Survey of the Letters of Paul:  1 Timothy 4:8

For bodily exercise profiteth little: but godliness is profitable unto all things, having promise of the life that now is, and of that which is to come.

Let us begin with the Barclay Commentary for verses 6-10

ADVICE TO A SERVANT OF CHRIST
1 Timothy 4:6–10
If you lay these things before the brothers, you will be a fine servant of Jesus Christ, if you feed your life on the words of faith, and the fine teaching of which you have been a student and a follower. Refuse to have anything to do with irreligious stories like the tales old women tell to children. Train yourself towards the goal of true godliness. The training of the body has only a limited value; but training in godliness has a universal value for mankind, because it has the promise of life in this present age, and life in the age to come. This is a saying which deserves to be accepted by all. The reason why we toil and struggle so hard is that we have set our hopes on the living God, who is the Saviour of all men, and especially of those who believe.

THIS passage is closely packed with practical advice, not only for Timothy but for any servant of the Church who is charged with the duty of work and leadership.

(1) It tells us how to instruct others. The word used for laying these things (hupotithesthai) before the brothers is significant. It does not mean to issue orders but rather to advise, to suggest. It is a gentle, humble and modest word. It means that teachers must never dogmatically and belligerently lay down the law. It means that they must act rather as if they were reminding people of what they already knew or suggesting to them, not that they should learn from them, but that they should discover from their own hearts what is right. Guidance given in gentleness will always be more effective than bullying instructions laid down with force. It is possible to lead people when they will refuse to be driven.

(2) It tells us how to face the task of teaching. Timothy is told that he must feed his life on the words of faith. No one can give out without taking in. Those who teach must be continually learning. It is the reverse of the truth that when people become teachers they cease to be learners; each day they must come to know Jesus Christ better before they can bring him to others.

(3) It tells us what to avoid. Timothy is to avoid pointlesstales like those which old women tell to children. It is easy to get lost in side issues and to get entangled in things which are at best embellishments. It is on the great central truths that people must constantly feed their minds and nourish their faith.

(4) It tells us what to seek. Timothy is told that, as athletes train their bodies, so Christians must train their souls. It is not that bodily fitness is despised; the Christian faith believes that the body is the temple of the Holy Spirit. But Paul is pleading for a sense of proportion. Physical training is good, and even essential; but its use is limited. It develops only part of an individual, and it produces only results which last for a short time, for the body passes away. Training in godliness develops the whole person in body, mind and spirit, and its results affect not only time but eternity as well. Christians are not athletes of the gymnasium, they are the athletes of God. The greatest of the Greeks recognized this. The Athenian orator Isocrates wrote: ‘No ascetic ought to train his body as a king ought to train his soul.’ ‘Train yourself by submitting willingly to toils, so that when they come on you unwillingly you will be able to endure them.’

(5) It shows us the basis of the whole matter. No one has ever claimed that the Christian life is an easy way; but its goal is God. It is because life is lived in the presence of God and ends in his still nearer presence that Christians are willing to struggle so hard. The greatness of the goal makes the toil worth while. ~Barclay Commentary

Let us compare the verse in a few different versions/translations.

The King James again:
1 Timothy 4:8
For bodily exercise profiteth little: but godliness is profitable unto all things, having promise of the life that now is, and of that which is to come.

New Living Translation reads:
"Physical training is good, but training for godliness is much better, promising benefits in this life and in the life to come."

Weymouth New Testament reads:
Train yourself in godliness. Exercise for the body is not useless, but godliness is useful in every respect, possessing, as it does, the promise of Life now and of the Life which is soon coming.

Aramaic Bible in Plain English has:
For exercise of the body profits a little for this time, but righteousness profits in everything, and it has the promise of life for this time and of the future.

Now to the commentaries for the King James...

