White Horse Media recently released a TV series called God, Satan, Money and You. Gerry Wagoner interviews Steve Wohlberg on the important topic of personal finance.
1. White Horse Media recently produced a television stewardship series called “God, Satan, Money, and YOU.” What got you interested in financial issues? First, thank you Gerry for this dialog. I’ve been interested in personal finance for many years, but my interest grew a few years ago when I began pondering these five realities: 1) I have entered my 60s and am not getting any younger, 2) White Horse Media has no retirement plan, 3) My property would soon be paid off, giving me some extra cash, 4) My son Seth would soon begin college, 5) I am a family man and Paul wrote that if I don’t provide for my “household,” I am “worse than an unbeliever” (1 Tim. 5:8). These sober realities finally led me to study money matters prayerfully and in earnest.
2. How has gaining such knowledge benefited you personally? The entire journey has benefited me deeply—both spiritually and financially. The sequence went like this: First I made financial education a serious priority. Next, the more I learned, and the more I realized how valuable such knowledge was, this led me to create my online course, Grow Your Money with God, so others can benefit from these principles. Next, the Spring 2023 Sabbath School Quarterly was released entitled, “Managing for the Master,” which brought money issues to the forefront of our church. Finally, these circumstances led White Horse Media to produce our 7-part television series exploring finances in the light of the great controversy between Christ and Satan. The titles of our 7-part series are: 1) The Love of Money, 2) Don’t be a Couch Potato, 3) The Debt Disaster, 4) Are You Robbing God? 5) Should Christians Invest? 6) When No Man Can Buy or Sell, 7) Gold Tried in the Fire. Each program explores practical money matters based on God’s Word.
3. What do you see as some of our members’ great needs as we plan for the financial future? I think one of our greatest needs is for many of our members to seriously rethink what has almost become an unspoken Fundamental Belief 29, which is this: Faithful Second-Coming-focused Adventists need not plan for their earthly futures. Why should we? Jesus is about to come! While this belief seems reasonable on the surface, the truth is that it is unsupported by both “the law and the testimony” (Isa. 8:20) and the Spirit of Prophecy. Yes, Jesus is coming soon (Revelation 22:7) and being ready should always be our top priority. But Jesus also said, “Occupy til I come.” Luke 19:13. To “occupy” literally means “to do business.” Then Jesus told the parable of a nobleman who went into a far country and gave His servants His money. When He returned, one man multiplied His Lord’s money 10x, and another 5x. These were commended. But one man did nothing with His master’s money and lost his soul. The deep lesson in this parable is that we should “occupy” (which includes being financially responsible) while we await His return. Proverbs 6:6-13 also urges us to learn wisdom from tiny ants that gather food in the summer months to prepare for their winter needs. Then Solomon warns that if we are lazy and do nothing, “poverty” may come upon us like an “armed bandit.” Thus, planning for our earthly days is biblical. Another clear biblical example is the story of Joseph. After interpreting Pharaoh’s dreams indicating that tough times were coming, he wisely told the Egyptians to store up grain during the first seven years of plenty so their needs would be met during the coming seven years of famine. “Who is so wise like Joseph!” Pharoah said. Thus, Joseph’s God-given wisdom led him to practically prepare for the future which saved Egypt, and even later kept his own family alive when they ran out of food. “He who has ears to hear, let him hear!”
Other lessons we should realize more fully are: 1. The danger of putting money above Jesus (like Judas did, who lost his soul), 2) The peril of lacking self-control and accumulating debt, especially credit card debt, 3) the life-and-death importance of faithfully returning our tithes and offerings to advance God’s work, 4) How to wisely invest our “surplus” to prepare for our future earthly days.
