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Practical Advice for Potential Business Start-Ups and the Self Employed

Practical Advice for Potential Business Start-Ups and the Self Employed

by Debt Free Legacy

Practical Advice for Potential Business Start-Ups and the Self Employed

For almost 20 years we have provided training geared to help people achieve and sustain genuine Financial Freedom, using God’s principles coupled with practical advice.  Meanwhile I (Bill Sitter) was operating a small business and employing these same concepts.  During this time my wife and I, and our volunteer small group leaders often encountered potential entrepreneurs and self-employed people who lacked the basic financial wisdom to succeed.  There are scores of books and courses devoted to business start-ups and even to offer self employed guidelines.  This short article will attempt to outline a few foundational principles that may spell the difference between a successful business venture, using Godly principles, and a dismal failure.

First steps must involve getting a very good handle on your personal and family financial status.  Sounds simple and obvious but all too often we speak with ladies and gentlemen who are ready to jump into a business opportunity without a firm grasp of their own finances.  This can be rectified by first completing the exercises in Chapters 1 – 7 of the “Legacy Edition of Financial Freedom in 7 Weeks Plus.”  Doing so will ensure that singles and couples have an understanding of God’s principles for money and business.  Short and long term goals are written down as part of this training, to clearly identify targets and timelines, for all involved parties.

In the process of completing this 7 week study (individually or in a small group) you will learn how to prepare all the following financial forms:  Income and Biblical Giving, Debt Repayment Schedule, List of Assets, List of Liabilities, Personal Balance Sheet & Net Worth Statement, Estimated Monthly Living Expenses, and a Cash Flow Control system.

“Guidelines for the Self-Employed” are provided in Chapter 2.  Over the years we’ve been shocked at the number of business owners who lack an understanding of gross revenue (gross business receipts) and real “increase”.  These few pages in the workbook are a MUST for anyone considering self-employment or a small business launch.

God’s Word – the Bible – gives us over 2,000 scriptures relating to finances and the proper stewardship of the resources we receive from God.  These include instructions on honest business practices, fair treatment of employees, and even advice that relates to providing excellent customer service.  God wants men and women to succeed in the business world and to be salt and light to a hurting and lost world.  So, if God is leading you to run a business, small or gigantic, or to join the ranks of the self-employed, then embrace these two scriptures from Proverbs 16:3 and 21:5 (NIV):

        “Commit to the Lord whatever you do, and your plans will succeed.”
        “The plans of the diligent lead to profit as surely as hast leads to poverty.”

We encourage you to maximize your understanding of the business venture you are considering.  Seek wise, godly counsel.  The “Legacy Edition of Financial Freedom in 7 Weeks Plus” can be used for individual study or with a small group.  It will provide an excellent starting point for any potential entrepreneurs or those considering self-employment opportunities.

Financial Knowledge & Wisdom

Financial Knowledge & Wisdom

by Debt Free Legacy

Today there are more books, courses, TV programs, CD’s and DVD’s on money than ever before. Despite this deluge of “information”, it appears that families, businesses, countries and many churches are in really bad financial straits. How can that be? This short article will address some basic problems that we believe are root causes and will provide advice for reversing this trend. 
Most folks would consider “prosperity” to be their top financial goal. Since this means different things to different people, we will use the definition of “Godly Prosperity” from the Legacy Edition of “Financial Freedom in 7 Weeks Plus”: “Having all the resources (time, talent/skills, and money) needed to accomplish the mission you have been called by God, to accomplish.” The Bible warns us not to compare ourselves to others and not to envy or covet. So, it’s logical to conclude that we are “prosperous” if we have all the resources necessary to fulfill the roles we individually are assigned Our Creator. For some this may be caring for a family, or running a business, or participating in ministry or mission work, or possibly as a professional athlete or a doctor. 
Knowledge may be equated with having a grasp of factual information. For example, a financial expert may be informed on the latest accounting and tax regulations and have a solid grasp of principles, such as compound interest, how to calculate present and future values, and the pluses and minus of leasing versus renting versus outright ownership. So, let’s simply say that knowledge means knowing the facts… In this case – money facts.  
Wisdom is far more precious (than factual knowledge), as we see in the following scriptures:
Ecclesiastes 2:26 (NIV): “To the man who pleases Him, God gives wisdom, knowledge, happiness, but to the sinner He gives the task of gathering and storing up wealth to hand it over to the one who pleases God.” 
Proverbs 16:16 (NIV): “How much better to get wisdom than gold, to choose understanding than silver.” 
Proverbs 4:6-7 (NIV): “Do not forsake wisdom, and she will protect you; love her, and she will watch over you. Wisdom is supreme; therefore get wisdom. Though it cost all you have get understanding.” 

