Sometimes the questions are complicated and the answers are simple.

-Dr. Seuss

Jubilee Update

Well, it's been two years, and the ten families in the Jubilee Financial Ministry small group on Oak Island have made tremendous progress! We've had two more families join the group last year.

Our families are learning to manage their money, are making wise financial decisions and are shedding debt by the thousands of dollars...we're blessed to be a part of this wonderful ministry!

First Oak Island Jubilee Group

Oak Island's first Jubilee Group consists of 10 families from Ocean View UMC.  Three of the families act as "leaders" or "facilitators" and help direct the group toward freedom from the bondage of Debt.  

Using two excellent books as our guide, we have all committed to work together to take on no new debt, focus on reducing expenses and living within our income, and aggressively reducing and eliminating our current debt.  The first books is "The Four Laws of Debt Free Prosperity," by Blaine Harris and Charles Coonradt, and the second book we rely upon for guidance is the Bible.

The group began meeting in December last year, and has identified a total debt for the group of $290,588 in February 2009.  There were 72 individual family debts on our list, which include consumer debt, car payments, student loans, medical bills and credit cards.  

Because of the focus on our finances, tracking of expenses, and the teachings in the group, we have already (March 23, 2009) seen significant improvements in our finances.  One family was able to refinance some very high-interest rate debt and reduce their monthly payments by about $700.  

Several families have (or are in the process of) refinancing their mortgage at lower interest rates.  Some families have taken the responsibility to make an extra effort to pay off their own debt at an accelerated rate, and others have made wise moves to improve their financial situations.  All families have committed to take on no more debt, and to live within their means.

The group has also set Goals, and each family is praying and reading the Bible daily.  Tithing is an important concept, and the group has embraced the importance of tithing.  The small-group support, accountability and commitment to ourselves and each other are making this an exciting and meaningful effort.  

We ask for your continuing prayers for Jubilee- Oak Island, and for the families that are on this journey together.

 

What is Jubilee?

Over the past several months, we've had a number of people ask about the Jubilee Financial Ministry concept.  What is it?  How does it work?  

Jubilee is a small-group program designed to help families gain control of their finances, and eliminate their consumer debt.  Debt including credit cards, car payments, student loans, medical bills...just about anything except your mortgage payment and investments.  

The concept parallels Acts Chapter 2, where the disciples in the early church shared everything, to the benefit of each other.  In Jubilee, the families all take responsibility for all of the debt of the group.  Each family agrees to put away their credit cards, and not incur any more debt.  Then, the group begins the process of paying off all of the existing debt, beginning with the smallest bill in the group.  By continuing to pay off the smallest remaining bills first, the group creates a snowball effect for debt reduction, and eliminates the entire debt in a much shorter time than could otherwise be done.

The name, Jubilee, also comes from the bible, and is a reference to the Year of Jubilee, when all debts were forgiven.  

The ministry has several parts.  There's the training of families, to make wise decisions about money, and to live within their income.  There's the Tracking of expenses, which each family commits to do, in order to get a handle on their money flow.  There's the Trimming, an ongoing process in which "extra" expenses are eliminated and families focus on minimizing living costs.

There's also the Goal setting process, during which families decide together what's most important, and compose written financial goals to be accomplished within specific time frames.

Although this may sound like it's all about the money, its not.  The journey together through this process builds faith in God, creates bonds between families, and sets everyone about the business of helping each other...and celebrating each other's successes!  

Once all of the families are debt free, they have the experience and knowledge to stay out of debt for life, to live within their means.  And they're in a position to help others- even start another Jubilee small-group, and lead others out of debt.

Here's a link to the first of four short videos, featuring John Baxter, the man who originated the Jubilee idea.  John has lead seven Jubilee groups, over the past years.  Here, John's sharing the concept with several families.  (Videos 2 through 4 are also on YouTube.)

www.youtube.com/watch?v=P3TH_Broutw