Proverbs 22:7 says “The poor are always ruled over by the rich, so don’t borrow and put yourself under their power”. (Message Version) Another version reads…..”and the lender is slave to the borrower.” (NIV)
I didn’t want to use this scripture but it was the closest thing to understanding the bondage of debt. It paints a picture of what happens once we accept money from a lender. Most of us are so focused on the thing we want, that we don’t stop and count the cost. The point I want to drive home in this blog is the fact that whoever you’ve borrowed money from (e.g., Visa, Mastercard, American Express, Salley Mae, etc.) essentially has POWER over you and to some level is your master. You may think this is an exaggeration but consider this... You get up everyday and work hard to pay off a car note, house note, school loan, credit card bills, etc. and if you don’t pay it back there are serious consequences. Either they’ll take the product back if you don’t pay for it or they’ll ruin your credit. So who really has the power? They do. I understand that we may have to get a loan to buy a car, go to school and get a home. However, why take 30 years to pay off the home when we can put a plan together to pay it off sooner! Or why not start saving more cash so we can pay for large purchases in cash?
There are many people I know that have jobs or careers that they don’t even enjoy but because of the debt they are tied to it. I seriously want you to imagine your life without owing anyone a dime. The problem is we have been programmed to think that debt is inevitable so most, not all, can’t even fathom what being debt free looks like. Just imagine, all of your money going to savings. Or just picture being able to have the freedom to walk away from a career you no longer enjoy in order to take a risk pursuing your passion! Imagine being able to give more to others in need!
This week, I want you to meditate for 15 minutes at least 3 days on what it would be like to be debt free. Write a list all the things you would do if you had NO DEBT. I also want you to take a 3 x 5 note card and write DEBT FREE on it and post it somewhere you can see it on a daily basis as a constant reminder that you can, and you will be debt free!
Thursday, December 23, 2010
Tuesday, December 14, 2010
Taking the first step to freedom!
The last blog I wrote, someone wanted to know my recommendations for financial advisors, books, mentors, etc. It was an excellent question because it's really the first place to start. So, for this blog I wanted to take a step back and give advice on what to do even before you begin the budget. The first thing we must all have in order to achieve anything is a sincere desire and passion for that which we are pursuing. The next important step is to be open to seeking out individuals who have a greater understanding in this area than we do, in other words, get a mentor.
A mentor doesn’t even have to be someone you meet with in person or even know personally. It could even be an author whose work and accomplishments you respect. One of the experts that I have personally sought advice from is George Thompson of Thompson Wealth Management in Culver City, CA. I had the opportunity to serve with him in a ministerial capacity and gained incredible insight on the importance of being debt free. He truly is the first person that really opened my eyes to the importance of getting rid of debt.
The first book I would recommend everyone read is “The Power to Prosper” by Michelle Singletary. I love this book because it covers everything. Seriously, she leaves no stone unturned. She helps you get to the root of the problem. This book is only for those who are serious. You will certainly be challenged but you will also be empowered. This book is based on the biblical principles but even if you are not a Christian, the principles work and will guide you into a life of prosperity. I would then recommend “Financial Peace University” by Dave Ramsey. Financial Peace University is even more in depth but worth every moment of your time and money. Both require serious commitments and really are for people who are fed up with being deceived and controlled by the world’s system.
If you have other books that you have been meaning to read, by all means do so but this week, I would challenge you to buy a book on financial empowerment. Do not hesitate. We are moving into a new year and what better time is there to start getting your finances in order? Let’s make it a priority for 2011!
A mentor doesn’t even have to be someone you meet with in person or even know personally. It could even be an author whose work and accomplishments you respect. One of the experts that I have personally sought advice from is George Thompson of Thompson Wealth Management in Culver City, CA. I had the opportunity to serve with him in a ministerial capacity and gained incredible insight on the importance of being debt free. He truly is the first person that really opened my eyes to the importance of getting rid of debt.
The first book I would recommend everyone read is “The Power to Prosper” by Michelle Singletary. I love this book because it covers everything. Seriously, she leaves no stone unturned. She helps you get to the root of the problem. This book is only for those who are serious. You will certainly be challenged but you will also be empowered. This book is based on the biblical principles but even if you are not a Christian, the principles work and will guide you into a life of prosperity. I would then recommend “Financial Peace University” by Dave Ramsey. Financial Peace University is even more in depth but worth every moment of your time and money. Both require serious commitments and really are for people who are fed up with being deceived and controlled by the world’s system.
If you have other books that you have been meaning to read, by all means do so but this week, I would challenge you to buy a book on financial empowerment. Do not hesitate. We are moving into a new year and what better time is there to start getting your finances in order? Let’s make it a priority for 2011!
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