What is Biblical Stewardship? Putting a Core CWM Value Into Financial Planning Action
Psalms 24:1 “The Earth is the Lord's and all that is in it, the world, and those who live in it,”
Biblical stewardship often means using God's resources to do God's work. The idea behind biblical stewardship is that everything on earth ultimately belongs to God, we are simply managers of His resources. When we give, save or spend we aren’t using our money, we’re using God’s money to advance God’s plan for the world or those He may have for us and our families.
From a biblical worldview, we’re stewards — not owners — of our wealth, and as a result, we have an obligation to manage and use that wealth responsibly. At Cooke Wealth Management, we believe in and practice the responsibilities of stewardship. So in this article, we want to illustrate what the principle of stewardship is and how we can help you put it into action in your financial plan.
What Is Biblical Stewardship?
Theologically speaking, biblical stewardship means using the resources God gave you to serve God faithfully. Under this definition, stewardship encompasses more than money. God gives us time, talent, and other resources to use for His glory and to benefit other people.
In his book The Treasure Principle, Randy Alcorn writes, "The steward carries no sense of entitlement to the assets he manages. It’s his job to find out what the owner wants to be done with his assets, then carry out His will."
The word "steward" in the Bible actually comes from a Greek word "oikonomos." It means "manager of a household." Jesus, Paul, and at least two Old Testament writers use this word to describe the role people play in God's kingdom.
The Bible illustrates the concept of stewardship in several stories. Adam, for example, was called to "care for" or "steward" the Garden of Eden (Genesis 2:15). Joseph became the steward of Potiphar's household — in charge of everything but the owner of nothing (Genesis 39:4). And in Leviticus, God told Moses to make a law that people should work for six years and let the land lie fallow on the seventh year as a reminder that the land belonged to the Lord (Leviticus 25:1-5).
Biblical stewardship is not just an esoteric theological concept, though. It's intensely practical. As stewards of God's resources, we are called to use our wealth responsibly, in a way that benefits our families, God's word, and God's eternal purposes.
"Ultimately, stewardship is about holding our money and possessions with an open hand," explains Juliette Cooke, Vice President and Personal Financial Advisor at Cooke Wealth Management. "That means involving God in our decisions about money."
The first step toward becoming a biblical steward can be as simple as asking God how he would have you think about and use your money.
Steps Toward Stewardship
What are other specific steps you as a Christian can take towards becoming a faithful, effective steward of God's wealth?
Consider your beliefs. Start by searching your heart. Ask yourself the hard questions: Do I believe that God owns it all? Do I seek God’s direction in my finances? Do I rely on His provision, or do I believe what I earn is mine to keep or spend as I wish?
Spend money responsibly. While there’s no “right” answer to what constitutes responsible spending, we encourage every person to balance their immediate needs and wants against their long-term goals. What priorities has God placed in your heart? Are you directing money toward those priorities?
Avoid debt. The Bible devotes more than 2,000 verses to the subject of money. Jesus and the biblical writers all had a lot to say on the subject. So much, in fact, that former New York Giants player Lee Rouson of Trinity Financial Sports & Entertainment Management Co. says he takes his financial guidance from the Bible. In his book, Confessions of a Wall Street Whiz Kid, Rouson notes, "Money and possessions are the second most referenced topic in the Bible – money is mentioned more than 800 times – and the message is clear: Nowhere in Scripture is debt viewed in a positive way.”
Give wealth back to God. Generosity can often break the power of money and greed. Granted, giving can be is a thorny subject for Christians. For many people, giving includes time, talent, and finances. Sometimes, though, people confuse biblical money management with just giving everything away. That belief gets no sanctuary in scripture. God rarely rewards people for how much they give but instead rewards the attitude with which they give.
Helpful tip: If you aren't currently giving anything but you'd like to start, prayerfully consider setting set a target of 5-10%. If needed, work your way up to giving 10%. See how it goes.
Putting Stewardship Into Action
Stewardship is something we do in the real world, not just an idea we believe in our heads. Real people are stewarding God's money, and they're making a difference in the world.
Many of our Cooke Wealth Management clients are putting their money where their mouth is when it comes to giving.
One high-profile executive told us, "I have more than enough." So we worked with him to set up a donor-advised fund to offset the tax implications as he and his wife funneled more money toward the charities they enjoyed supporting. Giving in this way allowed our client to effectively steward his wealth while taking advantage of current tax law.
At Cooke, we help our clients apply the five basic biblical principles of money management:
Spend less than you earn. It's the foundation of wealth. Spending less than you earn will reduce your debts, increase your savings, enhance your life, and transform your giving. (Proverbs 10:4; Proverbs 21:20; Ecclesiastes 5:19)
Give generously. Giving can breaks the power money has over us. When you give generously to others, you can expect others to be generous with you. (2 Corinthians 8:10-11; Matthew 6:19-21)
Avoid the burden of debt. It mortgages the future. Simply stated, debt is a contract to pay later for what you receive now. Money borrowed today must be repaid tomorrow including interest (Proverbs 22:7; Psalm 37:21)
Plan for financial margin. The unexpected will happen. When you have appropriate reserves, you can handle accidents, wiped-out appliances, kids in need, or even a job loss. (Proverbs 6:6-8; Luke 14:28)
Think and plan long term. There’s always a trade-off between the short-term and the long-term. (Ephesians 2:10; Proverbs 16:9)
Applying these principles can lead to financial stability, margin for uncertainty, and the fulfillment of your long-term goals and priorities And your first step is likely to discover what God wants you to do with the wealth He has given you to steward for Him.
Biblical stewardship is one of the key pillars supporting CWM’s approach to Christian wealth management. Reach out today and we can help you build a financial plan based on your personal path of stewardship, and aligned with your values and your long-term financial interests.