001 Money Talks, "Do I Need Money to Open a Bank Account"
Hey you,
Last week a follower on Instagram asked if I would consider compiling the financial advice people had sent in response to a budgeting question I had asked. Behold the power of one message! Here I am, reading books and curating information and typing away vociferously.
Don’t worry, I did not ask people if one needs money to open a bank account. That was what popped up on a google search and I thought it was funny and fitting. Funny because duh, and fitting because way more of us have duh moments than we’ll admit to. In fact, when it comes to money it’s just as safe to assume we don’t know much. Take me for example. I signed up to write about money and instead of Money 101, all I can muster is Money 001. Ha.
No parents are ever “qualified” to become parents. No one ever gets a degree in friendship. No one gets to practice marriage. You just kinda have to hop in and learn as you go. I think it’s telling that Jesus doesn’t ask us to become theology masters to come to him, but instead tells us to become like little children. We start simple. Neither do we pretend to be someone we are not, so if you are looking for an expert on amortization in 2022 you’ll want to trot along to somebody far more intelligent than I. My qualifications are of an ordinary sort, and I won’t be teaching anyone how to become a millionaire, though the principles in these next blog posts would provide a solid foundation for that.
There’s a lot of the business of living that gets passed down by ordinary people to ordinary people. There are experts in living, and aspects of living that of course we ought to learn from professionals, but at the end of the day the business of living is carried out by community. It is there for the person who asks and is willing to discipline themselves to implement. I like this quote from ‘It’s a Wonderful Life’ because it expresses this perfectly:
Just remember this, Mr. Potter: that this rabble you're talking about, they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?
I’m writing this because I received contributions from people who know more than I do, and it is partly on their authority I write, and partly because I have begun to care about money as a currency which enables us all to trade value, time and resources. Not to be interested in how to do that excellently feels like:
(a) I need to get a silver spoon out of my mouth and
(b) like I’m denying the command of God to take dominion of the earth.
Not in a creepy, I’m-going-to-take-over-the-world kind of way, but the kind of caring that takes care of one’s own personal corner well. The kind that is willing to do the small things, as it builds into more. As Luke says in the New Testament, if you are not faithful in the unrighteous wealth, who will trust you with true riches? Money is an important tool, but true riches go far beyond that. Jesus shaped many parables and questions around talents, money, and resources.
One thing he talked and talked about was authority and the role it plays in life. Most of us probably don’t think of the connection between authority and money, but it’s one of the key connections to make when it comes to handling finances since all of us fight the desire to be something extra. To show we are somebody. It’s like my love of clothes. I will probably always like clothes, style, fashion, and fine fabrics and leathers. It’s part of who I am. What I have to watch for is times when my self-esteem is low, and I want to boost it by buying something new and looking fab. That’s not bad, it’s a blast to look like a million bucks, but when it becomes a pattern of inflation is when it’s going to become a little harmful. The American Heritage Dictionary defines inflation secondarily as this:
persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money.
I can’t think of a better way to describe what happens when money becomes a false authority or identity in our lives. It inflates the appearance of worth but decreases value, and we end up shelling out more and more bucks to buck up who we are. The problem is that we don’t understand money correctly. We think of it as the thing, but money is the actual physical representation of something tangible and invisible.
Federal Reserve Bank of New York, Ormond Gigli, 1959
Money in itself cannot give us anything. It will purchase things for us, but the value is always relative to an authority behind it. One example of this was The Coinage act of 1834, which reduced the 15:1 ratio of silver to gold to a 16:1, creating a dollar backed by 1.50 grams of gold. Previously that was 1.60g. This was a devaluation of the U.S dollars, but made both gold and silver coins useful in commerce. So far Wikipedia has been useful, but what I found interesting is that when we decided to drop the gold-backed standard in 1971, in Nixon’s presidency, the backing was now “Full faith and credit of the United States of America.” (Thanks to my brother for the verbatim quote).
For example, I mentioned the gold standard getting dropped in the 70s. Under that authority money carried value relative to gold. Since then, it’s the Federal Reserve. Not the government, but for all intents and purposes backed by a spendthrift government who has lived far beyond its means.
Money is a tool, a medium. As a kid I thought mom could just write another check to buy something and, like me, many people don’t think through the authority behind money. Money is not an authority unto itself (though I think the Federal Reserve probably thinks that when they keep printing money and fluttering it out to us peasants). It’s a sign of another authority present, a value which is represented. Think of money as a grubby ambassador, or as a middle man. Anything, in short which connects two parties who want to strike deals. It’s a little like words, actually. It brings to seen and heard reality something which already exists but which needs to somehow be communicated.
Back in the old days currencies were sometimes pretty interesting, with things like salt and chocolate and coffee being traded. In fact, the word salary comes from the Latin word “salarium.” This was money paid to Roman soldiers to buy salt. You could break pieces off the salt block to make change. In Italy, Parmigiano Reggiano cheese was so highly regarded it was sometimes used as bank collateral. I knew I liked Italy.
Invisible currencies
Surrounding all economy and value are invisible currencies which drive every physical value, which is why no one can afford to let their character or relationships go to pots. These invisible currencies don’t get covered in most money talks, but these are the things you need to know to manage your life and finances well. One of these currencies is trust. Burn your bridges somewhere and then see what your ability is to get hired, buy, sell or trade.
Credit is a form of trust. You spend money you don’t really have yet because the credit card company is buying these things for you. When you pay them, you own the item, but not before. A mortgage is another kind of trust. Why do you think that mortgage companies are sticklers for finding out how trustworthy you are in your job and spending? Credit scores matter because they reflect how we handle money. Loan companies want to know, can we trust this person to pay?
Friends sometimes do this for each other. We spot each other money trusting that the other person will pay us back. If they don’t follow up with payment one too many times it will erode the relationship. It might not destroy it right away if the amounts are small, but it will be compromised. A person who handles his money without being a trustworthy person will soon learn that it will in turn compromise their stability and wealth. If you say you will do something and then you don’t, your moral character has already taken a hit, because finances are more than an exchange of money.
Compromise on your personal character and you will find your promises have to inflate. You will have to say more and more and more to get people to trust you, and eventually your word is worthless. Inflation. The person who does not build their finances on trustworthiness (honesty and dependability are the best ways to build trust) builds their house on sand. The person who does the hard work of making their character align with those values, drives piling deep down to find rock. Storms do not destroy such people. Trust and honesty are invisible currencies, backed by the greatest authority of them all, God.
Matthew 6:24 says “no one can serve two masters, for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.”
One thing that has taken me 30 years to learn is that for God’s words to mean anything, they have to mean everything. There’s no half-assing in the kingdom. No doubt you’ve heard some Christians talk about Heaven’s economy? It made me uncomfortable at first, until I understood that they’re on to something. There are invisible economies which heaven brings to earth, besides, I think that the economy of heaven was meant to be the economy of earth from the beginning. I think we must somehow rid ourselves of the idea that what God says isn’t applicable to us on a fallen earth. We might say, eh whatever, it’s a dog-eat-dog world, right? That excuses us from nasty uncomfortable ideas that to follow Jesus we have to be willing to lose everything and serve others.
God’s way means that if we knowingly compromised someone’s trust in business, it’s as damaging as if we stole from them. Business is a relationship. I will speak plainly. A person who says business isn’t personal is a person that I will stay far away from in professional dealings. It probably means they have no problem sticking you because “it’s not personal.” Now if they mean that we ought to operate without ego, I’m all for it. We don’t take offense at everything or work to pad our own egos, but we must deal in honesty and trust. Fudge on this and you might get ahead financially, but it won’t be long before your character is bankrupted. You can count on that.
Where we get off track with Jesus’ words is we don’t understand that the authority of God is rooted in love and goodness and order. If we want a successful economy, it must be based in the principles of freedom and creativity, which are expressed by law. Think of the Founding Fathers. They got some things wrong, but the relative security we have enjoyed in the USA is due to one thing and that is that we were founded on principles that centered our country around God. Our coins read, “in God we trust.” The success we have had is not due to the Founding Fathers wisdom, it is who they were wise about. It is in who we trust. Trust is very important.
Though this was, and is, carried out imperfectly, the fight for freedom is one that paid off in huge dividends of hundreds of years of strength politically. This has gone up and down, for instance, in cases like the Civil War when you’ll note how low trust was riding in the country. Incidentally that was not about slavery, though that was the P.R. face of the war. It was about the economy and strength and money. The south wasn’t hung up on slavery as a right, so much as they knew that losing slaves would destroy their economy. It did. If you want to know what the driving motivations are in anything look past the moralistic do-gooding, justifications, and virtue signaling and follow the money. Surprising narratives evolve.
What most people don’t realize is that those narratives are always based on invisible values, and when those corrode we have a problem. Our current polarization over politics is less about Covid, and issues like abortion, than it is about an erosion of human value and dignity. These are the core values which we have neglected, and over which “valuable” industries like abortion are born. Where there is a lack of value, there will always be exploitation. Follow the money, and it will 100% of the time lead to a lack or abundance of value and authority. This works from Big Pharma to my finances. Your money spending habits, or lack thereof, will show you surprising things about where your real beliefs lie.
Tip: “Watch for your spending patterns.” -Mike
FOLLOW YOUR MONEY
Until we are willing to take a real, long, hard and honest look at how we handle our finances, it is nearly impossible for us to understand the Gospel as fully as it was intended for us to understand. Jesus said the rich especially have a hard time understanding the Gospel. This is not an exaggeration, and here is my challenge to you. Even if you make barely above minimum wage, but you live in the USA, Canada, or any first world nation, you live in wealth. This message was intended for you. If you grew up inside a church, this message was intended for you. The message of the Gospel reaches everyone, but it has a harder time with those of us who place confidence in our environment and bank accounts and religion and calling and ministry.
