Although Lot is referred to by Peter as "righteous Lot," he chose to live among the wicked in Sodom because he loved money and prominence. He was a double-minded man who wanted to serve God but who also wanted to enjoy the pleasures of this world. I believe this is evident from the fact that Lot chose to live in the plain bordering the wicked cities of Sodom and Gomorrah (Gen. 13:1-13). Once there, he moved into the city itself and became a part of its culture (19:1). It's true that he didn't give up his belief in the high moral standards he had learned from his uncle Abraham, and he didn't approve of the wicked things he saw and heard. But as an official at the city gate, he apparently had little impact on the wicked society of which he was a part.

Lot's double-mindedness brought him much inner torment and rendered him spiritually powerless. He couldn't even convince his sons-in-law (and their wives) to leave Sodom before God's judgment fell. Only he, his wife, and the two daughters still living at home escaped. And his wife died instantly when she looked back, disobeying God's command. In the end, Lot lost the very things he wanted possessions and position.