(uplifting theme music)
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(music ends)
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>>Welcome to "Sabbath School,"
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brought to you by It Is Written.
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We're delighted that you
could join us again this week
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as we continue to look at
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"Managing for the
Master Till He Comes."
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This week we are
looking at lesson number five,
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which is "Dealing With Debt,"
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a fascinating subject, and
we're gonna take a look at it
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over the course of
the next 30 minutes.
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With me this
week is, once again,
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the author of this quarter's
Sabbath school lesson, Ed Reid.
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He is an ordained minister,
he is also a licensed attorney,
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and he has been speaking on
and writing about stewardship,
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managing money
God's way, for decades.
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And today we're going to
get some additional insights,
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especially on
this subject of debt.
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Before we dive
in, let's have prayer.
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Father, we want to ask that,
once again, You will be with us
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as we continue our journey
through this quarter's lesson.
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Help us to understand
the significance of debt,
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what role it plays,
and how we can move forward
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in the direction
that You would have us go.
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We thank You in
Jesus' name. Amen.
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Ed, welcome back once again.
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>>Well, thank you,
it's a pleasure to be here.
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>>So we have a
really fascinating subject
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that we're going to
be looking at this week.
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It's called "Dealing With Debt."
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And I wanna read the
memory text for this week
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because I think
it'll give us a good start
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on where we're going.
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I'm gonna quote here from
the New King James Version.
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This is Proverbs
22, verse 7, which says,
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"The rich rules over the poor,
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and the borrower is
servant to the lender."
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Now, if I'm not mistaken,
I think the King James says
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the borrower is
"slave" to the lender.
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Neither of those
sound very good, though.
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>>It's really quite interesting
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that the Bible
mentions being in debt,
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26 different references;
all of them are negative.
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It doesn't say it's
a sin to be in debt,
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but it always
discourages us to be in debt.
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And today we have people
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more and more filing
for bankruptcy protection,
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even in our country,
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the land of the free
and the home of the brave.
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You see that over and over
again, thousands every week.
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The interesting
part about all of this
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is that not just people,
but also governments and cities
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and states are filing
for bankruptcy protection
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around the world
because they're overspending
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and going in debt
for various reasons.
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So what we're
gonna talk about here is
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what we can do about
the debt for our own selves.
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>>So we may not be
able to change the world,
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but there are some
things that we can do ourselves
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to make sure that we end up
on the right side of things.
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On Sunday's lesson,
you talk about the problems
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that there are inherent in debt.
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I wanna read a passage
here from 1 Timothy, chapter 6:
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"But godliness with
contentment is great gain.
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"For we brought
nothing into this world,
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"and it is certain we
can carry nothing out.
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"And having food and raiment
let us be therewith content.
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"But they that will be
rich fall into temptation
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"and a snare, and into
many foolish and hurtful lusts,
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"which drown men in
destruction and perdition.
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"For the love of money
is the root of all evil:
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"which while some coveted after,
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"they have erred from the faith,
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and pierced themselves
through with many sorrows."
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So the counsel that God gives
us here in His Word about debt
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is to avoid it.
That's the short answer.
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But why does so many
people--why do so many families
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find themselves
falling into debt
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if God has given us
counsel to steer clear of it?
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>>Well, Eric,
that's a good question,
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because the Bible does
give good counsel about that.
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But I've found in
my talking with people
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and studying over the years
that there's three basic reasons
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that people get in debt.
The first one is ignorance.
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Ignorance doesn't
mean you're stupid
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or don't have good aptitude;
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it just means you've never
been taught the information.
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So there's lots of
people out there in our churches
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and in society who've never
had the biblical principles
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of money
management taught to them,
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and they've never even
had the secular principles
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taught to them. There's hope
for these people, of course,
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but they need to get the
information and study it.
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It's easier to get
your driver's license
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than some of the things
that people do about debt,
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like a credit card
and so on, pretty amazing.
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The second reason, and
this is one you just read about
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in the
Scriptures, where you said,
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"Godliness with
contentment is great gain."
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The second reason is that people
have greed in their hearts,
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and they live selfish lives.
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I'll give you
some examples here.
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They simply live
beyond their means,
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which means they're not
willing to live in or to drive
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or to wear what
they can really afford.
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So they're borrowing
money to get these things.
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And credit card debt,
of course, is a big deal.
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A lot of people have--I've
talked to people that were--
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I talked to one man
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that was over 300,000
in debt in credit cards.
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In fact, it was taking
him all of his monthly income
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just to pay the
interest each month.
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So from his perspective,
when he talked to me,
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there was no hope
to get out of debt.
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The third reason is that
people have personal misfortune.
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They may have a
health crisis; for example,
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frequently today
in Western society,
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man and wife are both working.
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If one gets sick and can't work,
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then they only have
half the income, for example,
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to take care of
all their expenses,
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and some people don't
have adequate health insurance,
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and, of course,
things cost a lot today,
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as far as that's concerned.
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There's another one, and that
is people that are abandoned
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by a spendthrift
marriage partner;
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somebody, you know,
spends a lot of debts
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and then ditches the
marriage and goes away.
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I would also say this,
Eric, which is interesting;
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studies show that more than
80% of families who divorced
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point to financial difficulties
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as one of the major
factors in their divorce.
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In other words,
they're arguing about money.
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And this is interesting.
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A natural disaster may wipe
out their property without--
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maybe they were in a
flood zone or something,
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or maybe they
were by the sea coast
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where a big hurricane came in,
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and many of these people have
to start almost from scratch,
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no matter how old they are.
