OK, if you’ve stayed with us for the past couple of days we’ve discussed several steps to Breaking the Chains of Debt. Today is the final edition of this post, though we reserve the right to re-visit the issue or add to the dialogue as needed.
So far we’ve talked about:
1. Decide now to refuse to go further into debt.
2. Find an accountability partner.
3. Establish an Emergency Fund.
4. Pay off debt using what Dave Ramsey calls the “Debt Snowball.”
5. Pray for divine guidance as you are working your way out of debt.
6. Sell something and apply the proceeds to the debt.
If you do those six steps, you will find yourself eventually out of debt and saving money. Your grandparents used to tell you why you save – “for a rainy day.” Though it’s an out-dated phrase, the principle rings true.
Here’s my 7th and 8th final steps to this whole process:
7. Become a giver.
If, up to now, you have not been giving to charities, or your non-profit of choice, or to your church – begin doing that now! If you’ve been working the previous six steps you are well on your way to financial freedom. Now is the time to establish the habit of generosity!
No matter how much you earn each year, no matter where you live, no matter what you do to earn your income – you have been given much, you can give as well. There is no financial formula that guarantees your return on giving. But it’s much like gardening or farming – if you want more flowers or to harvest more corn, you have to plant more seed. Establish giving as a habit in your life and you will reap the rewards.
8. Continue working each and every step.
My last step to Breaking the Chains of Debt is to simply continue working through each of the steps consistently, frequently, all the time, without giving up and you WILL break the chains of debt that have you bound up and restricted from doing what you would like to do financially.
Does that guarantee that you will become rich? That depends. What’s your definition of “rich”?
We can talk about that later.
Remember what we discussed yesterday – “the borrower is slave to the lender”? You now have the tools to no longer be a “slave”, but you, too, can be on the path to true financial freedom. The question remains – will you work the steps or will you remain a slave to debt?
It’s for you to decide.