The real temptation

Another option for wealth is to bury it. God richly provides us with wealth, and we just hoard it. We stack it up in a barn. We hide it away wrapped in a cloth. We bury it in the ground. We hold and protect it. And then, we die with it. This is holding wealth just for the love of holding wealth.

The first option, bingeing, isn’t a big temptation among wealth holders. This one is. For wealthy Christians, it’s the single biggest financial temptation.

The rich are different

A famous line from F. Scott Fitzgerald is this:

“Let me tell you about the very rich. They are different from you and me.”13

Ernest Hemingway’s famous reply was,

“Yes. They have more money.”14

We could dive into sociological theorizing about “the rich.” Instead, let’s start with a simple reality. What Hemingway wrote is undeniably true. They have more money. But why?

The answers initially appear to be as varied as the stars. Why are people wealthy? Maybe because they built a business, inherited one, invested in real estate, sold insurance, wrote software, or followed any of a thousand different paths.

Every story is different, but they all have one thing in common. At some point, the person got wealth. And then they didn’t spend it. Why not? They didn’t spend it because they like to hold wealth.

Everything you know about savings is wrong

The story goes like this. People save up money while they work. Then they retire and spend down that money. They save it up and then spend it down. It makes perfect sense. Except that’s not what happens. Some don’t save it up. Others don’t spend it down.

People often don’t save it up in the first place. By age 65, most Americans have retirement savings. That sounds good. But the median amount saved is about one year and nine months’ worth of median income.15 That’s not a very long retirement!

You’ve probably heard statistics like that before. What you may not realize is the other side of the story. Some people do save it up. But these people do not spend it down.

One study looked at those who were good at “saving it up.” It examined the top 6% of wealth holders in the U.S.16 What happened after they reached age 65? Their wealth went up. In fact, it went up at an even faster rate than before. In retirement, their accumulation rate accelerated.

Their wealth accumulated at a faster rate in their 70s than it had in their 60s. It accumulated even faster in their 80s than it had in their 70s. And, yes, the accumulation rate got faster still in their 90s!

This behavior isn’t limited to the top 6%. One national study found that across all retirees

“The predominant trend is for real annualized wealth to rise significantly with age over the course of retirement.”17

The theory is this: We save it up and then spend it down. It makes perfect sense on a spreadsheet. But here’s the reality: Savers save and spenders spend.

Take a person who has been a saver – an accumulator – for 65 years. Now tell them to suddenly live the opposite way. It doesn’t work. Spending it down just isn’t how they manage money. They might spend some of the earnings, but they’ll never touch the wealth.

Most wealth holders are going to follow the same path. They’re going to bury the wealth in the ground. And then they’re going to die with it. That’s not hyperbole. That’s a statistical reality.

The fool’s guide to wealth management

The beginning of wisdom with wealth is understanding what we can’t do with it. We can’t keep it. Acting as if we can is foolish.

Jesus tells of an already rich man who received even more wealth. The man responded by hoarding it all. He just stacked it up in a bigger barn. Here was God’s reaction:

“But God said to him, ‘You fool! This very night your soul is demanded of you; and as for all that you have prepared, who will own it now?’ Such is the one who stores up treasure for himself, and is not rich in relation to God.” (Luke 12:20-21)

Notice God’s judgment. He doesn’t call the man evil. He doesn’t call him a sinner. He calls him a fool: aphrōn. This is a practical description. God is saying, “Well, that was dumb.”

The word aphrōn is a- “without” and phrōn “mind.” It is acting without a mind. It is acting without thinking. One lexicon describes it as,

“Lacking perspective because short-sighted, i.e., lacking the ‘over-all picture’ (perspective) needed to act prudently.”18

The rich man acted without thinking it through. He planned for his future by ignoring his future. He didn’t consider the full timeline. He acted as if his life and wealth were permanent. He ignored that both are definitely going to disappear, often without warning.

The rich man was foolish. He planned to “enjoy” his wealth someday.19 But he never did. He could have been “rich in relation to God.” But he never was.

God blessed him with more wealth. And he responded – by burying it. He got more, but he didn’t do anything with it. He just piled it up in a bigger barn.

The results of saving it up for death: A divided family

Jesus tells this Parable of the Rich Fool. But why? What prompted Him to do this? It was triggered by a fight – a probate fight. This was a family fight caused by burying wealth and then dying with it. It was a fight over an inheritance. Luke writes,

“Now someone in the crowd said to Him, ‘Teacher, tell my brother to divide the family inheritance with me.’” (Luke 12:13)

Jesus doesn’t fix the man’s complaint.20 The next verse continues,

“But He said to him, ‘You there—who appointed Me a judge or arbitrator over the two of you?’” (Luke 12:14)

Then Jesus switches audiences. The passage continues,

“But He said to them, ‘Beware’” (Luke 12:15a)

Jesus stops talking to this man. He turns and uses the man as an example for the crowd. He tells them, “Beware!” He shows them: this is what will happen to your hoarded wealth. The end of that path is lost opportunity and an angry, divided family.

We might think we’re hoarding for ourselves. Jesus shows that we’re not. We’re hoarding for death. And that’s dumb. It’s foolish.

Problems with leaving a big inheritance

Is leaving a large estate a good idea? The motivation to leave a large inheritance might feel “pro-family.” The reality is often the opposite.

Fights over inheritance can tear a family apart. A large windfall of unearned death money can promote poor life choices. Even the expectation of a large inheritance can be bad. It can discourage effort and financial prudence. It can even lead to impatience for the owner’s death.

Jesus’ Parable of the Rich Fool was prompted by a bad family outcome. Leaving wealth had led to an angry, divided family. In Jesus’ parable, God addresses the foolish man by asking,

“and as for all that you have prepared, who will own it now?” (Luke 12:20b)

Solomon asked a similar question. He writes,

“So, I hated all the fruit of my labor for which I had labored under the sun, because I must leave it to the man who will come after me. And who knows whether he will be wise or a fool?” (Ecclesiastes 2:18-19a)

So, is leaving a big estate a good idea? Solomon continues,

“Yet he will have control over all the fruit of my labor for which I have labored by acting wisely under the sun. This too is futility.” (Ecclesiastes 2:19b)

The result is “futility.” It’s also called “useless”21 or “pointless.”22 In fact, it’s depressing. Solomon continues,

“Therefore, I completely despaired over all the fruit of my labor for which I had labored under the sun.” (Ecclesiastes 2:20)

An inheritance changes the owner of the wealth. It also changes the meaning of the wealth. Solomon continues,

“When there is a person who has labored with wisdom, knowledge, and skill, and then gives his legacy to one who has not labored for it; this too is futility and a great evil.” (Ecclesiastes 2:21)

Solomon left his enormous estate to “one who has not labored for it.” Was this a good idea? He answers bluntly. He calls it “a great evil.”

An owner’s wealth often reflects their work, intelligence, and prudence. It’s the result of their life story. Inheritance changes the meaning of the wealth. It becomes just a handout of unearned death money.

Ask the right inheritance question

So then, how can we do estate planning the right way? It starts by asking the right question. This question isn’t in standard estate planning forms. It’s a deeper question. It’s the question “How much is enough?”

The New Testament answers this question, but in an unexpected way. “Enough” isn’t a specific share of the estate. It’s not a lump sum. It’s not any one-time amount of wealth. Instead, it’s ongoing benefit. It’s an amount of provision over time.

How much is enough? Paul explains,

“If we have food and covering, with these we shall be content.” (1 Timothy 6:8)

Food, clothes, and shelter are important. They’re also enough. They’re enough for contentment.

Those who can’t provide this for themselves must be our first priority. Scripture explains,

“But if a man makes no provision for those dependent on him, and especially for his own family, he has disowned the faith and is behaving worse than an unbeliever … If a believing woman has widows dependent on her, she should relieve their wants, and save the Church from being burdened--so that the Church may relieve the widows who are really in need.” (1 Timothy 5:8, 16)23

Providing for family is an important goal. But it’s not an unlimited goal. In fact, Scripture is just as concerned with leaving too much as it is with leaving too little.

In this same chapter, verse 6 shows the downside of providing too much. The too-rich widow can end up worse off. She can become one

“who lives in self-indulgence”24 or

“who indulges herself in luxury.” (1 Timothy 5:6b)

This is not a good result. It’s not a good life. She

“is dead even while she lives.” (1 Timothy 5:6c)25

A too large inheritance can lead to bad results. It can lead to a life that feels dead inside. It can lead to spiritual death. With addictions, it can even lead to physical death.

When “too much” inheritance still isn’t “enough”

Jesus tells a story where “estate” planning went wrong. In the Parable of the Prodigal Son, the younger son,

“said to his father, ‘Father, give me the share of the estate that is coming to me.’” (Luke 15:12a)

He then

“squandered his estate in wild living.” (Luke 15:13b)

The lump sum inheritance had a bad result. It left him without food and shelter. He declared,

“I am dying here from hunger!” (Luke 15:17b)

Consider the financial aspects of this part of the story. What was the financial planning error? Was it that the father didn’t give enough? No. If he had given twice as much (or half as much), the result would still have been the same. The son would still have ended up without enough for food, clothing, and shelter.

