This program will help
you undo financial bondage.
This process
starts by saying no to any loan for items that depreciate in value when you
cannot pay cash for them without taking on debt. Also, when taking a loan will
not immediately benefit you by allowing your investments of the same amount
grow at a higher rate than the finance charge you would pay the creditor.
Most people
find it impossible to meet these requirements because they have underfunded
emergency savings, very small investment holdings, and most institutions have
finance charges higher than the growth customers earn on savings and
investments. Also, creditors retain the right to raise finance charges down the
road when they believe you represent greater risk of payment delinquency. Such
delinquency causes fees and penalties to be assessed and will damage your
credit history and score.
It seems far
less than one percent of business owners have financed business ventures using
high finance charge loans and then collected enough revenue to overcome their
expenses (cost of products, services, wages, benefits, finance charges,
etc.). Don’t be fooled into thinking this is a prudent strategy for
financing a business. Most who have tried this method have had to liquidate
their businesses.
Biblical
instruction strongly guides you to pursue your financial life, personal and
business, from a debt-free mindset; asking God and seeking a number of godly
counselors who can help you find prudent ways to start and invest in business
endeavors and purchase personal merchandise that is desirable to you. The vast majority of people I’ve met who did
not follow this method have found themselves in financial turmoil not long
thereafter. It continues for many today because they still refuse to utilize
biblical money management instruction to guide their financial affairs.
If you have a
history of undisciplined use of loans (credit cards, car loans, etc.)
then you should immediately discipline yourself to stop using them and build an
emergency fund of at least $10,000. You need to cut up credit cards and throw
them away when they will continue to bring torment into your life.
If you are a
disciplined spender who stays well within established budget boundaries, a low
interest revolving credit card will generally not hurt you because you will
only use it for convenience and record-keeping purposes where you will only
make purchases already accounted for in your budget and you never charge more
on these cards than the amount of cash you have available in the bank minus
your monthly bills, saving, investing, tithing, and giving.
Though
scripture does not absolutely say you cannot take on any debt, it strongly
advises you to live debt-free and that God desires debt-freedom for you. The compounding interest nature of most debt
will wreck your ability to build wealth for the future. The enemy knows this
and tempts you to satisfy the cravings of your flesh using debt instruments.
However, when you commit to God’s plan of living debt-free He will provide your
every need without you having to borrow to supply it. When you refuse to take
on debt, you enable the LORD to supernaturally provide by moving others to
provide needs and desires at no cost when you're unable to purchase them.
Please pray for this ministry, email me with any questions,
and contact me to speak at your business or ministry conference or workshop.
May the LORD bless you richly as you follow His plan!
Deuteronomy
28:12, Psalms 37:21, Proverbs 22:7, 27:23-24, Romans 13:8
Please forward these bondage-breaking articles to other
people who can use helpful insight!
You can find books authored by Randy Parlor and Karen
Parlor at
You can find many other MoneyWalk articles on Facebook at
https://www.facebook.com/randy.parlor by viewing Notes in the More menu on the right side of
the computer screen
You can connect with Randy Parlor on
Twitter
Linkedin
You can also view and/or listen to MoneyWalk articles at
https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
No comments:
Post a Comment