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So, there's one final
one; some people are raised
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in abject poverty. Now,
people like in my generation,
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a lot of us worked very hard
to get our education and so on,
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but some people don't have
the ability or the opportunity,
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I would say, to do what we
did, even though it was hard.
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So these people,
there's hope for them,
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but they need to
change their habits as well.
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And I would say for the people
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in the middle category of greed,
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study the Bible
and pray for counsel
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and know what to do about that
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because God really wants
to get people out of debt.
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It's interesting that
many people in the Bible
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were actually sold for slavery
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because of their debts,
or they sold their children.
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So it's not a
good deal, for sure.
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And so Paul says,
"Owe no man any thing,
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[except] to love one another."
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>>So he's giving us
some good counsel there;
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Paul certainly does.
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And the Bible continues
to give us good counsel.
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Monday's lesson
talks exactly about that,
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"Following Godly Counsel."
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One of the reasons that you
mentioned people go into debt
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is because of ignorance.
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And again, that's not
necessarily meant in a
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derogatory way,
but just unawareness
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of the situation. >>Yes.
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>>So, obviously the
Bible gives us counsel
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in many different areas.
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I suspect it gives
us some good counsel
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in this area as
well. >>It does indeed.
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In fact, the Bible
talks more about money
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than any other subject, money
and our attitude toward it.
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And we'll talk about
that in another session.
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But I will just
tell you, importantly,
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I would encourage people
to start reading the Bible.
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The book of Proverbs
is a good place to start.
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Proverbs is 31 chapters,
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you can read one a day,
and it's a book of wisdom
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and foolishness,
you know, contrasted.
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So, you'll find a
lot of good counsel
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in the book of Proverbs.
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But Jesus said in Matthew
6:24, again in that section,
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in the heart of the
Sermon on the Mount,
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"No man can serve two masters:
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"...he will [either] hate
the one, and love the other;
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"or else he will hold
to...one, and despise the other.
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[You] cannot
serve God and mammon."
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And I thought to
myself when I first read that,
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I'm not serving mammon; I
don't even know who he is.
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But the bottom line is
mammon is wealth or riches.
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People always have this
fantasy of what they could do
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or what they could be
or where they could live
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or where they
could go on vacation
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if they just had more money.
But the Bible says you can't--
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it's not just difficult
to serve God and money;
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it says it can't be done.
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A second verse that
I'll mention is 1 John 2:15,
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and following there,
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"Love not the world, neither
the things...in the world.
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"If any man loves the world,
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the love of the
Father is not in him."
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So you just need to,
we just need to pray.
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I tell people--this is
not boasting or nothing,
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but my wife and I
read the Bible through
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out loud together every year.
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We use different
versions some years and so on,
00:08:45.25\00:08:47.16
but we do it, we've
done it for many years,
00:08:47.16\00:08:49.29
and you just find these
principles over and over again.
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For example, Psalm
50, verse 14 and 15 says,
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"Offer [to] God thanksgiving;
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"and pay [your]
vows unto the Most High:
00:09:00.17\00:09:03.07
"...call upon me
in the day of trouble:
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[and] I will deliver [you],
and thou shalt glorify me."
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God says if we're
faithful with Him--
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and I think of the vows,
when we take our baptismal vows,
00:09:09.21\00:09:13.48
we're asked the question,
00:09:13.48\00:09:14.78
"Do you believe that the
Seventh-day Adventist Church,"
00:09:14.78\00:09:16.15
for example, "is the remnant
church of Bible prophecy?"
00:09:16.15\00:09:18.15
"Will you support it with
your tithes and offerings?"
00:09:18.15\00:09:20.22
That's in the baptismal vow.
00:09:20.22\00:09:21.99
God says if you pay your
vows, He'll take care of you.
00:09:21.99\00:09:24.83
"Call on me in
the day of trouble,
00:09:24.83\00:09:26.39
"and I'll take care of you,
00:09:26.39\00:09:27.50
I'll deliver you,
and you'll glorify me."
00:09:27.50\00:09:30.03
So I would also suggest
00:09:30.03\00:09:31.80
that---not your people
that think just like you,
00:09:31.80\00:09:35.34
but people who maybe
don't know you very well,
00:09:35.34\00:09:37.27
so they can be
really bold with you--
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talk to
counselors that can help you.
00:09:39.21\00:09:41.31
Your friends may
not be the one to say,
00:09:41.31\00:09:42.88
"Stop living
like you're living,"
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or, "Be content with what
you have," those kind of things.
00:09:44.68\00:09:47.42
But godly
counselors can help you.
00:09:47.42\00:09:50.42
And also, we talked
earlier, one of our lessons,
00:09:50.42\00:09:53.25
to make a covenant with
God that as He blesses you,
00:09:53.25\00:09:55.36
you'll pay off
your debts and so on.
00:09:55.36\00:09:57.13
So that's really interesting,
and I hope that we can,
00:09:57.13\00:09:59.93
in this lesson this week,
give you some practical counsel
00:09:59.93\00:10:03.83
of how to get out of
debt and what to avoid.
00:10:03.83\00:10:05.90
>>So I think
there are lots of people
00:10:05.90\00:10:07.70
who are looking for
exactly that practical counsel
00:10:07.70\00:10:11.11
on how to get outta debt
00:10:11.11\00:10:12.54
and how to avoid
it in the first place.
