MoneyWalk 3 Know Your Expenses & Income

This program will help you undo financial bondage.

You are committing financial suicide when;

• Your monthly income cannot cover all the bills you are supposed to pay each month.

• You’re spending all your monthly income and do not have at least $1,000 emergency fund.

• You’re applying for loans to get even more than you can afford to pay cash to get at the moment of your purchases.

• You’re failing to immediately subtract the amount you've written a check for from your checkbook.

• You’re failing to reconcile your bank account(s) monthly.

You're a kamikaze whose plane will inevitably hit a ship and burst into flames. The saddest part is you'll also hurt your spouse, children, other dependents, and your local Church by not being a good steward of money the LORD entrusts to you.

The bible instructs you to plan and keep records so you know the state of your income versus expenditures. You must by choice consistently keep the amount of monthly household expenses below the amount of monthly take home pay in order to have financial peace and joy in your life. Some people don't like to hear the word "budget." However, when you don't budget the reality is you inevitably overspend your income and thus get trapped in debt, lack of giving, and financial bondage. The word budget seems restrictive to some people because they think it limits the material things they’re able to experience and pleasures they derive from them. However, it does not do that. Your income puts a limit on what you can experience. When properly drafted, a budget simply shows you what your income allows you to live on and what is necessary to have a healthy financial status and the enjoyment thereof.

If you don’t like what the budget shows you concerning limitations inherent on your income level, then the budget has done its job by leading you in the right direction by showing you the need to use skills and abilities to initiate entrepreneurial endeavors and extra work to earn more money to maintain and increase giving, saving, and standard of living. In addition, it has done a great job showing you the right-sizing and/or elimination of monthly expenses necessary to maintain financial integrity and soundness in your dealings until such time as you actually receive consistently increased income from your work efforts.

When your monthly outgo exceeds your monthly income, your upkeep will be your downfall. You must learn to consistently spend less than your income in order to (a) have a healthy financial life, (b) give abundantly, (c) accumulate necessary savings for rainy days, and (d) be in the wealthy place the LORD reserves for His sons and daughters. The budget or whatever you choose to call it (giving / saving / spending plan, etc.) shows you when spending exceeds income and allows you to employ simple math necessary to determine which expenses can be immediately right-sized or eliminated and how much increased income is needed to cover necessary bills and also to put an adequate amount toward outstanding debt so they can be eliminated within the next couple of years. Therefore, you must employ a budget you regularly consult and update to chart your financial path in a way that helps you get everything out of your income that will serve the purposes of God for your life and your involvement with the Church.

Your budget should be designed to ensure you (a) give an acceptable proportion of your income to gospel ministry for evangelism & disciple-making, (b) save and invest a proportion necessary to help you live comfortably when in your senior years, and (c) spend an appropriate portion to care for needs and engage some desires and pleasure early in life in a way that keeps you financially healthy. The road to financial health and wealth is not hard to find or stay on, but it takes diligence in applying tools like budgeting, debt elimination, saving, and investing to get where God wants you to go. The diligent soul shall be prosperous because God rewards people who diligently seek Him by employing biblical financial principles in their lives.

Please pray for this ministry, email me with any questions, and contact me to speak at your busi-ness/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Psalm 66:12, Proverbs 27:23-24, Habakkuk 2:2-4, Luke 14:28-30, 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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and Linkedin

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 2 Walking In Wisdom

This program will help you undo financial bondage.

A necessary ingredient to reversing your negative financial condition is to become wise at managing your money. The only source of true wisdom is Almighty God via biblical instruction and a personal relationship with Him. Therein you will find the only principles that can truly prosper you: eternally and while you’re on earth.

When you commit your ways to Jesus Christ, He will show you many bible verses that give you knowledge necessary to make positive lifestyle and financial changes in your life. Also, He plants His Holy Spirit in you to give you understanding of the practices that benefit you and your financially and otherwise.

Normally, knowledge precedes understanding. Together, they give you the tools to make wise financial decisions. Knowledge is being informed of something. Understanding is grasping the meaning of information. Wisdom is making right decisions to govern your actions. Knowledge usually fuels understanding and understanding fuels wisdom, however in some instances you face, the Holy Spirit gives direct revelation on how you should wisely respond to a situation and it may be counter intuitive or seem illogical.

