On Your Way to be Debt Free

I Corinthians 10:31

In this study, we are going to list a path to victory on the financial road. Time doesn’t allow extended comment, but a thorough study on your part is recommended.

1. After you save your $1,000 emergency fund, it is time to tackle your smallest debt and then your second, etc.

2. After your debt retirement has been completed (except for your home) you need to save three to six months of your total monthly income as your emergency fund.

3. After your emergency fund is where you need it to be, then go for a double goal - (a) Pay off home mortgage and (b) Save for retirement.

4. To pay off your home mortgage, set a goal, maybe 5 years, 10 years, etc. For retirement start with 10% to 15% of your total income, if possible. Set a goal of 15% to 20% after the home mortgage is paid off.

5. The closer you get to being debt-free, plan to give more. For example, move your tithe from 10% to 15%.

6. Plan for after retirement (when you are gone)! We need to be concerned that our assets which we leave in this world, will be a blessing and not a curse to our children and/or relatives.

7. Wealth inherited will be a blessing for those who receive it if only they have the spiritual wisdom to know that money is not the answer to life’s questions and problems. Many people leave money to relatives which ends up being a curse to them.

8. When a Christian considers the “after retirement” experience (death), he/she should consider including the work of the Lord through his/her church.

9. Every Christian needs to remind himself/herself often that the pursuit of wealth and “stuff” can easily become your god.

10. Remember the bumper sticker, “He who dies with the most toys is still dead!”

11. Remember the truth of a previous study. “Selfishness and abundance = greed. Greed = the love of money. The love of money = the root of all evil.” See I Timothy 6:10.

12. All our saving, spending, and earning of money must always be “to the glory of God.” I Corinthians 10:31, “Whether therefore ye eat, or drink, or whatsoever ye do, do all to the glory of God.”