Sharon Epps is the president of Kingdom Advisors.
[1:15]
WHAT ARE THE BASIC WAYS MONEY CAN BE USED?
- Money is represented by the "live, owe, grow pie.” We say “pie” as that illustrates the fact that it needs to be divided up because there are a limited number of pieces.
- Debt has several dangers: it can be economically dangerous as compounding can work against you; spiritually dangerous because it may prevent opportunities for God to intervene; and psychologically dangerous as it can induce anxiety and threaten marital unity.
- Proverbs 22:7 mentions that the borrower becomes a slave to the lender, indicating the spiritual caution against debt.
WHAT CAN YOU TELL US ABOUT MATT AND LISA'S JOURNEY TO OVERCOMING DEBT?
- Matt and Lisa managed to pay off $50,000 in debt in less than two years despite living in an expensive location and having modest incomes.
- Matt showed dedication by taking on jobs below his qualification level to pay off the debt.
- Their community and their faith played a significant role in their journey; they received unexpected financial help from friends inspired by their commitment.
- They experienced God's providence and shared their blessings with others in need once they were debt-free.
[7:20]
WHAT CAN YOU ADD TO MATT AND LISA'S STORY?
- The discussion centers on the "owing" category out of the four ways money can be used (living, giving, owing, growing).
- The dangers of debt from economic, spiritual, and psychological perspectives are emphasized.
- God is willing to work in our financial lives if we trust and invite Him.
Matt and Lisa's generosity extended to helping others with their financial challenges once they were free from their own debt.
- Their journey demonstrates the spiritual adventure that unfolds when we surrender our finances to God.
[10:15]
SHOULD YOU CONTINUE GIVING WHEN YOU HAVE MASSIVE OBLIGATIONS?
- Absolutely, it’s a way we indicate to the Lord that He’s still first.
- You may need to pray about the amount, but God honors giving.
10:44
WHAT PRINCIPLES UNDERPIN THE TOPIC OF DEBT?
- Ensure the economic return from borrowing is greater than its cost.
- Always have a concrete plan or way to repay the borrowed amount.
- Spouses should be in complete agreement before taking on debt.
- Borrow only when absolutely necessary to avoid preempting potential divine interventions.
[14:20]
A new "FaithFi" tool has been launched to assess and manage debt. This tool allows users to input their debts and provides strategies for repayment. Learn more at FaithFi.com/debt.
On today’s program, Rob also answers listener questions:
- How can my husband and I ensure our house doesn't go through probate if something happens to him, especially since he's the only one on the deed and loan paperwork?
- Should I move my $150,000 from my 401k into an Indexed Universal Life (IUL) so I can borrow against it without affecting the principal?
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
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