For bodily exercise profiteth little - Margin, “for a little time.” The Greek will admit of either interpretation, and what is here affirmed is true in either sense. The bodily exercise to which the apostle refers is of little advantage compared with that piety which he recommended Timothy to cultivate, and whatever advantage could be derived from it, would be but of short duration. “Bodily exercise” here refers, doubtless, to the mortifications of the body by abstinence which the ancient devotees, and particularly the Essenes, made so important as a part of their religion. The apostle does not mean to say that bodily exercise is in itself improper, or that no advantage can be derived from it in the preservation of health, but he refers to it solely as a means of religion; as supposed to promote holiness of heart and of life. By these bodily austerities it was supposed that the corrupt passions would be subdued, the wanderings of an unholy fancy lettered down [overcome, lessened], and the soul brought into conformity to God. In opposition to this supposition, the apostle has here stated a great principle which experience has shown to be universally correct, that such austerities do little to promote holiness, but much to promote superstition. There must be a deeper work on the soul than any which can be accomplished by the mere mortification of the body; see the notes on Colossians 2:23, and compare 1 Corinthians 9:25-27.

Quoted verses
Colossians 2:23
Which things have indeed a shew of wisdom in will worship, and humility, and neglecting of the body; not in any honour to the satisfying of the flesh.

The New Living Translation has this as:
These rules may seem wise because they require strong devotion, pious self-denial, and severe bodily discipline. But they provide no help in conquering a person's evil desires.

The International Standard Version has the verse as:
These things have the appearance of wisdom in promoting self-made religion, humility, and harsh treatment of the body, but they have no value against self-indulgence.

1 Corinthians 9:25-27
25 And every man that striveth for the mastery is temperate in all things. Now they do it to obtain a corruptible crown; but we an incorruptible.
26 I therefore so run, not as uncertainly; so fight I, not as one that beateth the air:
27 But I keep under my body, and bring it into subjection: lest that by any means, when I have preached to others, I myself should be a castaway.

But godliness - Piety or religion.

Is profitable unto all things - In every respect. There is not an interest of man, in reference to this life, or to the life to come, which it would not promote. It is favorable to health of body, by promoting temperance, industry, and frugality; to clearness and vigor of intellect, by giving just views of truth, and of the relative value of objects; to peace of conscience, by leading to the faithful performance of duty; to prosperity in business, by making a man sober, honest, prudent, and industrious; to a good name, by leading a man to pursue such a course of life as shall deserve it; and to comfort in trial, calmness in death, and immortal [eternal, everlasting] peace beyond the grave. Religion injures no one. It does not destroy health; it does not enfeeble the intellect; it does not disturb the conscience; it does not pander to raging and consuming passions; it does not diminish the honor of a good name; it furnishes no subject of bitter reflection on a bed of death.

It makes no one the poorer; it prompts to no crime; it engenders no disease. If a man should do that which would most certainly make him happy, he would be decidedly and conscientiously religious; and though piety promises no earthly possessions directly as its reward, and secures no immunity from sickness, bereavement, and death, yet there is nothing which so certainly secures a steady growth of prosperity in a community as the virtues which it engenders and sustains, and there is nothing else that will certainly meet the ills to which man is subject. I have no doubt that it is the real conviction of every man, that if he ever becomes certainly “happy,” he will be a Christian; and I presume that it is the honest belief of every one that the true and consistent Christian is the most happy of people. And yet, with this conviction, people seek everything else rather than religion, and in the pursuit of baubles, which they know cannot confer happiness, they defer religion - the only certain source of happiness at any time - to the last period of life, or reject it altogether.

Note:  1 Corinthians 2:14 comes into play here as we all know that one must be called to baptism, repentance and the receiving of the Holy Spirit to be a true Christian.

