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Debt Will Not Let You Go?

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About a month or so ago I was on the phone with a dear friend of mine. We were discussing some dynamics within our family. During our discussion she made a comment. That comment was "and here comes debt again". For the first time out of 20 some odd years of working in the financial arena, I heard something different. When she made that statement I no longer looked at debt the same. I began to reflect back on why it was important to God to use Elisha to perform a miracle for a woman whose husband died and sons were going to have to go into slavery (2 Kings 4:1-7). As I began to look deeper into this scripture it became evident to me. God does not want us to be in debt. It places our daily life functions, our livelihood, and our future in the hands of someone else. It creates stress, worry, and anxiety. It pulls us away from who created us, and what we were created to accomplish.

We have been taught that there is good debt and bad debt. Did you know any debt is bad debt?  We often find ourselves borrowing money to purchase a good, a service, or a combination of the two. We see nothing wrong with it because we have income coming in, and our credit says that we are good for it. Over time we have built our financial lives on consistently borrowing money. We have credit cards, car loans, home loans, and etc. We continue down this path excited because we are able to get what we need and most of what we want. Before you know it, you have been placed in a lifestyle that does not give you freedom to do much but work with a hope that you will not loose your job or become too ill to not work. You have no significant amount of savings or investments. This my friend is a form of modern day slavery. Many of us have lives that are dictated by what we owe and not what we were created to accomplish. We have exchanged joy for frustration, peace for worry, and freedom for bondage. 

If you want to know how to defeat debt here are some tips. 

  1. You must ask yourself this question "what is most important to me". Is temporary gratification more important or a long term peace?
  2. Track your spending and the thought or emotion if any behind what you are purchasing. This is a great time to see where your money is going and why.
  3. Review your findings. This is your time of truth. Here is where decisions are made.
  4. Set goals. Decide what you want to accomplish financially over the next 6 months, 12 months, and 5 years. 
  5. Set strategies to accomplish your goals.
  6. Build a budget. Remember your home is your first for profit institution of business. Build net worth.
  7. Enjoy life. Learn not to live excessively but with discipline. You can have things if you plan and be strategic.
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