Welcome to Day 1632 of our Wisdom-Trek, and thank you for joining me.This is Guthrie Chamberlain, Your Guide to WisdomMonetary Slavery – Daily WisdomWelcome to Wisdom-Trek. Wisdom is the final frontier in gaining true knowledge. We are on a daily trek to create a legacy of wisdom, seek out discernment and insights, and boldly grow where few have chosen to grow before. Hello, my friend; this is Gramps. Thanks for coming along on today’s trek as we increase Wisdom and Create a Living Legacy. https://www.biblegateway.com/passage/?search=Proverbs%2016%3A16andversion=NLT (Proverbs 16:16) How much better to get wisdom than gold, and sound judgment than silver! We are on Day 1631 of our Trek, and it’s time to explore another nugget of wisdom, which includes an inspirational quote along with some wise words from Gramps for today’s trek. If you apply the words you hear today, over time, it will help you become more healthy, wealthy, and wise as you continue your daily trek of life. So let’s jump right in with today’s nugget:
Today’s quote is from Bob Hope, and it is: A bank is a place that will lend you money if you can prove that you don’t need it.
Monetary Slavery
Bob Hope was a comedian, so we understand that his quote was supposed to be a joke, but as with many jokes, it is based on truth. Banks are only in the business of making loans where there is little or no question on whether that loan will be paid off promptly. To qualify for a loan, you must have tangible assets that significantly exceed the loan’s value. Other than the federal and many state governments, we as individuals are not permitted to spend beyond our capacity to pay back the borrowed money.
For so many people, we live in an age, especially in the western world, where we are unwilling to wait to accumulate the monies needed to purchase non-essential things. This is not wise. The fact is that most things that we buy are non-essential. We allow our short-term desires to have material goods to delude us into thinking that it is ok to borrow to obtain something. It has become such an epidemic that we then have to pay for storage buildings to store all of this stuff that we rarely use. What a pathetic and disgusting cycle. We then have to work extra to pay our bills, which harms our family and other relationships. How does any of this make sense? Plain and simple, it makes no sense. When we borrow to purchase non-essential things, we become a slave to the lender and ultimately to the items we have unwisely purchased. As a general rule, unless it is an absolute necessity, never borrow money to buy assets that depreciate. About the only item that is left is your home. When purchasing a home, only purchase one that will appreciate in value and one that you can genuinely afford. You can get by with a lot less than you imagine. I grew up in an old farmhouse with three bedrooms and one bathroom for twelve persons. Yes, it was inconvenient at times, but we made it work, because we had to. None of us favor slavery, yet so many people put themselves into bondage to buy things to impress others who we don’t even like that much. This is insanity. Instead, let us be wise. Borrow only when it is essential and only for items that will appreciate over time. Even then, it is best to keep all borrowing to a minimum and set yourself free from it as quickly as possible.

The wisest man who ever lived, King Solomon, tells us:
https://www.biblegateway.com/passage/?search=Proverbs%2022%3A7andversion=NLT (Proverbs 22:7)
Just as the rich rule the poor, so the borrower is servant to the lender.
As you ponder another bit of wisdom from Gramps, please encourage your friends and family to join us and then come along with us tomorrow for another day of ‘Wisdom-Trek, Creating a Legacy.’

If you would like to listen to any of our past 1631 treks or read the Wisdom Journal, they are available at Wisdom-Trek.com. I encourage you to subscribe to Wisdom-Trek on your favorite podcast...