Worship Times: Main Service - 10:40 a.m. : Sunday P.M. Service - 6:30 : Wednesday P.M. Service - 6:30

Debt Free Living

I. Biblical Principles of Debt

   A. The debtor is in servitude to the one who lends to him (Proverbs 22:7)

   B. Avoid being a surety got a loan

   C. The borrower must repay the debt

   D. Avoid long-term debt

II. Develop a plan for paying off debts

   A. Set up a budget

      1. You campy spend more than you make

      2. Set up a budget with living expenses and debt service

         a. Summarize present situation

         b. Establish financial goals

         c. Increase cash flow margin

         d. Control cash flow

   B. Live within your means

      1. Be careful with charge cards

III. Investment strategy

   A. Buy a home – 15-year note

      1. Interest—taxes deduct

      2. Get appreciation buildup

   B. Stair step to financial security

      1. Eliminate all high interest debt

      2. One month’s living expenses in checking account

      3. Three to six months’ living expenses in money market account

      4. Invest to meet long-term goals—college, etc.

IV. Some steps to financial freedom

   A. Transfer ownership of all possessions to God

   B. Get out of debt

      1. When payment is past due—goods and services

      2. Total unsecured liabilities exceed total assets

      3. Anxiety is produced over financial responsibility

   C. Buy only living essentials until out of debt—avoid indulgences

   D. Think before buying

   E. Discontinue credit buying

   F. Practice saving after you are out of debt

   G. Establish the tithe

V. Why have wealth?

   A. Blessing others

      1. True wealth comes with the gift of giving