Rest assured that His guidance will never conflict with biblical commands or with what is ultimately best for you. So, search the bible for God's financial principles and you will surely alleviate your current problems and sidestep future ones.

Love for God and His lifestyle and financial principles is the beginning of wisdom because it opens the door for you to understand the massive amount of marketing, advertisement, and other info directed at you by those who seek to relieve you of money entrusted to you. Your reliance on the Holy Spirit to understand biblical guidance will allow you to make wise decisions continually. Ultimately your desire to please the One you love along with His power living in you will lead you to make decisions that truly benefit you, your family, and others.

Instead of being a person who consistently & irresponsibly spends all your income, you will develop the discipline of Christ to be content with what you’ve been given and make the most of it via giving, saving, investing, and appropriate spending. His instruction and guidance will be armor that protects you and your family from the enemy’s attacks designed to steal from, destroy, and ultimately kill the LORD’s purpose for your life.

Each person who trusts in the LORD learns to handle a matter wisely and will find peace, joy, and abundance by continually cultivating a deeper relationship with Him via worship, praise, prayer, bible reading / study, life planning based on godly vision, fellowship with believers, contentment, and self-control. Biblical principles will govern his / her affairs and lead to development & maintenance of a giving/saving/spending plan (budget), tithing & offering, alms giving, debt elimination, debt-free living, saving, and investing.

Please pray for this ministry, email me with any questions, and contact me to speak at your busi-ness/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Psalm 111:10, Proverbs 15:33, 16:9, Luke 16:11, Ephesians 5:15, 6:14

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and Linkedin

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 1 Walking With Christ

This program will help you undo financial bondage.

Right now, you may feel like a prisoner of debt and lack and think that no one understands your situation and no help is available. However, the LORD has made a way of escape for you. The first step to changing your negative financial condition is to establish a relationship with Jesus Christ. He's the only person who can resolve your problems.

You must declare that He's your Savior & LORD and commit yourself to reading the bible daily, praying daily, and joining a bible believing local church where you will receive godly instruction that will prosper you in all areas of your life. God established these principles to teach you His ways, to encourage you to follow His ways, and to help you get out of the troubles that the world has trapped you in.

Your alternative is to keep doing what you've been doing and continue your downward financial spiral. Those who rebel at the word of God continue to suffer hard times. Unbelievers suffer naturally and eternally. Believers who resist living by God’s design suffer naturally and sometimes eternally. Biblical instruction applies to everyone, believer and unbeliever alike with regard to the principles and methods God wants you to employ to responsibly manage the resources He’s allowed to come into your life.

You cannot produce the fruit that God desires unless you utilize His principles. When doing so, you will see prosperity overtake each area of your life as you devote your life to the LORD, His people, and His mission.

Please pray for this ministry, email me with any questions, and contact me to speak at your business/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Psalms 1:1, 68:6, Proverbs 15:22, Matthew 6:9, Hebrews 10:25

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and LinkedIn

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 481 You Can Prosper According To His Will

This program will help you undo financial bondage.

Being poor is not a sin and you have not sinned if you have not yet overcome poverty. However, it is not expedient for taking care of everything the LORD called you to do. You may have been born into poverty or come into it through oppression or ungodly activities of other people. However, when your life is not fruitful, profitable, and prosperous in accordance with scripture, you should ask the LORD if you are doing things that are sinful or allowing weights upon you that conflict with the actions needed to overcome poverty. For example, some people remain poor because they fail to believe in the promises embedded in scripture that show greater opportunities and promotion come to those who seek the LORD, consecrate their work unto Him, live & work based on His standards, and trust that He will provide their need according to His riches in glory.

Even though some people are irresponsible and fail to be disciplined, many Christians and other people still reach out to them and attempt to help them better their lives in many different ways (direct help, charity, mentoring, training, employment opportunities, etc.). Unfortunately, there will always be some poor on earth because no matter what we do people have free will and some choose not to do what could better their lives. To others, poverty may be a socio-economic place they are in right now due to various social, cultural, economic, or political influences. If that is you, believe the LORD made a way for your escape. Then, worship, praise, and work via employing biblical principles that move you out of the poverty cycle into the fruitful, prosperous place the LORD prepared for you.

