DEBT 101

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Debt
I dare you to google or use your favorite Bible app and search the word “debt”. It shows up so many
times your thumb will get tired from scrolling. You’ll find articles, philosophies and strategies from well-
known secular and Christian Financial Guru’s alike. People have written entire books on the subject and
I’ve only got 10 minutes to provide you some take-aways that you can relate to and apply regardless of
the season and situation of life you’re in.
My name is Tony Bolstorff and I’m a Senior Wealth Advisor with Mariner Wealth Advisors. I’m a
certified financial planner with close to 15 years of experience as a financial advisor that works with
individuals and families creating holistic financial plans…not just investment plans. More importantly I
imperfectly try to be a Christ follower. Married for close to 18 years with 4 kids ranging from 6 – 13 my
hope is I can provide some gems of info.
Full disclosure I’m not a theologian but I do try to understand the context of scripture I will reference.
Money is mentioned more than 800 times in the Bible so God obviously thinks it’s important to leave
some important guidance around this topic.
But what does the Bible say specifically about debt? It doesn’t say avoid debt completely, but it does
warn about the dangers of debt. The Creator knows the created best and provided us an instruction
book how to think and behave. From the book of wisdom, Proverbs 22:7, “The rich rules over the poor,
And the borrower becomes the lender’s slave.” You and Jesus know yourself and situation best. Ask
yourself do you have the discipline to say no to wants before they start to pile up and you become a
slave to VISA, Mastercard, or Discover? Go google Visa stock right now and you’ll see they are preying
off our inabilities to pay back money on time. Since Visa became public stock in early 2008 it has grown
more than 910% compare to the S&P 500’s growth of 100% since the same time. That’s about a 91%
growth per year over the last 10 years. Mastercard has done even better at 1120% growth since same
period. 112% per year growth over the last 10 years!!
Avoiding becoming a slave to a lender would mean no mortgage, no emergency medical payments, no
small business owner loan to keep a business afloat or started and no use of 0% financing offers which
seems unrealistic. So when making financial decisions I’m always talking with my clients about the
behavioral vs. financial side of things. Not that one is better than the other. We just want to
acknowledge and discuss both side before making an informed decision.
Simple old sayings keep you safe if you want to completely avoid debt by “don’t spend more than you
make”. But it’s hard to avoid those 0% offers and brand-new toys or vacations when all you have to do
is swipe the card and put it off until later. See, it all starts with our decisions of buy or not buy. So many
influences consciously and subconsciously feed into that important moment. Our upbringing,
personalities, peer/spousal/children pressure and last but not least advertising/marketing.

So as men, leaders and Christ followers what are we supposed to do? If you’re lacking in the discipline
department own up and find an accountability partner. A spouse, a pastor, a respected leader at your
church, a trusted friend or simply go attend Dave Ramsey’s financial peace University…you’ll find people
in the same boat. After years of kicking the can down the road my wife and I recently finished his class
and are doing life with other couples we met and that helps long term. Why would a 15-year financial
planning vet need to attend another financial planners’ program you ask? Because it’s not just about
me. For the married guys out there going from me to we takes time and effort, and this was an overdue
piece of the puzzle. We are working better together on debt and money management. Dave Ramsey’s
message is in alignment with mine about getting your house in order and being a good steward of the
gifts God has given you.
If you have found yourself in a mountain of debt and looking for practical ways to get out:
1. Stop adding new debt
a. Pay with cash vs credit card
b. Don’t trade in your car for a lower monthly payment in exchange for longer term
c. Don’t fall for the retail credit card incentives
d. Work on being content!
2. Take an inventory of debt including total amount owed, interest rates and monthly payments
3. Implement one of a couple well known strategies:
a. Snowball method says pay off your smallest balance first, and when that is done, take
those payments and put it toward the next smallest balance. This method gives you the
emotional boost to keep going as you see those debts paid off
b. The more financial method is called the avalanche method which says focus on the
higher interest debt first, but this could take awhile to pay off, so do the snowball
method if you think you’ll get discouraged

4. Take the next bonus or increase in pay and apply towards debt vs. family vacation. Sounds
boring but God asks us men to be good stewards of money and our family. Which choice is best
for your money and family?
5. Create an expense list and put them into needs vs. wants categories and start applying some of
the wants towards debt.
I’ll leave you with God’s word I think strikes at the heart of the decisions we face everyday of buy or not
buy. Contentment!
Ecclesiastes 5:10 Whoever loves money will never have enough money. Whoever loves luxury will not
be content with abundance. This also is pointless
Any questions or want to continue discussions feel free to contact me 651-212-0832 or my email
address: Anthony.bolstorff@marinerwealthadvisors.com