Charles Wesley and Money

Charles Wesley, the UK founder of the Methodists, famously stated: “Make as much as you can, give as much as you can, and save as much as you can.” Logically this sounds impossible, but he does qualify these bold statements by the modifier – “as much as you can.” He isn’t being unreasonable nor merely quippish; much wisdom is included in his money mantra.

Firstly, he is extolling the virtues of working hard. You can’t make much if you do little unless you are inclined to crime. The Protestant Work Ethic, which has come in for a lot of criticism as though it were the corrupting root inherent in capitalism, is still valuable. It assumes that hard work, frugality, and generosity can expect the blessing of God. We, unfortunately, jettison hard work and frugality, believing that if we are generous, we will be blessed – this is the outcome of some Christian teaching. But the loss of elbow grease and a lack of saving/s will not ensure fiscal blessing. What it will guarantee are disappointment and poverty. Generosity is part of the mix, not all of it.

Secondly, he is extolling the virtue of restraint and forward thinking. We call this delayed gratification. This is increasingly unpopular in a world where instant gratification is possible, promoted, and celebrated. This is akin to a farmer using or selling all his seeds and not storing/saving any. The farmer might not notice much initially, but this won’t last, and disastrously so.

Saving is crucial because we can’t anticipate all the contingencies of life. It might be as minor as vehicle repairs or much worse as the loss of income. Having no reserves will make us reliant on the goodwill or reluctance of family, friends, or the Government. It often leads to debt ( the subject of reflection no. 5).

And finally, Wesley is extolling the virtue of generosity. He was a giver. Throughout his life, Wesley made a lot of money with his book sales; he wrote on many topics–Christian and otherwise. But it is said that when he died, he had little to his name – precisely because he was generous. He gave a lot away, and although he never impoverished his family, it appears little was left when he passed. This doesn’t speak to negligence as he provided during his life.

It is increasingly popular for billionaires to leave only a fraction of their wealth to their children because they want their offspring to learn the same processes they learned: work hard, save well, and be generous. Too much money inherited is ruinous for most people.

Wesley’s example speaks loudly to us if we will but listen.