The key to financial freedom can be found in the definition of freedom.
According to the Webster’s dictionary…
Freedom: Liberation from slavery or restraint or from the power of another.
Proverbs 22:7 tells us that the borrower is slave to the lender.
If you owe money to someone you are slave to that person, bank or entity.
They have power over you and can control you to a degree.
The only true way to financial freedom is to owe no one or to be debt free.
Most Americans are slaves to multiple people or entities. We owe money to credit card companies, mortgage lenders, car lenders, retail outlets, colleges and more.
Picture yourself bound by multiple chains, each one representing the person or entity that you owe money to. There is one attached to each of your hands and feet, your neck, waist and so on.
It’s not a pretty picture, but the good thing is that picture can be changed.
Now visualize each one of those chains being broken, one at a time, as you pay off your debt to each. With each chain that is broken you gain more and more freedom until eventually that last payment is made and you are no longer a slave to anyone. You have been set free financially.
The key to true financial freedom is to become debt free and owe no one.
Dave Ramsey offers some great advice on how to gain financial freedom.
Check out his website at http://www.daveramsey.com
I have been following his advice for many years now and only have one chain left to break for my own financial freedom, that being my mortgage.
In my next post I’ll talk about why it is so important to become Financially Free.