The rich rule over the poor, and the borrower is slave to the lender. Proverbs 22:7 (NIV)

I wish I could tell you that I have always been good at saving money, but that is a discipline that was never taught to me as a child as we didn’t have money to spare.

Growing up I watched my mom pinch every penny to make sure her three children were fed and I am pretty sure that a lesson on money management was not on her parenting radar.  So unfortunately when I had money, I spent money.

Fast forward a few decades, I now teach budgeting classes. I use the verse from Proverbs  

The rich rule over the poor, and the borrower is slave to the lender.  Proverbs 22:7 (NIV)

to teach men and women about the dangers of credit cards, we tote the note lots and cash advance places. 

But now there is a new danger, especially to newly opened businesses, that I hadn’t given much thought to, until recently. 

Being a newly registered business, when the junk mail started arriving, I just assumed I had gotten on someone’s list. I rarely open this type of mail but for some reason this letter caught my attention. 

Inside was a “pay to the order of” and in very fine letters, it read “this is not a check, it is a loan and by cashing it you are agreeing to our terms.”  This made me go back and open the rest of the mail. 

What if I hadn’t known any better? What if I truly thought it was a gift? Stranger things have happened right? 

The challenge would have been when all those loans had come due.  They will get their money some way and truth be told, how many of us actually read all the terms and conditions? 

When you sign your name and either cash or deposit that check, your payment plan starts and you become a slave to that lender. 

And if all those checks weren’t bad enough, the pre-approved credit cards started piling up as well. 

Here is my two cents: Don’t fall for the schemes of those who send you unsolicited mail. If you are in need of a line of credit or a credit card, talk with a financial advisor. 

If you have already fallen prey, make a plan to get out from underneath that obligation as soon as possible. Whether that be by paying it off or coming up with a plan to pay it off quicker. 

Don’t do it alone.  

Find a coach to help keep you accountable and to get your cash flowing a different way.  

There is also another verse in the Bible that I love, especially for new businesses. 

Do not despise these small beginnings, for the Lord rejoices to see the work begin,
to see the plumb line in Zerubbabel’s hand.” Zechariah 4:10 (NLT)

And lastly the verse in Luke is great for business owners.

 “If you are faithful in little things, you will be faithful in large ones.
But if you are dishonest in little things, you won’t be honest with greater responsibilities.
Luke 16:10 (NLT)