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DebtFreeGuru.com's - Tip of the Week - Monday, February 2, 2004 |
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Godly Finance: Money Ideas from Religious
Texts (As seen on CompuServe.com) The Bible and the Quran may not be the first books you think of for financial advice, but perhaps they should be, according to Jewish, Christian and Muslim clerics. For example, American bankruptcy law has its roots in Deuteronomy, which requires a forgiveness of debt. "Every seventh year you shall grant a remission of debts," Deuteronomy 15:1 reads. "And this is the manner of remission: Every creditor shall remit the claim that is held against a neighbor, not exacting it of a neighbor who is a member of the community, because the Lord's remission has been proclaimed." The bankruptcy concept made it into the Constitution -- Article I, Section 8, Paragraph 4 -- and the seven-year framework is a direct lift from the Bible. It's not the only lift, religious leaders say. Maybe that's because there's so much to choose from. "There are more actual references to
money in the Bible than to anything else," says Pastor Kevin Kummer,
a campus minister at the "I'm sometimes baffled by how we, as Western Christians, read around that, considering the sheer volume of text," he says. Taxes and charity Judaism, Christianity and Islam all encourage charity, though they have different suggested minimums, maximums and philosophies on how to give. In Judaism, the highest level of charity is
to give another person a business, or offer him a job, says Rabbi Avraham
Blesofsky of Chabad Lubavitch of "The idea is that he should be able to provide for himself eventually," Rabbi Blesofsky says. The IRS also includes plenty of bonuses for people who start their own small businesses. Rabbi Blesofsky points out that the Hebrew word for charity, "tzedakah," comes from the word "tzedek." "The translation is 'righteousness,'" Rabbi Blesofsky explains. Charity as love or growth "Charity comes from the Greek word agape, or love, meaning the kind of love God shows for people," Pastor Kummer explains. "It's unconditional." In Islam, the word for charity -- "zadak"
-- means "to grow," says Imam Ali Salman Ali of Muslim Family
Services in "A Muslim should give two and a half percent of his wealth every year," Ali says. This amount is "obligatory charity," he says. "The more you give, the more Allah gives you," he says. "He takes the misery in your heart and lets you feel for the poor. You have to give to the poor. If you don't give, it means you have a stone heart." How to give -- and how much Some of the charitable categories in Jewish law parallel American tax-law deduction categories for education expenses. According to some rabbinical opinions, educating your child counts as tzedakah. "Maimonides (a 12th century sage) had eight levels of tzedakah," Rabbi Blesofsky explains. "The first is giving a loan, a gift or becoming a business partner. The second is when the donor doesn't know who he's giving to, and the recipient doesn't know who gave it." Anonymous giving, or "matan b'seter" -- literally, hidden giving -- is considered important in Judaism, Rabbi Blesofsky says. The other levels from Maimonides involve degrees of anonymity and swift response. The best is giving a person help before he asks for it, followed by giving a person help after he asks for it and giving happily, and finally, in the lowest level, giving reluctantly. As for how much to give, Rabbi Blesofsky says he thinks the Torah's best idea is to "use what you need for your family -- your mortgage, education and planning for the future -- and the rest should go to charity." Strictly speaking, Jewish law mandates 10 percent with a maximum of one-fifth, Rabbi Blesofsky explains, though what is considered tzedakah can vary depending on the rabbinical opinion. Pastor Kummer points out that though the tithe -- 10 percent -- is a guideline, there are theologians who urge more. "There's a book called The Graduated Tithe, which discusses how to move toward 50 percent of your income." As for exact figures, Christianity doesn't have a chart. "New Testament Christianity has no specific charity requirement and no ceiling," Pastor Kummer says. "Oftentimes, in the West, people pick up the idea of the tithe. And the idea is that it's the first fruits -- the best you have." Imam Ali says a wealthy person must keep in mind that "his wealth comes from Allah." There is no maximum giving amount in Islam, he says. Poverty and wealth "First of all, it is very clear in the Quran that money is one of the sources of life," Imam Ali says. "Money is very important, and it helps you serve your lord properly." The prophet Mohammed had a wealthy wife, Imam Ali says. "Khadejah helped him do his work. We find that the rich really helped the prophet Mohammed." That doesn't mean that to be poor is worse, Imam Ali says. "In Islamic theology, they discuss which is better -- a rich person who gives charity, or a poor person who is patient." One thinker, Ali Ibn Abi Palib, a