When Paul speaks of a bondservant he is talking about a slave. He never wrote anything in the New Testament about eliminating slavery.  In the Roman world there were all kinds of ways a person could become a slave. Paul says a Christian slave should honor his master, especially a Christian master.
Paul goes on in these verses to emphasize wholesome words and a doctrine according to godliness.  This should be our actions too.  There is a phrase which people use the term gain is godliness.  Also the term desire to be rich is used too. 
Timothy is exhorted to flee these things but when we flee then we are to follow righteousness, godliness, faith, love, patience and gentleness.  We are never to leave a vacuum in our lives.  We are then to fight the good fight of faith.  When I write these things it is for me first.





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