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Series Code: IIWC
Program Code: IIWC202421S
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00:04 [theme music]
00:07 ♪♪ 00:42 [electronic music] 00:45 ♪♪ 00:53 >> Welcome to 00:54 It Is Written Canada. 00:55 Thank you for joining us. 00:57 I know you probably believe in 00:59 life after death, 01:01 but what about life after debt? 01:04 Is there life after debt? 01:07 >> The truth is 01:08 that most Canadians 01:10 don't see a time in their lives 01:12 when they will be able to 01:14 live without debt. 01:16 Car payments, credit card 01:18 payments, student loans... 01:21 The list goes on and on. 01:23 Is it possible to really live 01:26 and not be in debt? 01:28 Our special guest 01:29 on It Is Written Canada today, 01:32 Sven Tornlov, believes that 01:34 it is not only possible... 01:38 ...Sven believes that we are not 01:40 really living until 01:42 we are out of debt. 01:45 >> When it comes to finances, 01:47 Sven Tornlov is a 01:48 financial expert who we trust. 01:51 Sven is the Associate Treasurer 01:53 and Planned Giving Director of 01:55 the Seventh-day Adventist Church 01:57 in the British Columbia 01:59 and Yukon Conference. 02:01 He has a bachelor's degree in 02:03 business administration 02:04 from Walla Walla University. 02:07 >> Sven, thank you so much 02:08 for joining us on 02:09 It Is Written Canada. 02:12 >> Thank you for the invite 02:13 and for being able to talk about 02:16 subjects that I'm 02:17 passionate about. 02:18 >> And finances is a big one. 02:20 So, and you're really 02:21 good at it. 02:22 So debt, when you talk about 02:24 debt, some people think like 02:25 you just have to, you're always 02:27 gonna have payments. 02:29 Is there life after debt 02:31 and what would that look like? 02:32 >> So debt, you're right, 02:34 is very debilitating. 02:36 And I would like to frame that, 02:38 you know, with a verse from 02:39 the Bible. 02:40 And... 02:42 ...it's found in Philippians... 02:45 ...4... 02:48 ...verses 6 and 7. 02:51 And this is the framework 02:52 I think we need to always keep, 02:54 you know, our finances into 02:55 perspective, especially with 02:57 talking about debt. 03:25 Yeah, there is. 03:26 There is life after debt. 03:28 But to get over that hump, 03:30 to climb that mountain 03:32 can be a very painful process. 03:35 >> Sven, where does a person 03:37 start when they want to 03:38 get out of debt? 03:39 >> When a person wants to 03:40 get out of debt, I think it is a 03:42 very calculated, 03:44 systematic process that a person 03:46 has to follow if they are truly 03:49 in earnest and sincere 03:51 in wanting to get out of debt. 03:54 So number one, before a person 03:56 can think about 03:58 getting out of debt, 03:59 you need to stop going further 04:01 into debt. 04:02 So if you're going into debt, 04:04 you know, because of your 04:06 credit cards, 04:08 you have to figure out a plan, 04:10 you know, through your budget 04:12 and systematically stop 04:15 going further into debt. 04:17 So if we're talking about, 04:18 you know, owning a home 04:20 or owning a vehicle, you know, 04:21 there's an asset that is 04:22 against that debt. 04:24 So really, I don't think we're 04:25 talking about that type of debt. 04:27 Now, there are, you know, 04:28 pitfalls of buying 04:30 too much of a house or buying 04:32 too much of a car. 04:33 You know, when I buy a car, 04:36 at times, at the very beginning, 04:37 the bank might own 95% of that 04:40 car, and I own 5% equity share, 04:42 right? 04:43 And then as time goes on, 04:44 at year three or whatever, 04:46 we might be equal partners, 04:48 50-50, and so forth. 04:50 That's not the debt that we're 04:51 talking about. 04:52 I think we're talking about 04:53 uninsured debt. 04:54 Debt where I have accumulated... 04:58 ...by purchasing consumable 04:59 items and then not paying off 05:02 my monthly credit card. 05:04 >> It is possible to 05:05 live without debt. 05:07 Under certain circumstances, 05:09 it's hard to avoid specifically, 05:11 let's say, for students that are 05:12 coming out of medical school. 05:14 They're coming out of school 05:15 with a lot of debt, right, 05:17 and it's gonna take some time 05:18 to pay that off. 05:19 But as long as you're diligent 05:21 and you're consistent and 05:22 you're frugal with your money 05:24 while paying off debt, it is 05:26 possible to come out of it. 05:28 You know, there is talk 05:30 in the Bible about 05:31 serving two masters, right? 