, I knew it was going to be difficult to earn enough money to pay all of the bills.

Even though the primary purpose was for me to go to graduate school, I knew that in order to make ends meet, I would have to work part-time to help with the expenses. I ended up getting a part-time job on campus for 30 hours a week. This meant that I would have go to school part-time and extend my degree 1 year. While extending my degree an extra year was not my favorite thing in the world, it meant that I could graduate without any college debt.

We ended up both securing jobs and finding as cheap of an apartment as possible. My wife’s job was horrible (she was a street canvasser who was force to work regardless of whether it was raining, snowing, or over 100 degrees outside), but it ended up having some nice benefits that helped us through this time. Even with both of us working, we were forced to bring lunches to work, eat out only 1x per month, and limit our entertainment options.

What Living Below Your Means Offers You

It takes a lot of work to begin spending less than you earn, but living below your means offers you a lot of benefits. Here are some of the basic things it gives you:

  • Ability to Save: One of the most basic ideas is that if you are spending less than you earn, you will have extra money to save for the future. This is important because we all experience “rainy days” and need to have some sort of emergency fund to protect us from a financial disaster.
  • Financial Freedom: Living below your means allows you some financial freedom. Because you are not strapped for cash and have some cushion, it means you can pursue things that seem really important to you without having to worry about not paying all of your bills. This is especially important because some people feel tied to a corporate job that is doing more harm to the world than good. Spending less money than you earn allows you the personal freedom to resist these oppressive systems without worrying about having food on your table.
  • Ability to Give Freely: One of the most important things, in my opinion, is the ability to give to those in need. If you are living paycheck to paycheck, you aren’t in a great shape to give to those in need. By limiting your spending, this frees you up to contribute towards making this world a better place.

Living below your means is important because it not only takes away the stress of paying your bills, but allows you the freedom to follow your dreams and help others. If you constantly struggle with giving generously, as I have in the past, it might be time to reconsider where you are spending your money.

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