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March 2013 - God's way of managing our finances part II – Signs of Financial Trouble

God's way of managing our finances part II – Signs of Financial Trouble

☳ by Adam Aspilla

We have learned so much from world's financial experts on how to manage our finances. Yet the world is in financial crisis not only individuals but governments as well. What is shocking, not only poor countries are in financial trouble but rich countries included, like countries in Europe. United States of America is not an exception. It was once considered the richest country in the world, but now the number one debtor-country in the world with a total staggering debt of more than 16.5 trillion dollars and counting. According to an expert, to count the said amount of money at one dollar every second, it would take about one million years. The question is why is this happening in our world today? Is this because we do not follow God's way of managing our finances?


To answer to the above question let us look at God's way of managing our finances in five - part series:1st part, "Causes of Financial Trouble"; 2nd part, "Signs of Financial Trouble"; 3rd part, "How to Avoid Financial Crises"; 4th part, "Nine Steps Out of Financial Crisis"; and 5th part, "Difference Between Man's Way and God's Way of Managing Finances". After you read them all, you can answer the above question yourselves.


Signs of Financial Troubles:

First, Living on Credit Instead of Paying Cash. Proverbs 3:27-28, "Don't withheld repayments of your debts. Don't say some other time…".If you cannot pay the full amount due on time on your credit card or line of credit bills, it would cost you to pay unnecessary interest charges and the more you are in debt.


Second, Delaying Payment.Romans 13:8, "Let no debt remain outstanding." When you do not budget your income properly you will be unable to pay your debts on time.


Third, Unable to Tithe or Save.Malachi 3:8, "Will a man rob God? Yet you rob Me. But you ask, 'How do we rob You?' In tithes and offerings." If you are a Christian believer and you believe in returning 10% of your income to God through your local church, and you could not do it anymore.


Moreover, Proverbs 21:20 says, "The wise man saves for the future, but the foolish man spends whatever he gets." Meaning, if you have no savings you are in financial trouble for in case of emergencies like: you get sick, or lose your job, you would default payments on financial obligations.


Fourth, Unable to Pay Taxes.Matthew 22:21, "Give to Caesar what is to Caesar's, and to God what is God's." When you cannot pay your taxes when it is due, the government may garnish your wages, bank accounts or size your personal and real estate properties to pay for your unpaid taxes.


Fifth, Extravagant Spending.Proverbs 21:17, "Indulging in luxuries, wine, and food will never make you wealthy." When you spend too much on birthday parties, anniversary celebrations, expensive gifts, travels and vacations, your finances would be in jeopardy.


Sixth, Looking for Get-Rich Ideas. Proverb 21:5, "Steady plodding brings prosperity; hasty speculation brings poverty." Furthermore, Ecclesiastes 5:7 says, "Dreaming instead of doing is foolishness." When you are in financial trouble you are looking for ideas on how to earn money quick to pay your ballooning overdue debts. The Bible says, get rich quick ideas would generally lead you to poverty, gambling for example.


When you experience one or more of the above signs, you need to immediately seek a financial advice from a professional who is expert on debt solutions for your options. A delay would only aggravate your financial problem as your creditors may assign your delinquent account(s) to a collection agency, or to take legal action where your wages/bank account may be garnished upon judgment is rendered by the court of law.


Moreover, if payments of your mortgage are behind, the lender may initiate power of sale action that is expensive because of legal fees. It would only increase the risk of losing your house."



Adam Aspilla is a Senior Financial Counselor of the Debt Clinic of Canada Inc. and the author of the book, You Can Negotiate All Your Debts. He also writes a biweekly column, “What Matters In Life” in “Taliba Newspaper. For free initial, professional and confidential consultation, please call 905-306-7572.