00:10:12.54\00:10:14.54
It's one thing to get out of
it, if you find yourself in it,
00:10:14.54\00:10:17.85
but far better to just
avoid it from the get-go
00:10:17.85\00:10:20.58
so that you don't
ever have to worry about
00:10:20.58\00:10:22.55
having to get out of it
00:10:22.55\00:10:23.89
and what that's gonna
look like and the steps.
00:10:23.89\00:10:25.85
But for those who
find themselves in debt,
00:10:25.85\00:10:28.69
some practical, simple steps
about how to get out of debt,
00:10:28.69\00:10:33.76
and Tuesday's lesson
really talks about that.
00:10:34.93\00:10:38.50
Now, we're gonna take
a break in just a moment,
00:10:38.50\00:10:40.70
but let's start looking
at how to get out of debt.
00:10:40.70\00:10:44.91
Let's take a step or two.
00:10:44.91\00:10:46.78
And again, this is something
that millions of people,
00:10:46.78\00:10:50.85
maybe billions of people,
are dealing with right now,
00:10:50.85\00:10:54.58
and they're looking for hope.
00:10:54.58\00:10:55.85
And some of them may
feel like this fellow
00:10:55.85\00:10:57.29
you were talking
about just a moment ago,
00:10:57.29\00:10:59.39
as if they're just overwhelmed
00:10:59.39\00:11:01.32
and it's an impossible weight
to get off their shoulders.
00:11:01.32\00:11:04.33
Give us some practical
steps on how to get out of debt.
00:11:04.33\00:11:08.33
How is it possible,
00:11:08.33\00:11:09.70
regardless of how much
debt you may find yourself in?
00:11:09.70\00:11:13.17
>>Well, that's a
good question, Eric.
00:11:13.17\00:11:14.27
And really there's
no mountain too big.
00:11:14.27\00:11:16.47
I think I've helped lots
of people get out of debt
00:11:16.47\00:11:18.84
that thought there
was no hope for them.
00:11:18.84\00:11:21.71
But I'll just tell you
that I have found in my study
00:11:21.71\00:11:24.48
and research that
there's three basic steps
00:11:24.48\00:11:26.82
that you can take.
00:11:26.82\00:11:28.18
But there's a basic premise
that you take before that,
00:11:28.18\00:11:31.15
and this is
important to understand.
00:11:31.15\00:11:33.15
There's three steps, and
we'll talk about what they are
00:11:33.15\00:11:35.12
maybe after the break.
00:11:35.12\00:11:36.19
But the basic
premise is put God first--
00:11:36.19\00:11:39.53
"Seek...first the kingdom
of God, and His righteousness;
00:11:39.53\00:11:41.33
and all these things
[will] be added unto you."
00:11:41.33\00:11:43.40
And if you honor God
with the firstfruits,
00:11:43.40\00:11:45.87
then God's gonna bless you;
00:11:45.87\00:11:47.10
that's, over and
over again that's told.
00:11:47.10\00:11:49.30
I counseled with
a family one time
00:11:49.30\00:11:50.77
that were in serious
debt, and I said to them,
00:11:50.77\00:11:53.81
"Have you folks been tithing?"
00:11:53.81\00:11:55.64
What do you think they said?
"We can't afford to tithe."
00:11:55.64\00:11:59.81
So I said, "Well, how do
you expect God to bless you
00:11:59.81\00:12:01.42
if you're robbing Him
every time you get paid?"
00:12:01.42\00:12:04.09
The bottom line is
this basic premise:
00:12:04.09\00:12:06.82
Put God first and establish
the tithe for a regular basis.
00:12:06.82\00:12:10.19
And then you know
that God will bless you,
00:12:10.19\00:12:11.93
and you're in a
position that He will bless you.
00:12:11.93\00:12:14.23
So I can just say, put God
first, establish the tithe,
00:12:14.23\00:12:18.53
pay your vows to God,
00:12:18.53\00:12:19.63
and then you can
call on Him to help you,
00:12:19.63\00:12:21.00
and He will help you. We don't
think God wants us in debt,
00:12:21.00\00:12:24.01
so if we make
this promise to God
00:12:24.01\00:12:26.61
that we'll be faithful with Him
00:12:26.61\00:12:28.24
and accept that tithe covenant
that we've talked about,
00:12:28.24\00:12:30.81
then you'll
understand how important it is.
00:12:30.81\00:12:33.45
>>You know, Ed,
as you mentioned,
00:12:33.45\00:12:34.55
we're gonna be
looking at these three steps
00:12:34.55\00:12:35.95
to getting out of
debt in just a moment.
00:12:35.95\00:12:37.39
But I've found
the very same thing.
00:12:37.39\00:12:38.65
I've talked with
some very successful,
00:12:38.65\00:12:40.52
very wealthy people over
the years, and I often ask them,
00:12:40.52\00:12:44.49
"Why is it that
you've been so successful?"
00:12:44.49\00:12:46.93
And often they'll tell me,
00:12:46.93\00:12:48.50
"One of the first things
that we do is we make sure
00:12:48.50\00:12:50.43
that we return
that tithe to God."
00:12:50.43\00:12:52.43
But we're gonna go back
through those three steps here
00:12:52.43\00:12:54.17
in just a moment.
00:12:54.17\00:12:55.70
If you are joining us for
the first time or the 50th time,
00:12:55.70\00:12:59.01
I wanna make sure
that you know about
00:12:59.01\00:13:00.51
this additional
resource that is available.
00:13:00.51\00:13:02.94
If you're
interested in this subject
00:13:02.94\00:13:04.58
and want to dig
more deeply into it,
00:13:04.58\00:13:06.21
"Managing for the Master" is
the title of the companion book
00:13:06.21\00:13:10.02
that goes with this
quarter's Sabbath school lesson.
