131020 eng i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh
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Transcript of 131020 eng i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh
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Part 3: How to get out of DEBTS
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Introduction:A practical series about living life with
fewer regrets and more purpose.
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Habakkuk 2:2 (NKJV)“Write the vision, And make it plain on tablets,
That he may run who reads it.”
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This series:• How to make better decisions
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• How to make better decisions • How to get out of debts – 19/20 Oct
This series:
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• How to make better decisions • How to get out of debts – 19/20 Oct • How to gain financial margin – 26/27 Oct
This series:
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• How to make better decisions • How to get out of debts – 19/20 Oct • How to gain financial margin – 26/27 Oct • How to have a strong marriage 9/10 Nov
This series:
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• How to make better decisions • How to get out of debts – 19/20 Oct • How to gain financial margin – 26/27 Oct • How to have a strong marriage 9/10 Nov• How to build a healthy dating life /
parenting life 16/17 Nov
This series:
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• How to keep anger at bay 23/24 Nov
This series:
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• How to keep anger at bay 23/24 Nov • How to not worry 30 Nov / 1 Dec
This series:
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What the Bible says about FINANCE
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What the Bible says about FINANCE• It can LORD over us
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What the Bible says about FINANCE• It can LORD over us
Matthew 6:24 “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.
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What the Bible says about FINANCE• It can ensnare and ruin us
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What the Bible says about FINANCE• It can ensnare and ruin us
1 Tim 6:9-10 9 Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. 10 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 many griefs.
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What the Bible says about FINANCE• It is a mean to serve God, family and others
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What the Bible says about FINANCE• It is a mean to serve God, family and others
1 Tim 6:17-19 17 Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment.
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What the Bible says about FINANCE• It is a mean to serve God, family and others
1 Tim 6:17-19 18 Command them to do good, to be rich in good deeds, and to be generous and willing to share. 19 In this way they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of the life that is truly life.
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What the Bible says about FINANCE• It is a mean to serve God, family and others
Lk 16 And he told them this parable: “The ground of a certain rich man yielded an abundant harvest. 17 He thought to himself, ‘What shall I do? I have no place to store my crops.’
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What the Bible says about FINANCE• It is a mean to serve God, family and others
Lk 18 “Then he said, ‘This is what I’ll do. I will tear down my barns and build bigger ones, and there I will store my surplus grain. 19 And I’ll say to myself, “You have plenty of grain laid up for many years. Take life easy; eat, drink and be merry.”’
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What the Bible says about FINANCE• It is a mean to serve God, family and others
Lk 20 “But God said to him, ‘You fool! This very night your life will be demanded from you. Then who will get what you have prepared for yourself?’ 21 “This is how it will be with whoever stores up things for themselves but is not rich toward God.”
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The bible exhorts beyond financial freedom, but to be rich towards God
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To achieve RICH TOWARDS GOD, 2 basic ingredients:
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To achieve RICH TOWARDS GOD, 2 basic ingredients:
• How to get out of debts / how not to get into debts
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To achieve RICH TOWARDS GOD, 2 basic ingredients:
• How to get out of debts / how not to get into debts
• How to create financial margin
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HOW TO GET OUT OF DEBTS?
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The POTENCY of Debt:
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The POTENCY of Debt:
• We live in a world marred by DEBTS
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The POTENCY of Debt:
• We live in a world marred by DEBTS • Nations are in debt
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$ 10,000
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$ 10,000
$1,000,000($1 million)
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$100,000,000($100 million)
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$1,000,000,000($1 billion)
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$1,000,000,000,000 ($1 trillion)
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$1,000,000,000,000 ($1 trillion)
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U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up
$15,000,000,000,000 ($15 trillion)
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Malaysian local scene
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Malaysian local scene
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Malaysian local scene• Malaysia’s household debt is ballooning
– as high as 80% to GDP
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Malaysian local scene• Malaysia’s household debt is ballooning
– as high as 80% to GDP• Bankruptcy is on the rise:
The star 22 Sep 2011“On average, 41 are declared bankrupt every day, mostly due to credit card debts”
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Malaysian local scene• Young adults are getting into serious
debts:– The Consumer Research and Resource
Centre (CRRC) conducted a survey on 1,000 Malaysians aged 18 to 35 living in urban areas:
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Malaysian local scene• Close to 50% of young Malaysians are in
“serious debt” (debt payments amount to 30% or more of their gross income)
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Malaysian local scene• Close to 50% of young Malaysians are in
“serious debt” (debt payments amount to 30% or more of their gross income)
• 65% earn less than RM3,000 a month, but monthly debt (including car, credit card etc … amount to RM 2k)
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Malaysian local scene• Close to 50% of young Malaysians are in
“serious debt” (debt payments amount to 30% or more of their gross income)
• 65% earn less than RM3,000 a month, but monthly debt (including car, credit card etc … amount to RM 2k)
• Less than 50% of Malaysians settle their credit card bills in full every month
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Malaysian local scene• Main reason for suicide in Malaysia is
financial stress related:– 23 Sep 2013, Free Malaysia Today
reported – main reason for suicide in Malaysia is financial stress related.
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Malaysian local scene• Family issues– Financial issues is one of the top 3 reason
for divorce in Malaysia
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God DOES NOT want usto be in DEBTS.
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God DOES NOT want usto be in DEBTS.
Deuteronomy 28:12The LORD will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none.
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Why? Because he knew the danger of DEBTS
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What the bible says about DEBT:
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What the bible says about DEBT: • DEBT enslaves us
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What the bible says about DEBT: • DEBT enslaves us
Proverbs 22:7 - The rich rules over the poor, and the borrower becomes the lender’s slave.
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What the bible says about DEBT: • DEBT erodes your peace and security
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What the bible says about DEBT: • DEBT erodes your peace and security
Proverbs 22:26-27 - Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.
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What the bible says about DEBT: • DEBT ensnares us from achieving our fullest
potential.
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Handles of getting out of DEBTS:
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Handles of getting out of DEBTS: 1. Presence of God
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan• Know your total debts
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan• Know your total debts• Know your income / expenditure
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan• Stop increasing debts
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan• Stop increasing debts• Stop unnecessary spending
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan• Start increasing income
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan• Start increasing income• Start debt repayment
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan– Consistent tracking
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Handles of getting out of DEBTS: 1. Presence of God2. Principles (ABC)– Admit the problem – Build a plan– Consistent tracking
3. People
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Decide today – Decision, not desires, determines your financial
destination.
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How would your financial future looks like?
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Part 3: How to get out of DEBTS