On October 27, 1929, the stock market plunged into a depression that lasted for four solid years.
1 My son, if you have put up security for your neighbor, if you have shaken hands in pledge for a stranger, 2 you have been trapped by what you said, ensnared by the words of your mouth. 3 So do this, my son, to free yourself, since you have fallen into your neighbor’s hands: Go—to the point of exhaustion— and give your neighbor no rest! 4 Allow no sleep to your eyes, no slumber to your eyelids. 5 Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler. 6 Go to the ant, you sluggard; consider its ways and be wise! 7 It has no commander, no overseer or ruler, 8 yet it stores its provisions in summer and gathers its food at harvest. 9 How long will you lie there, you sluggard? When will you get up from your sleep? 10 A little sleep, a little slumber, a little folding of the hands to rest— 11 and poverty will come on you like a thief and scarcity like an armed man.
According to J.C. Penney, “Buying on credit is folly.”
Henry Ford defined debt as a lazy man’s way to financing.
In 1951, Franklin National Bank of New York came out with the first “credit card.”
In 1970, only 15% of Americans carried credit cards.
In order to Get out of Debt we must:
1. Humble Yourself!
2. Develop a frugal lifestyle!
3. Get off your buttocks (and work)!
As a church, we’ll be spending three more weeks talking about our financial battle plan. I plan on being there each week to participate in this planning process. On 1/25/2009 (which happens to be my parents 40th anniversary), Joe Sangl, author of I Was Broke. Now I’m Not., will be at our church and he’ll be leading a financial seminar from 1:30pm-3:30pm.
Check it out…