To be honest, the Bible doesn’t address every aspect of managing our money. However, there are some things that are discussed many times and borrowing is one of them. On this edition of MoneyWise Live not one but two experts help us with borrowing. Well known author and speaker Ron Blue joins Rob West and together they dissect and apply God’s wisdom to your borrowing and your financial life. Ron Blue has been teaching and helping Christians manage their money for over five decades. In 2003, Ron formed Kingdom Advisors, an international organization that equips Christian financial professionals to serve the body of Christ through their practices. Ron’s written many books on personal finance including "Never Enough" and "Master Your Money; a step by step plan for experiencing financial contentment" published by Moody Publishers.
Some points on borrowing to remember:
- When the bible addresses certain aspects of living multiple times, that usually means God wants us to take it seriously. And borrowing money is one of those things.
- Borrowing is really synonymous with Debt. And neither is spoken of positively in God’s word.
- The only SURE way to know you can pay something back is to already have the money in the bank.
- Nowhere in scripture does God meet the needs of his people through a loan or ever encourage it.
- Borrowing always mortgages the future. Therefore the economic return must be greater than the economic cost.
- You should never presume upon the future. Therefore there must be a guaranteed way to repay what is borrowed.
- God gave you a spouse to complete you. Therefore, spouses must be in agreement.
- Never deny God an opportunity to provide. Therefore, there are no other alternatives.
Next, Rob and Steve tackle listener questions at 800-525-7000 and via email to Questions@MoneyWiseLive.org on a variety of topics:
- If you took out a mortgage for one of your children with the proviso that they would eventually assume it, what do you when they refuse to take over responsibility?
- If your sons weren't reared with a good financial education, how do you convey these principles to them now?
- Why should you worry about retirement planning and insurance when you consider God's advise to not worry about tomorrow?
- If you are the executor of your mother's will, should you allow some of the elective proceeds to go to a devisee who's exhibited problems with addiction to drugs and you don't want to enable them?
- If your son is a recovering alcoholic who's accumulated debt, what is the best way to start tackling his debt?
- When is alright to borrow from your 401(k)?
- How should you go about convincing your husband to participate in investing?
- How much should you try to achieve in retirement funds once you reach the retirement age?
- Should you consider using subsidized loans to pay off unsubsidized loans for student loans?
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