This shouldn't surprise us.
Solomon said, "The rich rule over the poor, and the borrower is slave to the lender." (Prov 22:7)
The implication here is that you're probably not going in the right direction financially if you're a financial slave to someone else.
Just a few verses later, Solomon again warns of the danger, "Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you." (Prov 22:26-27)
That's scary. Who wants their bed snatched from under them? Solomon is trying to warn his listeners about the potential consequences of going into debt & not being able to repay. Perhaps his warning will cause his listeners to rethink "shaking hands in a pledge" by going into debt.
I think he's suggesting we ask the question, "If you go into debt, how do you know you'll have the means to repay?"
In other words, we're not God. We don't know the future, and ultimately can't have any certainty that we'd be able to repay the debt. And in the case that we can't repay it, he says suffering will come. Why would we put ourselves & our families at that kind of risk?
If all of this is true, why do most of us go into debt? And why do we go into debt at far greater levels than our grandparents or great-grandparents would've ever dreamed of?
In many cases, I think it's a spiritual problem.
Greed.
I know it was for me. Maybe for you too.
We want something now, but we can't afford it. So instead of waiting until we have the money, we put our ourselves & our families at risk of needless suffering (according to Solomon) by going into debt so we can have it right now! Sounds kinda foolish when you put it that way, huh?
Sorry for the mini-sermon.
You may be wondering, "What does this have to do with supplementing or replacing my income?"
A lot!
Add up all of the interest you pay every month from your various debts.
Student loans.
Car payments.
Mortgage payments.
Credit card payments.
Personal loans.
Any other loan you pay interest on.
Add it all up.
Now ask yourself the question, "What if I had all of that money back in my pocket each month?"
Would that be good supplementary income? You bet it would!
For most of us, it's a lot of money, isn't it?
One of the best decisions our family ever made on our path to financial freedom was getting out of debt & staying out.
We worked hard for years to eliminate every bit of debt we had, including our home.
Not only do we have an extra stream of income now that would've been going to interest payments, the emotional relief you get in knowing someone can't show up to literally "snatch your bed away" is amazing!
If you're looking to supplement your income, I'd encourage you to do whatever you can to get out of debt & stay out of debt!
*Disclaimer: I'm not saying all forms of debt are unwise. I'm just saying most of your debt & my past debt is probably unwise - LOL! If you ever do go into debt (and I'm not recommending it), make sure it's spent buying something that puts money INTO your pocket (aka assets), not takes money OUT OF your pocket (aka liabilities). Everything I listed above takes money out of your pocket, including your home in most cases ;) (unless you're House Hacking of course). And if you do go into debt, make sure you go into that debt with great caution, lots of prayer, and wise financial counsel. In other words, make sure you can explain to Solomon why you're sure it won't result in your bed being snatched from under you.
