Finally, at the end of October, and before my planned goal of December 31, 2019, I am debt free! Early this month through discussion with my wife, we agreed that I could transfer some money from my savings to accelerate the payoff of the installment loan. I transferred $2,200.00 from savings and set an interest rate of 12% with a term of 12 months for monthly payments of $195.00. I’m going to begin payments for this transfer in 2020. If you’re going to make financial decisions that impact your family, make sure you discuss it with your spouse no matter the dollar amount, because this type of communication builds trust. I’ve often talked about lending to your self in previous blogs, and I believe this scenario is one of the few where it’s ok for the borrower to be slave to the lender. This concept is from the Book of Proverbs of the Holy Bible. This translation is powerful: “The rich rule over the poor, the borrower is a slave to the lender.” Proverbs 22:7 TLV. If you borrow from yourself then the only person you will owe is you. It feels so good to no longer have to make payments to credit cards. Next month, I will re-cap how far I’ve come.
If you want to learn more about the self-lending principle or if you need a financial check-up then contact me
This month’s video is David Goggins – STAY HARD – The BEST OF Motivation – Motivational Video from the Mulligan Brothers YouTube channel.
“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
I believe in your journey to….
A Debt Free Me