Don’t be haughty or prideful and think you’re better than others when you have a greater measure of earthly wealth. Also, don’t feel bad about being prosperous unless the wealth comes from oppression, criminality, or other ungodly activities. Continue to be a good example and reach out and help in ways that you can and that you are called by God to do. Many will be helped by your extended helping hand and escape poverty then reach back to help others escape its grip thereby widening the sphere of influence the LORD gives you.

More importantly we must understand this scenario: men will be most miserable in this world and in the life to come if we do not introduce them to Jesus Christ and they do not consider relationship with Him and His instruction more important than their daily food and anything else that could be desired. Therefore, that should be our primary mission. Helping pull people out of poverty must coincide with that aim. Because for any of us, rich or poor, it does not profit a man to gain the world but lose his soul! Therefore, giving a person bread and helping him obtain earthly wealth does him no lasting good if he later experiences the judgment of eternal damnation (Hell) because he failed to believe in Jesus Christ who is able to eternally save his soul.

Please pray for this ministry, email me with any questions, and contact me to speak at your business/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Isaiah 10:1-3, Proverbs 22:4, Mark 11:23, Luke 4:17-19, 1Corinthians 10:23-24, 3John 1:2

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and Linkedin

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 480 You Need To Invest

This program will help you undo financial bondage.

401k, 457, 403b, and similar plans are the easiest way for most people to begin and continue investing. A portion of your pre-tax earned income can be placed in these plans. Currently, $19,000 can be invested when younger than 50 and $24,000 when older. Taxes are not due on principal or earnings until you withdraw the money from the plan. If you withdraw money before you're 59.5 years old you will also pay a 10% penalty to the IRS, unless for verified hardship or as part of an equal periodic payment over your projected life expectancy. On these employer-based tax deferred plans neither tax nor penalty applies in instances in which you borrow money from your account and pay it back according to your employer’s payment schedule. However, there will be double-taxation on the earned income used to pay off the loan – once prior to payback and later when that amount is taken as a withdrawal. In addition, when the money is not in the plan it cannot provide earnings growth over the years. Therefore, you should refuse to borrow from these plans except in extreme emergencies that would decimate your finances and life if not taken care of with available funds.

A brokerage account IRA also provides great benefit. You put in post-tax earned income. Currently, $6,000 can be invested when younger than 50 and $7,000 when older. When under a certain adjusted gross-income you can take a deduction on your federal tax return. Taxes on the earnings of IRA accounts are deferred until withdrawal and there is no 10% penalty when money is taken out of the plan after 59.5 years of age. A Roth IRA also allows you to invest post-tax earned income and to not be taxed on earnings or charged a penalty as long as you maintain the account for at least five years and do not withdraw earnings before 59.5 years of age. You can withdraw post- tax contributions at any time without additional tax or penalty. On both types of IRA’s there are a few situations where early withdrawal of earnings might not be penalized, but would be taxed.

Because money that you have chosen to invest into the above noted plans is usually automatically payroll deducted from your employer’s payroll or electronic funds transferred EFT from a savings/checking account, you are more apt to continually invest a set amount month after month throughout your working years. Automating the process helps overcome failure to launch investing and procrastination that overtakes many who failed to invest but know they should have started years ago. Once your financial situation is ready for you to invest, 10 percent of gross income is a good starting point that will afford you great long-term earnings over a long-term investing period when the money is put in no-load low-expense stock index mutual funds like S&P 500 or Total Stock Market. You will quickly realize you do not miss the dollars invested. In fact, you will quickly feel good about doing it and seeing your prosperous future unfolding. For example, a person who invests $500 per month or $6,000 per year and earns 10% annual growth would amass $1,130,000 in 30 years.