The problem wasn’t the amount of the estate transfer. It was the timing. Giving it all as one lump sum led to poverty. After spending everything, the prodigal realized what he needed. He actually didn’t need wealth; that hadn’t worked. Instead, he needed a stable income. Jesus explains,

“But when he came to his senses, he said, ‘How many of my father’s hired laborers have more than enough bread, but I am dying here from hunger! I will set out and go to my father, and will say to him, “Father, I have sinned against heaven, and in your sight; I am no longer worthy to be called your son; treat me as one of your hired laborers.”’” (Luke 15:17-19)

Leave the right type of financial inheritance

Let’s get practical. What does this mean for real-world estate planning? It means we ask not only, “How much is enough for heirs?” but also, “When?” In other words,

If our goal is ongoing provision for family, then timing becomes key. Providing an ongoing standard of living requires income or payments over time.

Often, people think it’s not necessary to spread out an inheritance over time. They reason,

“My heirs are not spendthrifts, so this won’t be a problem.”

But often it still is.

A national study tracked what actually happened to inherited wealth. When measured about 12 months later, 42% of heirs had already spent it all.27 Every dime. Inheritances disappeared quickly. They disappeared faster than any other type of financial windfall.28

Why? People behave differently with “death money.” It’s subconsciously aversive. It triggers an automatic negative reaction. One solution is to spend it all – and quickly! That makes the death reminder go away.

Psychologically, the worst time to give money to heirs is at death. That links the money to sadness and bereavement. This can trigger rapid wealth dissipation. Spreading it out over time leads to better results.

Leave the right amount of financial inheritance

How much is enough for heirs? If the goal is just to transfer wealth, then there is no such amount. There is no stopping point. But if the goal is to provide enough for contentment, then there is such an amount.

1 Timothy 6:8 describes it. Providing for regular living expenses (food, shelter, and clothing) accomplishes this goal. As Paul explains, “With these we shall be content.” In Greek, this result is arkeō. That word means enough, sufficient, satisfied, and content.29 It’s enough. It’s enough for contentment.

What about family members who could support themselves but won’t? Should we still provide the same ongoing assistance to them? Scripture says this:

“For even when we were with you, we used to give you this order: if anyone is not willing to work, then he is not to eat, either.” (2 Thessalonians 3:10)

Providing for family is an important goal. But this does not mean enabling lazy “trust fund” kids. It doesn’t require supporting those who are not in need.

Modern financial and estate planning instruments can help accomplish these goals. They can help translate personal values into a practical legacy. This might include

Leaving the best inheritance doesn’t mean leaving the biggest inheritance. Taking care of family is an important goal. But it’s not an unlimited goal. Once that goal is reached, leaving more isn’t necessarily better. Often, it’s actually much worse.

In planning an inheritance, it’s important to stop and ask, “What are we trying to accomplish?” Once we’ve accomplished these things for family, everything else is excess. It’s abundance. It’s freely available to use and enjoy in reaching other goals.

Solomon tells the end of this path

It’s important to provide for our needs and our family’s needs. But beyond this, continually stacking up more wealth ultimately makes no sense. Solomon explains,

“There is a sickening evil which I have seen under the sun: wealth being hoarded by its owner to his detriment.” (Ecclesiastes 5:13)

Wealth hoarding can hurt the owner. The need to protect or increase it creates stress and anxiety. And still, there are only two outcomes: loss during life or loss at death. In the next verse, Solomon points to the first result.

“When that wealth was lost through bad business and he had fathered a son, then there was nothing to support him.” (Ecclesiastes 5:14)

The desperate desire to stack up even more resulted in loss. This person lost not only the extra but also that needed for basic living.

Misfortune can cause loss during life. That’s bad. The only other outcome of hoarding wealth isn’t much better. Solomon describes it in the next verse. It’s loss at death. This outcome is not just possible; it’s mandatory. He writes,

“As he came naked from his mother’s womb, so he will return as he came. He will take nothing from the fruit of his labor that he can carry in his hand.” (Ecclesiastes 5:15)

Here, Solomon describes the only two endings from hoarding wealth. Loss during life or loss at death. That’s it. We can lose it to misfortune during life and suffer that pain. Or we can lose it at death – often to have it used in ways that contradict our values.

Don’t bury it just to die with it

Wealth management is a “life and death” decision. We can hoard wealth, and we will lose it all at death. This is a bad result. It’s often bad in this world. It may be even worse in the next.

In Jesus’ Parable of the Talents and Parable of the Minas, the stewards who just bury or hide wealth are called “worthless.”30 What they have is taken from them.31 They are thrown “into the outer darkness.”32

Notice these burying bad stewards didn’t squander the wealth. They weren’t like the bad steward who spent it on bingeing.33 They were cautious and conservative. They protected the wealth. They didn’t spend a dime.

But they’re not rewarded. They’re punished. Burying the wealth gets the same punishment as bingeing with it.34 Both types of bad managers are treated alike. Using wealth for drunken partying and abusing others is bad. Apparently, just burying it all is equally bad.

Burying the wealth doesn’t end well. But it could be worse. We can live in a way that makes this “burying” path even more painful. Scripture describes this, too.

For more on this topic, see Chapter 4 in

Joyful Wealth Management: A Bible Study Discussion Guide 35