Proverbs 22:7- “Just as the rich rule the poor, so the borrower is servant to the lender.”
When my wife was in high school and got her first credit card, her dad told her that she had to pay off the balance each month. She didn’t even know carrying a balance was an option. She faithfully paid off the balance each month. When she started working retail, people would come in and ask to pay part of their credit card bill, she realized most people carry a balance. This totally surprised her because you were supposed to pay off the balance each month. I wish everyone was taught (and followed) her dad’s advice. Unfortunately, most people feel that debt is acceptable. Most actually don’t think about it at all, accepting it as normal.
If you’ve ever borrowed money to buy a car, you know you don’t really own that car until the note is paid. If you’ve ever put Christmas gifts or a car repair on a credit card, you know the toys and car parts aren’t yours until the credit card company is paid in full. If you’ve ever faced foreclosure, you know the house you paid for and thought you owned isn’t really yours until the mortgage is all paid off. If you don’t pay cash for something, you don’t actually own it. The person or bank that holds the note owns it. You are simply borrowing it. While this seems like common sense, most people live the lie that if they possess it, it is theirs. When your paycheck hits your bank account, the money isn’t yours, you simply hold onto it until the debt comes calling. When someone has claim to the spoil of your labor, that’s called slavery. We don’t think like that anymore because we believe the lie that debt is a normal part of life. If slavery is normal, I’ll take being weird.
The Bible is clear that only one debt is acceptable. Romans 13:8 instructs us, “Owe nothing to anyone—except for your obligation to love one another.” This means we pay our taxes, pay our bills on time, pay our debts on time (ideally, you work hard to get out of debt), and look for ways to give and love. I agree with Dave Ramsey that the only other debt that may be acceptable is a home mortgage, but if you can do 100% down, you should.
I’m tired of seeing God’s people being hindered in their mission because of debt. I’m tired of seeing people simply give to missions instead of having the freedom to go on mission. The biblical warning to avoid debt would relieve a lot of heartache in families, businesses, ministries, and churches, not to mention countries. There is no such thing as good debt.
Let’s heed this warning.
#MaxonFinancialSolutions #Freedom #CoachScott
Photo by Eyasu Etsub on Unsplash
One key to wisdom is learning from the mistakes of others. That is one reason I spend so much time reading. Some books provide good guidance for the road of life. Some don’t. I have found the best book to be the Bible. Regardless of how you feel about the Bible, you can’t argue with the wisdom contained within. Not only is the Bible full of wisdom and stories, but the Bible is also full of warnings. It warns against a variety of life issues. Over the next few blog posts, I want to focus on some biblical warnings regarding money. We will look at warnings about wanting to be rich, borrowing money, taking advantage of the poor, investing, co-signing, and general warnings. I hope you enjoy these short posts.
Have you ever been tempted with a “get rich quick scheme”? Considering the word “scheme” is in the title of these money moves, we know they won’t last. While I encourage people to pursue wealth and set goals regarding their use of money, these pursuits should all be secondary to humanity’s primary purpose in life: glorifying God. Often, when we chase money, we lose sight of more important things. When we take another extra shift at work, book another meeting over dinner, or agree to a 60-hour workweek, the pursuit of money becomes our number one priority. Our family becomes second or third, and our faith barely makes the top ten.
The Bible issues several warnings against those whose primary goal is to become rich.
First, you will be tempted to cheat others to get more. Proverbs 28:20-“The trustworthy person will get a rich reward, but a person who wants quick riches will get into trouble.” When the almighty dollar is all you think about, your integrity doesn’t matter as much anymore, and you are willing to do whatever it takes to get rich. That is a dangerous place to be.
Second, you may develop wrong motives and end up in poverty. Proverbs 28:22-“Greedy people try to get rich quick but don’t realize they are headed for poverty.” Going after money simply for the sake of a fat bank account calls into question your motives for work and relationships. This causes you to have blinders towards people and situations where compassion and care are required—another dangerous situation.
Third, you will face additional traps, temptations, and lusts that will destroy you. 1 Timothy 6:9-“But people who long to be rich fall into temptation and are trapped by many foolish and harmful desires that plunge them into ruin and destruction.” When you are only focused on making money, the devil will come along and paint some pretty pictures of a life of luxury. He will then present “excellent business opportunities” that end up enslaving you. Don’t fall for this!
How do we heed these warnings and still pursue money? Because let’s face it, we need money to live. We need to pay for food, housing, clothes, and other things.
The key is priorities.
Ask yourself why you want to get rich. Is it so that you can relax and enjoy life on this earth? Is it to pursue worldly pleasures? If so, the warnings are for you.
If you want to “get rich” so that you can bless others, give to the poor, help a single parent, support global missions, and glorify God, these warnings are not for you.
Getting your heart to match up with your actions will pay huge dividends in the pursuit of money, wealth, and possessions.
#MaxonFinancialSolutions #Freedom #CoachScott
Photo by Giorgio Trovato on Unsplash