What does the Bible say? Let's address that first biblical reference. A rich young ruler asked Jesus, "Good Teacher, what shall I do to inherit eternal life?" (Luke 18:18). Jesus's first response was to question his ability to define "good." "No one is good except God alone" (Luke 18:19). But Jesus told him in order to inherit eternal life (not necessarily the same as being "saved") that he had to keep the commandments (Luke 18:20). Interestingly, the commandments Jesus gave him were the "horizontal" ones, the people-to-people ones. The Ten Commandments have two components -- vertical and horizontal. The first is a right relationship with God and the second is with each other. The young man claimed to have kept the horizontal part, so Jesus went to the vertical. "One thing you still lack; sell all that you possess and distribute it to the poor, and you shall have treasure in heaven; and come, follow Me" (Luke 18:22). This was not a command. It was not a universal requirement. Jesus was simply pointing out that "Section One" -- love the Lord your God with all your heart, soul, strength, and mind -- was a failure. This young man loved his money more than his God.
The second text is also interesting. First, as some of you have noticed, it isn't in the Bible. (Which is why I gave no reference.) Here's the actual quote.
For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs. (1 Tim 6:10)It does not say money is the root of all evil. It says that the love of money is a root. And it doesn't actually say "it is the root of all evil," but that it is a root of all sorts of evil. So the problem here isn't money; it is love. It gets even clearer if you take it in context. Paul was warning Timothy about those who advocate different doctrines (1 Tim 6:3) and mistakenly see godliness as a way to gain wealth and power (1 Tim 6:5). Instead, Paul says, godliness is a means of great gain when it includes contentment (1 Tim 6:6). If we are satisfied with what God gives us ("contentment") then we can avoid the "snare" of wanting to get rich (1 Tim 6:9) -- the love of money (1 Tim 6:10). So, no, Paul isn't saying that being rich is a sin; he's saying that loving money is.
If you'd like further confirmation, just look a little farther down in the same chapter.
Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy. (1 Tim 6:17)Interesting, isn't it? Not "Instruct those who are rich to sell everything." Not "Tell them to repent." No, tell them to fix their hope on God. He supplies us with all things to enjoy. Biblically, then, being rich is not a sin. Loving money is. Placing your trust in money is. Seeking to be rich is. Or, conversely, failing to be content with what God has given us. So we need to ask ourselves not "Do I have too much money?" but "Do I love money?" We have a helpful tool here to answer with -- "Am I content with what I have?" If the answer is "No" (as our society tells us it should be), then we have a problem. And it's not money. It's the rich young ruler's problem -- loving possessions more than God. And that is sin.