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Equipping people worldwide to learn, apply, and teach God's financial principles so they may know Christ more intimately, be free to serve Him, and help fund the Great Commission.
Today on MoneyLife with Chuck Bentley
Friday, July 17, 2009
Patrick Gessleman: On the Road to True Financial Freedom
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Patrick learned God’s financial principles and put them into action. He and his wife, Heather, had to make some difficult decisions. I hope you listening today who know you need to do some things differently, but have had trouble getting started, will be encouraged to take the first step. Patrick’s story is inspiring. God’s way isn’t always easiest, but it gets you to where you want to be. Patrick and Heather are on that journey. In a way, the journey to financial freedom is like becoming an Eagle Scout. Too often people get discouraged on their journey and quit. Patrick’s story will encourage others on the journey not to give up no matter where they are.
Heather also had car and student loans. They had bad spending habits and no budget when they got married. They spent what they earned and then used credit cards to keep spending. Their only savings was $1,000 in a mutual fund. They couldn’t pay off the credit cards at the end of the month, balance rolled over. Before long, they accumulated $13,500 in credit card debt. They were overwhelmed, so they refinanced their house and rolled over credit debt and the car loan. Their mortgage went from $89,000 to $116,000. Then, they accumulated an additional $25,000 in credit card debt because they didn’t change their spending habits after refinancing! Soon, they were paying $150 in interest a month, bills were piling up, and they knew something was wrong. They wanted to change but didn’t know how. They started listening to How to Manage Your Money, and began thinking about God’s financial principles. Patrick prayed about it with Heather, and she agreed they had to change. So, they stopped using the credit cards and put them away. They began using their debit card instead. It wasn’t easy to start living within their means, and they were overdrawn a few times. They knew they had to alter their lifestyle to reduce their spending. It took two years, but they have now paid off all of their credit card debt. They had to sell their house to do it. Patrick says they never want to get into credit card debt again. Most people have good intentions but get stuck on taking action. I hope several things about Patrick’s story encourage those of you who are stuck. You must learn God’s financial principles and live by them. Start with one principle, learn it, and use it. Then, invest in your success – be willing to make changes to help you get where you want to be, even if that means sacrifice. Give yourself a reward for progress; that keeps you motivated. Patrick and Heather are now following a spending and saving plan that will allow them to be homeowners again
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Steps to Making a BudgetIn making a budget, there are several steps, each requiring individual effort. |
Need for a Spending PlanWithout a spending plan, it is impossible to know where your money goes each month and whether you will have available funds for the things you need. |
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Budget BustersBudget busters are areas that can result in financial disaster if not accounted for properly. |
Finding Financial FreedomThe Lord owns everything and we are merely stewards of what is His. He has clear ideas on how He wants His people to function as His stewards. |
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Other Resources: |
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We like to share stories of people who are applying God’s Word to their finances.
Our guest today is Patrick Gessleman, and he's going to do that.
Patrick came into his marriage with $2,000 in credit card debt. He and Heather paid for their wedding and honeymoon with credit cards, adding about $3,000 to their debt.
