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Characteristics of debt-free people

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Have you ever asked yourself why some people are debt-free, and some are not? Here are several characteristics that have been helpful in my own finances. These traits are as follows:

Wisdom:

Psalm 24:1, “The earth is the Lord’s and everything in it, the world and all who live in it.” 

As a result, they realize that God owns it all and He allows them to be Stewards (managers) of Gods resources. Debt-free people begin to handle money differently and seek to eliminate debt at all costs.

Goal Driven:

Luke 14:28-30, “Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying this fellow began to build and was not able to finish.”  

Whereas debt-free people track their spending on a daily basis and utilize their budget to stay on course.

Sacrifice:

Hebrews 13:16, “And do not forget to do good and to share with others, for with such sacrifices God is pleased.”

Without a doubt, debt-free individuals avoid luxury expenses such as premium cable packages, excessive eating out, extravagant vacations, etc. They set a goal, make temporary budget cuts, and utilize a budget to meet their goals.

Non-Materialistic:

Philippians 4:12, “I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want.”

Nevertheless, the person who is determined to get out of debt realizes that money does not buy happiness.

Patience:

Proverbs 14:29, “A patient man has great understanding, but a quick-tempered man displays folly.”

As a result, they are not fazed by advertisements to make impulse purchases. They are willing to wait, work, and save for those items.

Responsible:

1 Timothy 5:8, “if anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever.”

Above all, a debt-free person puts the needs of their household first, lives on a budget, and gets out of debt.

In conclusion I can personally testify that by applying these debt-free character traits, studying God’s Word, and learning from past experiences anyone can successfully get out of debt.

Do you exhibit any of these characteristics?

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