Wednesday, June 10, 2009

Seeking Finanical Freedom Part 8

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!

I just wanted to add a tid bit about Debt Repayment Responsibilities that was part of the lesson last week.

On page 51 the question is posed: Should you use all your savings to payoff debt????

The author's answer is: "It is not wise to deplete all your savings. You should maintain a reasonable level of savings so you are prepared when an unexpected expense comes up. If you are not prepared with a savings for emergencies you could incur even more debt!"

Bankruptcy: From the author:

"There is an epidemic sweeping the nation. Should a godly person declare bankruptcy? The answer is generally NO." Psalm 37:21 tells us , "The wicked borrows and does not pay back, but the righteous is gracious and gives." The author continues saying that in his opinion there are only TWO reasons for bankruptcy: a creditor forces a person into bankruptcy, or a counselor believes that the debtor's emotional health is at stake because of inability to cope with the pressure of unreasonable creditors. EXAMPLE: If a husband dessert his wife and children, leaving her with a business and family debts for which she is responsible, she may not have the resources or income to meet those obligations. The emotional trauma of an unwanted divorce, coupled with harassment from unsympathetic creditors, may be to much for her to bear.

Co-Signing: A study by the Federal Trade Commission shows that 50% of those who co-sign for bank loans end up making the payments. Seventy-Five percent of those who co-signed for finance company loans end up making the payments.

If those stats are not enough to speak against co-signing, God's word should be: Psalm 17:18 reads "It is poor judgement to cosign another's note to become responsible for his debts" (LB)

Society says: You may use debt as often as you wish; buy now pay later.

Scripture says: The Lord discourages the use of debt because He wants us free to serve Him.

This week the lesson focusing on Seeking Counsel! The Bible encourages us to seek counsel from several different sources..(pg 56)
SCRIPTURE: Psalm 119:24 (LB) "Your laws are both my light and my counselors." The Bible is the living book that our Lord uses to communicate His direction and truths to all generations. It is the first filter through which we should put a financial decision. If the Bible is not specific about a particular issue, subject your decision to the second source of counsel: godly people.
Godly People:Psalm 37:30-31(LB) "The godly man is a good counselor because he is just and fair and knows right from wrong." Would should know and appreciate the value of a couple of extra sets of eyes looking down that straight and narrow road.
Ecclesiastes 4:12 "And one standing alone can be attacked and defeated, but two can stand back-to-back and conquer, three is even better, for a triple braided cord is not easily broken."
Spouse: If you are married, your spouse is your primary source of human counsel. Seeking the counsel of your spouse keeps them informed of financial matters, but also helps preserve your relationship because you will both experience the consequences of a decision.
Parents: Proverbs 6:20-22 "My son, observe the commandment of your father, and do not forsake the teaching of your mother...When you walk about, they will guide you." A word of caution from the author. Genesis 2:24 "A man shall leave his father and mother, and shall cleave to his wife; and they shall become one flesh."
The Lord: The book says that during the process of searching the Bible and getting counsel from godly people we should be ask the Lord for direction.Psalm 32:8 "I (the Lord) will instruct you and teach you in the way which you should go; I will counsel you with My eye upon you." Psalm 16:7 "I will bless the Lord who has counseled me."
Multitude of Counselors: Proverbs 15:22 (NIV) "Plans fail for lack of counsel, but with many advisers they succeed." Proverbs 11:14 "Where there is no guidance, the people fail, but in abundance of counselors there is victory."
1. Never seek the counsel of fortune tellers or Mediums. Leviticus 19:31 "Do not turn to mediums or spiritualists; do not seek them out to be defiled by them. I am the Lord your God."
2. Be careful of the biased. If the advisor will profit, always seek a second unbiased opinion.
SOCIETY SAYS: Be your own person; stand on your own two feet. You don't need anyone to tell you what to do.
SCRIPTURE SAYS: "The wise man is glad to be instructed, but a self-sufficient fool falls flat on his face." Proverbs 10:8 (LB)

Any thoughts??? Any comments??? Any questions????

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Michelle said...

"Scripture says: The Lord discourages the use of debt because He wants us free to serve Him."

I emphatically agree with this! In Deut. God calls debt a curse ~ we should want to walk in His blessings, not a curses. We sold our house to get out of debt and God has blessed with with more than we can imagine for honoring Him. :-)

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