TheLoop21.com

By: Marvin King (Add to your loop)
Mon, 02/08/2010 - 11:30

Praying for financial wealth is one thing but it doesn't account for good judgment.

There are three essential building blocks of the Black community: faith, education and jobs. Two of three building blocks come together in the burgeoning growth of prosperity churches. Latest estimates suggest that 50 of the nation’s 260 largest congregations are prosperity churches, or churches who preach that God will reward you with material wealth.

The concern is that some of these pastors preach to their congregants to take financial leaps when perhaps they lack the proper capital or know-how to fully understand the risks. I won’t go as far as Hannah Rosin and suggest that Christianity caused the crash but I do agree that prosperity churches could have done a better job assisting parishioners make better financial decisions.

The downside with prosperity churches is the incessant preaching that faith leads to material rewards. I have no doubt that leading the good life leads to rewards, but people should lead the good life and allow their faith to serve as their reward. Material prosperity should be the bonus for leading a faithful life, not the reason to lead one.

It is fine to pray for a nice home, but taking out an unaffordable mortgage and then praying to find the income to pay it each month doesn't make much fiscal sense.

Unfortunately, too many African Americans and Latinos fall prey to the financial illusion that they can afford a bigger house or more expensive car than they actually can. No one is surprised then that Blacks and Latinos constitute a disproportionate share of subprime defaults. Certainly, the banks are at fault for lending money to those without, but individuals bear ultimate responsibility.

I’m no Bible scholar, but Psalm 23:1 is pretty clear to me, “The Lord is my shepherd, I shall not want.” If more people had followed that advice, we might all be better off.

People must carefully deliberate every message they hear, whether it's from a salesman, a banker, their teacher or preacher. Better put is Proverbs 21:15, “The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty.” Let me translate. Like the tortoise beating the hare, so it is with people; slow and steady wins the race.

What I would prefer to see is more persons of color make calculated, reasoned decisions with their money. This is why I am such a fan of microfinance, which require borrowers to take courses on financial literacy. With financial literacy, we will all make better decisions, and that is something I pray for.

Marvin King is an assistant professor of political science at the University of Mississippi and writes the blog King Politics.