Keys to Getting Out of Debt
I had the privilege to sit down with Dr. Kevin Dette to talk about wealth building principles. I love the story of them getting out of debt! Crushing massive debt is more like it, and how they follow and apply Biblical stewardship principles. I go into more detail on wealth creation and dealing with debt in my book, The Power to Create Wealth, and this interview is a part of that resource.
A massive key to wealth creation and getting out of debt is what the Bible calls contentment:
The Contentment Key
But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
1 Timothy 6:6-11 NIV
Contentment is central to Biblical wealth. We must learn to be content where we are on the way to where we’re going. Contentment begins with thankfulness. Are you and I living from a place of gratitude and appreciation for all God has given us? Contentment doesn’t mean that you don’t have goals and dreams. Instead, it means you don’t buy into the lie that you won’t be happy, fulfilled, or at peace until you have the “next level” you are dreaming about. Contentment means I find joy and fulfillment in Jesus and all He’s given me. It means that I pursue the purposes of God out of joy and obedience, not out of frustration for not having enough yet.
Wealth doesn’t Satisfy
Whoever loves pleasure will become poor; whoever loves wine and olive oil will never be rich.
Proverbs 21:17 NIV
Some motivational speakers try to get you dissatisfied with where you’re at in a way that motivates you toward greater dreams. There is an element of value in this because you don’t want to allow yourself to get comfortable with mediocre living or settle short of the purposes of God. But the idea that you need “more” to be happy is a lie. We need to find contentment and peace right where we’re at. The Apostle Paul said, “I’ve learned to be content in every circumstance.” When you talk to people who have been to the metaphorical top of fame or fortune, they will always tell the story of how they assumed it would help satisfy, but it never did. My friend Xola, who formerly went by Kid Sensation, was on the Grammy stage with Sir Mix-a-lot when he won his Grammy. He noted all those smiles were fake. No one is fulfilled or happy. Chasing wealth to satisfy the voids is an endless pit. The overflow of knowing God is a fulfilled life. Chasing and pursuing money, fame, and influence will leave you always needing more.
Delayed Gratification
The wise store up choice food and olive oil, but fools gulp theirs down.
Proverbs 21:20 NIV
Wisdom is contentment. Learning to delay instant gratification is central to increasing and multiplying. Delayed gratification is a necessary discipline. Many people are too focused on immediately satisfying their desires rather than patiently building wealth over time. Are you at peace with where God has you, or are you striving and stressed about reaching the next level? Over the years, one of the leading voices on delayed gratification has been Dave Ramsey. I love his iconic quote challenging us to be content and patient now for the greater payoff and enjoyment later. There’s no need to try to “keep up with the Joneses.” It’s a dangerous and sabotaging spirit of this world to be consumed with comparison and envy.
If you will live like no one else now, later, you can live like no one else.
Dave Ramsey
Grab a copy of the new book or get it on audible to get the broader picture and understanding of God’s design and purpose for you when it comes to money.
