"If We Are To Be Set Apart, Then Our Expenditures Must Be Driven by What God Gave Us, Not Our Neighbor" - Interview with Christian Financial Planner Michael W. Boone

Located in Bellevue, Washington, the financial advisory and investment management firm of MW Boone and Associates has been family owned since 1985. The principal, Michael W. Boone, was named one of America's top 250 financial advisors by Worth magazine. He is also a Christian. In an interview with Christian Counseling Services he spoke frankly about the intersection of his work and his faith, and he provided some words of financial advice.

Many Christians are suffering with debt problems in the current recession. What general words of guidance can you offer to help them?

"The rich rules over the poor, and the borrower becomes the lender’s slave" - Proverbs 22:7

The bible is loaded with cautionary advice about debt but many Christians have ignored it and will pay the price along with everyone else. I can’t understand why more churches don’t preach this clearly from the pulpit, but it's perhaps because the church is mired in debt, the pastor is mired in debt, their country is mired in debt, and all the people that they hope to keep paying their bills are mired in debt!

My advice is simple and not even mine: Pay your loans back and give generously.

"The wicked borrows and does not pay back, but the righteous is gracious and gives." - Psalm 37:21

Let’s be honest here: when people are buried in debt one of the first things to go is giving. This is more than a personal issue, it is an issue for the strength and viability of countless Christian organizations that depend upon giving.

Do you recommend the use of debt consolidation companies?

Not generally. Their value is often in simply reducing payments but lengthening the misery. Often the total interest paid is actually greater than paying a higher rate for a shorter time.

They can relieve the pain and allow healing when there is no other alternative, but like an amputation to save a life, they are a desperate measure. Unfortunately, many people use the lower payments to simply get in more debt.

How should Christians approach the use of credit cards?

Credit cards are not the Devil. The Devil is the Devil. Credit cards are a wonderful way to track purchases and rack up rewards. My wife and I rack up air miles and take free trips and our spending downloads into our financial management software, saving countless hours of tracking.

Like any tool for grown-ups, you must use your head when using a credit card. It is best to simply pay them off every month as an alternative to cash, as we do. If you use them irresponsibly, racking up debt because you can handle the minimum payment, they can bury you. Know thyself and act accordingly.

I believe you do some kind of pre-marital financial counseling – what sort of advice do you give?

Communicate about money. Talk about goals and fears and work together towards solving the issues. Work with a planner who can be objective about your long-term needs.

Once you have your financial obligations and goals planned for and are on pace for working toward them, you can spend guilt-free. Coming together on objectives can relieve a tremendous burden from a marriage.

Do you have any thoughts on what Christian parents should be teaching their children about money?

Giving, saving and spending. Most families do well in teaching one of the three, usually spending. Some also teach them about giving or saving. Few teach them about all three. The Bible calls for us to be wise stewards of our resources and that wisdom must be used in all three areas.

Christians are charged with being separate from the culture around us, but also with being salt and light. Do you have any thoughts about how this might apply in the financial sphere?

Human beings are tempted to be covetous. It’s in our makeup. There is a reason why theft and covetousness, both driven by our desire to have things that God didn’t give us, amount to 20 per cent of the Ten Commandments. If we are to be set apart, then our expenditures must be driven by what God gave us, not our neighbor.

Can you say a little about the challenges of being a Christian and working in the financial world. For example, do you do voluntary work that employs your skills? Do you encourage employees to do so?

I don’t believe there is any more temptation to be ungodly in general in the financial sphere than in any other. Fortunately, as a small business owner I can have a lot of impact on the tone and values of the organization, and the people we choose to work with. It is a horrible business for those who are prone to jealousy, covetousness or theft. Though I have many weaknesses, those are not mine.

Depending on how it is calculated we give away 10 per cent to 50 per cent of company profits. I am on the boards or committees for three charities, and active in a fourth. I have donated a lot of time speaking to groups, preaching and giving pre-marital counseling advice. We encourage our employees to be similarly involved.

Mike, thank you very much.

April 26th, 2009

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