The genius of God is revealed in his instructions for us to be willing to give up everything. The invitation in that is not for us to starve, but for us to be satisfied. To give up the little half cookie being reduced to crumbs in our grubby little paws, to let the crumbs drop before a God of glory who wants to make us co-heirs with Jesus. Who wants us to be satisfied. Gosh, I’m preaching to myself here. It feels like every day, and sometimes every hour, I have to open my hands up and let go of something. To hold things loosely and not like they are the last resource on the earth. We belong to a bigger world and a bigger God.
One of our fundamental beliefs we have to confront is a mindset that convinces us we have to be for ourselves. Man, I just have to put that one in red
Our problem is not with a God who is against us, but a mindset that convinces us we have to be for ourselves.
I find that to be a mind-blowing concept, and it is true. If we are for ourselves without realizing who is our gold-standard backing, our authority is lacking, and our finances will follow suit. We frequently inflate ourselves and our value in countless ways. As I mentioned before, look to your spending habits and figure out where your authority for self confidence and worth actually lies. Follow the money. Realize that your money isn’t your true power, and this will free you to be honest about what following the money shows in you.
This isn’t complicated at all, thank goodness, it just requires follow up. The reason I’m writing these blog posts at all is because I started to use a budget, and asked for feedback online on budgets. I’ve long been wanting to develop more generous habits of giving, and just never had quitteee enough money to make that happen. When I investigated my spending patterns, I discovered that I was an emotional spender (some people are emotional tight fists, it can go both ways). It was hard to start to discipline myself again, but ultimately I am happy to know my weak areas, and be able to work on them.
When I followed the transactions even further down into my heart, I saw that I haven’t been a person who has trusted God in a holy way. I trusted myself first, and then leaned on God for my weak areas. This is not how Christianity, or finances, work and it is a miserable, miserable way to live. Jesus said his yoke is easy, and burden is light, but if we are consumed by being our own gold standard or authority, we are going to be heavy people. Heavy in our jobs, heavy in our homes, and heavy in our relationships. In fact, our relationships and finances will always be hardest for us, because we don’t trust God as the giver of them. Holding back from the authority of God looks safer, and indeed there is much more control for us in that. The trouble is that it’s hard to be the person where the buck stops, and humans weren’t meant to bear such burdens. We may the person who holds the stewardship of a company, a family, or a ministry, but God never called us to be on our own. He is always standing by, he is always with us. He calls us to dominion over what he gives us, and he is the giver of that life. It’s hard to give up control over our lives, but the relief of knowing that God is our provider and authority is one of the best things, ever.
I’m not saying this only in a spiritual dimension. I mean, he is the. provider. of. everything. I may have “bought” my house, but God is the giver of it.
God will not spoon feed us, because we are still meant to participate in the glorious calling of work, but in taking the burden off of us of being where the buck stops. Our country used to understand this, and we can still repent.
It starts with you and me. Who do we trust, God, or money?
Follow the money, and keep your sense of humor handy. You’re going to need it.
Advice from contributors
I didn’t learn until after I was married how much time, resource, and money are very intertwined and yet distinct. Where I grew up, a credit card meant you had money. It’s not money, it’s resource, and not every has the same access to resources. Even my ability to take out a loan if I need one is privilege. And then if I waste time or overbook my time, it has a direct impact on my money and my resource. Sometimes it’s worth using some resource to gain more time. It’s a complex labyrinth that requires maturity and education to truly respect. - Danita, Psychologist, Wife, Mom of two boys
Great advise from some of the contributors thus far. I would add, do not spend money that you don’t have, making your only exception the mortgage. Debt will simply drag down your financial growth potential. -Martín, Salsa dancer, Restored a historic home
Remember MONEY = A TOOL
That’s it. Just a tool. But not all tools are created equal.
Screwdrivers are tools, though their potential power (and thus potential danger) is minimal.
Chainsaws are also just tools but considerably more powerful, more dangerous and have far greater potential for good or ill than a little screwdriver.
I allow my 3 year old to mess around with my screwdrivers but I’d have CPS called on me if I started my chainsaw, handed it to his immature and untrained self, and told him to go see what all he can do with it. But put that chainsaw into the right, trained hands and it can create lifesaving heat for a cold house or start the process of building a house for a widow.
Clearly God knows that the tool of money is one of the dangerous ones because He warns us about it repeatedly. He never actually says it’s an evil tool. Don’t be fooled by those who claim otherwise.
So learn to handle with skill and maturity this dangerous tool with such power and potential within it. Done correctly, it can change lives, generations and eternity. And that’s an exciting reason to go get some and use it well. -Matthew, Business Owner, husband, dad to four-going-on-five munchkins
The End.
L. Raine
Photo by Visual Stories || Micheile
