Over fifty percent of people who get student loans don’t finish college. During recessionary periods, many people find themselves underwater or at the mercy of foreclosure because they cannot pay mortgages they could not afford on current income. Others are devasted because they’ve taken loans, often with above average interest rates, and then get laid off or fired and experience unnerving periods of unemployment. Some use borrowed funds to purchase investments that lose money because they were not well conceived or supported by factual historical data showing long-term annual gains. Indebtedness is especially devastating when you experience loss of income including from failed business endeavors.
Creditors won’t tell you about the grief that accompanies debt. When you don’t have a mindset to eliminate debt and stay out of it in the future, it eventually renders you unable to make loan payments and pay them off and pursue investments you really need to create a wealth legacy for your family and generous gifts to be used to serve others leading them to salvation, eternal life, and a future of obedience to the LORD’s will including teaching them how to fish so they can provide for themselves economically as they move throughout life. Loans may not seem bad when you apply for them, but they become harmful to you and your family over time because most of the funds are not spent on things that greatly appreciate in value or that give you drastically increased earning power throughout your life.
You should not be fearful of what life may bring, because the LORD is there to uphold you when seeking to live in a way that pleases Him. So, make sure your activities and actions are aligned with good stewardship principles. Then, you can properly love God and people by regarding His word foremost and listening to His guidance for your lifestyle, pursuit of work, income and assets, and the use of all resources entrusted to you. Trust the Lord and thus be wise about the proportion of income that goes to giving, saving and spending and be careful to stay out of debt.
Employer loyalty to employees and vice-versa seems to be a thing of the past for many people. A result of this shift in caring for one another is massive layoffs because it is considered the foremost remedy for every situation when a business is not as profitable as Wall Street powerbrokers want it to be. Also, many financial institutions expect it in order to get more insidious loans to supposedly correct profitability problems. Another result of the shifting loyalty is employees moving from employer to employer in less than five-year intervals (even when they could stay on a long-term basis) because they believe it’s necessary to achieve the good life (get all the pay and material things they’ve ever wanted). Individuals and businesses should stay out of debt and eliminate the debt they have to avoid financial bondage and increase loyalty to one another, so businesses are not derailed, thus hurting many who really didn’t need to suffer and so individuals are able to avoid repossession, foreclosure, bankruptcy and the accompanying headaches and heartaches.
Severe financial distress is often the result of poor money management long before layoffs and pay cuts occurred. This is true with few exceptions, though many people don’t want to acknowledge it. We simply don’t give, save invest, and then spend like we really believe economic downturns could occur at some point down the road. We don’t plan for rainy days. Instead, we continually say every desire we have is a need and borrow more and more money to make fulfilling them a regular part of our lifestyle. Instead of using godly stewardship principles to manage income, we spend our time focusing on what we believe our employer should be doing or what it is not doing. You cannot force an employer to operate the way you think it should. Instead, choose to change your work and money management habits to achieve a better financial condition. This Holy Spirit led endeavor, including a plan to eliminate debt and stop using it in the future, will release you from bondage brought on by loans you irresponsibly accepted from lenders.
Deuteronomy 28:12, Psalms 37:21, Proverbs 22:6-7, 27:23-24, Romans 13:8
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The book at the link below provides principles and practical steps that help you use the Power To Get Wealth. By 1992, we had $135,000 of debt and a negative $35,000 net worth. Financial bondage and turmoil led me to seek principles and a process for employing good stewardship. As a result, we became constructively debt-free in 1998, mortgage free January 2004, millionaires in 2012, multi-millionaires shortly thereafter, and retired in 2018 in my mid-fifties from public servant jobs while giving abundantly to fund the gospel of our LORD Jesus Christ. The same power is available to you!
You can find books authored by Randy and Karen Parlor at www.Amazon.com.
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