Wisdom-Trek / Creating a Legacy

Welcome to Day 413 of our Wisdom-Trek, and thank you for joining me.

This is Guthrie Chamberlain, Your Guide to Wisdom

Practical Principles and Guidelines for Life

Thank you for joining us for our 5 days per week wisdom and legacy podcast. This is Day 413 of our trek, and today is Philosophy Friday. Every Friday we will ponder some of the basic truths and mysteries of life and how they can impact us in creating our living legacy. Along our trek today, we will discover some practical guidelines that will assist you in preparing for and living each season of life to the fullest so that you will succeed even through the winters of life.

We are broadcasting from our studio at Home2 in Charlotte, North Carolina. It continues to be a warm summer here in the Charlotte area, and it has also been warmer than usual in Ohio and Arizona. So, it is nice to be able to work indoors most of the time. It has been a busy week of work activities, but this evening three of our children will be over for dinner. So, that should be a great time together. As we get together, it is a time for sharing and learning more about life’s lessons. On our trek for today we will explore some of those lessons on the trail called… 

Practical Principles and Guidelines for Life

Here are a few practical principles and guidelines that will help you to maximize each season of life. They are not in any particular order, but are all gems that will make a huge difference in your seasons of life long-term:

Never spend more than you make. If you can’t afford to purchase something with cash, then don’t buy it. There are very few necessities in life. Learn to sacrifice some now so that you won’t be a slave to debt long-term. Proverbs 22:7 tells us plainly, "Just as the rich rule the poor, so the borrower is a servant to the lender.” When you are debt free, it gives you options and freedom that you won’t have when you borrow.

Be willing to live a frugal lifestyle in all areas. This may include the way you dress, what you spend on entertainment, and where you go on vacations. You can have all of these without spending a lot of money doing so. You will have less stress, more joy, and more peace even if you do not have all the material things that you desire.

On a personal level, except for your home which should increase in value, do not borrow money. Even with a home, only purchase what you need and can afford including allowances for repair, maintenance, and yearly fees/taxes.

Never co-sign a loan for someone else, no matter how close you are to them. It is exactly the same principle as borrowing money yourself, except you don’t own the item that is being purchased. This is not wise.

The purpose of transportation is to get you to and from locations. If at all possible, pay cash for a vehicle. If not, only purchase basic transportation, not what the car dealer thinks you can afford. Their sole purpose is to sell cars and make a profit.

Be willing to give up habits that are not only costly but usually not good for you. These may include drinking, smoking, gambling (even lottery tickets), overeating, and making impulse purchases. These seemingly small purchases add up to thousands of dollars per year. Be willing to make the small sacrifices now so you will have options in the future.

Don’t use credit cards. The only exception to this that I feel is valid is if you have the discipline to use them as a cash card, and you get earning bonuses for using them. The rule here is that you have the money in the bank to cover all purchases, and you pay them off in full every month. No exceptions. If you currently have credit card debt, pay them off as soon as possible and don’t use them again. Throw them out so you will not be tempted.

Create a budget and stick to it. To be prepared for all seasons of life and to survive the wi...