Introduction
“As you learn and follow the scriptural principles of how to handle money, you will draw close to Christ and learn to be content in every circumstance.” – Howard Dayton
Google defines ‘Graduation’ as “the receiving or conferring an academic degree or diploma.” On April 28, 2019, I received my academic degree in Finance from Otterbein University. Excitement, gratitude, and joy filled my heart as I walked across that stage, but soon after, I recognized the diploma I was handed cost me more than $23,000…
In this blog, I want to share some of my journey in becoming debt-free. As of 2018, outstanding student loan debt in America totaled $1.5 trillion. Some are blessed with a free trip to college, but most deal with the stresses of taking out a loan to fund their education. When I logged on to Navient while finishing up my senior year at Otterbein, I quickly realized that wasn’t a number that will disappear on its own. I needed a plan that would push me past average because average in this culture leads to 43% of student loan borrowers not making payments, 52% of Americans having less than $10,000 saved in retirement, 78% of Americans living paycheck to paycheck, and nearly 67% of all marriages starting off in debt.
These statistics convinced me that I needed to learn how to deal with money. It’s funny… with a degree in Finance, I had never been taught the ins and outs of personal finance. With that said, I began a quest to becoming debt-free. The goal of this blog is not to put myself on a pedestal, but rather, to exalt Christ and provide hope for those who are struggling with their own finances. My first objective to accomplish this goal is to provide a before and after snapshot of my financial picture.
By the Numbers
“The Bible offers 500 verses on prayer, fewer than 500 verses on faith, but more than 2,350 verses on money and possessions.” – Howard Dayton
Goodbye to FAFSA First, I need to make a quick shout out to my parents for this portion of my story. Their help and support financially throughout college was an enormous blessing that I took for granted. They funded my dreams and education. Without them, my amount of debt would have been incredibly higher. It is an act of love that reflects Christ in many ways.
Now, getting into the numbers… at the end of my college career, I graduated with $23,980 in school loan debt. My first payment was on 5/15/2019. Fortunately, I had $10,800 saved up from work that I was able to use initially to get the debt-snowball rolling. I budgeted $1,250 per month towards my debt from there on out. As Dave Ramsey would say, I had to adopt a “living on beans and rice” mentality.
God provided each month! Oftentimes more than $1,250! The power of setting up a budget showed itself. On 12/13/2019, I officially paid my last student loan payment. In the end, the total amount paid was $24,040.44.
Growth in Assets Not only did I focus on paying off debt, I contributed small amounts of my paycheck each month towards long-term investments. For this section, I need to make a quick shout out to my uncle. He took the time to teach me about investments and the power of compound interest. He set up an account for me through E-Trade and made a significant “donation” to my account to assist me in my early years of investing. Since the end of May, my Roth IRA has seen a 25% increase in value.
Giving In Your Money Counts by Howard Dayton, he shares his personal experience with giving as he explains, “since learning what Scripture says about giving, the Holy Spirit has been changing my attitudes, and I have experienced the blessings of giving”. I couldn’t agree more with this statement. It truly is more blessed to give than to receive. Christ is unselfish and one key way we can be conformed into His image is by consistent giving.
When I planned my first budget in May, I contributed 10% of my gross income to the Lord’s work. Now, this was not easy for me at first. I was prideful, controlling, and wanted to keep it for myself. I had to die to myself for the cause of Christ. I admit that this is an area that I am growing most in, but also will say that this is an area in which I’ve seen the most blessings.
God’s presented opportunities to financially support three individuals and my local church. Why give? When we give, we are obeying God by doing what is uncomfortable, which helps us grow and be who God has called us to be. When selfish, sinful human hearts are changed to put others first, it can only be accredited to God, giving Him glory through our giving. Lastly, not only those who benefit from our generosity are blessed, but each of us who give are possibly even more blessed. 2 Corinthians 2:9 reminds us that “each of [us] should give what [we] have decided in [our] heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.”