05:33 It's not possible. 05:34 It's either God 05:35 or something else. 05:36 And sometimes we can think of 05:38 that something else as 05:39 the love for money. 05:40 But a master in your life 05:41 can also be debt. 05:42 It's something that looms 05:44 over your head. 05:44 It's something that consumes 05:46 your thoughts. 05:47 Your every decision really 05:48 will start to revolve around 05:50 paying off the money 05:52 that you're in debt with, right? 05:54 So you want to be really careful 05:56 within all your means and 05:57 within all possibility 05:58 to stay away from it. 06:00 So the concept is to spend less 06:02 than you make, right? 06:03 It sounds easy. 06:04 It sounds, Okay, I can do that, 06:06 right? 06:06 But sometimes the easiest 06:09 lessons are the hardest 06:10 to implement. 06:11 You know, God tells us 06:12 to love your neighbour. 06:13 And we hear that and we think, 06:14 Okay, I can do that. 06:15 That's super easy. 06:17 I mean, how hard can it be? 06:18 And the second that you actually 06:20 have to put that intentionality, 06:22 that time to really love 06:23 your neighbour, like what does 06:24 that look like? 06:26 Sometimes you can live for years 06:27 in a neighbourhood and 06:28 never have to talk to our 06:29 neighbours once, right? 06:30 But God tells us these things, 06:31 and He gives us these tips 06:33 in the Bible. 06:34 So, you know, spend less 06:35 than you're making. 06:36 And that is a possibility. 06:38 You just have to really 06:39 ground yourself when it comes to 06:41 your spending habits and 06:43 check yourself. 06:43 Be accountable with yourself. 06:45 And if that calls for having a 06:47 person be accountable with you, 06:48 whether that's your spouse, 06:50 your parent, a trusted mentor. 06:52 Ask for help. 06:53 Ask people to call you out 06:54 when they see you spending on 06:56 things that you don't need. 06:57 You know we're our 06:58 brother's keeper. 06:59 So really be on the lookout 07:00 within the people that you love 07:02 and in your spaces, to be 07:04 careful with the way that you 07:05 spend your money so you don't 07:06 fall into that trap of debt. 07:11 [SVEN] So now I need to go to 07:12 the next phase. 07:14 Can I, by some means, 07:14 Can I, by some means, 07:16 increase my income 07:18 so that I can start paying back 07:20 the debt. 07:21 So can I start─ can I increase 07:22 my income somehow? 07:23 And for some people, that is 07:25 difficult by the type of job 07:27 they have. 07:27 But if they are maybe 07:29 self-employed or if their 07:30 employer allows them 07:31 to work overtime, 07:33 or if they work in the trades, 07:34 you know, they might pick up 07:35 something in the evening 07:36 or on the weekends, 07:38 do do side jobs, you know, 07:39 so now they've increased income. 07:41 So if you can do that, 07:43 wonderful, if you can't, well 07:45 now let's look at the other side 07:46 of the equation. 07:47 What about reducing expenses? 07:50 Really go through a needs versus 07:52 wants analysis. 07:53 I think that is so important. 07:55 You know, go to every room 07:56 in your house, 07:58 physically go there 07:59 and just put your hand 08:00 and point, is that a want 08:02 or is that a need? 08:03 Is that a want 08:04 or is that a need? 08:05 Now, when I go to 08:06 my wife's closet, now I want to 08:08 stay married and so I don't 08:09 wanna be too finger-pointing, 08:11 but it's pretty easy for me 08:13 to point out my wife's wants. 08:15 And hence when she goes to the 08:16 garage, it's pretty easy 08:18 for my wife to point out 08:19 my wants versus my needs. 08:21 And so really doing a really 08:23 strong wants versus needs 08:25 analysis and reducing 08:26 some expenses in your budget. 08:28 As a quick sidebar, you know, 08:30 when my daughter was 08:32 four years old, my wife had just 08:34 given birth to our second child. 08:36 And so my daughter and I, 08:37 we had the opportunity to go 08:39 grocery shopping together. 08:40 And I wanted to teach her 08:41 needs versus wants. 08:42 And so it was always a special 08:44 time for her and I to go. 08:46 And so this one time we were 08:47 at Superstore, and I had 08:49 pumped her up all the way to 08:50 Superstore that we were gonna 08:52 get absolutely everything 08:54 that she needed. 