Brad, a young entrepreneur I consulted with years ago, assumed that debt was his friend until the economy declined. The burden of too much debt caused his attitude to change. He became so resolved to get debt-free that he eliminated his independent contractors and began working 80 hours a week until the debt disappeared. In less than a year Brad ...
Years ago, Mike, a very profitable bank customer of mine, asked me to loan some money to his friend. Unfortunately, Mike’s friend had a terrible credit history. In an effort to appease Mike and limit the bank’s risk, I told Mike I could only loan his friend money if Mike co-signed the loan. Mike co-signed for his friend, even though ...
When I was a banker, David’s construction company needed a line of credit. His business was risky so we required him to deposit all customer checks against his loan balance. When he needed money we used his line of credit to cover his checks. Unfortunately, David violated our agreement, and our trust, and kept many of his customer’s checks. This ...
At 25 years of age I launched a car rental business. Interest rates then skyrocketed to 21% and unemployment to 13%. After that experience I vowed to never start another business! So, in 1995 when God led me to launch a consulting practice, my fears were overwhelming. My fears were not uncommon. According to a Wall Street Journal interview, Philipp ...
When I graduated from college and received my first paycheck, I felt rich! I had been living in poverty for so long I decided to celebrate! So I bought and heavily financed a brand new Monte Carlo. Six months later I sold my beloved car at a deep loss due to the consequences of too much debt. I was devastated! ...
While in banking, I inherited a past due loan. Foreclosure on this cattle operation seemed likely so a credit analyst and I went to inspect our customer’s livestock. Our customer drove us into a small fenced area where most of his cattle resided. My credit analyst counted thirty cows in this one pen. I also counted thirty. When the rancher ...
A struggling business owner once called me to ask if bankruptcy is a sin. He had been talking with a bankruptcy attorney due to his company’s debt load, and his biggest concern was his desire to please God. Bankruptcy is a legal maneuver that sometimes cannot be prevented, especially if multiple creditors force someone into involuntary bankruptcy. Therefore, bankruptcy is ...
Over 20 years ago, when Kathy and I first committed to become debt-free we started by eliminating our automobile debt. The real test came, however, when Kathy’s car was involved in an accident and we had no cash reserves! We had to decide if we were going to trust God, and honor our commitment, or borrow money. It was scary, ...
When I was in banking, Jim wanted a loan to buy a business. The business was risky and Jim lacked enough collateral for the loan. To protect the bank I requested his home as additional collateral. Jim was ready to sign over his home that instant, but his wife needed to agree as well. She quickly squelched the loan when ...
You have to admire Christopher Columbus’ adventurous spirit. He persistently pursued his dream of sailing to what he believed was the West Indies. Although he set sail with faulty assumptions of the circumference of the earth, it still took a great deal of courage to set out on a journey no one had yet traveled. According to Brainyquote.com Columbus wrote, ...
Equipping Others to Do Work Differently
