FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.”...
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Transcript of FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.”...
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FINANCIAL FREEDOM
“The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7)
Finding
FINANCIAL FREEDOM
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Global Debt
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National Debt
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Dollars spent in the lifetime of an average 21-year-old
Adults who are unbanked
Total revolving debt carried by the average household
Credit cards in the average household
Amount Americans shelled out in credit card fees in 2004, an 18% increase over the previous year
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11 StepsFor Getting out of Debt
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STEP #1Acknowledge the Problem
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem
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STEP #2Stop Digging
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
![Page 10: FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7) Finding FINANCIAL FREEDOM.](https://reader035.fdocuments.us/reader035/viewer/2022081603/56649f135503460f94c27e73/html5/thumbnails/10.jpg)
STEP #3Make Small Cutbacks
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
![Page 12: FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7) Finding FINANCIAL FREEDOM.](https://reader035.fdocuments.us/reader035/viewer/2022081603/56649f135503460f94c27e73/html5/thumbnails/12.jpg)
STEP #4Start an
Emergency Fund
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11 Steps for Getting out of Debt#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
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STEP #5Take Inventory
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
#5: Take Inventory
![Page 16: FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7) Finding FINANCIAL FREEDOM.](https://reader035.fdocuments.us/reader035/viewer/2022081603/56649f135503460f94c27e73/html5/thumbnails/16.jpg)
STEP #6Make a
Spending Plan
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
#5: Take Inventory
#6: Make a Spending Plan
![Page 18: FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7) Finding FINANCIAL FREEDOM.](https://reader035.fdocuments.us/reader035/viewer/2022081603/56649f135503460f94c27e73/html5/thumbnails/18.jpg)
STEP #7Control
Spending
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
#5: Take Inventory
#6: Make a Spending Plan
#7: Control Spending
![Page 20: FINANCIAL FREEDOM “The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7) Finding FINANCIAL FREEDOM.](https://reader035.fdocuments.us/reader035/viewer/2022081603/56649f135503460f94c27e73/html5/thumbnails/20.jpg)
STEP #8Pay Bills on
Time
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time
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STEP #9Start a
Snowball
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time#9: Start a Snowball
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STEP #10Grow Your
Income
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time#9: Start a Snowball#10: Grow Your Income
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STEP #11Expand Your
Emergency Fund
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11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time#9: Start a Snowball#10: Grow Your Income #11: Expand Your Emergency Fund
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FAMILY FINANCIAL FITNESS
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* 45% of college students with $3,000 + in credit card debt
* More students lost to credit card debt than to academic failure
* 96% increase in number of 18 to 24-year-olds declaring bankruptcy
* Personal bankruptcies nearly doubled in the past decade
* 1.6 million + filed for personal bankruptcy in 2003.
* Home foreclosures in 2002 reached the highest rate in 30 years.
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Once you get out of debt,
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STAY OUT OF DEBT!
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Resources• Dave Ramsey
– Financial Peace– The Financial Peace Planner– How to Have More Than Enough– More Than Enough– Financial Peace Revisited– The Total Money Makeover (and workbook)– The Money Answer Book– Priceless: Straight-Shooting, No-Frills Financial Wisdom– EntreLeadership: 20 Years of Practical Business Wisdom from the
Trenches• Dave Ramsey Show 1:00-4:00 PM 570 AM(KLIF)• www.daveramsey.com • U.S. Debt Clock: http://www.usdebtclock.org/index.html#• World Debt Clock: http://www.economist.com/content/global_debt_clock