Get Your Financial House in Order
July 29, 2009
Yesterday I ate supper with a man who has spent the last 50 years in the banking business. During that time he has made thousands of loans to individuals and to businesses. He has also started numerous banks, bought others, and sold some. Suffice it to say that he is well connected in the banking world, to the point that he knows some of the key players in Washington.
To say that he is concerned about the current state of the economy would be putting it mildly. He believes we have gotten into trouble because people have forgotten (or deliberately ignored) the commonsense rules of financial management. He told me that he is concerned about churches that are over-extended and have gone heavily into debt to finance their future growth. He thinks we will be facing a period of serious hyperinflation in about 18 months. “I don’t see how we can escape it,” he said.
He struck me not as alarmist but as a realist.
“We need to reteach biblical principles,” he said. “Tell the people that.” So this is his advice:
1. Learn what the Bible says about money.
2. Pay off your consumer debt, especially credit card debt.
3. Live within your means.
I think he’s right. Now is the time to get your financial house in order. Don’t wait 18 months to get started.