The Financial Challenge: Fasting for Success

I know fasting often scares people and the moment we hear the word most of us immediately kick, scream and run in the other direction.  Yet, if you've ever done a fast, you are very aware of the tremendous benefits.  It brings clarity, revelation and breakthroughs that will blow your mind.  In Michelle Singletary's book "The Power to Prosper" she uses a 21 day fast to break poor financial habits and helps get to the root of our financial issues.  She says "The fast is really about curbing the need to consume."  The fact is, if you really want to get out of debt or become a better manager of your money, you'll jump at the opportunity to participate in this 21 day fast. It is because of her book that I am challenging each person that reads this blog to take this fast.  First, I would encourage you to go to www.amazon.com to purchase the book. However, even if you don't, I am going to give you instructions on what you are to do during this 21 day fast.  

I am only challenging you because I did this fast almost a year ago to the day and it has accelerated my debt payoff plan by leaps and bounds.  Most of this information, I won't be able to share until I have reached that goal but trust me when I tell you this fast works.  I mentioned in another blog that the book is based on the word of God but even if you are not a Christian, the principles can be applied and they will bless you in the process.  

Here are the rules for the next 21 days, if you are serious:

1)Only purchase necessities (that means food and gas).  

2)You cannot use any credit cards and you must take out enough cash to cover your expenses for the week.  She even advises you NOT to use a debit card if possible.

3)The food purchased MUST be from a grocery store.  You cannot eat out and you cannot allow someone else to take you out to eat.  

4)You cannot go window shopping either.  That's right, no trips to the mall! 

I would encourage you get the book because she has so many tools to help you complete a budget and daily assignments that I won't do justice in this blog.  I know this may seem harsh but it takes drastic measures for us to go from one direction to the next.  Clearly what we've been doing in the past hasn't been working for us.  If you have a close friend, let them know what you'll be doing and have them hold you accountable.  Let someone know what you're doing so they can support you during the process.  If you plan to take the fast, inbox me on facebook.  I would like to get your feedback during the process and once you're done.

It's time to put some skin in the game!!!!

The Blessing is in the Process

This journey of becoming completely debt free can be a grueling and frustrating process. However, it is through this very process that we are blessed. I remember when I sat down and added up my debts and I prayed that God would just drop the money in my lap. I really did ask for that kind of miracle. It’s funny now looking back. Although God could do it, had He just dropped the money in my lap, I would have learned nothing and chances are I would have ended up back in debt again. Going through the process caused me to look at myself, do a budget and make some HUGE sacrifices. The fact is I prayed that prayer because I didn’t want to go through the process. I wanted the problem to be gone overnight. It is only because I have made a complete commitment to this process that I have been tremendously blessed. The greatest blessing in it all is that I have learned and can share with others. I just put one foot in front of the other and God does the rest.

What’s so amazing about the process is you really learn more about yourself than you do about money! Remember, previously I mentioned that money isn’t the core problem, it is us and our issues that dictate how we manage it. As we learn about ourselves and introspect, it is then we become more powerful and aware that the choices we made in the past were actually made as a result of being in a state of unconsciousness. But now that we are aware of our patterns, we can make wise choices from a state of consciousness (awareness).

After going through this process, I will never do this again and chances are you won’t either. Trust me. It’s been hard but rewarding at the same time. It has taught me an invaluable lesson that I will NOT repeat. I recently heard some amazing testimonies about people who had accumulated $100,000 and $200,000 worth of debt and paid it all off. Now that’s a blessing!

This week, think of at least one person around you that you know is either seriously in debt or their debt is a huge burden upon them. Now, think about how you will be a great blessing to that person once they hear your testimony. If you can get beyond the fact that it’s not about you, it will help you to press through the process. Be encouraged, it’s not about you!

What does your debt/spending say about you?

By this point, you’ve hopefully acknowledged you have debt and are putting together a plan in 2011 to wipe it out. Now, let’s talk about what your debt says about you because it speaks loud and clear, you just may not be listening. Debt, which is a result of spending, is an action that reflects something about your character. I am going to share with you what mine used to say about me and trust me when I say it’s true so don’t fight me on this one!

Let me lay a quick foundation before I proceed. About three years ago I became involved in a ministry called Vertical Leap. It was started by Coach Al & Hattie Hollingsworth. Coach Al is one of my greatest mentors to this day. Coach used to teach us about operating from the “inside out” and not from the “outside in”. Society teaches us to pursue material wealth, outside possessions (ie; riches, cars, men, women, clothing, etc) because they will make us happy. Indeed they do… for 5 minutes, then what? We aren’t satisfied. So we buy a bigger house, a newer cell phone, a better computer, etc. And then we consume, consume, consume and go around in this viscous cycle of chasing things that never fulfill us. This is what he means by "outside in." However, when we are fulfilled spiritually and seek after the things of God (wisdom, knowledge, understanding, patience, love, etc), we can get out of this cycle of spending for the wrong reason because that void that we are trying to fill is gone. Now, it doesn’t mean we may not want these things but we no longer chase them in order to be whole or happy and most importantly, we won’t create debt while trying to get it.

I began to acknowledge how my spending in the past was in direct correlation to my lack of self-esteem. It wasn’t until I heard Suzie Orman mention this that I even realized that money management and personal finances are directly tied to one’s self-esteem. There are always a few exceptions to the rule. However, when I stopped and assessed my personal finances, I was shocked to realize that a large percentage of my money had been spent on shoes, clothing, and other material things. I realized that I was trying to compensate for something that was seriously lacking in my life. And the reason I had to keep buying is because nothing I purchased ever filled the void. Ever! And the same will be true for you. That is if you are buying to fill a void in your life. Chances are you are looking to upgrade to something else because it’ll be better, chances are it’ll cost you more and chances are you’ll get bored with it and repeat this cycle.

It’s the beginning of 2011. I want you to add up all your debts and I want you to go back and look at what you spent the bulk of your money on in 2010. You might not like what you see but how can you possibly change if you don't jump off that merry go round for a minute? Look at your bank account transactions. Once you have done that, be honest with yourself and admit if you are spending to fill a void. Now, spend 2011 focused on decreasing that by 20%. Start small and ask yourself what more meaningful things can you do with your financial resources? Who could you have helped financially if you were a better steward over your resources? After all, we are blessed to be a blessing!