Research these plans and other types of brokerage accounts to determine which ones better fit your plan for reaching the wealthy place. Also, realize past earnings are no guarantee of future results, yet historical data generally shows the great benefit received by those who over many years buy and hold a broad array of stocks via no-load low-expense stock index mutual funds. This article could not give you a complete picture of these investment plans. However, they are certainly great tools to put your investment plan into action and on auto pilot so you can reap rich rewards. This will enable you to fulfill the plan God has for you and allow you to enjoy many things on earth while you go about your Father’s business.

Please pray for this ministry, email me with any questions, and contact me to speak at your business/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Proverbs 21:20, Ecclesiastes 11:2, Matthew 25:20-23, Luke 19:15-19

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and Linkedin

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 479 Good Stewardship Produces Abundant Life

This program will help you undo financial bondage.

In 1992, we had over $135K in debt including a $76K mortgage. We were strapped and searching for a way to avoid financial troubles ahead. The Holy Spirit helped us see that a person will perish (suffer lack and other consequences) when (a) he/she does not have God’s vision for his/her life, (b) gain appropriate spiritual and practical knowledge, and (c) by faith walk in godly wisdom with regard to lifestyle and finances.

We accepted Christ into our lives and learned that God desires His people to be debt-free and abundant givers. We started tithing, offering, and budgeting so within the next few years we could get to a point of living on less than 50% of our pay. We made painful choices to cut spending and used newly found disposable income to eliminate our debts. The LORD helped us get out of debt quicker than we thought possible by supernaturally orchestrating a few promotions and raises that increased our income.

We have not had car notes since 1996, have not paid interest on consumer debts since 1997, and paid off our mortgage in January 2004. We experienced terrible economic periods during 2000-2002 and 2008-2010. We refused to cut tithing and offering and continued to utilize a giving, saving, spending plan (budget) that helped us keep outgoing expenses below take-home pay so our upkeep (lifestyle cost) would not be our downfall. By the grace and wisdom of God we cut unnecessary expenses so we could continue to give over 25% of our gross income and save over 25% of it. Aiming for a debt-free lifestyle and deciding in our heart that we would remain that way throughout our lives is the key to being able to live very comfortably on one-third of our gross income. We agreed with the word that being in love with the world was to be at enmity with the LORD and that the abundance of life does not consist in the material things one could get.

We know people can overcome severe economic problems and avoid giving all their would-be-wealth to creditors when they engage the debt-free lifestyle the bible speaks of as available to everyone. In order to embrace it you must stop believing society’s lie that everyone must have debts and continue to seek more debt as they move through life in order for their lives to be worthwhile. The devil is a lie!

Please pray for this ministry, email me with any questions, and contact me to speak at your business/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Genesis 14:20, Psalm 75:6-7, Proverbs 22:6, Matthew 23:23, Romans 13:8, Hebrews 7:8

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and Linkedin

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 478 Principles That Bring Reward, Part 6

This program will help you undo financial bondage.

Diversify your savings and investments so all your eggs are not in the same basket. Scripture instructs you to give a portion to seven or eight because you do not know what troubles may come upon the Earth. It also instructs you to seek safety in the multitude of counselors. When all eggs are in one basket all of them can be destroyed by one person’s malfeasance, but when they are in different baskets one person’s malfeasance does not destroy the wealth God intends for you to manage, live on, and distribute to help other people.

Per the biblical diversification principle, it is prudent over time to have accounts at different brokerages and/or 401k type plans that contain a few broadly diversified index funds (such as an S&P 500, Mid-Cap, Russell 2000, Total U.S. Market, etc.) because you do not know the financial / economic troubles that may come upon the earth or the evil that an investment manager may engage in that could cost you all or a significant portion of your wealth if all your holdings were in one account. Historically speaking, it is highly unlikely that more than one in eight brokers or investment managers would engage unsound or illegal activity because most of them appear honest and would not intend to strip clients of their money. You simply do not know which one might act unwisely or illegally. Thus, it is better to follow the LORD’s diversification wisdom by putting savings in seven or eight investments so you are not worried or very sorry later on because you followed earthly wisdom and concentrated all your wealth at one brokerage, one investment, or one investment company.

