James 5:2-3 uses three illustrations to the temporary nature of wealth that these believers who idolized the wealthy had failed to realize. In each case the Greek wording anticipates their future demise as already happening with the use of the word “ARE” as in “your garments ARE moth-eaten”.
1. Your riches ARE corrupted: When we think of wealth today, we think of real estate, stocks and bonds and precious metals, but wealth has always been a cultural reality as in an agrarian society it would be measured in a different kind of stock, ones with four legs. The wastefulness of the wealthy is what James is speaking on that their extravagant lifestyle wastes resources others could use as they don’t have enough because the wealthy have taken it and wasted it.
2. Your garments ARE moth-eaten: Another evidence of wealth was the wardrobe of the rich. They bought extravagant garments to flaunt their wealth. With all the expense of their clothing living in the middle east made such garments vulnerable to moth and insects that would make them nothing more than high priced rags.
3. Your gold and silver ARE corroded: It is clear that James is using this expression figuratively saying that such precious metals that are being stored up for the future without an understanding of WHO hold the future might as well be iron.
Each of these three examples express the futility of keeping in storage things that should be put to use for the glory of God. The believers are to not idolize such folks who so live in the world’s ways as to admire them.
True wealth is never to be measure by what a person HAS but rather by what a person DOES with what they have! The truth of the matter is that God is always better honored when His people are funnels and not sponges to the resources God has given us!
James says that another thing that they ought not admire about the rich is that they have a wrong view of eternity as they have “heaped up treasure in the last days.” They had gathered up wealth as if they were never going to die as where their treasure was so was their heart. They weren’t going to live forever, there is no hearse pulling a U-hall. They didn’t realize that the last days were already upon them and cared more for what they had now than where they would spend eternity.