You could be suffering from financial bondage and not know it. Hence, it pays to understand what this term means…
Financial bondage results from having too much debt, preoccupation with wealth, or misuse of money. The excessive use of credit is the most common type of it. A lot of people have the misconception that creditors won’t lend them more than they can afford to pay. They end up not paying and falling under the category of delinquent accounts. In return, they are charged more interest.
“The love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows” (I Timothy 6:10)
Signs of Financial Bondage
This is a simple checklist to know if you are suffering financial bondage:
Investment worries
Do you worry about your financial assets? Then this is a sure sign of financial bondage because your investments should be a source of security.
Overdue bills
This is the result of overspending and lack of planning.
Get-rich-quick attitude
This means taking excessive debt or borrowing more than you can pay for to invest. It also involves deceiving people to earn more money.
Supporting others who don’t work
Even the Bible says those who don’t work shall not eat. When you support able-bodied persons financially, you are making yourself responsible for them.
Coveting
This means desiring what others have. Most people that covet wealth want it the easy way. They want to steal from others.
Greed
The personal wants come first more than the needs of others. Greed comes in different forms. This includes always comparing what others have and wanting it, inability to accept loss, etc. The thing about greed is that you are never satisfied. There is always more you can have.
Overcommitment to work
Working too hard or devoting yourself to your business too much and excluding all others is also a sure sign of financial bondage. Most people see adding more hours to the work week as the only way to get out of the rat race. It shows there is something wrong in your finances.
Financial superiority
Those who are blessed with abundance often use it to control others. This is totally wrong. It shows that their heart is gripped with the love of money. Those that behave in this manner are greedy as well.
Financial unfairness
Unfortunately, some people promote their personal interests to others’ detriment. Not providing value and taking advantage of one’s circumstances or state of relationship is an example of this.
How to Stop Financial Bondage
1. Develop your spending plan
You must aim to spend money with a clear purpose or strategy. This helps to simplify your spending decisions so you can prioritize what you need to pay. The more debt you have, the stricter your spending plan should be.
2. Pay off your credit cards and stop borrowing
Clear out any form of debt such as credit card balances, student loans, and other consumer loans. Once you have paid them all, never borrow again. Develop multiple streams of income so your monthly cash flow is consistently increasing. You can save the money coming from different businesses or investments. This way, you can simply pull out money from your own savings when you need it.
3. Practice self-control
This is perhaps the hardest part of breaking free from financial bondage. It takes practice to change your attitude and ways with money. This is where tip #5 becomes your best aid.
4. Negotiate a payback plan with your creditors
Creditors often show a willingness to work with borrowers who honestly want to pay them but are presently facing financial issues.
5. Seek for financial counseling
Professional financial advisors can help you in learning how to break from financial bondage. This is something you must consider if you are really serious about knowing how to manage your finances better.
Want to Break Free from Financial Bondage?
Does any or all of the signs of financial bondage sound like you? Do you want to end the cycle of financial bondage and achieve financial freedom? Then take advantage of my one-time offer! Book your NO COST Strategy Session now and start implementing effective habits to have better control over your finances!