I like to explain true Godly wisdom as being able to use factual knowledge in the framework of practical application advice, as found throughout God’s Word. Psalm 37:30 (NLT) makes it abundantly clear that wise Christians should seek Godly wisdom from trusted council: “The Godly offer good counsel; they teach right from wrong.” Therefore, we should seek out and listen to men and women who have factual knowledge in our areas of concern (financial, medical, marriage, etc.) but also have established a proven track record as Godly counselors.

Greed and the Taiwanese Monkey Trap

Greed and the Taiwanese Monkey Trap

by Debt Free Legacy

We understand that the Taiwanese utilize a very simple device to trap monkeys; one that is painless and works great. A box with a small opening, just large enough for the monkey’s open hand, contains a juicy banana. The monkey reaches in, grasps the fruit, but can’t get the closed fist and banana out of the hole. Rather than let go of the enticing meal, the greedy monkey refuses to let go and is easily captured. Since most of us are not in the monkey trapping business, you might wonder what this has to do with Godly financial principles. The common thread of truth is GREED… As we see in 1Timothy 6:10 (NIV): “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with griefs.”
Money is not good, nor is it bad! It is merely a form of exchange that can be used for evil purposes, for wasteful pursuit, or for the well being of our families and the growth of The Kingdom of God. In the “Financial Freedom in 7 Weeks Plus” course and workbook, it is made clear that how each of us spends money, or use other resources (time and talents), is important; therefore “all financial decisions are spiritual decisions.”

We live in a modern world where much of the advertising is aimed at making us crave things we don’t have and often don’t need. The appeals may seem harmless but many have the effect of stimulating envy and greed. This becomes a slippery slope that, just like the trapped monkey, can lead to making idols of things and of money itself. Falling for the “greed trap” can lead to making hasty and unwise decisions that are out of line with God’s best plans for us. So what’s the solution? Let God, not money, be at the center of our hearts. If we start to be enticed by “the money banana”, let go and ask God how He wants us to steward the resources he has provided. Let’s close this article with Matthew 6:24 (NIV): “No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and money.”

The Unseen War

The Unseen War

by Jerry Lintz, Graduate of "Financial Freedom in 7 Weeks Plus"

My name is Jerry Lintz. For those of you who don’t know me, I am a www.debtfreelegacy.com team member and graduate of the 7 week small group program. During the course, I found the most enlightening aspect of “7 weeks +” to be the extent to which the spirit world not only affects our financial situation, but also influences all aspects of our daily existence. And, since Bill Sitter and I have been searching for my role as a fellow servant in this wonderful ministry, I have decided to begin a series of articles on spiritual warfare.

For those of you who may be new to the concept of spiritual warfare, let me make something abundantly clear…IF YOU ARE NOT ACTIVELY ENGAGED IN BATTLING AGAINST THE POWERS OF DARKNESS, THEN YOU ARE LOSING A VERY IMPORTANT WAR!!!

Let there be no mistake. There IS a battle going on around us. We may not be able to see, smell, or touch it, but rest assured it is occurring even as you read this. And this fight is not only between God Almighty and the god of this world (Satan). Oh no, this battle involves each and every one of us: both those that are lost; and especially, those of us who belong to Christ.

How can I be so sure of this you ask? Well, the Bible is our primary source of intelligence information, or “intel” where Paul tells us in Eph_6:12: “For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.” (KJV) Notice, Paul does not say we might, or we may wrestle. Also, please note Paul doesn’t say we will wrestle, or even we have wrestled. Paul’s phraseology erases any doubt concerning the nature and scope of this WARFARE. It is ongoing, it is personal, it occurs in the spiritual realm, and if you belong to Christ, it is aimed directly at YOU!!! So please don’t be deceived into thinking that just because you’re not actively engaged in ministry, or that because you’re saved the battle is over for you. Now, I believe that if we are going to be in a war, we should learn as much as we can about this war, train our hearts and minds to function in the face of fear, and equip ourselves to the extent possible in order to be the warriors our Captain and Savior, the Lord Jesus Christ desires us to be.

Therefore, in future articles, it is my intent to use the Bible to first educate you about the identity, nature, and tactics of our enemy. Then, I plan to show how we can train our hearts and minds to recognize and counteract the “wiles of the enemy”. Finally, I will show how we can start each day by equipping ourselves with the whole “armor of God” and then “gird our loins” for battle so that we are constantly prepared for the attacks that will undoubtedly assail us as we go about our everyday lives.

So please join me next week as we learn about our enemies and prepare for battle in a war we cannot afford to lose. (If you’d like a hint as to our primary enemies’ identity, please see I Peter 5:8). In the meantime please use this prayer form the pages of “7 weeks +” to begin preparing for victory:

 “In the mighty Name of Jesus Christ, and in accordance with God’s Word, we take authority over Satan and all his demonic forces that try to come against us. We are God’s children, protected by the blood of Jesus, and we declare that you – devil – were defeated at the cross and at the grave of Jesus and you remain defeated. Your weapons will not succeed or prosper. So we command you to take your hands off in Jesus’ Mighty name! And all God’s people said…Amen!”