The "prosperity gospel" teaches that God wants believers to be physically healthy, materially wealthy, and personally happy. Teachers of the prosperity gospel encourage their followers to pray for and even demand material flourishing from God.
Prosperity gospel in simplicity is
1. The rich are blessed but the poor are cursed, which contradicts the word of Jesus.
Luke 6:20, 24 Then He lifted up His eyes toward His disciples, and said: "Blessed are you poor, for yours is the kingdom of God... But woe to you who are rich, for you have received your consolation."
2. Rich pastors are the anointed is another heresy.
Jam 2:5 Listen, my beloved brethren: Has God not chosen the poor of this world to be rich in faith and heirs of the kingdom which He promised to those who love Him?
3. The sick are sinful or cursed makes Christians hide their sicknesses, thus preventing brethren to intercede for them. Sicknesses, accidents and other unwanted problems can be our trials.
Jam 1:2-3 My brethren, count it all joy when you fall into various trials, knowing that the testing of your faith produces patience.
4. Hypocritical Giving - these Christians give out of covetousness, for they expect our Lord will give them back with 30, 60 or 100 folds.
Prosperity Gospel is heresy, for it contradicts the commandments and teachings of Jesus. Those believing in Prosperity Gospel are carnal, covetous and worldly Christians.
Using an Obsolete Old Covenant
The Abrahamic covenant (Gen 12, 15, 17, 22) is one of the theological bases of the prosperity gospel. It's good that prosperity theologians recognize much of Scripture is the record of the fulfillment of the Old Abrahamic covenant. When God called Abraham to leave Ur and to possess the Promised Land of Canaan, He promised him the physical rewards and blessings from the fruit of the land.
As Christians we are under the new covenant whereby our Promised Land is the Kingdom of heaven. Our earthly rewards are also spiritual - the fruit of the Spirit instead of the fruit from the land.
1 Cor 6:9-10 Do you not know that the unrighteous will not inherit the kingdom of God? Do not be deceived. Neither fornicators, nor idolaters, nor adulterers, nor homosexuals, nor sodomites, nor thieves, nor covetous, nor drunkards, nor revilers, nor extortioners will inherit the kingdom of God.
Christians are Royal Priesthood
1Pet 2:9-10 But you are a chosen generation, a royal priesthood, a holy nation, His own special people, that you may proclaim the praises of Him who called you out of darkness into His marvelous light.
Christians are also the royal priesthood, who are similar to the Leviticus priesthood (with no earthly inheritance), whose only inheritance is God Himself.
Due 18:1 "The priests, the Levites— all the tribe of Levi—shall have no part nor inheritance with Israel; they shall eat the offerings of the Lord made by fire, and His portion.
Christians are Sojourners only
1Pet 2:11 Beloved, I beg you as sojourners and pilgrims, abstain from fleshly lusts which war against the soul,
Since we are only pilgrims, we must not lay our treasures on earth. We thank God for whatever wealth, comfort and luxuries He had given to encourage us. Let us use these temporal wealth to bless others so that when they see the light and love of Christ in us, they too will want to be like Jesus.
Mat 6:19-21 "Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal.