Essay No. 332:
Riches Are For Spending: The proposition brings home to the reader that unnecessary riches should not be accumulated, not to be spent in life. Man shows undue love for wealth which he hoards like anything in life. He makes himself a slave of riches and does not spend it. It is a wrong attitude.
Riches must be spent rather prudently. It would be better if a part of the riches is utilized for promoting the welfare of the down-trodden section of the society. The rich should realize their responsibility of providing a financial crutch of the needy.
Economically speaking, when a society ceases to spend money on the purchase of consumer goods, it goes through a depression. Under such conditions, savings would tend to be greater than investment. To stimulate investment, people should spend money and that could help overcome depression in the long run. The depression in 1930 was the result of lack of spending on the part of people.
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Hence it is necessary to stimulate consumption to keep an economy in a state of working. Riches if not spent on financing economic projects, would slow down the rate of economic growth. That might create unemployment in the country. To avoid such situation, it is necessary to spend savings to finance investment to escape the effects of depression. However, over-spending can create a reverse situation, which, too, is undesirable.
Man loves money, riches. He does not wish to spend money on welfare promoting projects. Islam desires Muslim behaviours to spend wealth in the name of Allah for pulling the resource less out of situation of helplessness. The hoarded wealth, if not spent productively, would be of no use, as it could create friction and conflict among one’s offspring after one’s death.
Man derives satisfaction by accumulating wealth. There is no end to it. God-fearing man spend their wealth by way of establishing trusts to provide services in different forms to the poor in the society. That is the best way of one’s riches, if one could afford to spend it the way referred to above.