cousin of the prophet Mohammed, said, "If poverty were a human being, I could have killed him." He said that, Imam Ali explains, because "sometimes poverty pushes someone to behave like a disbeliever. It can push someone to kill, steal or be depressed." Pastor Kummer has spent a lot of time thinking about the effects of poverty. "One of the places that really got my attention years ago was the Book of Proverbs," he says. "What struck me is that God takes the treatment of the poor personally. The person who mocks the poor insults his neighbor, and oppression is condemned. "A ruler, we're told, is judged on how he treats the poor. The idea is that God has concern for the poor and that generosity is important." Kummer quotes Proverbs 31:9, which says rulers are judged by whether or not they "defend the rights of the poor and needy." Investing advice The idea is basically paying someone for his investment savvy -- the concept behind paying mutual fund fees or financial planning fees. "Say I have money and I don't have skill. I go to Sam, who has business skill, and I give him $250,000 to invest for the business. Sixty percent is mine, and 40 percent is his." Jewish law includes a hefty amount of business law. Honesty in weights and measures is strictly enforced. As for walking around the mall and not buying anything, that's not something Jewish law approves of. Misleading a merchant into thinking you are going to buy when you have absolutely no intention of spending a cent is forbidden. Interest rates In the Bible, all interest is forbidden, according to Rabbi Blesofsky. "However, there are certain halachic rulings -- halacha is Jewish law -- that allow interest. There is a halachic exception to allow that." The whole question of interest is a "controversial topic and an ongoing debate" among Islamic leaders, Imam Ali says. Islam doesn't allow interest either, but that doesn't always work in the modern business world. "If someone comes to you for a loan, he comes out of need," Imam Ali says. "If I loan you money and I find that you have difficulty paying me back, Islam encourages me to forgive the debt. God will reimburse me." Pastor Kummer notes that being enslaved -- perhaps by excessive debt -- is frowned upon in Christianity. But all three clerics have bank accounts at financial institutions that, naturally, charge interest. Wiccans, Hindus, and Buddhists The Wiccan/Pagan Times Rituals Page Web site advises: "If you need improved finances, turn your wallet or purse by the light of a waxing crescent moon three times to draw money to you. Make sure you first spy the full moon outdoors. This brings luck." It may not be to your advantage to be too successful in attracting cash. Some Hindus say they detect a general hesitation on the whole issue of excessive wealth. "Hindus do have, more culturally than
religiously, an ambivalent feeling toward wealth, " says Dhruv Luthra
of He notes that Hindus, unlike Christians and Jews, don't have one major religious text to guide them. Instead, geographical location and personal interpretation deeply influence an individual Hindu's thinking on everything -- including finances. "This may be more the older
generation, but there is a feeling that wealth shouldn't be
excessive," Luthra says. "This is my subjective view -- when I
go to As for charity, there's no minimum or maximum, Luthra says. "What matters most are actions," he explains. Like most religions, Buddhism emphasizes spiritual growth but recognizes that some material stability is necessary for happiness. In the Anguttaranikaya (a collection of Buddhist teachings), the Buddha says there are four kinds of happiness that stem from wealth: Atthisukha, the happiness of ownership; Anavajjasukha, which is the happiness that comes from earning a just livelihood; Ananasukha, which is happiness that comes from not being in debt, and finally, Bhogasukha, which is the happiness of sharing one's wealth with others. Buddhists who give away all their
possessions to the temple, thus sharing all their wealth, do so before
becoming monks, explains Yiyun Li, a writer who grew up in Beyond money "I'm a rabbi to bring people closer to Judaism," says Rabbi Blesofsky. "We're not in the rabbinical business for the money. Many Chabad organizations are constantly fund-raising to meet their monthly commitments." Pastor Kummer says there may be money to be
made in the megachurches, but not as a minister in "I love working with people and Biblical texts," he says, when asked to list the rewards of his job -- financial or otherwise. That doesn't mean that money is a minus for observant Christians. For Kummer, there's an enjoyment factor in the Christian view of cash. "God intends money as something that can be used in a way that's fun," Pastor Kummer says. "As it says in Second Corinthians, God loves a cheerful giver. Some people say a 'hilarious' giver." Pastor Kummer thinks excessive materialism hurts everyone -- the rich and not-so-rich. "As long as we worship money, we can never have fun with it." |
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