08:56 She was so excited because she 08:57 knows, even at four years old, 08:59 that there's an aisle 09:01 at Superstore, which is called 09:02 the junk food aisle. 09:04 Now, we don't indulge on that 09:05 aisle very much, but I think 09:07 that's where her mind was going, 09:08 everything we needed. 09:09 And so she said─ I said, "Well, 09:11 let's go there first. 09:12 I'll follow you." 09:13 And so right away we went 09:14 to that aisle and her eyes 09:16 were huge and she said, 09:17 "Really, Dad? 09:18 Everything we need?" 09:19 And I said, "Yeah." 09:21 So I mean, she didn't load 09:22 the cart, but sure, she took 09:23 a couple bags of chips off. 09:25 There was a thing of pop, 09:26 you know, she put that in the 09:28 buggy, and then we got down to 09:29 where the candy was and the 09:30 chocolate bars, and she put 09:31 a few things in there, and she 09:33 just couldn't believe 09:34 that we were getting everything 09:36 that she needed. 09:38 We got to the end of the aisle 09:40 and I knelt down beside her, 09:41 and she still remembers this, 09:42 I mean, this is a scar that 09:43 she has to bear. 09:45 And I put my arm around her 09:46 and I said, "Sweetie, 09:48 do we need this? 09:50 Or do we want this?" 09:53 So I pulled out the piece of 09:54 paper that mom had made 09:56 for our list of groceries 09:59 that we needed, 10:01 and she had a few tears. 10:03 And together we put the wants 10:06 back on the shelves. 10:09 And so for her 10:10 at a very young age to do that 10:12 needs versus wants analysis. 10:14 You know, when we go to the 10:15 grocery store now, 10:17 it's a challenge because if I 10:19 see something that I want, 10:21 she's very quick to point out, 10:23 "Dad, I don't think that's on 10:25 Mom's list of needs." 10:26 [laughs] 10:27 So what do you do? 10:28 You have to honour it. 10:29 You have to put it back, 10:30 and then you have to tell 10:31 your wife, you know, just 10:32 put a few what's on that list, 10:34 you know? 10:34 Come on. 10:35 So go to that wants and needs 10:37 versus analysis in your own home 10:39 and reduce your expenses. 10:42 That is gonna free up money 10:43 at the end of the month that 10:44 you can then start paying down 10:46 more of what you owe. 10:47 more of what you owe. 10:49 [DENNIS] Small changes bring 10:51 big results, 10:53 and it's pretty exciting 10:55 to see the transformation 10:57 that's possible. 10:58 Take the receipts, 10:59 put it in a basket, 11:02 write down where you spent. 11:04 Everybody knows 11:06 the income they're gonna get. 11:07 That's the easiest part. 11:09 Most people don't know 11:11 where they spend their money. 11:13 So by just doing it 11:14 one week, one day at a time... 11:18 ...then all of a sudden you're 11:19 building on something 11:20 so that now you have a picture. 11:21 And when they do that, 11:23 they always come back and say, 11:25 "I had no idea." 11:26 If you were to look forward 11:27 over the next five, ten, 11:29 15 years 11:31 of the things in life 11:32 that were most important 11:34 for you that you want to achieve 11:37 that if you didn't, 11:39 you don't wanna kick yourself 11:40 in the bum. 11:41 You'd be just devastated 11:42 for not being able to 11:44 achieve these particular events 11:47 in your life. 11:48 What would that look like? 11:51 Make a list. 11:53 Put a date. 11:55 And then prioritize them. 11:58 The second part of 11:59 the exercise... 12:01 ...is once you have 12:02 those priorities... 12:05 ...and then now look 12:07 at your current spending, 12:10 and then ask the question, 12:12 are the things that I'm 12:13 spontaneously purchasing now... 12:17 ...am I willing to postpone 12:19 these are things I said 12:20 were so important 12:22 based upon what I'm 12:23 spending today. 12:25 In other words, I'm not─ 12:28 we're not telling the person no. 12:31 What we're really saying is 12:34 direct your money to what's 12:36 most important to you. 12:39 Now, all of a sudden, 12:40 when it comes time to deciding 12:43 how you wanna spend your money, 12:45 you now actually have a guide 12:48 of why you're making the 12:50 decisions you're making 12:53 versus having absolutely no 12:56 thought or idea around it. 12:58 Start first with where you 12:59 wanna be... 13:01 ...and then come back with those 13:02 priorities and look at 13:05 where you are. 13:07 And if you're still short, 13:09 then look at... 13:12 ...what are some opportunities 13:13 to potentially make some 13:15 additional money. 