"Rampant speculation. Record trading volumes. Assets
bought not because of their value but because the buyer believes he
can sell them for more in a day or two, or an hour or two. Welcome
to the late 1920s. There are obvious and absolute parallels to the
great bull market of the late 1990s, writes Galbraith in a new
introduction dated 1997. Of course, Galbraith notes, every financial
bubble since 1929 has been compared to the Great Crash, which is why
this book has never been out of print since it became a bestseller
(Partial Review of the book "The Great
Crash 1929 -- by John Kenneth Galbraith"
Permit me to share with you some of my feelings about debt
and how it has influenced my life.
God has much to say in
the Bible about money.
"Owe no man any thing, but to love
one another: for he that loveth another hath fulfilled the law."
Romans 13:8 (KJV)
"Let no debt remain outstanding, except
the continuing debt to love one another." Romans 13:8 (NIV)
This verse has pounded my heart for the last several weeks,
and I realize that if I had paid attention and obeyed this verse I
would not be in debt today.
I fell right into the "American
Way of Life", home mortgage, car payments, credit cards, etc. In
1989 I was debt free with a nice home paid for in Virginia. You may
read that story at this link.
reflect back on why I chose to enter back into debt, I can honestly
say that my original intentions were good, but they were probably
sprinkled with pride and greed.
These two basic things are
well spoken of in the Bible, and result of reaping what you sow is
very true. I only hope God will allow me to become debt free again.
Knowing how He operates by looking at biblical examples of
men who disobeyed God, I realize that He allows us to go through
extreme trials in our lives, in order to do two things.
is to show us that victory and hope is available if we trust the
Two is to help us to be able to teach others from our
I guess I could wait until this happens before I
write a website like this, but at age 61, who knows how long I will
So my legacy to you is to be honest, share my
heart, and help you by keeping you from making the same mistakes
that I made.
With my business of real estate investing, I
have to have several debt freedom dates. Posted on my wall of my
office are four income producing properties which will be paid off.
The first in Sep, 2001. The second and third in January
2002, and the fourth on Mar 1, 2002 So that is a start of my debt
freedom dates as I suggest in this site. Most of my other loans are
thirty year loans, and when I pay off these loans, I will start
applying that money toward those debts.
These properties all
produce income from tenants, so my big job is to keep good tenants
and to keep the properties occupied. I am working hard on property
management, and have made many mistakes in the past in this area
Developing your own plan, can be helpful if you want
God to use you to teach others. Please refer to the page on using
this in your own church. The example of David in 1 Samuel is a good
1Sa 22:2 And every one [that was] in distress,
and every one that [was] in debt, and every one [that was]
discontented, gathered themselves unto him; and he became a captain
over them: and there were with him about four hundred men.
And finally, you might want to read this story in Matthew
about our attitude in paying off our debts.
Therefore is the kingdom of heaven likened unto a certain king,
which would take account of his servants.
And when he had begun
to reckon, one was brought unto him, which owed him ten thousand
But forasmuch as he had not to pay, his lord commanded
him to be sold, and his wife, and children, and all that he had, and
payment to be made.
The servant therefore fell down, and
worshipped him, saying, Lord, have patience with me, and I will pay
Then the lord of that servant was moved with
compassion, and loosed him, and forgave him the debt.
same servant went out, and found one of his fellowservants, which
owed him an hundred pence: and he laid hands on him, and took [him]
by the throat, saying, Pay me that thou owest.
fellowservant fell down at his feet, and besought him, saying, Have
patience with me, and I will pay thee all.
And he would not: but
went and cast him into prison, till he should pay the debt.
when his fellowservants saw what was done, they were very sorry, and
came and told unto their lord all that was done.
Then his lord,
after that he had called him, said unto him, O thou wicked servant,
I forgave thee all that debt, because thou desiredst me:
Shouldest not thou also have had compassion on thy
fellowservant, even as I had pity on thee?
And his lord was
wroth, and delivered him to the tormentors, till he should pay all
that was due unto him.
So likewise shall my heavenly Father do
also unto you, if ye from your hearts forgive not every one his
brother their trespasses.