00:13:10.02\00:13:12.82
It goes into greater detail
00:13:12.82\00:13:14.72
on exactly what
we're talking about,
00:13:14.72\00:13:16.83
and you will learn much,
much more on this subject
00:13:16.83\00:13:19.66
if you pick up a
copy of this book,
00:13:19.66\00:13:21.06
of course, by Ed Reid.
00:13:21.06\00:13:22.40
It's called
"Managing for the Master,"
00:13:22.40\00:13:24.13
and you can find it
00:13:24.13\00:13:25.00
at itiswritten.shop.
00:13:25.00\00:13:27.00
Again, that's itiswritten.shop.
00:13:27.00\00:13:29.27
Look for the companion book
00:13:29.27\00:13:30.34
to this quarter's
Sabbath school lesson.
00:13:30.34\00:13:32.11
It is called, again,
00:13:32.11\00:13:33.21
"Managing for the
Master" by Ed Reid.
00:13:33.21\00:13:35.74
When we come
back in just a moment,
00:13:35.74\00:13:37.05
Ed is going to share
with us those three steps
00:13:37.05\00:13:40.58
to getting out of debt.
00:13:40.58\00:13:42.22
We'll see you
back in just a moment.
00:13:42.22\00:13:44.12
(uplifting
music swells and ends)
00:13:44.12\00:13:46.76
>>[John Bradshaw] You
can't live without it,
00:13:48.12\00:13:49.92
but it can be a
challenge to live with it.
00:13:49.92\00:13:52.89
The Bible says a lot about it,
00:13:52.89\00:13:55.10
and there are people everywhere
who haven't handled it well.
00:13:55.10\00:13:59.00
Most of us think that
if we only had more money,
00:13:59.00\00:14:01.90
our problems would be over.
00:14:01.90\00:14:03.97
But in many
cases, more money means
00:14:03.97\00:14:06.51
your problems
have only just begun.
00:14:06.51\00:14:09.51
Your blessings can
easily become a curse.
00:14:09.51\00:14:13.31
Don't miss "The Love of Money,"
featuring author, teacher,
00:14:13.31\00:14:17.35
and financial
expert Julian Archer.
00:14:17.35\00:14:20.69
"The Love of Money,"
exploring issues of finance
00:14:20.69\00:14:24.19
and faith in God,
00:14:24.19\00:14:25.59
finding the balance between
relying on dollars and cents
00:14:25.59\00:14:29.26
and relying on the
God who provides blessing.
00:14:29.26\00:14:32.33
You can have enough, and
you don't have to lose focus
00:14:32.33\00:14:36.00
on what's really important.
00:14:36.00\00:14:38.04
Don't miss "The Love of
Money" on It Is Written TV.
00:14:38.04\00:14:42.81
(light instrumental
music swells and ends)
00:14:42.81\00:14:45.48
You know that at It
Is Written we are serious
00:14:48.78\00:14:51.12
about studying the Word of God,
00:14:51.12\00:14:52.59
and we encourage you
to be serious as well.
00:14:52.59\00:14:55.36
Well, here's what you do
00:14:55.36\00:14:56.39
if you want to dig
deeper into God's Word.
00:14:56.39\00:14:58.46
Go to itiswritten.study
00:14:58.46\00:15:00.70
for the It Is Written
Bible Study Guides online,
00:15:00.70\00:15:03.60
25 in-depth Bible studies
00:15:03.60\00:15:05.53
that will take you through the
major teachings of the Bible.
00:15:05.53\00:15:08.54
You'll be
blessed, and it's something
00:15:08.54\00:15:10.24
you'll want to tell
others about as well:
00:15:10.24\00:15:11.91
itiswritten.study.
00:15:11.91\00:15:13.81
Go further: itiswritten.study.
00:15:13.81\00:15:16.51
(uplifting theme music)
00:15:18.08\00:15:20.72
>>[Eric] Welcome back to
"Sabbath School," brought to you
00:15:22.75\00:15:24.82
by It Is Written.
00:15:24.82\00:15:26.96
When we left a moment ago,
we said we were going to talk
00:15:26.96\00:15:30.73
about how to get out of
debt, three simple steps,
00:15:30.73\00:15:34.20
and that's what
we're gonna do right now.
00:15:34.20\00:15:36.23
Ed, walk us through
these three simple steps
00:15:36.23\00:15:39.47
that will help
someone get out of debt,
00:15:39.47\00:15:41.90
regardless of how
much debt they may be in,
00:15:41.90\00:15:44.11
because some people
watching this right now
00:15:44.11\00:15:46.41
are in that debt, and
other people know others
00:15:46.41\00:15:49.71
who are in that debt, and
either way they can be helped.
00:15:49.71\00:15:52.55
Walk us through
this three-step process.
00:15:52.55\00:15:54.25
>>Well, thank you, Eric.
These are very practical steps,
00:15:54.25\00:15:56.82
and I'll just go
through them real quickly.
00:15:56.82\00:15:58.12
The very first one is to
declare a moratorium on debt,
00:15:58.12\00:16:03.19
on additional debt.
00:16:03.86\00:16:04.96
The bottom line is if
you don't borrow money,
00:16:04.96\00:16:06.29
you can't get into debt; if
you don't borrow any more money,
00:16:06.29\00:16:08.33
you can't get
any further in debt.