13:17 Write them down step by step. 13:19 Now put a time frame 13:21 of what those steps are. 13:24 So now you're putting it into 13:26 small little steps 13:28 that you now can follow 13:30 for the first time. 13:31 But you're always doing it 13:33 in the context of where 13:35 you want to be. 13:37 And that totally 13:40 changes the framework... 13:44 ...and it makes you feel better. 13:48 >> We've all heard the analysis 13:50 of, Okay, I have a number of 13:51 places and where I have debts, 13:53 where I carry debts, 13:54 you may be a line of credit, 13:55 maybe through a credit card. 13:57 Which one do I pay off first? 13:59 Do I pay off the largest debt 14:01 first, do I pay off the 14:02 smallest one first? 14:03 Do I pay off the one with the 14:04 largest amount of increase 14:06 or the smallest amount of 14:07 the increase? 14:08 And, you know, there is 14:10 a theoretical, a mathematical 14:12 answer to that question, 14:13 but I think it has to go 14:15 further than that. 14:16 It has to be, you know, 14:17 what type of personality 14:19 are you, what suits you best? 14:21 If you are a type of 14:22 personality where at the end of 14:23 the day, you don't need to see 14:25 how much fence you've built, 14:27 then you need to pay off 14:29 the debt that has the highest 14:30 interest rate on it. 14:32 Because mathematically you will 14:33 pay that off first. 14:34 But if you're the type of person 14:35 that takes gratification 14:37 in seeing that mile of fence 14:39 that you built that day, 14:42 then you need these rewards. 14:44 And so you should be paying off 14:46 the smallest debt first, 14:47 regardless of the interest rate, 14:49 so that you have these successes 14:51 along the way. 14:52 Because that is key. 14:53 Because at the end of the day, 14:55 what do we want? 14:56 What do we want to accomplish? 14:57 >> We want to get out of debt. 14:58 >> Exactly. 14:59 We want to get out of debt. 15:00 So that's why it's called 15:01 personal finance. 15:02 What's personal for you 15:04 is different than for me. 15:07 And so your strategy is gonna be 15:09 different than mine, 15:10 just as long as it works for you 15:12 and you stick to it 15:13 and you adhere to that strategy. 15:16 >> I believe there's two main 15:17 ways that you can look at it. 15:19 These are very broad concepts, 15:21 and I would definitely suggest, 15:22 you know, like looking at 15:24 your specific situation. 15:25 But the two ways are 15:27 what's called a debt snowball 15:29 and a debt avalanche. 15:30 So with the snowball effect, 15:32 that's paying off 15:33 your smaller debts first. 15:35 So sometimes we can think that 15:36 that's more psychologically 15:38 satisfying because you're able 15:39 to check things off your list 15:41 faster, you're able to pay off 15:42 things faster. 15:43 And this could be a good 15:45 decision if you only have 15:46 a few small debts, 15:47 like credit card. 15:48 That's something you can pay off 15:49 right away. 15:51 But when it comes to larger 15:52 amounts of debt, that's what's 15:54 called the debt avalanche. 15:55 So you're trying to pay off 15:57 areas in your life that you 15:59 have debt with that have 16:00 higher interest rates. 16:02 So yes, this may take longer, 16:04 but in the long run, you're 16:05 getting rid of the biggest thing 16:06 that you owe first, and then 16:07 you're making your way down to 16:08 your smaller debts after. 16:10 But once again, it really 16:11 depends on your situation, what 16:13 you can handle in the meantime, 16:15 and what season of life 16:16 you're in, how much you're 16:17 making at that time, if your 16:18 spouse has additional debt, 16:20 now you're married and 16:21 now the two of you have debt. 16:22 So it really just depends on 16:24 your specific situation 16:27 and just turn to God 16:28 for guidance, turn to people 16:29 that can help you out. 16:32 >> So once you've now 16:34 maximized your income, 16:35 minimized your expenses, 16:37 you know which debts you wanna 16:38 pay off and you're 16:39 paying them off. 16:40 But let's say you're still 16:41 not able to pay off your debt. 16:44 What is your next step? 16:45 Where do you turn to next? 16:46 Well, you might what's called 16:48 an informal proposal. 16:50 You might call up some of your 16:52 creditors and say, you know, 16:54 "Hey, I owe on my credit card 16:56 and you're charging me 16:58 20% interest in round numbers." 17:00 It's even more than 20% 17:02 if you carry a balance. 17:03 And you can say to them, 17:05 you know, "I really want to 17:06 pay you back, but if you could 17:07 reduce that interest rate, 17:09 that will help me." 17:11 You turn your credit card over, 17:12 there's 1-800 number you call 17:14 in an absolute moment 17:16 without even hesitation, 17:18 they will reduce the amount of 17:19 interest that you have to pay. 17:22 And so you should all be 17:23 doing that if you're 17:24 carrying a balance. 17:25 Right away, they will 17:26 reduce that. 17:26 Why? 17:27 Because they want you to be able 17:29 to pay it off. 17:30 It's beneficial to them. 17:31 >> Absolutely. 17:32 It's in their best interest. 17:33 >> It's in their best interest. 17:34 That's right. 17:35 And so you need to do that. 17:37 So if you still are feeling 17:39 that you, you know, 17:41 cannot pay, you don't see light 17:42 at the end of the tunnel, 17:44 then from an informal proposal 17:46 you move to the formal proposal. 17:50 And this is where you need to 17:51 engage with a credit counselling 17:52 society. 17:54 Now there are a number of them. 17:55 You can look them up 17:56 on the internet. 17:57 If you live in a larger centre, 17:59 you know, of 100,000 plus 18:01 population, you're probably 18:02 gonna have three or four or five 18:04 options to choose from. 18:06 And they are very powerful. 18:08 And they will take a look 18:10 at your income and expense, 18:11 they'll look at your debt. 18:13 And they will then 18:16 make that phone call 18:17 to your creditors. 18:19 And there's a formula 18:20 that is set out that 18:22 everyone has to be able to 18:23 become, you know, debt free. 18:24 Light at the end of the tunnel 18:25 in five years. 18:26 And so they have, you know, 18:28 if you have four people 18:29 living in your family or 18:30 five or two or one, 18:32 you know, how much disposable 18:33 income do you have to have 18:35 and how much then are they 18:37 going to garnish 18:39 to pay off your debts? 18:40 And sometimes, if you're 18:41 a long ways into debt, 18:44 it might be that they're gonna 18:45 offer your people that you owe 18:48 $0.50, $0.70, $0.80 18:50 on the dollar. 18:51 And they will accept it 18:53 because, you know, it's better 18:55 to receive $0.80 on the dollar 18:57 than for you to 18:58 go to the final step, 19:00 which is declaring bankruptcy 19:01 and they don't get anything. 19:02 So I think that 19:05 if you are in serious problems, 19:08 but number one, you have to have 19:10 stopped going further into debt. 19:12 You engage a credit counselling 19:13 society, but then you must 19:16 adhere to it, because 19:18 read the fine print. 19:19 There are definite 19:21 pros and cons to it, 19:22 definite significant things 19:24 that you are then 19:25 signing your name to which 19:26 you are going to adhere to. 19:27 But you will become debt free. 19:32 [ANNA] There are some steps 19:33 that people can take for 19:34 staying out of debt. 19:35 Some things that I do is 19:37 especially at this young age, 19:38 you know, coming out of 19:39 university and just previously 19:41 being in school, you have so 19:43 much freedom with your time, 19:45 your independence, right, 19:46 you're really getting into 19:48 the groove of being an adult 19:49 and you're seeing, okay, 19:50 I have money coming into my 19:52 bank account now, what can I 19:53 do with it, right? 19:55 But it doesn't have to be money 19:57 that is spent. 19:58 Not everything you make 19:59 needs to be put out, right? 20:00 So there's lots of free things 20:02 that you can do to have 20:03 a good time with your friends, 20:04 with your family. 20:06 You can go out in nature, 20:07 go for a hike, you can have 20:08 game nights, you know, 20:10 you can do some DIY craft nights 20:12 with your friends, cook together 20:13 instead of eating out, right? 20:15 There's always an alternative 20:16 for spending money. 20:17 And some things a person can 20:19 even do is, you know, look into 20:20 doing some side hustles as well. 20:23 Something I do to even increase 20:24 my income a little bit is I do 20:26 collaborations with different 20:28 companies. 20:28 I do some media work for them. 20:31 Some of these companies, 20:32 you know, I've never met them 20:33 face to face, but they're 20:34 reliable brands. 20:35 And, you know, that's a couple 20:36 extra hundred dollars that I can 20:37 put towards groceries, 20:39 towards my rent. 20:40 And it's really about looking at 20:42 what you love to do and 20:44 somehow being able to even 20:45 monetize that, right? 20:46 There's, especially in today's 20:48 day and age with social media, 20:49 there's so many ways that 20:50 you can make money, but in 20:52 an honest way, right? 20:54 So just look for those ways 20:55 that you can save your money 20:58 and don't feel as if everything 20:59 that comes in needs to be 21:01 spent out. 21:03 >> Sven, what does the Bible say 21:05 about debt? 21:07 >> You know all the references 21:08 in the Bible regarding debt, 21:10 aren't─ they don't paint 21:11 a pretty picture. 21:14 But I would like to give you a 21:15 little saying first, you know, 21:16 before we dive into what 21:18 the Bible says. 21:18 And I don't know who to give 21:19 credit to, this little saying, 21:21 but I think it kind of gives 21:22 a nice framework. 21:24 That, it says that 21:26 people spend money 21:27 they haven't earned 21:29 to buy things 21:31 they don't want 21:32 to impress people 21:33 they don't like. 21:35 [laughs] 21:36 So that gives us 21:37 a little framework. 21:38 So the Bible, you know, context, 21:40 kind of run along 21:41 the same lines. 21:42 And, you know, 21:44 it's a form of bondage, 21:46 you know, to someone else who 21:48 that you own money to. 21:50 And if we look again, 21:53 you know, into the Bible and 21:55 if we turn to 21:57 Proverbs 22, verse 7, 22:00 it reads... 22:10 You know, so when you have to 22:11 borrow money, it shows 22:13 a lack of contentment 22:14 and it also presumes 22:16 upon the future. 22:18 If you go into debt, 22:20 you are presuming, and they are 22:22 as well, who've loaned you 22:23 the money, that you're gonna 22:24 be able to pay that off. 22:26 >> And you really become chained 22:28 to your debts, right? 22:29 Every decision you make 22:30 is revolved around it. 22:32 It's not freeing, right? 22:34 So you feel as if 22:36 everything that you do 22:38 revolves around it. 22:39 You know, you feel like you 22:40 have to keep more for yourself 22:41 and that you don't have enough 22:42 to give to others. 22:44 And that can really put you 22:45 in that imprisonment of 22:47 just thinking about your money 22:49 all the time. 22:50 Whereas your mind should be 22:51 geared towards heavenly things 22:52 and towards helping 22:53 other people. 22:54 So really take the time to think 22:56 about where your money is going. 22:58 Think about the question, okay, 23:00 do I really need this? 23:02 Is this something that is 23:03 adding value to my life, 23:05 or is it just giving me 23:06 happiness for a few moments? 23:08 Or am I doing this just because 23:09 I see other people doing it? 23:11 There are some red flags that 23:12 people can recognize 23:13 when they're starting to 23:14 fall into the debt trap. 23:16 So some of them could be 23:17 maxing out your credit card 23:19 limit every single month, 23:20 finding that you're not paying 23:22 off your credit card on time, 23:24 and realizing as well that 23:25 you're not putting money towards 23:27 your savings or towards 23:28 your retirement. 23:29 You're starting to see that 23:30 there isn't that much of a 23:31 margin between what you're 23:33 making versus what you're 23:34 spending and putting out. 23:36 So some habits that you can even 23:38 build with that is, you know, 23:40 if you're going to spend 23:41 with your credit card, 23:42 let's say you're buying gas 23:44 to put into your car, okay, 23:45 spend with your credit card, 23:46 but when you go home, 23:47 pay it off right away. 23:49 Don't let it linger in there 23:50 for a long time. 23:51 You know, my mom always says 23:52 what you can do today, 23:54 don't wait for tomorrow. 23:55 And there's so much value 23:56 in that lesson, right? 23:57 It's pay off what you can today 24:00 and don't let it linger 24:01 and build up later on, right? 24:03 Just handle the things you can 24:05 right now. 24:05 right now. 24:06 [SVEN] So you need to be very, 24:09 you know, conscious when you 24:11 decide to go into debt, 24:12 especially for those 24:13 consumable items that 24:16 you are taking, again, a massive 24:19 analysis on needs versus wants. 