financial freedom “the rich ruleth over the poor and the borrower is servant to the lender.”...
TRANSCRIPT
FINANCIAL FREEDOM
“The rich ruleth over the poor and the borrower is servant to the lender.” (Proverbs 22:7)
Finding
FINANCIAL FREEDOM
Global Debt
National Debt
Dollars spent in the lifetime of an average 21-year-old
Adults who are unbanked
Total revolving debt carried by the average household
Credit cards in the average household
Amount Americans shelled out in credit card fees in 2004, an 18% increase over the previous year
11 StepsFor Getting out of Debt
STEP #1Acknowledge the Problem
11 Steps for Getting out of Debt
#1: Acknowledge the Problem
STEP #2Stop Digging
11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
STEP #3Make Small Cutbacks
11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
STEP #4Start an
Emergency Fund
11 Steps for Getting out of Debt#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
STEP #5Take Inventory
11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
#5: Take Inventory
STEP #6Make a
Spending Plan
11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
#5: Take Inventory
#6: Make a Spending Plan
STEP #7Control
Spending
11 Steps for Getting out of Debt
#1: Acknowledge the Problem
#2: Stop Digging
#3: Make Small Cutbacks
#4: Start an Emergency Fund
#5: Take Inventory
#6: Make a Spending Plan
#7: Control Spending
STEP #8Pay Bills on
Time
11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time
STEP #9Start a
Snowball
11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time#9: Start a Snowball
STEP #10Grow Your
Income
11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time#9: Start a Snowball#10: Grow Your Income
STEP #11Expand Your
Emergency Fund
11 Steps for Getting out of Debt
#1: Acknowledge the Problem#2: Stop Digging#3: Make Small Cutbacks#4: Start an Emergency Fund#5: Take Inventory#6: Make a Spending Plan #7: Control Spending#8: Pay Bills on Time#9: Start a Snowball#10: Grow Your Income #11: Expand Your Emergency Fund
FAMILY FINANCIAL FITNESS
* 45% of college students with $3,000 + in credit card debt
* More students lost to credit card debt than to academic failure
* 96% increase in number of 18 to 24-year-olds declaring bankruptcy
* Personal bankruptcies nearly doubled in the past decade
* 1.6 million + filed for personal bankruptcy in 2003.
* Home foreclosures in 2002 reached the highest rate in 30 years.
Once you get out of debt,
STAY OUT OF DEBT!
Resources• Dave Ramsey
– Financial Peace– The Financial Peace Planner– How to Have More Than Enough– More Than Enough– Financial Peace Revisited– The Total Money Makeover (and workbook)– The Money Answer Book– Priceless: Straight-Shooting, No-Frills Financial Wisdom– EntreLeadership: 20 Years of Practical Business Wisdom from the
Trenches• Dave Ramsey Show 1:00-4:00 PM 570 AM(KLIF)• www.daveramsey.com • U.S. Debt Clock: http://www.usdebtclock.org/index.html#• World Debt Clock: http://www.economist.com/content/global_debt_clock