Part 3: How to get out of DEBTS
Introduction:
A practical series about living life with
fewer regrets and more purpose.
Habakkuk 2:2 (NKJV)
“Write the vision, And make it plain on tablets,
That he may run who reads it.”
This series:
• How to make better decisions
This series:
• How to make better decisions
• How to get out of debts – 19/20 Oct
This series:
• How to make better decisions
• How to get out of debts – 19/20 Oct
• How to gain financial margin – 26/27 O...
This series:
•
•
•
•

How to make better decisions
How to get out of debts – 19/20 Oct
How to gain financial margin – 26/2...
This series:
•
•
•
•
•

How to make better decisions
How to get out of debts – 19/20 Oct
How to gain financial margin – 26...
This series:
• How to keep anger at bay 23/24 Nov
This series:
• How to keep anger at bay 23/24 Nov
• How to not worry 30 Nov / 1 Dec
What the Bible says about FINANCE
What the Bible says about FINANCE
• It can LORD over us
What the Bible says about FINANCE
• It can LORD over us
Matthew 6:24 “No one can serve two
masters. Either you will hate t...
What the Bible says about FINANCE
• It can ensnare and ruin us
What the Bible says about FINANCE
• It can ensnare and ruin us
1 Tim 6:9-10 9 Those who want to get rich fall
into temptat...
What the Bible says about FINANCE
• It is a mean to serve God, family and others
What the Bible says about FINANCE
• It is a mean to serve God, family and others
1 Tim 6:17-19 17 Command those who are ri...
What the Bible says about FINANCE
• It is a mean to serve God, family and others
1 Tim 6:17-19 18 Command them to do good,...
What the Bible says about FINANCE
• It is a mean to serve God, family and others
Lk 16 And he told them this parable: “The...
What the Bible says about FINANCE
• It is a mean to serve God, family and others
Lk 18 “Then he said, ‘This is what I’ll d...
What the Bible says about FINANCE
• It is a mean to serve God, family and others
Lk 20 “But God said to him, ‘You fool! Th...
The bible exhorts beyond financial
freedom, but to be rich towards God
To achieve RICH TOWARDS GOD,
2 basic ingredients:
To achieve RICH TOWARDS GOD,
2 basic ingredients:
• How to get out of debts / how not to get into
debts
To achieve RICH TOWARDS GOD,
2 basic ingredients:
• How to get out of debts / how not to get into
debts
• How to create fi...
HOW TO GET OUT OF DEBTS?
The POTENCY of Debt:
The POTENCY of Debt:
• We live in a world marred by DEBTS
The POTENCY of Debt:
• We live in a world marred by DEBTS
• Nations are in debt
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up
$ 10,000
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up
$ 10,000

$1,000,000
($1 million)
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up

$100,000,000
($100 million)
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up

$1,000,000,000
($1 billion)
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up

$1,000,000,000,000 ($1 trillion)
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up

$1,000,000,000,000 ($1 trillion)
U.S. Debt Visualized (USD 17 trillion):
How It Literally Stacks Up

$15,000,000,000,000 ($15 trillion)
Malaysian local scene
Malaysian local scene
Malaysian local scene
• Malaysia’s household debt is ballooning
– as high as 80% to GDP
Malaysian local scene
• Malaysia’s household debt is ballooning
– as high as 80% to GDP
• Bankruptcy is on the rise:
The s...
Malaysian local scene
• Young adults are getting into serious
debts:
– The Consumer Research and Resource
Centre (CRRC) co...
Malaysian local scene
•

Close to 50% of young Malaysians are in
“serious debt” (debt payments amount to
30% or more of th...
Malaysian local scene
•

•

Close to 50% of young Malaysians are in
“serious debt” (debt payments amount to
30% or more of...
Malaysian local scene
•

•

•

Close to 50% of young Malaysians are in
“serious debt” (debt payments amount to
30% or more...
Malaysian local scene
•

Main reason for suicide in Malaysia is
financial stress related:
– 23 Sep 2013, Free Malaysia Tod...
Malaysian local scene
•

Family issues
– Financial issues is one of the top 3 reason
for divorce in Malaysia
God DOES NOT want us
to be in DEBTS.
God DOES NOT want us
to be in DEBTS.
Deuteronomy 28:12
The LORD will open the heavens, the storehouse
of his bounty, to se...
Why? Because he knew the
danger of DEBTS
What the bible says about DEBT:
What the bible says about DEBT:
•

