The phrase “not greedy for money” is found three times in the New Testament. Each time it is used as a qualification, either for an elder (1 Timothy 3:3; Titus 1:7) or for a deacon (1 Timothy 3:8). It is the Greek phrase, me aischrokerdes. A derivative of this phrase, mede aischrokerdos, is found in 1 Peter 5:2, and is translated “not for dishonest gain.” It again references the eldership, indicating that this should not be the motivation for an elder taking the work.
The phrase is very well defined. It would be inappropriate to put a man in the office of elder who would be tempted to use that office as a means of gain. Service as an elder or a deacon is to be a selfless act. It’s purpose is to help others, not further self-interests.
One who is greedy for gain (filthy lucre, KJV) is exhibiting a worldly character, not a godly one. Remember Paul’s words, “For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows” (1 Timothy 6:10). Instead, children of God recognize, “godliness with contentment is great gain” (6:6).
Paul accuses those who suppose that “godliness is a means of gain” to be “men of corrupt minds and destitute of the truth” (6:5). Such men are worthy of a withdrawal of fellowship (cf. 6:5), not an appointment to such an important spiritual position. “And having food and clothing, with these we shall be content” (6:8).
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