00:16:08.33\00:16:09.93
So this is almost like telling
people to stop breathing,
00:16:09.93\00:16:12.20
I know that,
00:16:12.20\00:16:13.54
but you just to say, "We're
gonna live on porridge and rice
00:16:13.54\00:16:15.84
if we have to. We're not
gonna borrow any more money."
00:16:15.84\00:16:19.21
So the first one is declare a
moratorium on additional debt.
00:16:19.21\00:16:22.71
Now, these are in your quarterly
and in the book as well,
00:16:22.71\00:16:24.71
but I'm gonna give
you the basic outline
00:16:24.71\00:16:26.72
so you'll know what they are.
00:16:26.72\00:16:28.42
The second one
is very interesting,
00:16:28.42\00:16:31.15
and that is make a covenant
with God that from this point on
00:16:31.15\00:16:35.16
as He blesses you,
you'll use the extra blessings
00:16:35.16\00:16:38.33
to pay on your debts.
00:16:38.33\00:16:40.30
Now, we know God
doesn't want us in debt,
00:16:40.30\00:16:42.33
so do you think if
you made the covenant,
00:16:42.33\00:16:43.80
God will bless you more?
00:16:43.80\00:16:44.93
Many people have told
me God blessed them in ways
00:16:44.93\00:16:46.87
they had no idea
this could ever happen.
00:16:46.87\00:16:49.20
So when He
blesses you financially,
00:16:49.20\00:16:51.14
use the money to
put on your debts.
00:16:51.14\00:16:53.34
Now, this is real critical,
00:16:53.34\00:16:54.81
because when most
people get extra money--
00:16:54.81\00:16:57.35
let's just say they
got $1,000 somewhere--
00:16:57.35\00:17:00.55
what do you think
they would do with it?
00:17:00.55\00:17:02.92
Bottom line, they'd spend it.
00:17:02.92\00:17:05.12
I talked to a man in a church
seminar at one time; he says,
00:17:05.12\00:17:08.09
"Well, I know that's true.
00:17:08.09\00:17:09.42
"We got $2,500 we weren't
expecting. And I told my wife,
00:17:09.42\00:17:12.49
'How did God know we
needed a new riding lawnmower?'"
00:17:12.49\00:17:14.50
And that's what
he went out and got.
00:17:14.50\00:17:16.30
The bottom line is if you're
in debt and God blessed you
00:17:16.30\00:17:18.90
with extra money,
what should you do with it?
00:17:18.90\00:17:21.34
Put it on the debt.
That's the second one.
00:17:21.34\00:17:24.37
The third one is
very interesting also;
00:17:25.44\00:17:27.78
this is real
hands-on and practical.
00:17:27.78\00:17:29.84
You make a list of
all of your debts--
00:17:29.84\00:17:32.11
and I say it's an
upside-down triangle,
00:17:32.11\00:17:34.15
like a equilateral triangle--and
make lines across it.
00:17:34.15\00:17:38.02
And the first thing you do
is make a list of all your debts
00:17:38.02\00:17:40.46
from the largest one at the top
00:17:40.46\00:17:42.02
to the smallest one on the
bottom in descending order.
00:17:42.02\00:17:46.16
For most folks,
00:17:46.16\00:17:47.23
the top line is their
home mortgage probably.
00:17:47.23\00:17:49.73
And you can pay that off much
quicker than you thought too,
00:17:49.73\00:17:52.03
once you get your
other debts taken care of.
00:17:52.03\00:17:54.17
So you begin by making
at least a minimum payment
00:17:54.17\00:17:57.17
on each of your debts.
00:17:57.17\00:17:59.11
Some people say, "Well, I'm
gonna skip this one this month,
00:17:59.11\00:18:02.78
and I'll pay it next
month." You don't do that.
00:18:02.78\00:18:05.18
You make the minimum
payment on every debt you can,
00:18:05.18\00:18:07.68
and then you start at the bottom
00:18:07.68\00:18:09.15
and put any extra
money on that one.
00:18:09.15\00:18:10.75
Let's just say it's a credit
card that you owe $500 on.
00:18:10.75\00:18:13.22
When you save up,
make the minimum payment;
00:18:13.22\00:18:15.12
add anything to it
you can; pay it off.
00:18:15.12\00:18:18.13
Now, the interesting thing
after that is that you can see
00:18:18.13\00:18:21.53
then you can put what you were
on that one on the next one,
00:18:21.53\00:18:25.23
and pretty soon
you've paid it off.
00:18:25.23\00:18:27.70
Bottom line, I'm
gonna say on this one
00:18:27.70\00:18:29.57
it's very important, and that
is you'll happily be surprised
00:18:29.57\00:18:32.64
how quick you go up the ladder.
00:18:32.64\00:18:33.78
This is like
the snowball effect.
00:18:33.78\00:18:35.11
When you start
rolling the snowball,
00:18:35.11\00:18:36.31
it gets bigger and bigger,
00:18:36.31\00:18:37.58
so you have more to
put on the debt above it.
00:18:37.58\00:18:39.95
And that's the three-step
in a simple statement.
00:18:39.95\00:18:43.99
>>So let's recap here.
00:18:43.99\00:18:45.49
Step number one is no more debt,
00:18:45.49\00:18:47.69
'cause if you
don't take any more debt,
00:18:47.69\00:18:49.46
you're not increasing
what you already have.
00:18:49.46\00:18:51.33
Step number two is to
make that covenant with God
00:18:51.33\00:18:53.96
that if He
blesses you financially,
00:18:53.96\00:18:56.40
that blessing, that extra
money that you have, is gonna go
00:18:56.40\00:18:59.73
back on the debts
that you currently have.
