Facts on Financial Freedom 2

By James O. Gbolagoke

In the first part of this topic, I discussed some important facts about financial freedom in the family. I also listed six major causes of financial bondage. When there is a cause, there must be effect. In this concluding part, I will list the effects of financial bondage and the way out.

Effects of Financial Bondage

In a family that is being plagued with financial bondage, the following effects are noticeable:

• The family will live in fear and lack.
• There will be no peace in the family.
• Quarrelling and fighting will be the order of the day. These can throw the family apart temporarily or in some cases permanently.
• The children of the family will not be able to go to standard school for qualitative education because of lack of fund.
• The children in such a family may grow up to be morally loosed. The fact still remains that parents that cannot provide for their children lack the will-power and moral right to discipline them.
• The family may live under the constant harassment of their creditors.
• It may result in high or low blood pressure which may ultimately result to premature death.

Path to Financial Freedom

Are you in financial bondage? Have you taken it as your family's cross to be under financial bondage? Have you been praying for breakthrough in your family and you are yet to get a relief?

There is a way out. I will like you to have full assurance that the will of God for your family is financial freedom. Through experience, the Psalmist says, "I was young now I am old, yet I have never seen the righteous forsaken nor their children begging bread. They are always generous and lend freely; their children will be blessed" (Psalm 37:25-26 NIV). If you want to claim financial freedom for your family, you need to prayerful take the following steps.

First, remember that God owns all resources and He allocates them to whosoever He wills (Psalm 24:1). Therefore, ask God to give you financial freedom and he will not deny you (Matthew 7:7).

Second, establish a stewardship Accounting. That is, have a system of recording, analysing, reporting and interpreting your income and expenditure.

Third, ensure that you spend less than you earn no matter what happens or no matter what level of income. Ensure you save and invest whatever remains of your earnings in income generating ventures for future income.

Fourth, have a plan of action for your family. Have a vision and focus. If you are not focused, nobody will focus for you.

Fifth, prepare a written budget that will detail in advance your income and expenditure. In other words, quantify your plan in the fourth step above in monetary value.

Sixth, stop all wastages. Buy only what you need and not necessarily what you want.