Having promise of the life that now is - That is, it furnishes the promise of whatever is really necessary for us in this life. The promises of the Scriptures on this subject are abundant, and there is probably not a lack of our nature for which there might not be found a specific promise in the Bible; compare Psalm 23:1; Psalm 84:11; Philippians 4:19. Religion promises us needful food and raiment, Matthew 6:25-33; Isaiah 33:16; comfort in affliction, Deuteronomy 33:27; Job 5:19; Psalm 46:1-11; Hebrews 13:5; support in old age and death, Isaiah 46:4; Psalm 23:4; compare Isaiah 43:2; and a good reputation, an honored name when we are dead; Psalm 37:1-6. There is nothing which man really “needs” in this life, which is not promised by religion [God]; and if the inquiry were made, it would be surprising to many, even with our imperfect religion [speaking to our current level of spiritual maturity], how literally these promises are fulfilled. David, near the close of a long life, was able to bear this remarkable testimony on this subject: “I have been young, and now am old; yet have I not seen the righteous forsaken, nor his seed begging bread;” Psalm 37:25. And now, of the beggars that come to our doors, to how few of them can we give a cup of cold water, feeling that we are giving it to a disciple! How rare is it that a true Christian becomes a beggar! Of the inmates of our alms-houses [charity or formerly, a poorhouse], how very few give any evidence that they have religion! They have been brought there by vice [immoral conduct, sin, depravity, defect, shortcoming, imperfection or generally going against the ways of God], not by religion. True piety sends none to the alms-house; it would have saved the great mass of those who are there from ever needing the [constant, organized, institutional] charity of their fellow-men.

Quoted verses:
For promises of the Bible:
Psalm 23:1
The LORD is my shepherd; I shall not want.

Psalm 84:11
For the LORD God is a sun and shield: the LORD will give grace and glory: no good thing will he withhold from them that walk uprightly.

Philippians 4:19
But my God shall supply all your need according to his riches in glory by Christ Jesus.

For promises us needful food and raiment:
Matthew 6:25-33
25 Therefore I say unto you, Take no thought for your life, what ye shall eat, or what ye shall drink; nor yet for your body, what ye shall put on. Is not the life more than meat, and the body than raiment?
26 Behold the fowls of the air: for they sow not, neither do they reap, nor gather into barns; yet your heavenly Father feedeth them. Are ye not much better than they?
27 Which of you by taking thought can add one cubit unto his stature?
28 And why take ye thought for raiment? Consider the lilies of the field, how they grow; they toil not, neither do they spin:
29 And yet I say unto you, That even Solomon in all his glory was not arrayed like one of these.
30 Wherefore, if God so clothe the grass of the field, which to day is, and to morrow is cast into the oven, shall he not much more clothe you, O ye of little faith?
31 Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed?
32 (For after all these things do the Gentiles seek:) for your heavenly Father knoweth that ye have need of all these things.
33 But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.

Isaiah 33:16
He shall dwell on high: his place of defence shall be the munitions of rocks: bread shall be given him; his waters shall be sure.

For comfort in affliction:
Deuteronomy 33:27
The eternal God is thy refuge, and underneath are the everlasting arms: and he shall thrust out the enemy from before thee; and shall say, Destroy them.

Job 5:19
Which doeth great things and unsearchable; marvellous things without number:

Psalm 46:1-11
1 God is our refuge and strength, a very present help in trouble.
2 Therefore will not we fear, though the earth be removed, and though the mountains be carried into the midst of the sea;
3 Though the waters thereof roar and be troubled, though the mountains shake with the swelling thereof. Selah.
4 There is a river, the streams whereof shall make glad the city of God, the holy place of the tabernacles of the most High.
5 God is in the midst of her; she shall not be moved: God shall help her, and that right early.
6 The heathen raged, the kingdoms were moved: he uttered his voice, the earth melted.
7 The LORD of hosts is with us; the God of Jacob is our refuge. Selah.
8 Come, behold the works of the LORD, what desolations he hath made in the earth.
9 He maketh wars to cease unto the end of the earth; he breaketh the bow, and cutteth the spear in sunder; he burneth the chariot in the fire.
10 Be still, and know that I am God: I will be exalted among the heathen, I will be exalted in the earth.
11 The LORD of hosts is with us; the God of Jacob is our refuge. Selah.

Hebrews 13:5
Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.

For support in old age and death:
Isaiah 46:4
And even to your old age I am he; and even to hoar hairs will I carry you: I have made, and I will bear; even I will carry, and will deliver you.

Psalm 23:4
Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me.

Isaiah 43:2
When thou passest through the waters, I will be with thee; and through the rivers, they shall not overflow thee: when thou walkest through the fire, thou shalt not be burned; neither shall the flame kindle upon thee.

