Money: The State of Affairs in Today’s World

My goal is not to blow my own horn. I simply want to establish my credentials. Over the years I have spoken to live audiences on the subject of personal money management more than 1,500 times throughout America and Europe. In fact, I wrote a book called No Debt No Sweat!on this very topic. For years, I did a regular morning TV segment on the topic of personal finance (my kids were the only ones on the block whose dad had a makeup kit!) I’ve written hundreds of articles about money. On average, I speak to audiences more than 250 times yearly, teaching people how to handle their money. So it’s fair to say that I’ve got a real interest (and some experience) in this area. Over these years I’ve learn a lot about how people deal with their money.

The Cold, Hard Facts

Today it’s possible (and actually probable) that a young person will go through twelve years of school and four years of college—supposedly being taught what they need to know to be an educated, productive member of the culture—without ever being shown how to balance a checkbook, do a budget or avoid a bad credit card deal! In my years of teaching on money, I’ve marveled at how some of the most educated people out there (i.e. doctors, politicos, lawyers, etc.) are often dummies when it comes to their finances.

The facts should give us all pause:

• Personal bankruptcy is a huge problem in America. In recent times, there have often been about 1.5 million bankruptcies yearly. In some years, we have had more bankruptcies than undergraduate college graduates. Think about that: More bankruptcy decrees than college degrees!

• Presently the average household debt in America, not counting mortgage debt, is roughly $15,000. But, remember, that’s only an average. When you factor in the number of people who live responsible lives with no debt, this means that many others are in a world of hurt. I counsel people regularly whose short-term debts exceed their annual income.

• Americans are presently carrying over one trillion dollars of credit card debt. Many people think nothing of buying this week’s groceries on a credit card and paying for them over the next twenty or thirty years. It has been estimated that, depending on terms and interest rates, if you’re are carrying a credit card balance of $4,000 and are paying only the monthly minimum, in many cases it may take more than twenty years to get rid of that debt!

• The average fifty-year-old has less than $40,000 of total wealth, including his or her home. (To have any real hope of stockpiling $1,000,000 by retirement time, that fifty-year-old will need to start saving at least $25,000 every year until the gold watch. And even that may not be enough to hit the goal!)

• With card debt having tripled since 1990, today the average family is carrying about $10,000 in outstanding credit card debt. Nationwide, there is roughly one trillion dollars of credit card debt.

• Although many students leave college with more than $20,000 in loan debt (that doesn’t count the credit card and car loan debt), many depart the ivy halls without a job. So they become convinced that the solution is more education, which leads to even more debt. Eventually, with multiple sheepskins in hand, they hit the hard, cruel world only to realize that their chosen major doesn’t produce jobs that pay enough to allow them to aggressively kill their student loan debt. They spend their adulthood trying to catch up—constantly fussing with their spouses and unable to relax with their children. Twenty years later, they have nothing saved for their kids’ college or their retirement.

• As of 2009, there was about twelve trillion dollars in outstanding mortgage debt, which represents roughly fifty million home loans. Since 2007, millions of Americans have lost homes because of terrible loan products they bought into between the late 1990s and 2007.

• My experience convinces me that more than 70 percent of all Americans are in financial pain—living from paycheck to paycheck. And that number is growing.  Many people who always considered themselves middle-class citizens made bad decisions that, today, are costing them dearly.

Predictably, there is a lot of finger-pointing.  It’s always easy to blame the bank or the mortgage company when we have too many bills and not enough money.  But the fact is: Everyone is at fault! I blame everyone.

The government is at fault for aiding and abetting, the lenders for lying, the real estate sellers for their greed, and the rating agencies for turning a blind eye.  But most of all—I blame us!  Sometimes, instead of blaming others for my problems, I need to take a close look in the mirror and admit that I really didn’t read the loan documents (or get an attorney’s help). I simply wanted what I wanted—so I signed on the “X” because the deal sounded “so good.”

Today is the day to stop listening to Wall Street, Madison Avenue, and Hollywood—and begin paying more attention to Peter, James, and John!  As Christians we must develop a worldview that is different from those around us who honestly do believe that whoever dies with the most toys wins.

Much of Christian borrowing happens because of three bad things:

1) Often we don’t trust that God will truly provide all our needs. So we try to help Him along by borrowing money to buy stuff that clutters our financial and spiritual lives.

2) Sometimes there’s an element of greed. Remember, Jesus told us that we cannot serve two masters.  We can’t serve both God and money.  But, you say, “I don’t!”  Are you sure?  When we’re being driven by the payment book, we can’t sleep at night, and we’re fussing with our spouse—one could make the case that money is controlling our lives.

And, lastly, there is another all too human trait involved in our borrowing.

3) Too often we borrow money to buy stuff we don’t need to impress people we don’t even know.  It’s called EGO—arguably the most expensive and costly thing we will ever have!

In the next several articles, we’ll examine ways to buck these trends and become better stewards of the resources God gave us.

No Debt No Sweat Christian Financial Management


No Debt, No Sweat! shows Christians how to free themselves from the bondage of financial pain. It is written for people who are financially sound and looking for investment strategies as well as people who are in financial turmoil and need a successful plan for getting out of debt.

Price: $19.00 (353 pages)

No Debt No Sweat Shop Online



Debt Problems?

You are not alone! Debt problems don’t just happen to uneducated folks. Bright, suave, business tycoons and financiers fall into the debt trap. Borrowing, and the associated problems it can bring, affects people in all walks of life. Today, if you’re struggling with debt, I want you to know that you’re not alone—not by a long shot. The average family carrying credit card debt probably owes a little over $11,000. The good news is, there is hope!


About the Seminar

Steve’s No Debt No Sweat! teachings on Christian money management have had a profound effect on people around the world. People are learning to live within their means. Some are able to give more. Marriages are closer. Others have learned how to avoid bankruptcy. Instead of pandering to the “wealth and prosperity” teachings that are so popular today, Steve gives clear, simple, practical solutions with a Biblical base. This stuff really works!

About the Seminar




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