Is It OK to Build Wealth as a Catholic?
“Whatever you do for your family, your children, your husband, your wife, you do for God. All we do, our prayers, our work, our suffering, is for Jesus” (St. Teresa of Kolkata).
The Root of All Evils
The Bible has a lot to say about money. Sometimes, it seems to condemn money—“Again I say to you, it is easier for a camel to pass through the eye of a needle than for one who is rich to enter the kingdom of heaven” (Matthew 19:24)—and sometimes, it seems to encourage us to grow our wealth (the parable of the talents in Matthew 25:14-30).
Money is a tool, which means it is neither good nor evil, but the way you use it and relate to it can be healthy and virtuous or sinful. As we read in 1 Timothy, “the love of money is the root of all evils, and some people in their desire for it have strayed from the faith and have pierced themselves with many pains. But you, man of God, avoid all this. Instead, pursue righteousness, devotion, faith, love, patience, and gentleness” (1 Timothy 6:10-11). Money can take the place of God in our heart, because it provides the illusion of security, comfort, control, and even happiness—all things we should rely on God for.
Do you trust that God will provide for all your needs, or do you believe you have to provide for your needs through your money?
The Importance of Prudence
That being said, God has given us the responsibility to provide for the people he has entrusted to us, whether it is our children, our parents, other relatives, or even our friends. In order to provide for them, we must be prudent about our finances. In the first letter of St. Peter, we read these instructions: “Tend the flock of God in your midst, [overseeing] not by constraint but willingly, as God would have it, not for shameful profit but eagerly” (1 Peter 5:2).
To provide for the people in our care, we need resources, and it is our responsibility to earn those resources in an ethical manner and build them as God allows. We must not be like the man in the parable who builds a second barn so that he will never have to work again. Rather, we must be like the steward who takes five talents and earns five more so he can return them to the master. If you are building your wealth to return it to the Master in any way he asks, you are being a faithful steward.
There are a number of proverbs about being prudent with your finances:
“The good leave an inheritance to their children’s children, but the wealth of the sinner is stored up for the just” (Proverbs 13:22).
“Precious treasure and oil are in the house of the wise, but the fool consumes them” (Proverbs 21:20).
“Four things are among the smallest on the earth, and yet are exceedingly wise: Ants—a species not strong, yet they store up their food in the summer” (Proverbs 30:24-25).
We can see that Proverbs encourages us to save our money responsibly and plan for the future. However, it’s important to ask this question: “Why am I saving and planning? Is it for God and his will, or is it because I am placing my trust in my money rather than God?”
God wants to bless us and provide for us. His will for our money is as vast as the different vocations he calls us to, including donating it, supporting our family, saving for the future, or something unique to our gifts and talents.
A Closer Look at Stewardship
What if God blesses you with more money that you need?
A steward is someone who takes care of someone else’s things. We are all God’s stewards; he asks us to take care of the blessings he has given us. He calls some to have a big family and take care of lots of children, some to run a nonprofit and take care of people or the environment, and some to use their wealth to further God’s kingdom on earth.
The fact that he asks different things from different people is illustrated in the Gospel of Luke; in chapter 18, Jesus asks the rich man to sell all his possessions and give them to the poor (18-23), but in chapter 19, Jesus tells Zacchaeus, who says he will give half of his possessions to the poor and repay fourfold what he has extorted from others, that “salvation has come to [his] house (1-10).
We each must discern what God is asking of us personally and trust that he will give us what we need to accomplish that mission—and for some, it will require accumulating wealth.
I interned with Habitat for Humanity after graduating from college, and during my exit interview, the CEO commented that some people are called to work at nonprofits, and some are called to support nonprofits. It is a comment that has stuck with me: Nonprofits cannot succeed without donors, and tithing is something we are all called to do. God asks us to give joyfully to those who have less, and he will put in our path the specific causes that he wants us to support.
However, philanthropy is not the only reason God may be asking you to build your wealth. Maybe he has blessed you with children and is calling you to pay for private education for them. Maybe he has placed the desire on your heart to buy a second home and offer it as a place for retreats.
Discernment and Detachment
It all boils down to discernment: How is God calling you to use your money? Is he calling you to something that requires you to build your wealth, or is he calling you to live a simpler life? No matter what he is calling us to, we must be detached from our wealth so that it does not take the place of God in our heart.
If God asked you to give away everything tomorrow, are you detached enough to do it? This question is a hard one; we live in a world where complete surrender to God can be a scary and countercultural daily battle. With constant discernment and baby steps, we can learn to surrender more, be aware of our calling as stewards, and ask God what he wants us to do with our money and all the blessings he gives us.
As you begin to discern what God is asking you to do with your money, it can be helpful to have an accountability partner who is on the same page as you, whether it’s a friend, relative, or financial professional. It is important to make sure this person understands why you are building your wealth and your expectations for the relationship. The finance industry is filled with people who are seeking to gain as much wealth as possible, but there are professionals who believe they are stewards of the steward (you).
If you are searching for a financial professional to help you with your stewardship, be up front about what you want and expect. Consider looking for someone who shares your faith and values, because it will be easier to explain your intent and goals. After all, we do need money to be part of society, but there is a healthy and holy way to view and gain wealth.
Erica Mathews currently works for Financial Counseling Associates. She completed her course work for the CERTIFIED FINANCIAL PLANNER™ certification at the College for Financial Planning and is one year of experience away from completing her certification. She is passionate about helping families build their wealth so they can live out the calls God has placed on their hearts. She lives in Colorado with her husband and four kids. They love everything outdoors including gardening, hiking, biking and simply exploring nature. If you would like to reach out to Erica, her email is erica@fca-inc.com.