Money:
Is it Really the Root of All Evil?
Throughout history,
wise men and women have commented on money.
Which one do you agree with?
- "Money alone sets
the world in motion." Publius Syrus,
42 BC
- "Remember that time
is money." Benjamin Franklin, 1748
- "How pleasant it is
to have money!" Arthur Hugh Clough, early
19th century writer
"Money
is the root of all evil" is perhaps the
most famous adage. Unfortunately, it's a misquote.
The actual words come from Timothy 6:10: "The
love of money is the root of all evil."
If you think about those two added words, the
original meaning changes. In fact, 8 verses
later in Timothy, the rich are encouraged to
use their wealth "that they do good, that
they be rich in good works, ready to distribute."
I can't help
but think of all the good works and "readiness
to distribute" exemplified by people like
Bill and Melinda Gates, who in 2004 gave $3
billion to their foundation, and there are Oprah's
numerous charities, like her Angel Network.
There are the Rockefellers, who have been giving
money to charity for decades, and Ted Turner,
who seems more obsessed with giving money away
than making it and says philanthropy is "better
than sex." In 2005, Slate.com's list of
60 most generous donors totaled $4.3 billion-with
the smallest donations at $20 million and the
largest at over $400 million.
Who benefits
from all this philanthropy? All kinds of people
and places and programs. McDonald's heiress
Joan Kroc earmarked her donation to the Salvation
Army for construction of more centers where
the indigent could find food and a place to
sleep. The Gates Foundation is organized around
fighting killer diseases around the world. Many
benefactors give money to universities for scholarships
and to fund research that benefits countless
people. Others give to environmental and animal
welfare organizations.
Of course, the
average person is no slouch when it comes to
giving, either. Donations to the Red Cross flood
in whenever there is a disaster: 9/11, the tsunami
in Indonesia and Hurricane Katrina are just
a few examples of when ordinary people showed
their generosity. The average American gives
a little over $400 a year to various charities,
and that doesn't count money given to religious
organizations or the value of personal property
they donate.
Of
course, there are plenty of immensely wealthy
people who are complete misers. They won't give
anyone a dime. You've probably seen Dickens's
A Christmas Carol a dozen times. Scrooge
woke up just in time, but there are plenty of
Scrooges out there who never will. Loving money
just for the sake of being rich, and refusing
to share your wealth with others, that may indeed
be a teensy bit on the evil side.
I'm reminded
of a boss I once had. Born into a wealthy family,
he was a multi-millionaire at 26. My desk was
right outside his office, and I have to admit
I eavesdropped on his phone conversations. It
wasn't hard to do when he'd call up a friend
and shout heartily into the phone "Hey
Mark! Let's go to Switzerland this weekend for
some skiing!" I asked him once what it
felt like to be rich. He explained it like this:
"The only
thing having money does is free you from worrying
about money."
The only thing?
I was struggling to make ends meet at the time,
and freedom from worrying about money seemed
like it would be the most wonderful thing in
the world. It wasn't that I wanted to go out
on a shopping rampage. I just wanted to be able
to pay the rent and eat something other than
spaghetti for dinner. Of course, being without
money was something he'd never experienced.
But let's get
back to our quotes. I like them all. Having
money is indeed pleasant. Not having it is decidedly
unpleasant, especially when the bills roll in.
And, to rephrase Publius Syrus, money does make
the world go 'round. My favorite of the three
quotes is Ben Franklin's, though: Remember,
time is money.
You exchange
the 8 or 10 hours a day you spend at work for
money. The time doesn't belong to you; it belongs
to your boss. The company decided how much money
your time was worth when you were hired. It
may be a lot; it may be 
insultingly
small. Either way, what would it feel like to
control both your time and your money?
If you work 2,000 hours a year (fifty 40-hour
weeks) at $18 an hour, your gross income is
$36,000. Suppose you could average twice that
hourly wage. You could either get 1,000 hours
of your time back, or you could still work 2,000
hours and make $72,000!
What if you didn't
have to spend an hour or two commuting every
work day? That's 500 hours a year in traffic,
burning up gas and feeling frustrated. If you
spent that 500 hours at home, averaging $36
an hour, you could add another $18,000 to your
income. Now you'd be at $90,000!
Of course, this
is just an illustration of how true Benjamin
Franklin's quote is. He understood that a person
should be able to decide what their own time
is worth. It also illustrates the wisdom of
considering a home-based business where you
are in control of time and you decide
how much it's worth.
Interested in
finding out more about the home-based business
that is allowing me to have both financial
freedom AND the freedom of
TIME? Just fill out the form below to
receive free information.