DEBT enslaves us
What the bible says about DEBT:
•

DEBT enslaves us
Proverbs 22:7 - The rich rules over the poor,
and the borrower becomes...
What the bible says about DEBT:
•

DEBT erodes your peace and security
What the bible says about DEBT:
•

DEBT erodes your peace and security
Proverbs 22:26-27 - Do not be a man who
strikes han...
What the bible says about DEBT:
•

DEBT ensnares us from achieving our fullest
potential.
Handles of getting out of DEBTS:
Handles of getting out of DEBTS:
1. Presence of God
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
• Know your tot...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
• Know your tot...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
• Stop increasi...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
• Stop increasi...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
• Start increas...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
• Start increas...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
– Consistent tr...
Handles of getting out of DEBTS:
1. Presence of God
2. Principles (ABC)
– Admit the problem
– Build a plan
– Consistent tr...
Decide today – Decision, not desires,
determines your financial
destination.
How would your financial future
looks like?
Part 3: How to get out of DEBTS
131020 eng  i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh
131020 eng  i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh
131020 eng  i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh
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131020 eng i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh

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131020 eng i wish i knew series (part 3 - how to get out of debts) by ps. timothy loh

  1. 1. Part 3: How to get out of DEBTS
  2. 2. Introduction: A practical series about living life with fewer regrets and more purpose.
  3. 3. Habakkuk 2:2 (NKJV) “Write the vision, And make it plain on tablets, That he may run who reads it.”
  4. 4. This series: • How to make better decisions
  5. 5. This series: • How to make better decisions • How to get out of debts – 19/20 Oct
  6. 6. This series: • How to make better decisions • How to get out of debts – 19/20 Oct • How to gain financial margin – 26/27 Oct
  7. 7. This series: • • • • How to make better decisions How to get out of debts – 19/20 Oct How to gain financial margin – 26/27 Oct How to have a strong marriage 9/10 Nov
  8. 8. This series: • • • • • How to make better decisions How to get out of debts – 19/20 Oct How to gain financial margin – 26/27 Oct How to have a strong marriage 9/10 Nov How to build a healthy dating life / parenting life 16/17 Nov
  9. 9. This series: • How to keep anger at bay 23/24 Nov
  10. 10. This series: • How to keep anger at bay 23/24 Nov • How to not worry 30 Nov / 1 Dec
  11. 11. What the Bible says about FINANCE
  12. 12. What the Bible says about FINANCE • It can LORD over us
  13. 13. What the Bible says about FINANCE • It can LORD over us Matthew 6:24 “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.
  14. 14. What the Bible says about FINANCE • It can ensnare and ruin us
  15. 15. What the Bible says about FINANCE • It can ensnare and ruin us 1 Tim 6:9-10 9 Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. 10 For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
  16. 16. What the Bible says about FINANCE • It is a mean to serve God, family and others
  17. 17. What the Bible says about FINANCE • It is a mean to serve God, family and others 1 Tim 6:17-19 17 Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment.
  18. 18. What the Bible says about FINANCE • It is a mean to serve God, family and others 1 Tim 6:17-19 18 Command them to do good, to be rich in good deeds, and to be generous and willing to share. 19 In this way they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of the life that is truly life.
  19. 19. What the Bible says about FINANCE • It is a mean to serve God, family and others Lk 16 And he told them this parable: “The ground of a certain rich man yielded an abundant harvest. 17 He thought to himself, ‘What shall I do? I have no place to store my crops.’
  20. 20. What the Bible says about FINANCE • It is a mean to serve God, family and others Lk 18 “Then he said, ‘This is what I’ll do. I will tear down my barns and build bigger ones, and there I will store my surplus grain. 19 And I’ll say to myself, “You have plenty of grain laid up for many years. Take life easy; eat, drink and be merry.”’
  21. 21. What the Bible says about FINANCE • It is a mean to serve God, family and others Lk 20 “But God said to him, ‘You fool! This very night your life will be demanded from you. Then who will get what you have prepared for yourself?’ 21 “This is how it will be with whoever stores up things for themselves but is not rich toward God.”
  22. 22. The bible exhorts beyond financial freedom, but to be rich towards God
  23. 23. To achieve RICH TOWARDS GOD, 2 basic ingredients:
  24. 24. To achieve RICH TOWARDS GOD, 2 basic ingredients: • How to get out of debts / how not to get into debts
  25. 25. To achieve RICH TOWARDS GOD, 2 basic ingredients: • How to get out of debts / how not to get into debts • How to create financial margin
  26. 26. HOW TO GET OUT OF DEBTS?
  27. 27. The POTENCY of Debt:
  28. 28. The POTENCY of Debt: • We live in a world marred by DEBTS
  29. 29. The POTENCY of Debt: • We live in a world marred by DEBTS • Nations are in debt
  30. 30. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $ 10,000
  31. 31. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $ 10,000 $1,000,000 ($1 million)
  32. 32. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $100,000,000 ($100 million)
  33. 33. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $1,000,000,000 ($1 billion)
  34. 34. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $1,000,000,000,000 ($1 trillion)
  35. 35. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $1,000,000,000,000 ($1 trillion)
  36. 36. U.S. Debt Visualized (USD 17 trillion): How It Literally Stacks Up $15,000,000,000,000 ($15 trillion)
  37. 37. Malaysian local scene
  38. 38. Malaysian local scene
  39. 39. Malaysian local scene • Malaysia’s household debt is ballooning – as high as 80% to GDP
  40. 40. Malaysian local scene • Malaysia’s household debt is ballooning – as high as 80% to GDP • Bankruptcy is on the rise: The star 22 Sep 2011 “On average, 41 are declared bankrupt every day, mostly due to credit card debts”
  41. 41. Malaysian local scene • Young adults are getting into serious debts: – The Consumer Research and Resource Centre (CRRC) conducted a survey on 1,000 Malaysians aged 18 to 35 living in urban areas:
  42. 42. Malaysian local scene • Close to 50% of young Malaysians are in “serious debt” (debt payments amount to 30% or more of their gross income)
  43. 43. Malaysian local scene • • Close to 50% of young Malaysians are in “serious debt” (debt payments amount to 30% or more of their gross income) 65% earn less than RM3,000 a month, but monthly debt (including car, credit card etc … amount to RM 2k)
  44. 44. Malaysian local scene • • • Close to 50% of young Malaysians are in “serious debt” (debt payments amount to 30% or more of their gross income) 65% earn less than RM3,000 a month, but monthly debt (including car, credit card etc … amount to RM 2k) Less than 50% of Malaysians settle their credit card bills in full every month
  45. 45. Malaysian local scene • Main reason for suicide in Malaysia is financial stress related: – 23 Sep 2013, Free Malaysia Today reported – main reason for suicide in Malaysia is financial stress related.
  46. 46. Malaysian local scene • Family issues – Financial issues is one of the top 3 reason for divorce in Malaysia
  47. 47. God DOES NOT want us to be in DEBTS.
  48. 48. God DOES NOT want us to be in DEBTS. Deuteronomy 28:12 The LORD will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none.
  49. 49. Why? Because he knew the danger of DEBTS
  50. 50. What the bible says about DEBT:
  51. 51. What the bible says about DEBT: • DEBT enslaves us
  52. 52. What the bible says about DEBT: • DEBT enslaves us Proverbs 22:7 - The rich rules over the poor, and the borrower becomes the lender’s slave.
  53. 53. What the bible says about DEBT: • DEBT erodes your peace and security
  54. 54. What the bible says about DEBT: • DEBT erodes your peace and security Proverbs 22:26-27 - Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.
  55. 55. What the bible says about DEBT: • DEBT ensnares us from achieving our fullest potential.
  56. 56. Handles of getting out of DEBTS:
  57. 57. Handles of getting out of DEBTS: 1. Presence of God
  58. 58. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC)
  59. 59. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem
  60. 60. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan
  61. 61. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan • Know your total debts
  62. 62. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan • Know your total debts • Know your income / expenditure
  63. 63. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan • Stop increasing debts
  64. 64. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan • Stop increasing debts • Stop unnecessary spending
  65. 65. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan • Start increasing income
  66. 66. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan • Start increasing income • Start debt repayment
  67. 67. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan – Consistent tracking
  68. 68. Handles of getting out of DEBTS: 1. Presence of God 2. Principles (ABC) – Admit the problem – Build a plan – Consistent tracking 1. People
  69. 69. Decide today – Decision, not desires, determines your financial destination.
  70. 70. How would your financial future looks like?
  71. 71. Part 3: How to get out of DEBTS

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