00:18:59.73\00:19:02.30
And the third step is
that inverted triangle
00:19:02.30\00:19:04.91
where you're going
to start paying off
00:19:04.91\00:19:07.34
the smallest
amount of debt first
00:19:07.34\00:19:09.41
and then making minimum payments
and keep rolling that up.
00:19:09.41\00:19:13.11
So three simple steps
that will help a person,
00:19:13.11\00:19:16.69
regardless of how much
debt they happen to be in,
00:19:16.69\00:19:19.22
to make strides, significant
strides in the right direction
00:19:19.22\00:19:22.89
in order to get out of debt.
00:19:22.89\00:19:24.96
So Tuesday's lesson, a
very, very practical lesson.
00:19:24.96\00:19:28.00
Let's take a look at Wednesday.
00:19:28.00\00:19:30.43
Wednesday is a fascinating
subject. It says "Surety."
00:19:30.43\00:19:35.40
Now, surety is kind of a--
00:19:35.40\00:19:37.47
well, "Surety and
Get-Rich-Quick Schemes"--
00:19:37.47\00:19:40.41
the word "surety" may
or may not be a common word
00:19:40.41\00:19:45.25
in everybody's vocabulary.
00:19:45.25\00:19:47.32
What, in layman's
terms, in simple English,
00:19:47.32\00:19:51.15
what does "surety mean,"
00:19:51.15\00:19:54.06
and is it a good
thing or a bad thing?
00:19:54.06\00:19:56.22
'Cause if I say I'm sure of
something, that sounds good,
00:19:56.22\00:19:58.86
but here it sounds
like surety may not be
00:19:58.86\00:20:00.73
the very best thing.
00:20:00.73\00:20:02.16
>>Well, Eric, that's
a very good question.
00:20:02.16\00:20:03.70
There's something that
really has a common practice
00:20:03.70\00:20:06.63
in society, and
surety, in the layman's terms,
00:20:06.63\00:20:09.87
it's cosigning for someone else.
00:20:09.87\00:20:12.21
Someone will
come up to you and say
00:20:12.21\00:20:13.54
that they're down on their
luck, and they need some money
00:20:13.54\00:20:15.68
and would you
cosign for the debt.
00:20:15.68\00:20:17.58
Surety typically occurs
when a family seeks a loan
00:20:17.58\00:20:21.05
and the bank
doesn't approve them.
00:20:21.05\00:20:23.02
And they will tell them,
"Well, if you get your pastor
00:20:23.02\00:20:25.95
"or one of the church members
to come and cosign for you,
00:20:25.95\00:20:29.56
"we'll make them
responsible for the debt,
00:20:29.56\00:20:31.79
and you can have the money."
00:20:31.79\00:20:33.66
The Bible says--I'm gonna
say this slowly and very loud--
00:20:35.10\00:20:38.00
you should never cosign for
anyone. This is very important.
00:20:38.00\00:20:42.17
So if someone comes to you
and say, "Should you do this?"
00:20:42.17\00:20:44.47
you'll say, "Well,
I'd be glad to help you,
00:20:44.47\00:20:46.88
"but I'm not
gonna cosign for you
00:20:46.88\00:20:48.31
because the Bible says
we should never do it."
00:20:48.31\00:20:50.61
The book of Proverbs alone
has five different references
00:20:50.61\00:20:53.78
about dangers of
surety, and one of them
00:20:53.78\00:20:57.25
I'll just mention is
Proverbs, the 6th chapter, 1-5.
00:20:57.25\00:20:59.92
If you found that
you've cosigned for somebody,
00:20:59.92\00:21:01.56
do your very best to get
out from under the cosigning.
00:21:01.56\00:21:04.36
Let me just explain a
little bit more about cosigning.
00:21:05.73\00:21:07.83
If you cosigned
for someone's debt,
00:21:07.83\00:21:10.47
that debt is on
your credit reference
00:21:10.47\00:21:12.93
until the debt is paid off.
00:21:12.93\00:21:15.00
And more than 75% of the
time the person that cosigned
00:21:15.00\00:21:17.77
pays the debt off just
to save their own credit.
00:21:17.77\00:21:20.24
I will add one more
thing about cosigning,
00:21:21.34\00:21:24.05
and this is incredibly valuable.
00:21:24.05\00:21:26.48
The Bible talks
about helping people;
00:21:26.48\00:21:28.05
we should be
willing to help them;
00:21:28.05\00:21:29.38
that's what I
wanted to tell you.
00:21:29.38\00:21:30.75
You should be willing to help
anybody who needs your help,
00:21:30.75\00:21:32.62
but do not become
responsible for their debts.
00:21:32.62\00:21:35.69
That's why you don't cosign.
00:21:35.69\00:21:37.69
Another one that I've
mentioned in Wednesday's section
00:21:37.69\00:21:39.83
is get-rich-quick schemes.
00:21:39.83\00:21:41.90
Most of the time
these happen in the winter.
00:21:41.90\00:21:44.80
This is interesting,
00:21:44.80\00:21:46.10
'cause the sun goes
down early on Saturday night,
00:21:46.10\00:21:48.00
and it's like 5:30 or something,
00:21:48.00\00:21:49.37
and your friends
tell you at vespers,
00:21:49.37\00:21:50.97
"Come over to our house.
00:21:50.97\00:21:52.24
"We've got
something to tell you about.
00:21:52.24\00:21:53.54
You're gonna make
money like crazy."
