Are You Dying From Debt Related Stress?

Yesterday we discussed saving money for an emergency fund. Today we will look at what is becoming a lost discipline: saving money for purchases. We live in an instant gratification society and we feel that just because we want something, we should have it right now – whether we can afford it or not. How do we make it happen? Debt!

IDebt Word And 3d Character Showing Bankruptcy And Poverty believe debt is financial cancer and it is killing people financially. Proverbs 21:20, says; “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (NIV). It is unwise to just blow all we have and then when we find something we want, we just go into debt for it.

young couple worried at home in bad financial situation stress asking for helpDebt-related stress destroys marriages, reduces productivity in the workplace, and in some cases, it is literally killing people (Check out “Maxed Out” by James D. Scurlock). It is okay to purchase material wants if you are financially responsible when you do so. A big part of being financially responsible is saving up the money to make big purchases instead of going into debt.

Dave Ramsey says, “One definition of maturity is ‘delaying pleasure.’” Remember, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (Proverbs 21:20, NIV). The wise and mature thing to do is save up for big purchases.

debtDebt is a killer! As I said before, debt is financial cancer that is killing people that would otherwise be financially stable. By the way, the belief that the poor must go into debt to get by is a myth. I realize I may get some backlash from that but it is true. As a matter of fact, the less money one has, the more fatal going into debt will be.

debt stressI have had money and I have not had money and in neither case has debt been an asset.   To be honest, over the last 17 years, other than a mortgage I had for about 13 years, I have not had any debt. The freedom I have had during times of plenty and times of…well… not so plenty – I can greatly attribute to my and my wife’s refusal to go into debt.

So, go ahead and get you some “stuff’, just make sure you can pay for it without going into debt. And if you cannot pay for it, at least have the wisdom and maturity to delay that pleasure long enough to save up and pay cash!


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_MG_6842cropTommy Lanham is a dynamic, award-winning speaker who has been training individuals and organizations to reach their God-given potential for 25 years. With a unique blend of Ziglar motivation and ragamuffin faith, Tommy delivers powerful, life changing messages filled with humor, hope, and enthusiasm.

Tommy will empower, entertain and energize audiences to achieve extraordinary results and live a life beyond what they ever dreamed possible.

Tommy is dedicated to helping you make your next event the best you’ll ever experience. Your audience will laugh, learn and be inspired as he mixes enthusiasm and humor with motivational stories to deliver a high content message.

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Are You Prepared to Lose Your Job?

 

Image result for tax time imagesTax time means we typically become more aware of our financial situation. We look at our income and what we have spent over the past year. We come to the conclusion that we need to spend less and save more.

Cars break down, people get sick, houses needs immediate repairs, and people lose jobs. Emergencies happen.  It is a fact of life. It is wise to be prepared.  We need an emergency fund.  Some people call it a rainy day fund. Whatever you call it, there is much wisdom in preparing for financial emergencies. We might as well go ahead and plan now so they will be less devastating. emergency-fundIn Genesis chapter 41, Egypt is about to have seven years of abundance followed by seven years of famine. In verses 35-36 Joseph gives this wise counsel to Pharaoh; “They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine” (NIV).

Image result for car breaking down imagesWe may not always receive a dream of when an emergency is coming like Pharaoh did, but sometimes you can foresee a coming expense.  You know – when the car sounds like the motor is about to explode every time you stop at a traffic signal…. there may be an automobile repair in your near future. Go ahead and save up now… before the explosion!

Suggestions for saving up an emergency fundpiggy

Dave Ramsey suggests you save up a beginning emergency fund of $1,000 while you get out of any debt (other than your house). If you have no debt (other than your house) most financial coaches suggest saving up between 3 to 6 months of expenses in an emergency fund. My personal opinion is to save more towards the 6 months than the 3 months.

Pinterest is a great resource for tips on saving your emergency fund.  Check it out!

What is something you’ve done or plan to do to save up for emergencies?  Leave your suggestions in the comments below (find “comments” just below the red submit button)!


Follow to this blog to be sure to get motivation, encouragement, and accountability in your inbox to help you reach your God-given potential!  Don’t miss the rest of this week’s blogs.

Subscribe to the YouTube channel to get notifications when there are new videos posted!


_MG_6842cropTommy Lanham is a dynamic, award-winning speaker who has been training individuals and organizations to reach their God-given potential for 25 years. With a unique blend of Ziglar motivation and ragamuffin faith, Tommy delivers powerful, life changing messages filled with humor, hope, and enthusiasm.

Tommy will empower, entertain and energize audiences to achieve extraordinary results and live a life beyond what they ever dreamed possible.

Tommy is dedicated to helping you make your next event the best you’ll ever experience. Your audience will laugh, learn and be inspired as he mixes enthusiasm and humor with motivational stories to deliver a high content message.

Check Tommy’s availability: