Wednesday, January 23, 2008

Keep out of debt

"The rich rules over the poor, and the borrower is servant to the lender. "- Proverbs 22:7

Many people are one paycheck away from bankruptcy because they have no savings and spend every dime they make. If you're servicing debt you don't have any money for yourself and your family! You are then working whole life not for yourself and your family but for the bank.

Below is an advice from Warren Buffet, the second richest man in the world.

Stay away from credit cards and invest in yourself and remember:

  1. Money doesn’t create man; it is the man who created money.
  2. Live your life as simple as you are.
  3. Don’t do what others say, just listen to them, but do what you feel good.
  4. Don’t go for brand name; just wear those things in which you feel comfortable.
  5. Don’t waste your money on unnecessary things; just spend on those who really are in need.
  6. After all it’s your life so why give chance to others to rule your life.”

Your discipline today will govern you tomorrow. Do you agree?

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Jennifer said...

Hi Sam,

EXCELLENT post as always! :-)

I just wanted to thank you so much for your kindness and care... your comment was the message I needed today. "This too shall pass."

I'm going through a few challenges right now... life has a way of keeping us growing doesn't it? :-)

I miss your wisdom and the example you so kindly share with all of us lucky enough to have found you.

Warmest wishes to you my dear friend,


Titania Starlight said...

Hi Sam,
Great post. Americans especially have a rough time financially. Low wages and high cost of living plus circumstance beyond a persons control can quickly lead to debt that was unavoidable. I am one of such people. Multiple health crisis sent us over and with me unable to work was a final blow to us but we are happy, though "financially" poor. I see too many rich people with everything and be absolutely miserable. As a matter of fact the happiest people I have known have been the poorest and the most simple of lifestyles.

Bravo for a motivational lesson. :o)


Trinity said...

Sam, thank you for leaving me a comment... yes, people don't click ads anymore.. :-) I am thinking of taking that google adsense away hahahha.. pay per click doesn't need a click at all, we earn money from traffic, when visitors come to our site, they will hear a sound clip just 5 seconds. There how we could earn some money.

I just give it a try about it, I hope visitors don't mind about the sound clips..:-)

About this post,
my hubby and I are learning to be blessings as much as we can, including money... in this 2008, we are more like, if it can be a blessing for them, it's okay... for example, yesterday my friend sell a table for children, in fact I don't need that but I know she needs some money, so we bought 2 tables from her. I use one for my children and keep the other one on the storage, for a gift to someone, some day.

all money we got is belong to God, so when we want to spend something we try to look up Above to get 'approval' from Him. :-)

JesseTheCat said...

Sam,hi again!! So happy to see another great post here at your place.I Hope very much that your time of rest was really healing and fulfilling...and the same for your dear wife as well.

This is really some great advice regarding money and how to stay out of debt.I have fortunatly never had a problem getting into debt,as I just always pay cash for an item,or I simply do without it.But this topic is so important,and I have seen many programs on tv and read many articles where they report that so many people are living in can be like a chain round ones neck!!

Too many people are sucked into the idea that the newest gadget or fancy clothing and perfumes will make them feel happier and accepted by their buddies.For me,I cannot are who you are..your own spirit will always reveal itself,no matter what you look like or the perfume you wear.With that in mind...I have thankfully remained debt free.. :)
Houses also cost so much over here and people have to take out a bond which is another chain around the neck...especially for the lower income people.Its bad,as they need a home for their families,but the bond repayments are always rising,often quicker than their salary does.
Have a wonderful day :)

Sam Chan said...

Dear Jennifer,

It is great to hear from you. I pray that you will have all the necessary strength, confidence, determination and attitudes to overcome whatever challenges that you are facing at the moment.

Just like what you had posted.. "This too shall pass"

Lots of Love, Joy and Peace be with you always, my dear friend!

Sam Chan said...

Hi Tawnya,

You are not alone. Whatever I wrote serve as a reminder for myself as well. Banks are really making lots of money giving loan. With those interest that banks are making in long term, everybody taking house loan could easily buy another house.

May we all be equipped with financial intelligence.

Indeed, happiness has nothing to do with riches. It is a state of mind and mostly is a matter of establishing good relationship with anyone.

Blessings with you, Tawnya.

Sam Chan said...

Hi Trinity,

Income from Google Adsense is indeed very slow. Nevertheless, patience is require for anything that is good.

That's true... whatever we could afford to purchase can help the economy, providing business and earning for some people.

You are right! We are just steward of God's blessing. Thanks for sharing your valuable thoughts.

Blessings to you always!

Sam Chan said...

Hi Jesse,

Thanks for the visit.
I am glad you liked this post.

Many people could live on what they are wasting. Many are rich but become poor and into debt when trying to keep up with the Joneses. We all have to learn to restrain from buying unnecessary things or indulge ourselves with expensive latest stuff.

Thanks for sharing your valuable insight and wisdom.

Blessings to you, Jesse.

WaterLearner said...

Hallos Sam,

These are very good practical tips. I don't like the feeling of being in debt. I prefer to live simply within my means and not taxed my mind with how much I owe the Credit Card company.

Have a Good Weekend!

Franx said...

Sam..You have nice tips to change of life and how to manage money...

Family Man said...

Sam: This is a wonderful post. I love reading your blog. It is always a great pick me up when I need it. I would love to "blog" this through Digg, which would post a teaser and a linkback, with your permission.

God Bless,


Sam Chan said...

Hi Karen,

Yup. Warren Buffet's tips are indeed good and practical. By living within our means, we won't be chained by the debt net.

"We don't own expensive possessions. They own us by the expense of supporting them."

Blessings to you, Karen.

Sam Chan said...

Hi Franx,

Thanks for dropping by. I am glad you find these tips useful.
Best Wishes

Sam Chan said...

Hi Ian,

I am sorry for the late reply. I am really happy to know that you liked this post. Go ahead and blog this through Digg if you want. Thank you for your continuous support.

God bless

Haze said...

WOW! This is another helpful message to everyone out there including me. To be honest I haven't got a credit card, my husband would not allowed me to have one because he said once you have it, there is no stopping on what you can spend on. So I'll just used debit card which is more practical. I also learn not to spend every penny in my pocket.

I am not ready to face any debts yet. I think it is the most stressful thing to have. Its easy to spend but hard to pay and very hard to earn.

I love this post....

Good reminders to spendaholics people around the world.

Sam Chan said...

Hi Haze,

Thanks for adding your insightful views. Indeed, it is better not to have any credit cards if one don't have a good self-control. Your husband is very wise!

Warmest Wishes

Anonymous said...

Good read here!

Thank you,

- Steven Burda[at]

Anonymous said...

Excellent post for everyone to see/read!

- Steven Burda[at]

Sam Chan said...

Hi Steven Burda,

Thanks for your compliment. I am glad this little post make sense to you.

My Best Wishes
Sam Chan

entrenador personal said...

Thanks for adding your insightful views. Indeed, it is better not to have any credit cards if one don't have a good self-control. Your husband is very wise!

Carlisa Lyndon said...

'Living within your means' is the best advice I got from my father. His advice still rings true -- even to this day. To achieve financial freedom, you need to effectively strike a balance between your earnings and expenses. Seeking additional sources of income is also something to think about.

Carlisa Lyndon