In my research I’ve concluded that there are four essential levels of education: 1) General education (where we learn basic skills in school), 2) Specialized education (which prepares people for the job field), 3) Financial education, 4) Spiritual education. SDAs are generally strong in #1,2, and 4, but often woefully weak in #3. Many in the world are much “wiser” than we are in #3 (see Luke 16:8), but they lack #4. As I see it, SDAs should excel in all four areas. As Adventists, we appropriately focus on giving, and every ministry among us would be thrilled to receive a million-dollar check from a donor. “What a blessing from God!” they would say. But where did that donor get that million-dollar check? The reality is that many large donors who give large funds to God’s work do so because they have financially educated themselves, have learned how to wisely make money, save money, and often invest money, too, which is good thing, not a bad thing. Thus, they have large amounts of money to give, which is a blessing, not a curse.
4. There is a lot of talk about the digital dollar being pushed by political powerbrokers in Washington. This could have implications for the End Times, no? Yes, it could. While some details remain unknown, we do know that someday no man can “buy or sell, save he that has the mark” (Revelation 13:17). The danger of a Central Bank Digital Currency is that, if society switches to it, that all money can be trackable and controllable by Central Authorities. Then, when the mark of the beast is enforced, such Authorities can, with the push of a button, disable the money, bank accounts, investment accounts, and retirement accounts of those who resist. Again, we don’t know all future details, but the current movement toward a Central Bank Digital Currency is ominous.
5. What are common mistakes that we make regarding money, and how might we make better choices? One common mistake is to consider making money, especially lots of money, as inherently “worldly,” or ungodly. Dave Ramsey says that such a belief is “toxic.” Money itself isn’t evil. What counts is what we do with it. In Christ’s parable in Luke 19:11-27, He Himself commended the faithful man who took “His Lord’s money” and multiplied one pound into ten pounds, which is a 1000% increase. Abraham was “very rich in cattle, in silver, and in gold” (Genesis 13:2). Job was also quite wealthy. Notice these insightful Spirit of Prophecy quotes:
[How to view wealth] The followers of Christ are not to despise wealth; they are to look upon wealth as the Lord's entrusted talent. Counsels on Stewardship, 133
[Providing for the future] After you have earned means, you have not studied to economize in reference to a time when means could not be earned so easily...Had you and your wife understood it to be a duty that God enjoined upon you, to...make provision for the future, instead of living merely for the present, you could now have had a competency, and your family have had the comforts of life. You have a lesson to learn which you should not be backward in learning. Counsels on Stewardship, 250
[Wise investing] You have needlessly expended much means which now might be on interest, and you be having some returns...You might have had, even from your limited wages, means in reserve for any demand. It might have been invested in a lot of land which would be increasing in value. 2 Selected Messages, 330
6. Our government is not a setting a good financial example for us by racking up 31 trillion dollars of debt. How can we avoid “learning their ways”? By prayerfully increasing our financial education and taking heed to God’s Word which plainly states, “The borrower is the slave of the lender” (Prov. 22:7). “Owe no man anything,” Paul also wrote, “but to love one another, for he who loves another has fulfilled the law” (Rom. 13:8). Here Paul connects avoiding debt with obeying God’s law. There are times to use debt wisely (such as in buying a piece of property) but drowning in debt is a symptom of lack of self-control and violating God’s law. Based on this, I can’t help but wonder if America’s growing debt crisis is not only a symptom of increasing recklessness but will also contribute to its “speaking like a dragon” and enforcing the mark of the beast. When that crisis hits, it will surely be easier for God’s people to maintain their integrity, set an example of law-keeping, and give the loud cry, if we are debt free.
