How do I become debt free through Godly wisdom and discipline?

Ralph Estep Jr.:
00:00

Welcome back to the Ask Ralph show, the only podcast dedicated to help you master your finance God's way. I'm your host, Ralph, and I am so glad you're joining me today, especially on this beautiful spiritual Sunday.

Ralph Estep Jr.:
00:14

You know, I was talking to a listener earlier this week and she said something that really struck a chord. She said, "Ralph, I feel like I'm drowning in debt. I know God wants me to be a good steward, but I just don't know where to start." And you know what? I hear that a lot. There can feel like this enormous weight holding us back from experiencing the fullness of God's blessings.

Ralph Estep Jr.:
00:36

But here's the good news. God doesn't want us living under that kind of pressure. He wants us to be free. Free to serve Him, free to bless others and yes, free to live a life of abundance. This is not some prosper from your faith discussion, but rather a chat about how to find solutions to break free from the grip of debt. And that's just what we're going to cover today.

Ralph Estep Jr.:
01:05

So today, we're diving deep into God's word to discover how we can break free from the chains of debt and step into the financial freedom that He's planned for all of us. We'll be talking about practical steps, spiritual principles, and maybe even busting a few myths along the way. But first, let's take a quick recap for those who might've missed yesterday's episode.

Ralph Estep Jr.:
01:26

Yesterday, we talked about the often-overlooked importance of safe deposit boxes. Yes. Even in our digital age, those little metal boxes still hold a valuable place in safeguarding important documents and your valuables. If you haven't already, go back and give it a listen. You might be surprised by what you learn. You might also want to hit subscribe or follow so you get that show downloaded daily right to your device.

Ralph Estep Jr.:
01:49

And tomorrow, we're tackling a topic that's near and dear to every homeowner's heart. And that's home warranties. And we're going to say, "Ralph, are they really worth it? What do they really cover?" I'm going to break it all down for you so you can make an informed decision for your family and for your peace of mind.

Ralph Estep Jr.:
02:08

Let's turn our attention to today's topic: becoming debt-free God's way. Let's open up our Bibles to Proverbs 22:7, which says, "the rich rule over the poor, and the borrower is a slave to the lender." That's a powerful image, isn't it?

Ralph Estep Jr.:
02:24

The Bible is clear that debt can lead to a form of bondage, limiting our choices and stealing our peace. But remember this. God wants more for us than just being debt-free. He wants us to be wise stewards of all He's given us. And the truth is He's given it all to us. So you might ask, "Ralph, how do we do that? How do we move from a place of debt to a place of financial freedom, all while honoring God with our finances?" Well, I truly believe it starts with these key 3 principles. Wisdom, Discipline, and Faith.

Ralph Estep Jr.:
03:02

First up, Wisdom. Proverbs 13:16 tells us, "Every prudent person acts with knowledge, but a fool flaunts his folly." See, becoming debt-free isn't just about working harder, it's about working smarter. It's about seeking God's guidance in every financial decision we make. I'm not just talking about praying over your grocery list. Although there's nothing wrong with that. I'm talking about taking a step back and evaluating your spending habits. Creating a realistic budget and seeking wise counsel from financial experts.

Ralph Estep Jr.:
03:37

There are so many resources available to help you. And I encourage you to take advantage of all of them. You know, I remember when I was first starting out. I thought a budget was just a fancy word for restriction. But then I realized it's actually a tool for freedom.

Ralph Estep Jr.:
03:53

It's about being intentional with your money so you can tell it where to go, instead of wondering where it went. And trust me, there's nothing more freeing than knowing you have enough to cover your expenses, enough to bless others, and still have some leftover for a rainy day. We are all going to experience those rainy days in our lives.

Ralph Estep Jr.:
04:16

Now, wisdom is essential, but it's only half the equation. The second key ingredient is Discipline. Proverbs 10:4 says, "A slack hand causes poverty, but the hand of the diligent makes rich." Becoming debt-free requires discipline, my friends. It means saying no to impulse purchases, delaying gratification, and sticking to your budget, even when it's tough.

Ralph Estep Jr.:
04:43

Discipline is always tough. So you have to look at the outcome you're seeking and strive for it. Look, I know this is where a lot of us struggle. We live in a culture of instant gratification. We're constantly bombarded all over with messages telling us the buy now, pay later. But remember. God's ways are higher than our ways. His plans for our finances are about long-term prosperity, not short-term pleasure. If you think of it like this, God is very much a long-term investor just as we should be.

Ralph Estep Jr.:
05:15

And that brings us to our final key. Faith. Hebrews 11:1 reminds us that "faith is the assurance of things hoped for, and the conviction of things not seen." Becoming debt-free can feel like a long and winding road. And there's going to be times when you're tempted to give up. But that's where faith comes in. It's about trusting that God will honor your commitment to becoming a good steward of His resources. It's all about believing that he will provide for your needs as you seek his wisdom and walk in obedience.

Ralph Estep Jr.:
05:48

So you might ask, "Ralph, how do we put these principles into action?" Well, here's a few practical steps you can take today. Number one. Pray for God's guidance. Ask him to give you wisdom and discernment as you create a budget, as you manage your debt, and as you make financial decisions. This is one of the things I ask for every day.

Ralph Estep Jr.:
06:07

Number two. Create a realistic budget. Track your income and expenses so you can see where your money's going. Identify areas where you can cut back and redirect those funds towards debt repayment. That's the way to get out of this debt cycle.

Ralph Estep Jr.:
06:21

Number three. Explore debt reduction strategies. There are many different approaches to this, such as the snowball method or the avalanche method. I've done shows on this. Find one that works best for your situation and do it.

Ralph Estep Jr.:
06:36

Number four. Consider seeking professional help. If you're feeling overwhelmed, don't be afraid to reach out to a financial advisor. They can provide personalized guidance and support. I actually offer this support and you can book a call with me right from the website. That's at askralphpodcast.com/store.

Ralph Estep Jr.:
06:55

And finally, number five and I can't stress this enough. Celebrate your success. Acknowledge your hard work and thank God every step you take towards financial freedom. And as always. This is not a destination. It's a journey. I say that all the time. It's not a destination. It's a journey. Well, I hope this episode has encourged you to seek God's wisdom and guidance as you strive to become debt-free. Remember, it's a journey, not a sprint.

Ralph Estep Jr.:
07:26

Well, let's close in prayer. Heavenly Father, we thank you for your faithfulness and for your provision. We ask for your wisdom and guidance as we strive to be good stewards of all you've entrusted to us. Help us to break free from the bondage of debt and experience the true freedom that comes from living in obedience to your word. We ask this in the name of Jesus. Amen.

Ralph Estep Jr.:
07:49

Well, before we go, I want to remind you to send in your questions for the show. Just head over to askralphpodcast.com and click on the microphone and record your questions for the show. I love hearing from you and answering your questions.

Ralph Estep Jr.:
08:03

The truth is, folks, this show is all about you and your questions. I love answering listener questions and helping you navigate finances from a Christian perspective. And don't forget to subscribe to the show and share this episode with anyone you know who might be struggling with debt.

Ralph Estep Jr.:
08:18

Listen, there's a lot of people that they're struggling right now, or maybe they're looking for ways to improve their finances God's way. And as a special bonus, you'll get a free copy of my book, "Mastering Your Finances" just by joining our email list. Well, this is Ralph, reminding you to stay financially savvy and God bless you and enjoy your Sunday.