Chapter Three - Debt

"Sell so much stuff the kids think they're next." - Dave Ramsey 

LESSON 1 - WHAT THE BIBLE SAYS ABOUT DEBT

1.  Debt is a struggle for many and is discouraged in the Bible. The rich rule over the poor, and the borrower is the slave to the lender. Proverbs 22:7 - "The rich rule over the poor, and the borrower is slave to the lender."

2. While Scripture doesn't specifically call debt a sin, it strongly discourages it.  "Owe no man anything." Romans 13:8 -  "Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law."

3. Debt often increases stress, can stifle creativity, harm relationships, and control lifestyles. "Riches and honor come from You alone." 1 Chronicles 29:11 - "Yours, Lord, is the greatness and the power and the glory and the majesty and the splendor, for everything in heaven and earth is yours. Yours, Lord, is the kingdom; you are exalted as head over all." 

 LESSON 2 - COMPASS - FINANCES GOD'S WAY MAP (Trade Mark)

The Compass Map is an easy, proven guide that works for everyone, regardless of your financial status. It shows where you are, where to go, and what to do next.

Destination 1: 

1. Emergency Fund - Save $1,000 for emergencies. 80% of most emergencies , or unplanned expenses cost less than $1,000.

2.  Start using a Spending Plan.

3.  Begin giving.

Destination 2:

1. Increase Emergency Savings to One Month's Income.

2. Pay off Credit Cards.

Destination 3:

1. Increase Emergency Savings to Three Months's Income.

2. Pay off all Consumer Debt (auto loans, student loans, ect.).

Destination 4:

1. Save for Major Purchases (home, auto, ect.).

2. Save for True Financial Freedom (retirement).

3. Save for Kids Education and Business.

Destination 5:

1. Purchase Affordable Home.

2. Start Prepaying Home Mortgage.

3. Begin Investing.

Destination 6:

1. Home Mortgage Paid Off.

2. Children's Education Funded.

Destination 7:

1. True Financial Faithfulness!

** END OF CHAPTER THREE**

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Chapter Four - Honesty, Bribes and Counsel