Building wealth starts with the simple lesson of spending less than we earn. No one consumes more than he earns and still prosper. Apart from conditions of abject poverty, most times the desire to ‘keep up with the Joneses’, meet up with the expectations of others, and in worse circumstances, feed our greed, lead us to live above our means. Facing the reality of God’s word describing one who spends all his income as a fool, was bitter to swallow years ago and yet I realize today how foolish it truly is. How else are we to add value to money when it is expended? This was the difference between Jacob and Esau who was deemed a profane person in the Bible. Jacob was futuristic in his mindset and was willing to delay gratification in order to add value to his portage. Esau on the other hand, despised the birthright reserved for his future and traded it for portage that would provide him with instant gratification. The birthright was the right of the first born that gave him twice as much inheritance as younger siblings. With Jacob as his only brother (who was also his twin), it meant Esau was to take two thirds of their fathers estate while Jacob was to get one third. A role reversal resulted.

 

The above condition worsens when a person now borrows beyond their capacity to pay. Literally like Esau, when we borrow beyond our capacities, we mortgage the future to gratify the present. With loan Apps abundantly available and family and friends to call, goodwill, good names, networks and other opportunities that could bring much value in the future are squandered on the altar of momentary pressure and of greed at other times. No one has a business borrowing money that he cannot pay back with a practical and realistic commitment of a small percentage of his income. I usually advise a maximum of 20% of income to be focused on repayment when a loan is being proposed. If 20% of your income cannot pay it back within intended period, it is likely not going to be paid back in good time. If you are in the hole already and overwhelmed, commit 20% of your income to repayment with discipline and someday, you will be out of debt even if you might suffer disgrace, disdain, and other shame along the journey. Someday, you will breathe the air of freedom again. So, cut down on your expenses rather than imagine a magic will happen; save all you can and target them towards debt repayment and only then can God’s miracles bless your orderliness and take you out of debt.