Delayed Gratification &

Go to now, ye that say, To day or to morrow we will go into such a city, and continue there a year, and buy and sell, and get gain: Whereas ye know not what shall be on the morrow. For what is your life? It is even a vapour, that appeareth for a little time, and then vanisheth away. For that ye ought to say, If the Lord will, we shall live, and do this, or that. But now ye rejoice in your boastings: all such rejoicing is evil. Therefore to him that knoweth to do good, and doeth it not, to him it is sin.

Debt May deny God an opportunity to work. James 4:2

James 4:2 CSB

You desire and do not have. You murder and covet and cannot obtain. You fight and wage war. You do not have because you do not ask.

Debt Increases the stress on your life through the loss of freedom and increased worry. Proverbs 22:7

Proverbs 22:7 CSB

The rich rule over the poor, and the borrower is a slave to the lender.

4 Practical Realities of Debt

Personal Debt lowers your standard of living

lowered by 18-21% on average

Compounding Works against you

credit cards

eliminate running balances

It is easier to get into debt that to get out

Debt can set up a cycle of generational bondage to borrowed money.

4 Priorities in Spending

Eliminate High Interest Debt

Credit Cards

Pay Day loans

Debt with interest exceeding 12%

Establish a liquid emergency fund

3-6 months living expenses

MM/Checking/Savings accounts

Savings to Spend

Don’t combine with EFS

better option than buy now pay later

Goal oriented savings for future purchases

car repair/replacement

vacation

home down payments

Saving for long term goals

retirement/college/start up costs for business

limited to no OPM

Scriptures to study

Proverbs 13:7-8;11;16;18;20;22; 27:24-27; 21:3-6; 17; 20-21

Ecclesiastes 5:10–15 NASB 2020

One who loves money will not be satisfied with money, nor one who loves abundance with its income. This too is futility. When good things increase, those who consume them increase. So what is the advantage to their owners except to look at them? The sleep of the laborer is sweet, whether he eats little or much; but the full stomach of the rich person does not allow him to sleep. There is a sickening evil which I have seen under the sun: wealth being hoarded by its owner to his detriment. When that wealth was lost through bad business and he had fathered a son, then there was nothing to support him. As he came naked from his mother’s womb, so he will return as he came. He will take nothing from the fruit of his labor that he can carry in his hand.

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