This is a series that appears on a weekly basis here at JosephSangl.com – “Biblical Financial Lessons”
I believe that the Bible is the best money book ever written, and I really want to take some time each week to share the money lessons I have learned from the Word.
Debt Enslaving Children
II Kings 4:1 The wife of a man from the company of the prophets cried out to Elisha, “Your servant my husband is dead, and you know that he revered the Lord. But now his creditor is coming to take my two boys as his slaves.”
In this incredible story, a man has passed away while still having young boys in the house. Apparently, this man had incurred substantial debts, and his untimely death placed the family into a financial tailspin. The situation is so terrible that the creditor is going to take the two boys as slaves to repay the debt.
No one prepares to die before they grow old, but we see obituaries of young people all of the time. It’s awful. Without a plan, this situation can literally enslave the family just as is recorded in this story.
It’s time for you to ask yourself two questions.
1. Has your debt situation become so bad that it has enslaved you and your family?
- Are you BOUND to your job because you have to receive the paycheck?
- Are you doing things at work that you are morally or ethically against, but your financial situation has prevented your standing up for what you believe?
- Do you have a second job or demand overtime just to pay the bills?
- Are your children paying a tremendous price because of your financial situation?
If so, it is time to calculate your Debt Freedom Date and start the journey toward freedom! Being a slave to debt is a terrible way to live life!
2. Would your family prosper even if you die prematurely?
- Do you have substantial savings that would sustain the family over a two to three month period?
- Do you have life insurance that is equal to 10-times your annual take-home pay?
I have met with families after the untimely loss of a spouse. I have seen families that had no plan and were enslaved. It was a terrible moment, as I watched the family move toward poverty overnight. On the other hand, I have met with families that had planned appropriately, and they were able to focus solely on grieving.