The Holy Spirit wants you to follow biblical principles, like those in the last six articles so you always chart and know the state of your income, expenses, assets, and liabilities because they are necessary for developing your ongoing monthly budgets (giving, saving, spending plan) and at least once per year charting your financial net worth. They will also help you achieve total debt-freedom and build wealth by setting aside more income each month and putting the money in investments that multiply it so you are good ground that over time returns 30, 60, and 100-fold more than the LORD initially entrusts to you.

Continual intimacy with Him through prayer, praise, worship, mentoring from and accountability to Christian lifestyle & financial good stewards will help you run and win the race set before you while helping you avoid many mistakes that would otherwise derail you and the purpose He made you to accomplish.

Please pray for this ministry, email me with any questions, and contact me to speak at your business/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Proverbs 15:22, Ecclesiastes 4:12, 11:2, Matthew 25:14, Luke 19:12

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and LinkedIn

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 477 Principles That Bring Reward, Part 5

This program will help you undo financial bondage.

Save for emergencies, so you have resources to help care for needs during rainy days. A wise person stores a portion of his/her resources to meet future material needs, but a foolish person quickly spends everything he/she gets and engages debt obligations above his/her income that ensure all his/her future income gets sucked away and transferred to creditors for many years to come. The foolish are unable to build wealth because this pattern strips them of money in order to build creditors’ wealth and keep them in bondage.

You need an emergency / rainy-day fund to discipline you against unreasonable spending habits, to overcome bad economic cycles that will occur throughout your life, and to help you stop relying on debt to get you through problematic situations that require large infusions of money. Your main savings should be an emergency fund of at least $1,000 until you pay off all non-mortgage debts, unless more money may soon be needed because you are facing a situation like unemployment, impending layoff, or uncovered medical costs where without more available funds your necessary bills would go unpaid.

Put this money in an account that protects principle and interest earned, since it serves like an insurance policy that you need to make sure is available when an emergency occurs. Once all non-mortgage debt is paid off increase the fund to at least $10,000 which for most debt-free families will allow them to cover the emergency and/or three to six months of household expenses.

Invest excess disposable income to accumulate greater return. Investing should be a major initiative undertaken with a reasonable portion of savings (at least 10% of gross income) left over after all your budgetary expenses for each month have been paid. You should be looking for greater compound interest / exponential growth than you can get from accounts in which your emergency reserve funds are parked. God desires that you be like the servants in the Parable of the Talents and the Parable of the Minas who went about trading (investing) the assets He had given them in order to multiplying them for greater use for His glory and to care for themselves and their families and for establishing inheritances for their children’s children and future generations.

A simple place to invest a reasonable amount of income each month is no-load low-expense stock index mutual funds. These provide automatic diversification in each fund because they purchase hundreds or thousands of stocks of a variety of publicly traded companies in a variety of industries. Employer 401k type plans and brokerages like Vanguard, Fidelity, Charles Schwab, TIAA-CREF, etc. often require no more than $25 per paycheck or month to invest in one of their plans or funds. So, getting started is not difficult to do. You simply need to be committed and focused on doing the right thing concerning investing for your future.

Over long periods of time you will find historical data showing that the average annual growth of these no-load low-expense stock index mutual funds has far outpaced the growth / compound interest of other types of non-stock investment options. As you age, you may want to also have a portion of your money in fixed-income funds to provide principal protection during the time period of your life when you know you will need to continually draw money from these funds on which to live during your senior years.

Please pray for this ministry, email me with any questions, and contact me to speak at your business/ministry’s conference/workshop. May the LORD bless you richly as you follow His plan!

Proverbs 13:23, Proverbs 21:20, Matthew 25:14-30, Luke 19:12-27

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and Linkedin

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 476 Principles That Bring Reward, Part 4

This program will help you undo financial bondage.

Refuse to accumulate more debt and eliminate current debt. The borrower is servant to the lender and thus God does not want His people to be in debt because it often causes people to make bad decisions and move away from God’s purpose for their lives and brings trouble upon them and their families. His desire is that you owe no man anything but love.

Refusing to live in a way that brings debt-freedom has brought great turmoil and upheaval in people’s lives via the enormous finance charges they incur as well as problems with repossession, foreclosure, and bankruptcy that millions of people deal with each year, some over and over because they never learn the lesson the LORD shared with them nor see that the bible never speaks positively with regard to borrowing money.

