Don't Be Like The Joneses
It’s been ten years since the most recent economic bubble, and consumer debt has grown (in trillions) to surpass consumer debt at the start of the 2007–2008 debt thresholds. Ultimately, the market will correct itself, but will not touch your home.
One of the reasons for financial release is for intergenerational wealth. Lack of financial literacy causes the next generation to inherit debt and not wisdom. To combat such, we first must clarify the difference between assets and liabilities. For example, many understand that liabilities are anything that takes money out of their pockets, while assets put money in. However, some of the very things people consider assets are actually liabilities. For instance, our houses are liabilities (unless they are generating income). We've been taught incorrectly about debt, assets, and liabilities.
Proverbs 13:22 reads, “A good man leaves an inheritance to his children’s children, But the wealth of the sinner is stored up for the righteous.” This verse is a Hebrew poetry construction called antithetical parallelism in which, there is a positive statement in the first half followed by a negative statement. The parable suggests that if there is no responsibility in the management of resources, then your wealth will be shifted to those who are responsible.