00:21:53.54\00:21:55.61
And these get-rich-quick
schemes, typically there's a
00:21:55.61\00:22:00.52
person who thinks
they're gonna get rich,
00:22:00.52\00:22:02.32
and that's by selling
00:22:02.32\00:22:03.82
or getting more other
people involved in doing that.
00:22:03.82\00:22:06.25
But it causes
problems, real serious problems.
00:22:06.25\00:22:09.52
It breaks up friendships.
00:22:09.52\00:22:10.66
People lose their
shirt financially.
00:22:10.66\00:22:13.19
I know two
ministers I could name by name
00:22:14.30\00:22:16.30
who lost their
ministry and their credentials
00:22:16.30\00:22:18.33
by getting their
churches involved
00:22:18.33\00:22:19.67
in get-rich-quick
schemes years ago.
00:22:19.67\00:22:21.74
So what I'm gonna tell you
is avoid this. Do not cosign.
00:22:21.74\00:22:25.97
Well, people say,
"Well, what about your kids?"
00:22:25.97\00:22:28.88
(clears throat) My son
came to me, and he said, "Daddy,
00:22:28.88\00:22:31.21
"I'm wanting to get a car,
00:22:32.45\00:22:33.45
"but I'm just
working at Taco Bell.
00:22:33.45\00:22:35.02
"Who's gonna give
me a loan for a car?
00:22:35.02\00:22:36.92
If you'll give me a
loan, I'll pay you back."
00:22:36.92\00:22:39.05
And he says, "You know I
would." He was a hard worker.
00:22:39.05\00:22:40.72
And I said, "Andrew,
I'm not gonna do that.
00:22:40.72\00:22:43.19
"Here's what the story
is. I want you to have a car
00:22:43.19\00:22:45.56
'cause I don't want to
come pick you up at midnight
00:22:45.56\00:22:47.03
"when you get off work,
00:22:47.03\00:22:48.56
"but I'm not gonna be
responsible for your debt.
00:22:48.56\00:22:50.80
"I'll tell you what,
you save up half the money,
00:22:50.80\00:22:52.77
and I will give
you the other half."
00:22:52.77\00:22:55.04
So Andrew came back to
me, and he said, "Daddy,
00:22:55.04\00:22:57.91
"I've saved up half the money,
$1,500. This car costs 3000.
00:22:57.91\00:23:01.51
Where's your money?"
00:23:01.51\00:23:03.28
The bottom line is
I'm willing to help
00:23:03.28\00:23:05.55
but not become
responsible for the debt.
00:23:05.55\00:23:07.25
That's the
bottom line of that one.
00:23:07.25\00:23:09.75
>>So that sounds
like a healthy way to help
00:23:09.75\00:23:12.39
and also to have your
ears up, your antenna up
00:23:12.39\00:23:17.09
about finding and locating
these get-rich-quick schemes.
00:23:17.09\00:23:21.36
It sounds like
Ponzi schemes-- >>Yes.
00:23:21.36\00:23:23.60
>>...is a term
that I've often heard
00:23:23.60\00:23:26.33
attached to these as one type,
00:23:26.33\00:23:27.94
but there are quite
a few different ones.
00:23:27.94\00:23:29.67
And you're right, they're
out there, and so it's good
00:23:29.67\00:23:33.04
to keep our eyes and
our ears open for them.
00:23:33.04\00:23:36.28
I wanna take a look
at Thursday's lesson.
00:23:36.28\00:23:37.95
Thursday is also very practical.
00:23:37.95\00:23:39.88
It's called "Term
Limits and Borrowing Points."
00:23:39.88\00:23:43.42
So, what about
when you do take a loan,
00:23:43.42\00:23:48.39
if you do take a loan,
what are some guidelines for
00:23:48.39\00:23:53.40
maybe safer--I don't know
if that's quite the right word;
00:23:53.40\00:23:56.53
you can correct me on
that term, if you prefer--
00:23:56.53\00:23:59.07
safer ways to borrow and
less safer ways to borrow,
00:23:59.07\00:24:03.17
appropriate or inappropriate.
00:24:03.17\00:24:05.14
Give us some guidance on term
limits and borrowing points.
00:24:05.14\00:24:08.61
What kind of guidance
does the Bible give on that?
00:24:08.61\00:24:11.25
>>It's really
interesting; in Deuteronomy,
00:24:11.25\00:24:13.11
the book of Deuteronomy,
chapter 15, verses 1 and 2,
00:24:13.11\00:24:16.42
there's some good counsel there.
00:24:16.42\00:24:18.02
It's in the book
and the lesson as well,
00:24:18.02\00:24:19.45
but I'll just tell you
that I'm gonna read it,
00:24:19.45\00:24:21.66
so you'll see.
00:24:21.66\00:24:22.99
People ask me, "Isn't
bankruptcy in the Bible?"
00:24:22.99\00:24:26.23
Because you can file
for bankruptcy how often?
00:24:26.23\00:24:28.83
Once every seven years.
00:24:28.83\00:24:30.47
By the way, if you
do file for bankruptcy,
00:24:30.47\00:24:32.00
how long is it on
your credit record?
00:24:32.00\00:24:33.70
For 10 years. How long
can it adversely affect you?
00:24:33.70\00:24:37.81
For the rest of your life.
00:24:37.81\00:24:39.74
I took the bar exam in
Georgia and came into Tennessee
00:24:41.21\00:24:43.38
with my license on
reciprocity and a large payment.
00:24:43.38\00:24:47.52
The point I'm gonna make is
they had a 36-page application,
00:24:47.52\00:24:50.42
and they ask in that application
00:24:50.42\00:24:52.52
to become a member
of the Tennessee bar,
00:24:52.52\00:24:54.76
"Have you ever filed
for bankruptcy protection?"
