Is "Financial Independence" Biblical?

This article presents a false dilemma. You can be someone who is both “financially independent” and dependent on God and someone who “works heartily” and does “good works.” Those individuals whom I read (who, btw, aren’t necessarily Christians) who advocate financial independence also advocate using your financial independence for the benefit of those around you. Because you no longer have to work for money you can volunteer your time at non-profits, churches, schools, community organizations, etc.

Being financially independent will also be more of a benefit to believers the more our society decays and rejects Biblical Christianity. If you aren’t reliant on a paycheck to provide for your needs, that gives you tremendous freedom to live and speak the truth of the gospel.

….and a couple of things that come to mind are that God provided manna daily, not all 40 years’ worth in a day. The request of the one who asked to have enough—not too little, lest he would steal, or too much, lest he would blaspheme God.

Do we not all remember the trust fund babies we knew in college—the ones driving Caddys or Bimmers while we were all in beat up Chevys or Fords or whatever, the ones never seen in the dorm cafeteria, the study hall, or the library—who threw away great promise as they realized they could live high on the hog on Daddy’s money?

Do we know about Paris Hilton or any of the Kardashians because of their talent, or because they rode their trust funds to ever nastier exhibitionism? One might infer that Scripture and experience tell us that we become really, really stupid when things are guaranteed to us.

Don’t get me wrong; I’ll be rejoicing when my mortgage is paid off, when my kids’ college is paid for, and when I’ve got a reasonable amount of resources for when I’m no longer able to do what I do now. But even so, there is a certain point where I want myself, as well as the churches and people I love, to be aware that while you can store up poverty for yourself via debt, you really cannot trust in riches.

[Bert Perry]

Do we not all remember the trust fund babies we knew in college—the ones driving Caddys or Bimmers while we were all in beat up Chevys or Fords or whatever, the ones never seen in the dorm cafeteria, the study hall, or the library—who threw away great promise as they realized they could live high on the hog on Daddy’s money?

Do we know about Paris Hilton or any of the Kardashians because of their talent, or because they rode their trust funds to ever nastier exhibitionism? One might infer that Scripture and experience tell us that we become really, really stupid when things are guaranteed to us.

Just to be clear, the “trust fund babies” didn’t have to work for their financial independence and were probably never taught how to be good stewards of the financial blessings they received from their families. Those behaviors and attitudes are not caused by being financially independent. They are caused by poor parenting.

Part of the blessings of becoming financially independent is learning self-control, budgeting, goal setting, sacrifice, financial planning, and generosity. The person or couple who becomes financially independent by learning and applying these things won’t be your next Paris Hilton or trust fund baby.

T. Howard—yes, but what did Solomon do when he got rich? What about NFL players—I’m told most former players achieve bankruptcy by age 50. Really any pro athletes—they worked HARD for that money.

In the same way, Stanley and Danko found out something really interesting about millionaires in the research for their book “The Millionaire Next Door”; their children were nowhere as wealthy as they were. With all the good example in the world of how to handle resources, they started to blow it.

Not that I’m against good training and character, but it strikes me that Proverbs 30:8-9 is saying something very profound about the temptation of riches. You can’t attend enough Dave Ramsey classes to avoid falling into the trap—just ask, well, Dave Ramsey.

Solomon’s riches weren’t the problem. His many wives were the problem (1 Kings 11:4).

Many NFL players and pro athletes go bankrupt for a couple of reasons. 1) They don’t vet and keep an eye on the people handling their money. 2) They spend their money thinking they are invincible. 3) They never learned basic financial planning and wealth protection principles themselves. Consequently, the millions that they earn are not saved, invested, or protected. Again, their riches weren’t the problem. Their lack of financial literacy was the problem.

[T Howard]

Solomon’s riches weren’t the problem. His many wives were the problem (1 Kings 11:4).

Many NFL players and pro athletes go bankrupt for a couple of reasons. 1) They don’t vet and keep an eye on the people handling their money. 2) They spend their money thinking they are invincible. 3) They never learned basic financial planning and wealth protection principles themselves. Consequently, the millions that they earn are not saved, invested, or protected. Again, their riches weren’t the problem. Their lack of financial literacy was the problem.

His wives were a huge problem, yes, but he wasn’t able to go into idolatry and the like without a boatload of filthy lucre, no? In my view, it’s two sides of the same coin. In the time of Solomon, inflation was rampant (“silver was of little value”, 1 Kings 10:21), and when the kingdom fell apart, the big complaints were taxation and forced labor. So maintaining the Solomon splendor show was certainly crimping the style of huge portions of his country.

