Featured Ideas on how to love and serve others in church

Our church has no debt at all even though we went through an expansion of our building facility (cost over a million), we had a $250,000 renovation on a historic church that we did not plan on and we are currently in the process of renting a warehouse and are ready to renovate if we get the building permits - and we are doing it with cash in the bank. We don't do any work unless we have the cash to do so.

Personally, we just put some money on our home equity line of credit because it was a fast way to get the cash but we are shuffling around other cash we have to pay it off so while technically we have debt, it is very temporary and we will have it paid off in a week or two.

So at least one family and one church is debt free here.

Additionally, there is a difference between getting into debt and working hard to get that debt down and just saying "Oh well, I can't pay it off." When we had debt, we worked extra hours, sold what we could and cut back on living expenses until we could get it paid off.

And what does Way of the Master have to do with debt? Is he teaching you that debt is OK and to not worry about it? If so, he is in error.

 

A part time job at $12 an hour (let's say you clear $10 an hour) at 15 hours a week will get you $150 a week. That's $600 a month that could go towards paying down the loans you PROMISED to repay. $600 a month is $7200 a year. You would have your loans paid off in just over 8 years if you worked diligently on it and you can pay it off even sooner if your income increases. I think that's doable!

 

Anyone who takes $100,000 in student loans is a fool. My daughter will be graduating from grad school with a doctorate in audiology with under $30,000 in debt, have 100% placement when she gets out with a starting salary of $75,000. How did she do this? Go to less expensive schools, work two jobs while attending school and being diligent and frugal with her money. She told her sister last week that she couldn't go to the movies ($15) because she had no money. She has over $4000 in the bank but some of that is earmarked to pay off a credit card balance she had (she paid her first month's rent and security deposit on her first apartment which was $2020 and she had her tuition from her last semester at school on there as well for $587 plus a few smaller things like gas). She pays her own car insurance and all car expenses as well as clothing and entertainment yet as a student with two part time jobs, she was able to have the cash for those expenses because she's careful with her money. Now she will have rent on her new apartment (one bedroom in a three bedroom apartment with two roommates in East Harlem, NY) of $1010 a month plus utilities. And I have no doubt that she just might be able to make that money - while getting a doctorate and working diligently part time.

As for people paying off their debts, here are a few who have paid off large debts:

http://finance.yahoo.com/news/how-we-paid-off--440-500-in-debt-192100598.html

 

Does this work for you?

http://www.youneedabudget.com/blog/...debt-in-18-months-on-a-35000-per-year-income/

Yes, you need more income. Get off your rear and get a second and third job if necessary. Your wife should as well. Now is the time to buckle down and pay down those commitments you have made. A higher paying job is nice but not everyone can get one so you make due with working more. Is it hard? Absolutely but life is hard. All my life my father had 2 jobs even though he was a New York City cop. It was just what he had to do to make ends meet.