Lessons from the Journey
“You can only be content if you have been a faithful steward handling money from the Lord’s perspective.” – Howard Dayton
Prayer, Peace, and the Process Philippians 4:6 says, “Do not be anxious about anything, but in everything by prayer and supplication with thanksgiving let your requests be made known to God.” This verse reassures me that when life gets hard and finances are a squeeze, I do not need to be anxious. Through prayer, I can call out to my Heavenly Father who hears my requests. Prayer has changed the way I look at things, especially financially. It’s an act of submission and humility that surrenders to God’s control, rather than my own, which produces patience and peace no matter the circumstances.
The definition of the “American Dream” usually consists of becoming wealthy, living in a mansion, driving fast cars, and marrying an attractive spouse. The problem is that what people are longing for is not going to lead to peace, joy, or contentment in the long run. Hebrews 13:5 reads, “‘Keep your lives free from the love of money and be content with what you have, because God has said, ‘Never will I leave you; never will I forsake you.'” There are times when I have placed value in meaningless things, things that will end up being nothing but dust. I’ve learned that when I find my peace and contentment in Him, rather than material possessions, then I’ve found true wealth.
Unfortunately, we cannot control every aspect of our lives. If you are in the midst of a season of waiting, remember that God’s plan is greater than anything we could imagine. “Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up.” The Apostle Paul wrote to the Galatians about patience and endurance. There were plenty of days where I became weary of sacrificing and sticking to the game plan. I fought off eating out, buying new clothes, or purchasing new basketball shoes. Through God’s glorious might, I was empowered to stay patient and to not give up. The game plan was in place, but it was only through patience that it would be successfully executed.
Stick to the Game Plan When we develop strategies, game plans, life plans, and obstacles come, we can say, “Just stick to the plan!” At the start of the eight-month journey, I needed a game plan. The one that I decided to pursue was Dave Ramsey’s Financial Peace University. My amazing church family from college gifted me the online class that propelled my goal of being debt-free.
Fortunately, the book of Proverbs provides advice on how to develop a sufficient game plan. Proverbs 10:4 says, “Lazy hands make for poverty, but diligent hands bring wealth.” Proverbs 15:22 reads, “Plans fail for lack of counsel, but with many advisers they succeed.” Then, Proverbs 22:7 declares the counter-cultural statement of “the borrower is slave to the lender.” This is not an exhaustive list of scripture in Proverbs that references developing a plan, but these three were highly influential in my understanding of what God has to say about this topic. Outside of God’s Word and Financial Peace University, I utilized a plethora of resources that significantly impacted my game plan and ultimately aided me in sticking to it: Crown Financial Ministries Bible Study, Howard Dayton’s “Your Money Counts”, Dave Ramsey’s Podcasts, wise counsel from trusted friends, the “Every Dollar” app, and a variety of YouTube videos on personal finance.
A game plan is essential for winning with money, with budgeting being the most important part. I knew exactly where my money was going before I earned a paycheck. It was one of the most freeing aspects of the game plan. Then, staying refined through self-education methods and wise counsel was the fuel that was needed when I was feeling stuck. All in all, it was through a change in mindset that it was God’s money, not mine.
Managing God’s Money, Not Mine Far too many Christians have fallen into a trap of believing the lie that their money and possessions are theirs to do with as they please. Don’t feel like you’re alone if you fall under that category because I was one of those people (and still can be at times). The Lord has convicted me several times of this mindset.
God created the universe. He created you and me. Psalm 24:1 clearly states that “the earth is the Lord’s, and all it contains”. Stewardship is living with the awareness that we are managers, not owners; that we are caretakers of God’s assets. “How we handle money and possessions demonstrates who we really believe is our true owner—God or ourselves.” God’s ownership and sovereignty offer such a life-changing and freeing perspective when the house is burnt down, the car is totaled, the wallet is stolen or other troubles come our way.
Once I grasped that I’m a steward, not an owner, it totally changed my perspective. Life became much clearer, and in some respects, much easier, when I consciously recognized this and actively lived this way. Philippians 4:19 says, “And my God will meet all your needs according to his glorious riches in Christ Jesus.” Daily, I have to give everything to the Lord, even my finances, and trust that He will meet all of my needs and more.
The Most Important Investment
“You might fulfill each of the principles of becoming a faithful steward, but without a relationship with Christ, your efforts will be in vain.” – Howard Dayton
I was 17 years old when I made the greatest investment of my life. This investment has a return on investment that is eternal and everlasting. It’s better than any mutual fund, stock, real estate, or retirement. It’s Jesus Christ.
