For the Love of Finance

For the Love of Finance - Is Money the Root of All Evil?

Originally aired 2/10/2021


For the love of finance! We’re answering age-old questions on this episode of the Get Ready For The Future Show.

You’ll learn:

– Is money really the root of all evil?
– Can money buy happiness?
– How does financial planning factor into this?


What’s the Plan: a Manifesto for Your Life, Your Worth, and What Happens Next



Mo’ Money, Mo’ Problems?

  • “The love of money is the root of all evil.” – 1 Timothy 6:10
    • It’s arguably one of the most commonly quoted verses in the Bible.
    • And yet, it can be a very confusing phrase without any context.
    • Some history behind it:
      • Paul, the apostle who wrote this verse, is writing to a young pastor to give him guidance for helping people focus on God.
      • Paul himself was a businessman—he owned a tent-making business.
        • He made tents so that he didn’t have to take money from churches.
        • This means he turned a profit.
  • Most Americans work 40+ hours a week just to make money. If that isn’t love, what is it?
    • Is this inherently evil? Should we all quit our jobs, stop accumulating wealth, and never touch another dime?
    • Not at all! We should simply be cautious about our priorities.
  • The point isn’t money is bad and you shouldn’t want it.
  • The real point: Money is a good thing, but a bad god.
    • It’s a warning for your attitude about wealth, not a prohibition against wealth itself.
  • Money means lots of different things to different people:
    • It may mean power. Or status. The ability to control outcomes or people.
    • And just as a shovel or a foot can be lethal, so can money if used with ill intent.
  • But money in and of itself is not evil; it is simply a resource, and access to it can’t fundamentally change you; it can only give you the opportunity to be who you already are—and do, be, and give more than you can without it.
  • The goal isn’t simply to have “more” money, but to help you find ways to use money to live the life you feel called to lead.
    • Theologian John Wesley suggests that you “make as much as you can and give as much as you can.”
    • Use money as a tool to invest in the betterment of everyone within your reach.

Can’t Buy Me Love

  • The Beatles said it best:
    • “Tell me that you want the kind of things that money just can’t buy. I don’t care too much for money; money can’t buy me love”
  • Consider this: We often lose what we think money will give us by pursuing it above all else.
    • Why accumulate wealth? The most important things in life – love, friendship, kindness, and charity – are not material. So, what is our real end goal?
    • Often the answer is different for everyone, but most answers we hear tend to line up with the values people hold:
      • “To provide for my family
      • To cover emergency expenses without damaging my future
      • To invest in my community
      • To make a difference in someone’s life”
  • Your intentions can make or break your relationship with money.
    • Do you just want to collect money at the expense of everything else? This is what can be dangerous.
    • Don’t sacrifice family, friendship, or integrity at the throne of money.
  • If you’re still not totally sure about money having the potential to be good, maybe try this shift in perspective:
    • People sometimes get hung up on money as it pertains to an amount, as in, how much can they “get by” on, how much can they live with—or without.
    • While money figures into every choice you make, from what you eat to where you go tomorrow, it doesn’t always help to think in terms of numbers. Sometimes it’s easier to think in terms of time.
    • How long do you want to be doing what you do? When do you want to visit the kids and for how long?
      • Chances are when it comes to spending time with loved ones, you’re quite happy to spend it all.

Money for Nothing

  • So, we’ve established that money is a resource that can help you spend your time in a way that aligns with your values. But what about the age-old question: Can money buy happiness?
  • A Princeton study shows that up until an income of about $75,000, money can be responsible for slightly increasing feelings of happiness.
    • The reason for this? Having a certain amount of money can help to fix certain problems in life that can make you stressed out and unhappy.
      • If you have a problem that you can write a check to solve, you don’t have a problem at all. You have a situation.
  • Interestingly enough, the same study found that after reaching an income of about $75,000, there’s no relationship between income and happiness.
  • What does correlate to happiness? While this is subjective, it often centers around three main concepts: a strong and close relationship to others, utility in society, and helping others.
  • Since intentions are what can potentially make money into a bad thing, an important question to ask is: what’s the intention behind financial planning?
    • For us at GenWealth, our mission is to provide wise, knowledgeable counsel through trusted advisors in order for our clients to realize their God-given financial purpose in their lives, and to assist them in leaving a legacy for generations to come.
  • What’s your purpose? Why are you here?
    • Our purpose is to help you do just that.
    • If money is a tool, your financial plan is a tool belt.
  • One thing’s for sure… You can’t take it with you when you leave.
    • But we also know you’ve worked too hard to live on less.
      • Don’t settle for less because you assume it’s bad to have more.

You Work Hard for the Money

  • Fact of the matter is, you’ve worked hard for your money.
  • We plan for weddings and vacations – fun and exciting things. Why? Because a plan is the physical manifestation of your excitement.
    • People often hesitate when it comes to financial planning because it seems “boring.”
    • But there’s nothing boring about planning for your future – about having options to be more of who you are and do more of what you love.
  • The GenWealth Ready to Retire Process
    • Retirement planning and Education by trusted advisors. Advice specifically Designed for You and your legacy.
      • You share your needs and desires
      • We share our principles and strategies
      • Your team of advisors goes to work
      • We collaborate to harness the “power of MORE”
      • Our relationship continues


    • Is money the root of all evil?
      • No – that’s a misconception.
      • Money is a tool – a resource. Access to it can’t fundamentally change you. It can only give you the opportunity to be who you already are—and do, be, and give more than you can without it.
      • Money is a good thing but a bad god.
    • Don’t let a misconception make you miss out on financial independence.
      • You shouldn’t have to settle for less because you assume it’s bad to have more.
    • Feeling secure about your future starts with how you see your future.
      • Gain a little more perspective with What’s the Plan, a manifesto for your life, your worth, and what happens next!
      • Click here to download your free copy.