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  #21  
Old 09-09-2010, 11:00 AM
coadie coadie is offline
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Re: Personal Responsibility

This is the modern version of slavery and bondage. How many people could ask their boss, pull out some cash to live on and go help clean up after a flood or earthquake? Be able to give in an emergency.
How many could buy some used appliances and clothing for people after a fire? Living paycheck to paycheck hoping there is no emergency is difficult.
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  #22  
Old 09-09-2010, 03:07 PM
canam canam is offline
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Re: Personal Responsibility

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Originally Posted by coadie View Post
He is the little messiah. He will make banks settle
bank debts at a discount
Very little one
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  #23  
Old 09-09-2010, 04:33 PM
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Re: Personal Responsibility

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Keep in mind there is good debt and bad debt. Good debt gives you cash flow (the money makes money for you) and bad debt takes cash from you. There is debt that is good, but usually when you are steeped in credit card debt and getting foreclosed on, the person usually has bad debt.
What are some examples of good debt? Buying a house at a very good price with a very low interest, might be one example, as long as it is on a 15 year mortgage and payments are no more than 25% of your take home. What are some others?

Actually, if you can pay cash, even in business or investments, it is much better than debt. With no debt, and six months of living expenses in an emergency fund, you can weather most downturns. Even "good debt" is bad when you lose your job, or have health problems in the family.
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  #24  
Old 09-09-2010, 05:27 PM
coadie coadie is offline
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Re: Personal Responsibility

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Originally Posted by crakjak View Post
What are some examples of good debt? Buying a house at a very good price with a very low interest, might be one example, as long as it is on a 15 year mortgage and payments are no more than 25% of your take home. What are some others?

Actually, if you can pay cash, even in business or investments, it is much better than debt. With no debt, and six months of living expenses in an emergency fund, you can weather most downturns. Even "good debt" is bad when you lose your job, or have health problems in the family.
If my God shall supply all my needs, does borrowing money tell us we don't think God can supply?
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  #25  
Old 09-09-2010, 10:13 PM
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Re: Personal Responsibility

I agree that Dave Ramsey's program is a great one. My wife and I went through it and followed it for a few years then backslid from it.

I personally know many people, some who are not christians, who have followed his program with great success. A retired man down the street I live on is a perfect example. His house and everything he owns is paid for because of it.
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"We did not wear uniforms. The lady workers dressed in the current fashions of the day, ...silks...satins...jewels or whatever they happened to possess. They were very smartly turned out, so that they made an impressive appearance on the streets where a large part of our work was conducted in the early years.

"It was not until long after, when former Holiness preachers had become part of us, that strict plainness of dress began to be taught.

"Although Entire Sanctification was preached at the beginning of the Movement, it was from a Wesleyan viewpoint, and had in it very little of the later Holiness Movement characteristics. Nothing was ever said about apparel, for everyone was so taken up with the Lord that mode of dress seemingly never occurred to any of us."

Quote from Ethel Goss (widow of 1st UPC Gen Supt. Howard Goss) book "The Winds of God"
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  #26  
Old 09-10-2010, 06:45 AM
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Re: Personal Responsibility

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Originally Posted by crakjak View Post
What are some examples of good debt? Buying a house at a very good price with a very low interest, might be one example, as long as it is on a 15 year mortgage and payments are no more than 25% of your take home. What are some others?

Actually, if you can pay cash, even in business or investments, it is much better than debt. With no debt, and six months of living expenses in an emergency fund, you can weather most downturns. Even "good debt" is bad when you lose your job, or have health problems in the family.
It is debatable whether owning your own home is good debt or not. It is controversial.

An example of good debt is if you have a rental property. Good debt is not bad if you lose your job because you have income from the property. You have say, $100,000 in debt on a rental but maybe $150.00 a month in cash flow (above your payment, taxes and insurance etc.) It is not necessarily good to pay this off verses saving the income to make another down payment on another rental property because you would have more debt but more cash flow. If you use the money to pay off the debt (good debt), you won't have money to put down on another property, thereby lessening the cash flow you could have by making another invesment.

Good debt is using other people's money to make money.
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  #27  
Old 09-10-2010, 07:47 AM
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Re: Personal Responsibility

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Originally Posted by ILG View Post
It is debatable whether owning your own home is good debt or not. It is controversial.

An example of good debt is if you have a rental property. Good debt is not bad if you lose your job because you have income from the property. You have say, $100,000 in debt on a rental but maybe $150.00 a month in cash flow (above your payment, taxes and insurance etc.) It is not necessarily good to pay this off verses saving the income to make another down payment on another rental property because you would have more debt but more cash flow. If you use the money to pay off the debt (good debt), you won't have money to put down on another property, thereby lessening the cash flow you could have by making another invesment.

Good debt is using other people's money to make money.
What you are not factoring into this scenario, is the risk of a 100K mortgage, in the event that you lose your job, and your tenants lose their jobs and move out. If the property is debt free, you have time to get more tenants, even if you have to miss several months of the rental income. Debt-free is ideally better. Yes, you may leverage debt to increase income, but you also increase your risk.
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  #28  
Old 09-10-2010, 07:50 AM
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Re: Personal Responsibility

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Originally Posted by coadie View Post
If my God shall supply all my needs, does borrowing money tell us we don't think God can supply?
"...owe no man anything...." "...the borrower is a slave to the lender..." Debt-free is ideal, of course man is never perfectly ideal! That is where grace and the love of God comes in, but we should seek the best, not the lesser.
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  #29  
Old 09-10-2010, 07:52 AM
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Re: Personal Responsibility

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Originally Posted by CC1 View Post
I agree that Dave Ramsey's program is a great one. My wife and I went through it and followed it for a few years then backslid from it.

I personally know many people, some who are not christians, who have followed his program with great success. A retired man down the street I live on is a perfect example. His house and everything he owns is paid for because of it.
We started fifteen years ago, there has been slipping and sliding here as well, fortunately we didn't given up, just jump back on the wagon. Cut up those cards and live yo wage. lol
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  #30  
Old 09-10-2010, 07:58 AM
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crakjak crakjak is offline
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Re: Personal Responsibility

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Originally Posted by coadie View Post
This is the modern version of slavery and bondage. How many people could ask their boss, pull out some cash to live on and go help clean up after a flood or earthquake? Be able to give in an emergency.
How many could buy some used appliances and clothing for people after a fire? Living paycheck to paycheck hoping there is no emergency is difficult.
I remember Bishop Jakes commenting about credit cards and debt, he said, "Mastercard, Visa, Discover, and American Express are the pimps, and you are the ho's."

Yep, after one pays the IRS, tithe and interest on credit, you are working on a very thin margin to pay necessities and invest for the future.
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