What does the Bible say about the prosperity gospel?
In the prosperity gospel, also known as the “Word of Faith,” the believer is told to use God, whereas the truth of biblical Christianity is just the opposite—God uses the believer. Word of Faith or prosperity theology sees the Holy Spirit as a power to be put to use for whatever the believer wills. The Bible teaches that the Holy Spirit is a Person who enables the believer to do God's will. The prosperity gospel movement closely resembles some of the destructive greed sects that infiltrated the early church. Paul and the other apostles were not accommodating to or conciliatory with the false teachers who propagated such heresy. They identified them as dangerous false teachers and urged Christians to avoid them.
Paul warned Timothy about such men in 1 Timothy 6:5,9-11. These men of “corrupt mind” supposed godliness was a means of gain and their desire for riches was a trap that brought them “into ruin and destruction” (v. 9). The pursuit of wealth is a dangerous path for Christians and one which God warns about: “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs” (v. 10). If riches were a reasonable goal for the godly, Jesus would have pursued it. But He did not, preferring instead to have no place to lay His head (Matthew 8:20) and teaching His disciples to do the same. It should also be remembered that the only disciple concerned with wealth was Judas.
Read more: http://www.gotquestions.org/prosperity-gospel.html