24:21 >> Sven, I really like 24:22 what you're sharing with us. 24:23 It's so very practical 24:25 and advice from the Bible. 24:27 And that idea that the 24:29 borrower is slave to the lender, 24:32 servant to the lender, 24:33 that's not a good place to be. 24:35 You feel like you're not 24:37 in control. 24:38 Someone else is in control 24:39 of your finances. 24:40 Any other thoughts, 24:41 other pitfalls that you can see 24:43 that for you, this is really 24:46 important that we 24:47 stay out of debt? 24:48 >> There are. 24:49 There are other pitfalls, 24:51 you know, when we are in debt. 24:52 We lose the joy 24:54 of being able to give. 24:56 You know, there are so many 24:57 opportunities and so many 24:59 people and organizations 25:01 in need. 25:01 And we hear an emotional appeal, 25:04 you know, whether it be to help 25:06 a student through school 25:07 or any other type of a, 25:09 you know, missionary project. 25:12 And we're in debt. 25:15 We then can't 25:17 participate in 25:19 the joy of giving. 25:21 And I think there is a huge joy, 25:23 you know, in giving. 25:25 And so to have that opportunity, 25:27 then I think it strengthens 25:29 our budget and our financial 25:31 responsibility to be able to 25:34 have that opportunity. 25:35 >> That's very good insight. 25:38 I really like that. 25:40 So, Sven, thank you very much 25:41 for sharing all that you have 25:43 shared with us. 25:44 And we've come to the end of our 25:45 time together. 25:46 I wonder if you could 25:48 pray for our viewers. 25:49 There might be someone who is 25:51 really struggling, many who are 25:53 struggling out there, 25:54 but someone who's listening 25:55 today and saying, "Hey, I need 25:58 this to be applied in my life 26:01 so that I can have that hope, 26:02 I can have that peace, 26:04 I can have that patience, 26:05 that God is with me." 26:06 Maybe you can pray for them 26:07 right now. 26:08 >> Sure. 26:11 Dear Father, at this time, 26:13 as people are listening 26:15 and they are in debt, Lord, 26:17 just give them the peace. 26:18 just give them the peace. 26:19 Come over them and wrap 26:20 Your arms around them, 26:22 that they know that with 26:23 Your help, Lord, 26:24 all things are possible. 26:26 Please bless us. 26:27 Give the desire 26:28 and give us the willpower 26:30 to stick to it, Lord. 26:31 Your name I pray. 26:32 Amen. 26:34 >> Sven, thank you so much for 26:35 joining us on 26:37 It Is Written Canada today. 26:39 >> You're welcome. 26:40 Thank you. 26:41 >> So don't allow the pressures 26:43 of the world, especially, 26:45 and the pressures of the people 26:46 around you, even the people 26:47 that you respect, to impact 26:50 your decision in terms of 26:51 what you're spending, right? 26:52 At the end of the day, 26:53 it's between you and God as to 26:55 where you're putting His 26:56 resources that He has 26:57 blessed you with. 27:00 >> Friends, our free offer is 27:02 a most powerful little book 27:04 on how Christians 27:05 relate to money. 27:07 It is entitled Jacob's Pillow, 27:10 written by our friend, 27:12 Shawn Boonstra. 27:14 >> Jacob's Pillow is a treasure 27:16 of practical advice and 27:18 instruction from God's Word 27:20 and includes a simple 27:22 budget outline in the back. 27:25 >> Before you go, we would 27:27 like to thank all of you 27:29 who have supported the ministry 27:30 of It Is Written Canada 27:31 with your prayers and 27:32 financial contributions. 27:34 Without your support, 27:36 this television ministry 27:38 could not have reached 27:39 so many people 27:40 for so many decades. 27:43 >> Yes, thank you. 27:45 And we would also like to invite 27:47 you to follow us on Instagram 27:50 and Facebook and subscribe 27:52 to our YouTube channel, 27:54 and also listen to our podcasts. 27:57 And if you go to our website, 28:00 you can see our latest programs. 28:03 >> Friends, if you want 28:04 the kind of wisdom that 28:06 God longs to give you, 28:08 even in the financial areas 28:10 of your life, we recommend that 28:12 you open the Bible where it is 28:14 recorded that Jesus found 28:17 His assurance to defeat 28:18 the devil through 28:20 the Word of His Father, 28:21 when He declared... 28:33 [uplifting music] 28:36 ♪♪ |
Revised 2025-02-20