Monday, May 18, 2009

Seeking Finanical Freedom Part 5

If this is your first time checking in on Wednesdays, WELCOME! Each week we are talking about MONEY and how to handle it using the Bible as our blueprint. You will hear me discuss the book YOUR MONEY COUNTS by Howard Dayton. When I read this book it changed my whole mindset on how I viewed finances and really gave "us" a boost on our journey to DEBT FREE living! If you would like to check out this series from the beginning scroll down and on the left hand side of your screen you will see a Label titled "Seeking Financial Freedom" click on that and you can start with Part ONE and work your way through......Also feel free to let other people you know about this series and encourage them to join us each week as we talk more in depth about our journey!

Well sorry about the hitch in the schedule last week.....but I'm here and ready to keep this series rolling again this week!! The title for this week's lesson is ACT YOUR WAGE!!

The chapter begins with this quote from Franklin Roosevelt, 1932;

"Any government, like any family, can for a year spend a little more than it earns. But you and I know that a continuance of that habit means the poorhouse."

(Pg.34) DEBT - With all the fancy advertisements on TV they make getting what we want right now sound attractive. Listen to these synonyms for debt: liable, minus, owing, in hock, up against it, encumbered, insolvent, in the hole, broke.

DEBT Includes: Money owed to Credit-card companies, bank loans, money borrowed from relatives, your home mortgage, past due medical bills. Monthly bills are not considered debt if they are paid on time.

(page 35 &36) What does DEBT really cost us??????

Suppose you have $5,560 in Credit Card and your rate on your card is 18%.......costing you $1,000 each year..... Compounding interest is a powerful thing it can either work for you...or against you....

Not only does DEBT cost us financially, but it cost us dearly because of our increased stress level, which in turn drains up mentally leading to physical and emotional exhaustion. Lots of people raise their standard of living while consuming debt and in the end they find the burden of DEBT controlling their lifestyle. Ever seen the bumper sticker that say" I owe, I owe, it's off to work I go,"?? It is a harsh reality for far too many people.

What does SCRIPTURE say about DEBT????

The Bible is very clear on Debt...Read Romans 13:8 carefully.

"Owe no man anything (KJV) "Pay all your debts" (LB)"Keep out of debt and owe no man anything (AMP)

Proverbs 22:7 speaks of why the Lord speaks so directly about this matter. "Just as the rich rule the poor, so the borrower is servant to the lender" (LB)

The more debt we have the more freedom we loose and the less freedom we have to decide how and where we spend our time and money, because we are legally obligated to repay these debts.

I Corinthians 7:23 Paul writes "You were bought with a price; do not become slaves of men." Our Father made the ultimate sacrifice by giving His Son, The Lord Jesus Christ, to die for us. He now wants His children FREE to serve HIM in whatever way He chooses.

(Page 37) Debt Considered a CURSE: In the Old Testament,one of the rewards for obedience was being out of debt. Deuteronomy 28:1-2, 12 "Now it shall be, if you will diligently obey the Lord your God, being careful to do all His commandments which I command you today, the Lord you God will set you high above all the nations of the earth. And all these blessings shall come upon you and overtake you, if you will obey the Lord your God...and you shall lend to many nations, but you shall NOT BORROW"

When can we owe money? The author points out the Bible does not speak on permissible debt, home mortgage, business or vocation. In his option, these are the criteria when debt may be "possible":

1. The item purchased is an asset with the potential to appreciate or to produce an income.

2. The value of the item equals or exceeds the amount owed against it.

3. The debt is not so large that repayment puts undue strain on the budget.

He is also quick to say if you do take on any debt that meets this criteria be sure to pay it off in a speedy manor.

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