DEVOTION – DAY 310

1 Timothy 6:10 “The Love Of Money”

 

1 Timothy 6:10 “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”

 

The Bible recognizes that money has its uses. However, in 1 Tim.6:10, God tells us that whilst money in itself is acceptable, it is the love of money that is a root of all kinds of evil. When people place money as the focus of their minds and hearts, money becomes their idol. Their love for money can consume them causing them to make compromises with the law, with ethics, with business practices in order to make more money. That is why people may wander away from their faith as they drift away from God. They had replaced God with money in their hearts. The Bible offers us examples of people who loved money more than God. The Bible has examples like Abraham’s nephew, Lot, Ananias and his wife Sapphira, as people who came to ruin because they loved money more than they loved God. 

 

Today, there are also plenty of examples of people who love money. Sam Bankman-Fried was arrested recently and faced with 8 charges of fraud, money laundering and illegal practices in the US. In Dec. 2022, he was placed under house arrest pending trial. If found guilty, he would spend 115 years in prison. He was born in 1992 and was brought up in a prestigious and academic environment. Both his parents were distinguished university professors. He was a bright student and he went on to found a cryptocurrency exchange called FTX, and a cryptocurrency trading firm called Alameda Research.

 

By 2021, he was ranked the 60th richest man on earth by Forbes magazine, with a net worth of US$26 Billion. But just over a year later, his wealth was wiped out and his two companies went into bankruptcy as the cryptocurrency FTT, that Sam traded in, crashed and became worthless. Sam is an example of someone who allowed his pursuit for money to affect his judgment. He was accused of misdirecting his client’s funds from his exchange FTX, as loans to his trading firm, Alameda Research. His actions had caused grief to his parents and had caused financial ruin to many of his clients because of the cryptocurrency crash. Sam’s love for money had been the root of all kinds of evil, just as the Bible had said.

 

Let us pray: Heavenly Father, thank you for your Word that warns us about dangers we face in this world. Please help us to treat money as our servant, and not as our master. We humbly ask this in the holy name of the Lord Jesus Christ. Amen.

 

Questions

  1. Why does some people treat money as their servant whilst others treat money as their master? Discuss.
  2. What is money to you and are you a slave to it?
  3. How can you guard your hearts and minds from making money into a kind if idol?