Understanding Debt: Self Reliance Course Report Week 7

I’ve been a bit behind on the blog lately with a week off work for the 4th. I had every intention to use some of my spare vacation time to bust out blog posts but instead my time got swallowed up with swimming, Mario Kart, long bike rides, the Brookfield zoo and other family activities. I’ve had a ton of good ideas for posts lately but it always comes down to time. I’m going to shoot for a consistent 5 posts per month from now on.

Good Old Fashioned Integrity

The most recent class started out with a discussion on integrity. Remember that this is a church sponsored class and may seem a bit old fashioned, but I think this stuff is EXTREMELY important. This is a great and compelling account that will get you to reflect on your own integrity.

The Savior (Jesus Christ) once asked His disciples the following question: “What shall a man give in exchange for his soul?”

This is a question that my father taught me to carefully consider years ago. As I was growing up, my parents assigned me chores around the house and paid me an allowance for that work. I often used that money, a little over 50 cents a week, to go to the movies. Back then a movie ticket cost 25 cents for an 11-year-old. This left me with 25 cents to spend on candy bars, which cost 5 cents a piece. A movie with five candy bars! It couldn’t get much better than that.

All was well until I turned 12. Standing in line one afternoon, I realized that the ticket price for a 12-year-old was 35 cents, and that meant two less candy bars. Not quite prepared to make that sacrifice, I reasoned to myself, “You look the same as you did a week ago.” I then stepped up and asked for the 25-cent ticket. The cashier did not blink, and I bought my regular five candy bars instead of three.

Elated by my accomplishment, I later rushed home to tell my dad about my big coup. As I poured out the details, he said nothing. When I finished, he simply looked at me and said, “Son, would you sell your soul for a nickel?” His words pierced my 12-year-old heart. It is a lesson I have never forgotten.

What Shall a Man Give in Exchange for His Soul? – Robert C. Gay

Being As Honest As Possible

I don’t want to sound preachy, and some might not like that hard of a stance, but for true Christians, this is a normal standard that God expects. Job set a great example in Job 27:5 when he said “Till I die I will not remove mine integrity from me.” We talked about some other ways people today might chip away at their integrity:

• Putting a lower purchase price on a bill of sale when purchasing a vehicle in order to pay less in sales tax.
• Burning CD’s to distribute or taking music off of Youtube.
• Not returning extra change when the cashier gives too much.
• Buying something, like a clothing item, for a certain occasion just to return it once the event is over.

Do what you want, but it does seems most people believe in this vague idea of karma. Increasing your integrity will probably give you more good karma, but it’s not guaranteed.

Understanding And Eliminating Debt

Onto the practical application of the lesson: Eliminating debt. Most people know that debt is usually not ideal, but sometimes can be smart to increase wealth. Our manual was strongly geared towards consumer debt, which is pretty much always bad. Debt for a modest and affordable home, education and basic necessary transportation is sometimes required, but outside of that, it should be avoided. Understanding debt at a basic level goes a long way.

There was a great exercise where we reflected on impulse purchases we had made. We began evaluating our emotions and categorizing these purchases. We took note of who we were with when they happened.

Here are some examples from the group:

• After a stressful day you wind up buying a pair of new shoes that you don’t need. Your friends rave about them and they make you feel better.
• Your children might coax you into buying toys each week. Work is going well and you feel generous.
• Perhaps you feel underappreciated and insecure so you buy something for your boyfriend to try and get more praise.

Maybe you relate to one of the patterns listed above. Environment often trumps willpower so learning to recognize emotional, relational and situational triggers can help you take control of your finances.

Other Financial Issues

Some couples become apathetic about their finances. Both spouses spend carelessly and assume their partner is the one responsible. It’s important to be accountable to one another and share equal responsibility. It’s also easy to covet and compare with all the advertising social media and advertising we see. Comparison is not just a thief of joy, but also of many people’s chance at Financial Independence.

Conclusion

A lot of what was discussed can be summed up in knowing a few things. Unfortunately many people are mostly clueless. Here’s my list of things you should know:

• Yourself
• Your spouse
• Your priorities
• Your emotional, relational and environmental triggers

It may take some time to figure things out but it’s worthwhile. Understanding debt and knowing your triggers is an important step to getting your finances under control. Comment below what your triggers are.