It's not a misreading at all. In many fundamentalist sects (such as the one I left) that's the dogmatic truth of those verses.

Everything material is sinful and holding you back.

I have lived with and continue to love many religious people - that does not make them rational. That does not make their religious beliefs OK. With all the love in their hearts they still participate in evil and coercive control of others. They are particularly dangerous in that they believe in their heart of hearts that they are doing the right thing.

This is the reality of religion: it is dangerous, coercive, self propagating brain washing that forces people into shape. It creates panopticons. Window twitching neighbors that snitch and shun.

This is true of all religion. In Christianity it's true of southern baptist and Lutheran's and Christian scientists and episcopalians and Jehovah's Witnesses and 7th day Adventists and Mormons and Catholics and Orthodox and ...