[Better Money Challenge – Week 5]
INTRO
Well, we have now arrived at our fifth session together. Hopefully you have grabbed hold of some gold nuggets each week. Has this challenge inspired you to take any action? Remember, these articles are here to review whenever you need or want to.
Last week, we explored the area of “Spending and Maintaining”. There may be a fine line between the two. Spending includes any and all new purchases you make. Maintaining is the art of preserving, which minimizes the need for expensive things to be continually replaced.
As I have said before, my goal is to keep you in the driver’s seat at all times. Our Creator has given you this incredible life. I am so grateful to be able to connect with you as a friend and coach. Let us do something remarkable together (for the glory of God).
DEBT
Utilizing other people’s money is the reason for having and acquiring debt. Some wealthy people will strongly encourage it. Others will refrain from it at all cost. The decision is completely yours.
If you decide to utilize other’s people’s money, just keep in mind that you will generally be expected to pay some form of interest. This means that for every purchase you make (with debt), you pay the purchase price plus interest. Something to keep in mind.
For this reason, you may want to consider whether taking on debt will be for the better or worse. Before you decide, will the item you are purchasing (on credit) go up in value or down? Some recommend buying a house and land (using a mortgage) because the long-term value of the investment appreciates.
COMMITMENT
As Christian believers, we should be committed to God first and foremost. He is the one who has given each of us life and breath. Not to mention, He alone knows what is actually best for you.
Then, our devotion should be to spouse (and family). That special someone whom you have pledged “until death do us part” is worthy of your very best. Children and other family members should also be remembered.
And let us not forget, you need to also be committed to you (and your dreams). You need to always be making decisions that will ultimately help you be at your highest point. This will make it easier to love and serve the others you care about most.
TAKEAWAY
Throughout this challenge, we have spoken about resources flowing (in and out). Toward you and away from you. Some funds you keep longer, others shorter. Certain things can even be shared with friends and others. You get to decide.
For this week, we are considering the idea of debt. Remember, you may be better off to avoid it. Always read the fine print before signing anything. Whether you decide yes or no, consider the total cost (adding in the interest over the full duration of the loan).
Lastly, we spoke about “Commitment”. In my opinion, this section is the most important of the whole challenge. Honestly, if you get this one area right, you will have a much easier time managing all of the rest. Thanks for joining me, and may God richly bless you.
Under the Shadow of the Almighty” (Psalm 91:1),
Shawn Episcopo