Video §
Lesson Prep §
Checklist §
How to get out of Debt §
- Quit borrowing more money
- You must save money
- Sell something
- Take a part-time job
- Prayer really works
Notes §
- Make sure you have your $1,000 in the bank and completed BABY STEP 1
- BABY STEP 2 is paying off all debt (except the house) using the debt_snow_ball
- It takes gazelle intensity to get out of debt
- Proverbs 22:7, The rich rule over the poor, and the borrower is slave to the lender
Activities §
- Share your class’s Financial Snapshot figures (2 minutes)
- Total Non mortgage Debt?
- How much liquid cash do you have available?
- How many open credit card accounts do you have?
- It’s time for a Plasectomy (10 minute)
- Give “prize” to the first person who cuts up their card
- Important: Write down the card information first!
- Once you pay them off, you’ll have to call and cancel each account
Discussion Questions §
- Look over the list of myths and truths Dave covered in the video.
- Which myths have fooled you in the past?
- How can you make sure you don’t get duped again?
- What fears or concerns do you have about living without credit cards?
- Proverbs 22:7 says that “the borrower is slave to the lender” (NIV).
- What would your life look like if you were totally debt-free?
- What could you do that you can’t afford to do now?
- Dave says, “You can wander into debt, but you can’t wander out.” You’ll have to make some tough decisions and sacrifices moving forward.
- What’s one area you can cut back—or cut out—to reach your money goals?
- You need serious passion and motivation to get out of debt.
- What’s one thing you can do to kick start and keep up your gazelle intensity?
Wrap Up §