Lose Financial Weight, Gain Career Freedom
Rule #1: Control your spending - set your career free
Spend less than you make. Crown Financial Ministries teaches budgeting using Net Spendable Income (NSI): that which is left after giving and taxes. If Housing, Food, and Auto combined percentages exceed 70 percent of your NSI, then it is time to lower your cost of living to pay off debt and invest in your career.
Rule #2: Pay off debt - invest in your career
Eliminate all debt, starting with the highest interest debt first. To pay off debt, consider not eating out and stop buying non-essentials. Sell assets you don't need. If your savings account pays less than your debt requires in interest, then pay off debt with savings. Invest the debt interest you were paying in career education.
Rule #3: Credit cards can debit your career
If you can't pay off your credit cards, then cut up your credit cards. If possible, return items you have purchased. Always pay more than the required monthly minimum payment. Get rid of those interest payments, drop your cost of living and afford to change careers.
Rule #4: Buy a used car - drive a new career
Better to buy a used car for cash, than a new car on credit. If you have to finance, borrow as little for as short a time as possible. Save money for other things - like the freedom to quit the job you hate and get the job you love.
Rule #5: Pay off your mortgage - buy a new career
Paying off a mortgage may seem like eating an elephant - too big! But you can do it - one bite at a time. Start by paying 10% more than is due each month, then 20%, 30% and more. Before you know it, the house will be really yours with no more debt - saving thousands of dollars that you can invest elsewhere - like starting your own business.
Rule #6: Earn extra money for a new career
Can't afford to change careers? Take a part-time, temporary job in a career field you want. Earn extra money to pay off debt and lower your cost of living. Learn extra perspective from the ground floor up. Just an extra four hours a week, and you can change your career.
Rule #7: "The borrower is servant to the lender"
Choose you this day whom you will serve - money in the form of high-cost-of-living and debt - or God Who richly supplies you with all things to enjoy. "No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money." (Matthew 6:24)
Brian Ray
PublisherCrossroads Career Network
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