For a good reputation, an honored name when we are dead:
Psalm 37:1-6
1 A Psalm of David. Fret not thyself because of evildoers, neither be thou envious against the workers of iniquity.
2 For they shall soon be cut down like the grass, and wither as the green herb.
3 Trust in the LORD, and do good; so shalt thou dwell in the land, and verily thou shalt be fed.
4 Delight thyself also in the LORD; and he shall give thee the desires of thine heart.
5 Commit thy way unto the LORD; trust also in him; and he shall bring it to pass.
6 And he shall bring forth thy righteousness as the light, and thy judgment as the noonday.

For David's words regarding the righteous, "...nor his seed begging bread":
Psalm 37:25
I have been young, and now am old; yet have I not seen the righteous forsaken, nor his seed begging bread.

And of that which is to come - Eternal life. And it is the only thing that “promises” such a life. Infidelity makes no “promise” of future happiness. Its business is to take away all the comforts which religion gives, and to leave people to go to a dark eternity [eternal death] with no promise or hope of eternal joy. Vice “promises” pleasures in the present life, but only to disappoint its votaries [those practicing self-made religion, mortification of the body and/or abstinence]  here [present life]; it makes no promise of happiness in the future world. There is nothing that furnishes any certain “promises” of happiness hereafter, in this world or the next, but religion. God makes no promise of such happiness to beauty, birth, or blood; to the possession of honors or wealth; to great attainments in science and learning, or to the graces of external accomplishment. All these, whatever flattering hopes of happiness they may hold out here, have no assurance of future eternal bliss. It is not by such things that God graduates the rewards of [the Kingdom], and it is only “piety” or “true religion” that furnishes any assurance of happiness in the world to come. ~Barnes Notes

I want to look at, compare and make sure you all understand the relationship between the profit or benefit of "bodily exercise" and the profit or benefit of godliness.

Bodily Exercise:
We see from the commentaries that we are speaking to two distinct and separate classes of bodily exercise:

1] Exercise of the body, which is good and has a Godly purpose but does not compare to Godliness, which is a different kind of exercise.
2] Mortification and abstinence of the physical body as part of a self-made religion; a false religion.  This second aspect is clearly not supported by scripture.

Wesley's Notes has "bodily exercise" as something that increases the physical health and strength of the body.  Our own doctrinal statements speak to the need for and benefits of bodily exercise.  It is sanctified.  That is, God gave purpose to it when done in proper balance and with knowledge, understanding and wisdom [action].

Godliness:
The commentaries and biblical word study books all agree on the meaning here.  It is stating that by comparison to Bodily Exercise, Godliness is more comprehensive to the life of the firstfruit or anyone in the Salvation Process.  It is a different kind of exercise and something that increases the spiritual health and strength of the physical, as well as the spiritual mind, heart, body and soul.

The People's New Testament has for Godliness: "Godliness is profitable in all things.  Godly training makes men happier, more prosperous, more healthy here and now, and in addition it prepares them for the life to come in the Kingdom of God [slight editing by myself here]."

This People's New Testament commentary goes on to say, "The Greeks gave great attention to bodily training. At Ephesus, where Timothy was, may still be seen the remains of the stadium where the athletes displayed their skill. Let Christians display the same assiduity [as·si·du·i·ty] in training for godliness."

"Assiduity" means "constant or close application or effort; diligence [fervency, zeal and perseverance].  Both Bodily Exercise in this physical life and Godliness are sanctified by God.  Both have purpose.  Indeed, physical exercise is a living metaphor of the exercise of Godliness which, as the commentaries above state, touch on virtually every aspect of our lives; physical, emotional, mental and spiritual.

Example of this concept:  Diets are to the body what mortification and abstinence of the physical body is to those of the self-made religious types.  Diets have little value.  Some say diets do not work.  I agree.  Diets treat the symptoms and not the cause.  Better is bringing the body into confirmation of purpose or sanctification.  It has now been proven that bringing bodily organs, bones, fluids and tissues back into sanctified balance that brings true physical health, well-being and happiness.  It is the same spiritually.  Godliness is the exercise of bringing everything in one's life within the bounds of their purpose and sanctification.

This is the lesson of 1 Timothy 4:8

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