Does the Pursuit of Financial Freedom Breed Greed?

“Greed is Good” this infamous line from the 80’s movie Wall Street captured my imagination as a young stockbroker. I wanted to make money, so naturally, I bought into this idea hook line and sinker. But IS greed good?  “Greed, as defined by the American Heritage dictionary, is having an inordinate desire to acquire or possess more than one needs, especially concerning material wealth."[2] 

Many financial advisors promote financial freedom.  We teach our communities the importance of saving and investing because we believe that when you are wise with your money, you will experience more peace and choice in your life. But with our mantra of save save save for your future, are we putting our clients at risk of becoming greedy? To combat this I believe it’s vital to balance our endorsement of financial freedom with money wellness or what I call Radical Financial Freedom.

What is Radical Financial Freedom?[1]

In an earlier post, I gave ideas for achieving financial freedom. Radical financial freedom has less to do with accounts and investments and more to do with our mindset. Radical financial freedom is the ability to see money as money and nothing else. To be radically financially free we must be careful not to become obsessed with acquiring money.  When we are obsessed with making and saving money, giving money the power to be our sole source of security, we fall into what Dr. Timothy Keller calls ‘money sickness.’  You may believe you do not have this sickness but how can you be sure? Becoming radically financially free isn't easy. It will take some serious reflection about how you see and use money. You can start your quest toward radical financial freedom by answering honestly the following questions:

1.   Do I feel pride in my material possessions? If so, my money may be my true treasure.

2.   Do I worry about not having enough money? If I worry about money, I treasure money perhaps just as much as the person in question number one.

3.   Do I believe money will give me security? Unfortunately, when we set our hearts on money to make us secure, we soon discover that money doesn’t keep us safe against the dangers of life, broken relationships, death, and sicknesses.

4.   Does money make me feel important, attractive, worthy?  Do I believe people will like me more if I possess a lot of money?  When I look to money to give myself worthiness and beauty, I will never know if people like me for me!

5.   Do I run after money?  Do I think about it all the time?  Work for it all the time? When the pursuit of money takes over our life, we may miss out on beautiful relationships and time with loved ones.

6.   Do I store up money?  Am I miserly with my money? Being good at saving is commendable, but does it keep me from being charitable?

What did you answer?

Did you answer yes to any of these?  I did. I believe many of us underestimate the amount of money sickness in our lives.  Greed is deceptive. Greed is not easy to see in ourselves especially when I am comparing myself to my “greedy” neighbor. Now that we realize we may suffer from greed or money sickness, let’s discover ways we can achieve Money Wellness or Radical financial freedom.

How do we acquire Radical Financial Freedom?  Here are three ways: 

1.   Recognize how blessed you are-Gratitude is powerful. When you are thankful for your life and all the good things you have, money has less of a stronghold on your happiness.

2.   Focus on your inner wealth.  When you have spiritual wealth, money is just money, it isn’t your security or treasure.  Inner wealth comes from God and knowing he treasures you above all things.  “When I see Jesus treasuring me at the cost of himself, I can start treasuring the needs of my neighbors at the cost of my money.  After all, It’s just money.”[3]  

3.   Join a community that is radical in its care and love for others.  When you are secure in the knowledge that your community will help you when you're in need, you are able to give radically to others. I have experienced this kind of community within our church and christian community where the gospel of Jesus is alive and transforming lives. I agreed with Dr. Keller when he said, "A city with churches who give, neighborhoods with families who give, and individuals who give out of their resources will feel rich.”

You know you have achieved Radical Financial Freedom, when money has its proper place in your life.  You do not make money your sole security, your human worth, nor your end goal.  As Suze Orman puts it, “Live below your means and to your needs.”  I would add: and to others’ needs. Meaning not only do you use money wisely and save for your future, you also show up in your community, help your neighbors and give to the poor.  When you achieve Radical financial freedom, you will truly feel rich. 

[1] Based on scripture from Luke 12:15 and from a sermon by  Dr.Timothy Keller

[2] "greed." American Heritage Dictionary of the English Language (5th ed.). Houghton Mifflin Harcourt. 2016. Retrieved 4 February 2019 – via The Free Dictionary.

[3] Dr. Tim Keller