Keion Henderson - Debt Free

I have money in the bank where I took out the loan, resulting in a 0.25 percent decrease on the loan. One of the best things you can do is borrow from a bank where you have money, as keeping your money in that bank helps you buy down the interest rate. That was one point. Number two, if you have a certain net worth in this program, that provides another percentage benefit. If you let them loan you on different things, the more items they have control over, the better it is for you. By the time I finished leveraging, which is my favorite word, I was able to take advantage of all of the rules they don’t want you to know. Never be afraid of taking advantage of the bank, because they take advantage of you all the time. They want you to take advantage, but they won’t tell you how to do it. We managed to get the rate down-it’s invisible. Now, if the money I have is, for example, my house worth $2 and I have $3, there’s no reason I would pay off the house. I can’t even think of a reason, given that the interest rate is so low. Why is that smart? Because the money I have earns me more interest than it would if I paid down the mortgage. Therefore, I’m allowing the money I have to effectively pay for the house; I haven’t used any of my personal money to pay a mortgage ever.

You all are quiet, which isn’t good because I really want to help. I didn’t open this discussion lightly. If I turn to the book of Hebrews, we’ll find some scriptures. But how many of you know that you have to deal with debt from a practical standpoint? You didn’t go into debt with a Bible in your hand; you weren 't at church shouting when you went into debt- you were at the mall, surrounded by all kinds of influences. Amen, somebody? Now, I want to talk about this; I hope you allow me to do that. If you want my help, you’ve got to let me keep it real today. For instance, if Disney World built a park across the street from Felicia, then we could talk turkey. I mean, property values would go up! I would move tomorrow.

The problem with most people is that they marry their stuff. You cannot be married to anything. Everything I own, except for my wife and kids, is for sale. My mom and my sisters too, but I didn’t mean to include them. Just to clarify, any material thing I have, not including people, is for sale. The house? I won 't keep it for sentimental reasons. I don’t care who grew up in it. If someone offers me five or six times its value, my child will have to adapt to a new place. You have people saying, «I don’t want to sell the house; this is where I grew up .» I would say, «Grow up somewhere else.»

I have one ring that my grandfather gave me before he passed away, which I would never sell. Other than that, if you offer me a good price, I could sell it yesterday. Now, let ' s talk about this one individual; he told me that the Lord told him something. Whenever someone starts a sentence with " the Lord told me,» be very careful. He claimed that the Lord told him I was supposed to give him my car. Is that really what the Lord said? The only problem is that he didn’t tell me! I can’t go by what God told him; I have my own relationship with Jesus. Can you believe this man? He said he was obedient and that one day he would get the car, just not today.

Let me now discuss bad debt — the three C’s you need to remember: clothes, cars, and credit cards. Be very careful with these! You should only spend between 10 to 15 percent of your net income on transportation, not gross. For example, if you make $4,000 a month, your car payment should not exceed $400. Did I strike the wrong numbers? We actually said we can hear, we just didn’t listen. If you get paid $500 every week and make $ 2,000 a month, but your car payment is $500, you are already over 15% of what you should be paying! You shouldn’t have any one bill take up an entire paycheck, except for your mortgage, which can go up to 25%.