The debt snowball method (using all extra discretionary income after minimum payments are made to pay off the smallest debt first and afterward using all of it to pay off the next smallest debt) tends to be the best method because it is easier to chart debts and eliminate them and it gets you quick victories that positively affect your psyche and motivate you to continue to stick with the debt elimination plan. Also, it generally helps you eliminate total household debt within a few months of other methods that seem superior mathematically.

If you stick with them, other methods will work (like paying off the account that has the highest interest first, then moving to the next highest interest account) and on paper may work out better mathematically. However, they do not appear to have the same positive psychological and motivating effect in that a much higher percentage of people continue on to eliminate debt when the debt snowball method is used. Also, if you were a math genius, conceivably that would have already motivated you to stay out of consumer debt and/or get out of it quickly because you would recognize it greatly hampers your ability to properly manage your income and build wealth.

Refuse to cosign for the debts of other people. You will not help other people live in the responsibility God desires for them and you will bring financial trouble upon yourself by eventually being on the hook for paying the bills of irresponsible people. Bottom line is the debts are ultimately on your record when the people do not pay them and most don’t and it will severely crimp your life and likely put you in financial bondage.

Learn to tell family and friends NO to cosigning anything and simply give them a cash infusion toward worthwhile endeavors when you are in a debt-free and asset rich position where you can do so. You and they will be much better off in the long run as this approach teaches them to be financially responsible and disciplined. If they don’t learn the lesson, then you will not be drug down the hole with them when they become encumbered with debt they will not pay.

Please pray for this ministry and email me with any questions. May the LORD bless you richly as you follow His plan!

Deuteronomy 28:12, 15, 44, Proverbs 22:6-7, Romans 13:8, Proverbs 6:1-2, Proverbs 11:15, Proverbs 17:18

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 www.Amazon.com

You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.

You can connect with Randy Parlor on Twitter and LinkedIn

You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ

MoneyWalk 475 Principles That Bring Reward, Part 3

This program will help you undo financial bondage.

Tithe and give offerings. Your local church should be your first recipient and you should also select a number of other reputable, worthwhile ministries and organizations as secondary recipients. Make sure that some of these organizations use a reasonable percentage of overall donations to support the poor and those in need in your community and beyond.

The LORD instructs each believer to give for these purposes and it is well-pleasing to Him when we do so because we are supporting the spread of the gospel message to lead other people into His Kingdom. Also, it makes us more useful in sharpening others via disciple-making so that each of us have tools and encouragement to fulfill the purpose and reach the destiny He imparted when He created us.

Budget your income and expenses. A number of free resources exist on the internet and you can feel free to contact me to help you craft a 3 to 6-month plan that shows:

a) Your income each pay period.

b) The tithe (10%) and offering (free-will) to be subtracted from take home pay.

c) Each minimum bill payment that must be paid from that pay period’s income (mortgage, rent, credit cards, car note, etc.). There will be a category for federal, state, and city tax to be remitted each month or quarter when income shown in item (a) above is not expressed as after-tax income.

d) Other miscellaneous amounts that must be taken from the income (groceries, personal money, gas for car, monthly amount of annual property tax payment, monthly amount of annual home and car insurance premium, monthly amount of annual life insurance payment, 2 or 3 low cost weekend vacations each year, low cost monthly entertainment, etc.).

e) The amount left over (which we call discretionary income surplus) or nothing left over (which we call a deficit). When your budget shows a deficit or the surplus does not provide enough discretionary income to completely eliminate all your non-mortgage debts within the next two years then you should work with an accountability partner who is a good financial steward to (i) determine which bills receive priority for payment at the current time, (ii) identify current expenses that can be immediately reduced or eliminated, and (iii) find additional work to increase income to help expediently get you out of the financial bondage you are in so you can build wealth to carry out His call upon your life for the future.

Please pray for this ministry and email me with any questions. May the LORD bless you richly as you follow His plan!

Genesis 14:20, Malachi 3:8-12, Matthew 23:23, Hebrews 7:8, Proverbs 27:23-27, Habakkuk 2:2-4, Luke 14:28-30

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