The Most Important Question “What is the Gospel?” is perhaps the most important question a person can ask. The word Gospel literally means “good news.” It is the plan that God has designed to save sinful humans from eternal separation from Him.
The Bad News In order to fully understand how good this news really is, we must first understand the bad news.
We are all sinners. The Bible presents a clear and consistent message that all people have sinned. Romans 3:23 says, “For all have sinned and fall short of the glory for God.” Sin means that we have missed the mark (the perfect standard) that God has set for us.
As a result of the fall in the Garden of Eden, every part of us has been corrupted by sin—our minds, emotions, flesh. We don’t seek after God. God is holy, which means that God is perfect. He will not have a relationship with anyone who is not perfect. If you’re like me, you have sinned MANY times and are far from perfect.
The penalty for sin is death. Romans 6:23 says, “For the wages of sin is death, but the gift of God is eternal life in Christ Jesus our Lord.” What is a wage? It is the “money that is paid or received for work or services.” In other words, it is what you deserve, what you earn. Romans 6:23 says that death is the wage for our sin. It is what we earn. We deserve to die and live separated from God forever.
An enormous gap separates us from God. Individuals try without success to bridge the gap through their own efforts, such as living a good, moral life. But the story doesn’t end there.
The Good News Since there is no way we can earn our way back to God, He came to us! This is the good news—the Gospel.
Christ died for you. Romans 5:8 says, “But God demonstrates his own love for us in this: While we were still sinners, Christ [Jesus] died for us.” The Bible says that even though we deserve the death penalty for our sin, Jesus took the penalty. He died in our place. Three days later, Jesus rose from the dead, conquering death and sin.
You can be saved through faith in Christ. Ephesians 2:8-9 says, “For it is by grace you have been saved, through faith—and this not from yourselves, it is the gift of God—not by works, so that no one can boast.”
We can depend on Jesus to forgive us and give eternal life rather than eternal death. The question is—are you ready to receive God’s gift of His Son, Jesus Christ? If so, believe in Christ and commit the rest of your life to Him. Remember, saying this prayer will not save you. You are simply expressing your faith to God through prayer. It’s the sacrifice of Jesus that saves you.
Father, I know that I have broken your laws and my sins have separated me from you. I am truly sorry, and now I want to turn away from my past sinful life toward you. Please forgive me. I believe that your son, Jesus Christ died for my sins, was resurrected from the dead, is alive, and hears my prayer. I invite Jesus to become the Lord of my life, to rule and reign in my heart from this day forward. Please send your Holy Spirit to help me obey You, and to do Your will for the rest of my life. In Jesus’ name I pray, Amen.
“Repent, and let every one of you be baptized in the name of Jesus Christ for the remission of sins; and you shall receive the gift of the Holy Spirit” (Acts 2:38).
Nothing in my life compares to knowing Christ personally. He is my refuge and my strength through the ups and downs of life. Without Him, I would be lost. Now, rather, I am found and know who I am because of whose I am.
Conclusion
“Become diligent in your efforts to get out of debt, give generously, budget persistently and work as unto the Lord. In short, become a faithful steward.” – Howard Dayton
The Lord is good! He was good when I had more than $20,000 in debt and He is just as good with $0 of debt. I trust in His provision and guidance and know that He has everything in control.
My last shout out goes to my host family, the ones who have sacrificed their finances to help me with mine. Without their sacrifice, I would not be writing this article. I praise God for all of those who have sacrificed for me. I’ve learned that God surrounds us with others so that we may fully experience the joy of living with and for Him.
In conclusion, my hope is that if you don’t know Christ personally, if you haven’t made the greatest investment in your own life, that you would choose to live for Him. He loves you and wants to be in relationship with you. Not only that, but you need Him. You are hopeless without the life, death, resurrection, and second coming of Christ.
If you know Christ and have surrendered your life to Him, I encourage you to strive, with me, to daily submit everything to Him, even your finances. It has changed my life and I know it will change yours, too. Peace and love to all who have taken the time to read this blog. Thank you!
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