Realities of Debt

FAITHFUL SEED

OBEDIENT TITHE

GRATUITOUS OFFERING

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

Proverbs 13:7–8 CSB

One person pretends to be rich but has nothing; another pretends to be poor but has abundant wealth. Riches are a ransom for a person’s life, but a poor person hears no threat.

Proverbs 13:11 CSB

Wealth obtained by fraud will dwindle, but whoever earns it through labor will multiply it.

Proverbs 13:16–18 CSB

Every sensible person acts knowledgeably, but a fool displays his stupidity. A wicked envoy falls into trouble, but a trustworthy courier brings healing. Poverty and disgrace come to those who ignore discipline, but the one who accepts correction will be honored.

Proverbs 13:20–22 CSB

The one who walks with the wise will become wise, but a companion of fools will suffer harm. Disaster pursues sinners, but good rewards the righteous. A good man leaves an inheritance to his grandchildren, but the sinner’s wealth is stored up for the righteous.

Proverbs 27:24–27 CSB

for wealth is not forever; not even a crown lasts for all time. When hay is removed and new growth appears and the grain from the hills is gathered in, lambs will provide your clothing, and goats, the price of a field; there will be enough goat’s milk for your food— food for your household and nourishment for your female servants.

Proverbs 21:3–6 CSB

Doing what is righteous and just is more acceptable to the Lord than sacrifice. The lamp that guides the wicked— haughty eyes and an arrogant heart—is sin. The plans of the diligent certainly lead to profit, but anyone who is reckless certainly becomes poor. Making a fortune through a lying tongue is a vanishing mist, a pursuit of death.

Proverbs 21:17 CSB

The one who loves pleasure will become poor; whoever loves wine and oil will not get rich.

Proverbs 21:20–21 CSB

Precious treasure and oil are in the dwelling of a wise person, but a fool consumes them. The one who pursues righteousness and faithful love will find life, righteousness, and honor.

Ecclesiastes 5:10–15 CSB

The one who loves silver is never satisfied with silver, and whoever loves wealth is never satisfied with income. This too is futile. When good things increase, the ones who consume them multiply; what, then, is the profit to the owner, except to gaze at them with his eyes? The sleep of the worker is sweet, whether he eats little or much, but the abundance of the rich permits him no sleep. There is a sickening tragedy I have seen under the sun: wealth kept by its owner to his harm. That wealth was lost in a bad venture, so when he fathered a son, he was empty-handed. As he came from his mother’s womb, so he will go again, naked as he came; he will take nothing for his efforts that he can carry in his hands.

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