7. What are some investments that you recommend for people who might be trying to steward their means and lay up in store for the future? About investing, my view is, “let each be persuaded in their own mind” (Rom. 14:5). First, our best investment is to deepen our relationship with Jesus. We can also invest in our families, in our health, in gaining useful knowledge, and in winning souls for Christ. This is the best way to lay up treasure in heaven. Planting a fruit tree is also a good investment. As to financial investments, I am not a certified financial advisor, so I can’t make specific recommendations. In Grow Your Money with God I clarify that it is “For Educational Purposes Only.” That said, I do explain many sensible options people can choose from based on one’s income level, convictions, risk tolerance, and age. I also list certain “Investments I Like.” One simple option recommended by American hero-investor Jack C. Bogle (founder of Vanguard) is to regularly add funds to extremely low-cost, fully diversified, tax-efficient total market index funds (ETFs), such as: 1) The Vanguard Total Market Index ETF (VTI) providing instant fractional ownership of every publicly traded company in the U.S., 2) The Vanguard 500 Index ETF (VOO) providing instant fractional ownership of the top 500 U.S. businesses, and 3) the Vanguard Total Bond Index (BND). Personally, I own shares in a few low-cost Vanguard index funds, plus The Schwab U.S. Dividend Equity ETF (SCHD), plus a few individual businesses (like Apple, Amazon, Tesla, and Berkshire Hathaway), some crypto (Ethereum), and—due to growing weakness of the U.S. dollar due to the FED policy of printing more and more money—some gold and silver (like Wheaton Precious Metals). A wise strategy is to develop a balanced, well-researched, diversified portfolio, to regularly auto-invest small amounts, to think long-term, to “Stay the Course” (Bogle), and if the market takes a deep dive, to buy more (Warren Buffett’s core strategy). To clarify, I don’t invest in “the stock market” per se, but in actual businesses I have first researched (Buffett), whose shares happen to be sold in the stock market, just like apples are sold inside Walmart. I’m also learning more about possibly buying a rental property in the future (after making sure it is cash flow positive). But this is my personal strategy. Nothing is risk free, but neither is keeping our money in the bank at almost 0% interest which, due to rising inflation, slowly lessens our money’s purchasing power. One thing is certain: the more we prayerfully research any investment option the better able we are to make wise decisions, with God’s help (see Prov. 2:6; 19:2). Grow Your Money with God explains these options and strategies in greater detail.
8. The Bible says the love of money is “the root of all evil." What are some practical ways we can use money without loving it? By realizing our money is really God’s money and that we are stewards of His resources (1 Cor. 4:2). We should also cultivate the enjoyment of giving, which brings true satisfaction, rather than hoarding (James 5:1-5; Acts 20:35).
9. What resources do you recommend for people who might wish to improve their financial focus and stewardship? Counsels on Stewardship by EGW (I recently read it cover-to-cover). White Horse Media’s 7-part series, God, Satan, Money, and You, viewable on our YouTube channel. My finance course, Grow Your Money with God. In full transparency, there is a reasonable one-time cost for my course, but there is also a free section there under the “Education” tab with fantastic audio messages from Ed Reid (his 12-part series, It’s Your Money, Isn’t It?), and two extremely enlightening series from Alistair Huong entitled, End-Time Finances, and Trading the Talents.
10. Any final thoughts? My son Seth is 18, and my daughter Abby is 15. Both now have investment accounts into which we put $50 a month. If Jesus tarries, I’m reasonably confident that these two accounts will benefit them greatly in their later years. “That’s one of the best gifts you can give your kids,” a physician friend told me recently. Personally, I believe it would be wise if more Seventh-day Adventists had similar accounts. They’re not hard to set up, once you know what to do.
A wise saying is: “Financial education will cost you something, but financial ignorance will cost you more.” John Bogle also wrote: “If you put nothing away for retirement, I can tell you, to the last penny, how much you will have when you retire: nothing.”
As we eagerly await our Savior’s return, and seek to help others to be ready, too, let’s also be wise and responsible stewards who do our best to obey our Lord’s command to “Occupy til I come” (Luke 19:13).
If anyone has questions, they can email me at Steve@GrowYourMoneyWithGod.com
Thanks again Gerry!
Steve Wohlberg is the Speaker/Director of White Horse Media. He is excited about being with God someday, loves his family, and longs to help others prepare for Christ’s soon return. He also hosts two online courses, Sprouting with Steve and Grow Your Money with God.