Insights on Getting out of Debt2

Insights on Getting out of Debt

1. Financial freedom is freedom from:

- debt

- dishonest financial dealing

- worry over lack of necessary funds

- to give in response to God’s direction

Law of depreciation assures that you pay cash for anything that depreciates.  I can save an amount equal to the depreciating rates.

            Solomon exchanged his wisdom for money.

            Whatsoever you do shall prosper

            If you have an empty barn, you have no product.

1. Visualize benefit of financial freedom

Spirit-led giving

Material and supernatural receiving

Wise spending

1. Transfer ownerships of money, time, possessions and earnings over to God.

1. Establish tithe as regular reminder that all belongs to God

1. Evaluated – will expenditure benefit work and reputation of God?

1. Discontinue unnecessary services

Don’t pay for anything that you know how to do.

Turn your problem into a family project

If costs are going up, we need to continually find out how to get the job done on less

1. Buy on a cash basis – give God time to provide before purchase

If you don’t have money, you must figure out how to do the job without money

Don’t be in a hurry to buy a car

1. Realize that God is able to supply funds when a bill is due

1. Distinguish between expenditure for depreciating items and investment in appreciating items

Benefits:

1.      extrinsic value

2.      intrinsic value

guidelines in real estate = 3 = location

Deut. 3:16, Deut. 8:16

We need to make it easy for people to correct their mistakes.  If we make light of those who are in trouble, the Bible says it is a curse upon us.

Do not buy on credit because it:

1.      violates Scripture (Rom. 13:8)

2.      produces bondage to man (Prov. 22:7)

3.      produces preesure of insecurity (I Tim. 5:8)

4.      Hinders God from providing through unexpected sources (II Cor. 9:11)

5.      Denies God the opportunity to withhold harmful items (Isa. 55:8-9)

Law of depreciation – assumes cash payment for depreciating items.

1. Use great caution in co-signing for anything

Prov. 6:1, 11:15, 17:18

“I, John Doe, being of sound mind, took all my money and spent it.”

Constructively give the children part of the inheritance

Prov. 20:21      inheritance

            God cannot introduce His creative alternative if we violate His principles

1. Never loan for non-essentials but give to basic needs

1. Develop sales resistance – say no

1. Utilize personal skills for home maintenance

1. Discern God’s reason for lack of funds

A.     he’s testing my faith

B.     I don’t need it

C.     money was supplied, but I misused it

D.     there’s sin in my life – are there things in my life that I know God wants me to do and I haven’t done it

E.      God wants to direct in a major change

Budget

Gross income   _______

Less taxes        _______

Balance            _______

Less tithe          _______

Net income       _______          100% of available funds

Divide net income by 12

Monthly net income

Three Divisions

1st deduction after gov. and God is yourself

1. 10% ____ savings for investment

2. 20% ____ savings for emergency, major purchases

            offerings, eliminating credit payments

3. 70% ____ living expenses

Financial jeopardy, slavery, freedom

If you stop your buying you will eventually eliminate your debt.

Faith in action on specific facts.

If the purpose of a woman working is to help pay the bills, she is wasting her time.

85% of emotional disturbances are due to mothers working

put wife in ideal situation, casual at work, tired at home

If woman chooses to get married, God changes her priorities.