The challenge really is defining what is financial independence. I know the author provided some definitions. But to me, financial independence has nothing to do with the amount of money you have. If you are waiting for your money to get you to that point, you will never be there. It is really about how you live your life. The problem with the article is that the author aligns Bible verses against the sin of accumulating wealth, and not really aligned to his definition. I know people who are financially independent but they do not have much wealth. In fact, you can have a net worth of zero and still be financially independent. You can also be financially independent and be working very hard, as a business owner. To me the key is where are you putting your dependence. Is it on God, who can take and give, or is it on the amount of money you have.

You don’t need “filthy lucre” to go into idolatry. Proverbs 30:8-9 does warn of one of the dangers associated with wealth, but it does not condemn wealth.

Wealth is a simply a tool, which, in the hands of a wise man, can be a great blessing to others, or, in the hands of a fool, can produce a Paris Hilton. Wealth is also a blessing from God. How else do you explain Job 42:10-17 or 2 Chron 1:11-12?

Again, to be financial independent isn’t the issue. You can be both dependent upon God and financially independent.

David, if we take a basic definition of “independent”, we might conclude that that person is….not dependent on others, say employers or customers and such. So really, one is left with the author’s dictionary definitions, and if one wants to avoid the un-Biblical results of having excessive wealth, one will have to come up with a different term that actually does honor what the Scripture says about this.

I’m going to have to suggest “stewardship” as a better term—it acknowledges that the Owner can and may take it all away at any given time if He wants to. This is precisely what I’m teaching my kids about things like Social Security and Medicare—there will come a point when my sustenance may depend on my children’s ability to take care of me. Certainly I don’t expect the government programs to be around to take care of this, at least not in the current form and generosity.

And that leaves a lot more room for something where financial counselors are regularly criticized; it allows us to evaluate a person’s stewardship based on their circumstances. A great picture is that when I reviewed financial statements in 2008, I found that the most impressive, but least wealthy, candidate was Sarah Palin. She and Todd had just done a wonderful job of saving money on modest income.

(political philosophy, motherhood, theology, OK, I’ve got my differences with her, but she handled finances reasonably well)

Bert,

One of the challenges is always, that someone is always dependent upon others. This kind of reminds me of the term “fixed income”. In reality we are all on a fixed income. My income is fixed by my employer. A lot of the where this independent idea has come up is in this recent idea of retirement. Everyone is focused on saving money for the future so that they can retire early and enjoy their later years. One of the most refreshing things I have seen coming from the younger generation, is the declining idea of a typical retirement. I would not consider myself in the younger generation, but at 44 years of age, I have no desire to retire. It isn’t because I don’t have money saved up, it is because I find the idea of just sitting around and aging at even a quicker rate both mentally and physically as just crazy. Driving toward that idea, starts to undermined the desire to be financially independent. My grandfather stopped full time work at 87, even thought at 93 he still works part time. My mom and dad at 70 still work, with my mom working more than 60 hours a week, and loving it. I just see myself working at a pretty good pace until I am at least 85. But many, many young people I talk to, have this same kind of concept.

[dgszweda]

A lot of the where this independent idea has come up is in this recent idea of retirement. Everyone is focused on saving money for the future so that they can retire early and enjoy their later years.

Many individuals who teach financial independence also advocate working after you reach “independence.” The difference, though, is that you no longer have to work for a paycheck or work for an employer who mistreats you. Financial independence allows you to call your own shots when it comes to when and how you work. You can volunteer your time, you can start your own business, or you can continue to work at your job, but with the peace of mind knowing that you’re not dependent on the paycheck if things go south.

The misconception that financial independence means lounging poolside 24/7, being unproductive the rest of your life, etc. is just not accurate.

[T Howard]

​Many individuals who teach financial independence also advocate working after you reach “independence.” The difference, though, is that you no longer have to work for a paycheck or work for an employer who mistreats you. Financial independence allows you to call your own shots when it comes to when and how you work. You can volunteer your time, you can start your own business, or you can continue to work at your job, but with the peace of mind knowing that you’re not dependent on the paycheck if things go south.

The misconception that financial independence means lounging poolside 24/7, being unproductive the rest of your life, etc. is just not accurate.

One note here is that we can define it as a misconception, but it’s still one that a large portion fo hearers are going to infer from the word’s very etamology, not to mention from U.S. culture. We think of independence, we think of thumbing our noses at those who would hem us in, no? And that’s why using the term “financial independence” is problematic. To build on 1 Corinthians 7:20-24, we are encouraged by Paul to buy our freedom if we can, but otherwise to live well even in slavery. (now there’s another loaded word, “freedom”, with many of the same connotations as “independence”)

So I can go with “stewardship”, but not “financial independence”, since the latter requires so much mental gymnastics to reconcile our society’s expectations with the Scriptures.