RSSWhat if You Invested Your Debt Payments
Feb 27
Debt, General, The Bible & Money No Comments
Wisdom from the world, “If you’re a parent, all your debts — including mortgage payments, credit cards, car loans and education loans — shouldn’t eat up more than 35% of your gross pay.” – Liz Pulliam Weston (Click the link with caution, I just didn’t want you to think I made this stuff up.)
What!
Just imagine if you could invest 35% of your income instead of sending it to the bank. According to the U.S. Census, “Real median household income was $49,777 in 2009.” If your family could invest or save 35% or $17,421 per year, you’d be a millionaire in less than 20 years if you average 10% return on your investments.
My advise to teens, never borrow money. To 20 somethings, use your 20s to get out of debt, your 30s and 40s to invest and grow, and be a millionaire by 50…all while making the median household income. Warning, your broke friends and relatives will mock you and call you crazy. It’s okay, that’s a sign you’re doing it right.
Wisdom from God:
The rich rules over the poor, and the borrower is the slave of the lender. Proverbs 22:7 (KJV)
The LORD shall open unto thee his good treasure, the heaven to give the rain unto thy land in his season, and to bless all the work of thine hand: and thou shalt lend unto many nations, and thou shalt not borrow. Deuteronomy 28:12 (KJV)
There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up. Proverbs 21:20 (KJV)
Peace & Thanks,
Jamel Black