Archives for Financial Deceptions

FINANCIAL DECEPTION-BANKRUPTCY WILL SOLVE MY FINANCIAL PROBLEMS

When people get into financial difficulty, many believe that declaring bankruptcy will solve their financial problems. Unfortunately, bankruptcy just treats the symptom. Statistics show that approximately 80 percent of people who go bankrupt, do so again within 10 years. This is generally because the real problem is the violation of God’s financial principles, which often continues even if current debts are eliminated by bankruptcy.
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FINANCIAL DECEPTION-SMART PEOPLE USE OTHER PEOPLE’S MONEY

Many people believe it is good financial thinking to use borrowed money to make a lot of money. In other words, “smart people use other people’s money,” not their own. This is a lie from the world and Satan. The only way that is true is if you can predict the future—that is, know with certainty the direction of markets and the economy.
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FINANCIAL DECEPTION- IT MAKES SENSE TO BUY NOW AND PAY LATER

Today almost anything can be purchased with little or no down payment—automobiles, furniture, boats, snowmobiles, etc. Advertisements enticing you with “no payments and no interest” for one to two years are very common. Obtaining credit today is very easy, and it is not uncommon for banks to encourage people to take out a line of credit against the increased value of their homes. “Easy credit” creates a big temptation to “buy now and pay later.” As a result, many people buy things on credit that they cannot afford and frequently do not really need.
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FINANCIAL DECEPTION-DEBT RESTRUCTURING WILL SOLVE YOUR FINANCIAL PROBLEMS

Several years ago, I counselled an individual who had accumulated significant debt on his credit cards. To lower his interest costs and to be able make appropriate repayments, it made sense to restructure his debt. He obtained a line of credit from his bank at a much lower interest rate and used those funds to pay off his credit cards. At the same time, I emphasized to him that restructuring his debt was treating the symptom and not the problem. The real problem was that he and his wife were spending more than they were earning, and they had been doing this for a couple of years.
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FINANCIAL DECEPTION-YOU SHOULD TRY TO OBTAIN FINANCIAL FREEDOM (ASAP)

Many people believe it is good to try to get rich quickly. Some of the common methods utilized to obtain “financial freedom” are as follows: 1. lottery tickets—sometimes promoted as “Imagine the freedom” 2. aggressive investing—usually with a lot of debt 3. excessive hard work, which is out of balance God’s directive is different. The emphasis in scripture is to plan and save for future needs slowly over a period of time. “Steady plotting brings prosperity, hasty speculation brings poverty” (Proverbs 21:20 TLB) “He who gathers money little by little makes it grow” (Proverbs 13:11 NIV).
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FINANCIAL DECEPTION-LIVING PAYCHECK TO PAYCHECK IS OKAY

In this world, we are bombarded with all kinds of false concepts with regard to finances. I call these “Financial Deceptions.” Financial deceptions are beliefs that appear to be correct but are contrary to God’s principles. For example, statistics reveal that 80 percent to 90 percent of the people in North America live “paycheque to paycheque”—that is, they spend all their regular income and have no savings. Many people believe this is okay. However, God says it is foolish: “The wise man saves for the future, but the foolish man spends whatever he gets” (Proverbs 21:20 TLB).
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