Slavery Is Very Popular Today
When you borrow money, the fruit of your labor builds the lender’s wealth, rather than your own. Our culture used to consider this a curse. Now we’ve simply changed the vocabulary and grown comfortable with our chains.
“So now today we are slaves here in the land of plenty that You gave to our ancestors! We are slaves among all this abundance!” Nehemiah 9:36
At Steffen Group, we always encourage taking aggressive steps for freedom. IF incurring short term debt is warranted, we recommend doing so with your eyes wide open. ‘Call a spade a spade’.
Seven Year Mortgages
Prior to World War II, banks did not offer mortgages with a term longer than seven years. Why? Consider this: $100,000 borrowed at 8% for 30 years costs $264,155. On thirty-year plans, borrowers pay nearly three times what they borrow. Imagine what the yield could be if that $164,000 were invested!
Be Your Own Bank!
Live Below Your Means. Take a longer view. One generation, willing to work hard and save can build lasting wealth. Imagine being free to give help, time and resources to your family and community. Imagine providing homes for your grand-children with interest free loans. When you’re not in debt, you have freedom.
“The rich rules over the poor, and the borrower becomes the lender’s slave.” Proverbs 22:7