MoneyWalk 181 Most Debt Is Bondage
This program will help you undo financial bondage.
Debt elimination is a critical part of successful financial planning and thus good stewardship, yet many people don’t properly manage income and spending to reduce their debt load and facilitate a financially healthy life that includes extravagant giving and wealth building.
Debt elimination helps reduce stress caused by poor financial condition and lack of ability to pay creditors. It also helps properly care for your family while teaching and exemplifying boundaries they should maintain in their lives to be all God made them to be. In addition, this financial habit helps one give more broadly to help meet the needs of others.
In order to live in the Lord’s debt-free plan for His people, you must employ biblical principles. This means you won’t mimic the world’s mindset and methods about money and pursuit of it. As a believer, your heart, thoughts, and actions should change from the world’s way while it gravitates to finding and understanding biblical principles. Then line by line, precept upon precept you should employ them to be a good steward of money and resources the Lord entrusts to you. Your financial situation cannot improve as long as you continue to borrow and take on more debt with higher finance charges than your investment earnings. Scripture helps you realize most debt is terrible for your life because;
*The bible speaks negatively of borrowing money in most every instance.
*When things get tight you likely will decide to pay the creditor you can see rather than paying tithes to God whom you cannot see. This shuts down the flow of supernatural blessing, reward, peace, and joy He wants to come your way.
*Most borrowed money will not be used to create more lucrative income streams.
*You would be borrowing money to spend what you do not currently have in cash.
*You most often would be borrowing money on presumption, not faith, to purchase desires and not needs.
*Finance charges on borrowed money will be much higher than interest earned on savings and will impede your ability to save, invest, and build net worth.
*Cosigning loans for others is a recipe for failure because most will never pay you back and thus leave you holding the bag.
*There’s much greater risk you’ll be negatively affected economically (income reduced, laid off, or fired) well before the loans are paid off thus thrusting you into repossession, foreclosure, and/or bankruptcy.
Borrowing money wrecks your will power and financial discipline. When you do not have cash within your budget or asset base to purchase things you want, trust God to supply your need and refuse to go into bondage to debt. You will live, and often live well, until such time as He provides or puts you in position to purchase without debt what you need or desire.
Deuteronomy 28:12, Proverbs 22:7, Romans 13:8, 1 Timothy 6:6-10?
Please pray for this ministry and email questions to [email protected] and share the links below with others who need guidance. May the LORD bless you richly as you follow His plan!
Share https://kminfo.org/ministries/financial-freedom weekly with family and friends so these bondage-breaking articles and other financial information can help them gain helpful insight!
The book at the link below provides principles and practical steps that help you use the Power To Get Wealth. By 1992, we had $135,000 of debt and a negative $35,000 net worth. Financial bondage and turmoil led me to seek principles and a process for employing good stewardship. As a result, we became constructively debt-free in 1998, mortgage free January 2004, millionaires in 2012, multi-millionaires shortly thereafter, and retired in 2018 in my mid-fifties from public servant jobs while giving abundantly to fund the gospel of our LORD Jesus Christ. The same power is available to you!
You can find books authored by Randy and Karen Parlor at www.Amazon.com .
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