9 STEPS OUT OF FINANCIAL CRISIS GODâ€™S WAY OF MANAGING OUR FINANCES
WHY WE SUFFER FINANCIAL CRISIS? We have learned so much from worldâ€™s financial experts on how to manage our finances. Yet the world is in financial crisis not only individuals but governments as well. What is shocking, not only poor countries are in financial trouble but rich countries included, like countries in Europe. United States of America is not an exception. It was once considered the richest country in the world, but now the number one debtorcountry in the world with a total staggering debt of more than 16.5 trillion dollars and counting. According to an expert, to count the said amount of money at one dollar every second, it would take about a million years. The question is why is this happening in our world today? Is this because we do not follow Godâ€™s way of managing our finances?
HERE ARE THE 9 STEPS: Commit to becoming debt free now.
• Psalm 37:21, “The wicked borrow and do not pay…”. Spending more than what you earn is an addictive habit. Unless you commit and determine to be free from debt, you will never be able to get out from financial trouble.
Start paying God and yourself first.
• If you believe God owns your life and everything you have is of God’s (Psalms 24:1) for you do not have any control over your health and life, you have to return to God the tithe, (Malachi 3:8-10).
List all you own and all you owe.
• Proverbs 24:3, “By wisdom a house is built, and through understanding it is established.” You need to write down your assets and liabilities so you will know how much is your net worth.
Have a sale.
• Ezekiel 20:7, “Get rid of every idol...”. The word “idol” in the context of personal finance is anything you own that you do not need anymore but you still keep it for emotional reason, To help pay off your debts sell them or have a garage sale so the proceeds could help pay off your debts. Set up a repayment plan.
• Proverbs 21:5, “Good planning and hard work lead to prosperity…”. Proverbs 20:18, “Get advice if you want your plans to work.” When your income is not enough to pay your regular monthly payments to your creditors, make a repayment proposal to your creditors base on your capacity to pay. Decide to do it in half a time!
• Luke 18:27, “What is impossible with men is possible with God.” To get rid of your debt quickly, try to payoff your debts half of the amortization period.
Add no new debt!
• Hebrew 13:5, “Be content with what you have…”. Once you have made payments on your debts do not purchase anything that are not essential, be content of what you have. Share your plan with your creditors.
• Proverbs 6:7, “When your ways please the Lord, He will make your enemies into friends.” On a situation where you do not have any means to make a reasonable repayment plan to your creditors, you share your plan how to payoff your debts.
Stick to it!
• Galatian 6:9, “Let us not get tired of doing what is right, for after a while we will reap a harvest of blessing if we don’t get discouraged and give up.” This passage simply means, be persistent of doing what is right.
It is right to pay off and discharge all your debts and you will harvest the blessing of being debt-free.
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