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Bankruptcy

Bankruptcy

by Elaine Bechtel

Ever ask yourself: “How did my finances get into such a mess?” Or “Is bankruptcy my only option?”

Most often, financial mismanagement or even greed brings us to the point where we feel bankruptcy may be our only option…however, it is almost never a good solution. The Bible warns us in Proverbs 21:17 (NAS) “He who loves pleasure will become a poor man: He who loves wine will not become rich.” And in Psalms 37:21 (NAS) we read, “The wicked borrows and does not pay back. But the righteous is gracious and gives.” Being unable to pay our obligations does not speak well of a God who supplies all of our needs. We may need to ask ourselves a tough question: Are our financial problems the result of satisfying our wants (greed) rather than meeting genuine needs? There is a big difference.

Whatever happened, here are some action steps to help us climb back from the brink of bankruptcy:

  1. Admit your spending habits need to change.
  2. Ask God for help and find an accountability partner.
  3. Take a financial course (like Financial Freedom in 7 Weeks Plus) and learn about freedom from debt action plans.
  4. Put a hold on credit card purchases for now.
  5. Create a debt repayment schedule and commit to repayment.
  6. Call each creditor and discuss your options. Ask that they reduce the interest rate. Let them know that you intend to pay them back.
  7. Outline your repayment plan for them in a letter stating that if you get no response then you will believe that they agree to the plan, and send it by certified mail. (This may possibly help you if they take you to court or turn you over to a collection agency.)

Coming back from the brink of bankruptcy is not easy, but it is the right thing to do. So let Romans 13:8 (NAS) be your guide “Owe nothing to anyone except to love one another; for he who loves his neighbor fulfills the law.” And draw strength and confidence from Philippians 4:13 (NAS) “I can do all things through Him who strengthens me.”

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.

Financial Happiness…Charles Dickens and God’s Word

Financial Happiness…Charles Dickens and God’s Word

by Debt Free Legacy

FINANCIAL HAPPINESS…CHARLES DICKENS and GOD’S WORD

In his famous book “David Copperfield”, author Charles Dickens gave a very simplistic formula for happiness: “spend less than you earn”.  Fortunately, God’s Word – the Bible provides a great deal more depth with over 2,000 scriptures relating to financial matters.  Wouldn’t it be wonderful if America, and all the world’s debtor nations, as well as all families, would follow even this most basic advice from Dickens.  The United States of America has set a horrible example for financial management .  For years, this country (which we love) has spent far, far more than the money it received.  The result has been debt and the printing of more and more US currency, and the astounding expansion of our national debt…a debt that future generations will have to repay. 

It will take many years for wise men and women leaders to return America to a stable financial platform…assuming they have the courage to stay the course.  However, the average person or family must take a fast track approach.  After all, we cannot just print currency (at least not legally) and we cannot float bonds or borrow long-term from banks and foreign nations, like China.

Fortunately, the Bible is loaded with real world advice on how Christians can be good stewards of the resources God has blessed us with.  As a quick refresher, take a few minutes to read Deuteronomy 8:18, Psalms 50:10 and 1st Chronicles 29:11-12.  These are just a few of the scriptures attesting to the fact that God owns everything and only He gives us the power and ability to get wealth. Www.debtfreelegacy.com is a ministry dedicated to helping people achieve their God-given destinies.  The Legacy Edition workbook “Financial Freedom in 7 Weeks Plus” helps people work through practical exercises, backed by scriptural support, to get their own financial houses in order.  Part of the course uses Charles Dickens’ logic of spending less than you earn.  However, the training goes far beyond that by leading people on a path to true Financial Freedom….God’s Way!