00:24:54.76\00:24:57.73
And I can't say
"N/A," not applied.
00:24:57.73\00:25:00.56
I have to say "yes" or "no."
00:25:00.56\00:25:02.26
And if yes, why? What
were the circumstances?
00:25:02.26\00:25:04.77
Because there's supposed to be
00:25:04.77\00:25:06.00
a code of
professional responsibility.
00:25:06.00\00:25:09.54
The bottom line
is--now, I wanna tell you
00:25:09.54\00:25:11.41
people think
bankruptcy is in the Bible
00:25:11.41\00:25:12.94
because of Deuteronomy
15:1-2, and I'm gonna read that,
00:25:12.94\00:25:15.44
and then I'll explain it to you.
00:25:15.44\00:25:17.51
"At the end of every seven years
00:25:17.51\00:25:20.02
"you shall grant
a release of debts.
00:25:20.02\00:25:22.15
"And this is the
form of the release:
00:25:22.15\00:25:24.12
"Every creditor who has
lent anything to his neighbor
00:25:24.12\00:25:26.96
"shall release it;
00:25:26.96\00:25:28.02
"he shall not
require it of his neighbor
00:25:28.02\00:25:29.92
"[nor of] his brother,
00:25:29.92\00:25:31.06
because it is
called the Lord's release."
00:25:31.06\00:25:33.33
This counsel is not
given to the debtor;
00:25:33.33\00:25:36.60
it's given to the creditor.
00:25:36.60\00:25:38.37
For example, every seven
years the debts were released.
00:25:39.67\00:25:42.87
So if somebody comes to
me in year three and say,
00:25:42.87\00:25:46.68
"Would you loan me
money?"--if I loaned them money,
00:25:46.68\00:25:50.31
how long would I
let them pay for it?
00:25:50.31\00:25:52.48
Only the last four
years that are on there,
00:25:52.48\00:25:54.15
'cause otherwise I have to
grant a release of the debt.
00:25:54.15\00:25:57.05
It's just wiped off.
00:25:57.05\00:25:58.69
So this text is in the Bible
to limit long-term indebtedness
00:25:58.69\00:26:02.06
to a span of seven years.
00:26:02.06\00:26:04.13
It is not to
declare bankruptcy and say,
00:26:04.13\00:26:06.23
"I'm sorry; I can't pay you."
00:26:06.23\00:26:07.66
>>So, let me kind of
tie some things together.
00:26:07.66\00:26:10.33
That's a helpful
understanding of that verse,
00:26:10.33\00:26:14.77
because there are, as
you mentioned, many people
00:26:14.77\00:26:16.40
who misunderstand that verse.
00:26:16.40\00:26:18.77
I wanna quote
something from a book
00:26:18.77\00:26:20.48
called
"Counsels on Stewardship."
00:26:20.48\00:26:22.71
It's on page number 257,
these are several quotes,
00:26:22.71\00:26:26.75
and I think this
gives us some good guidance,
00:26:26.75\00:26:29.12
a very useful and practical
guidance on the subject of debt.
00:26:29.12\00:26:33.39
Here's what it says, "Counsels
on Stewardship," page 257:
00:26:33.39\00:26:36.79
"Be determined never
to incur another debt.
00:26:36.79\00:26:40.03
"Deny yourself a thousand
things rather than run in debt.
00:26:40.03\00:26:44.17
"This has been the curse of
your life, getting into debt.
00:26:44.17\00:26:47.34
"Avoid it as you
would the smallpox.
00:26:47.34\00:26:50.44
"Make a solemn covenant
with God that by His blessing
00:26:50.44\00:26:53.64
"you will pay your debts
and then owe no man anything
00:26:53.64\00:26:57.35
"if you live on
porridge and bread....
00:26:57.35\00:27:00.15
"Do not falter, be
discouraged, or turn back.
00:27:00.15\00:27:03.42
"Deny your taste, deny
the indulgence of appetite,
00:27:03.42\00:27:07.02
"save your pence
and pay your debts.
00:27:07.02\00:27:09.66
"Work them off
as fast as possible.
00:27:09.66\00:27:12.33
"[Then] you can stand
forth a free man again,
00:27:12.33\00:27:15.83
"owing no man anything,
00:27:15.83\00:27:18.33
you will have
achieved a great victory."
00:27:18.33\00:27:22.10
Ed, thank you so
much for guiding us
00:27:22.10\00:27:24.21
through this week's
lesson on how to deal with debt,
00:27:24.21\00:27:27.38
how to avoid it
and how to pay it off.
00:27:27.38\00:27:30.11
I have no debt,--(laughs)
I have no doubt--
00:27:30.11\00:27:32.08
and by the grace
of God it'd be great
00:27:32.08\00:27:33.45
to have both of those things
to be the case for all of us.
00:27:33.45\00:27:36.79
I have no doubt that
this will have been a blessing
00:27:36.79\00:27:38.45
to many, many people. We're
gonna be back again next week
00:27:38.45\00:27:41.36
as we continue
looking at the subject
00:27:41.36\00:27:43.69
"Managing for the
Master Till He Comes."
00:27:43.69\00:27:46.83
God bless you. We look forward
00:27:46.83\00:27:47.86
to seeing you again next time.
00:27:47.86\00:27:50.33
(uplifting theme music)
00:27:50.33\00:27:53.80
(music ends)
00:28:21.10\00:28:23.93