Hector Almeida was broke after a business failure and the loss of his home. Today he and his wife are cash-rich and debt free. They share some of the reasons for their financial recovery.
I am 57-years-of-age and am a real estate consultant. At the age of 15, I had a small business. A retail outlet dealing with fish and prawns. It was very profitable. My dad was suffering from asthma and I had to complete my BSc college degree in physics, chemistry, and mathematics, so I had to sell off the business.
My dad and I then started a business in the pharma sector. We were stockists for one pharma company called Ipca Laboratories. It looked very promising but little did we know we would one day be broke. As we needed capital so my dad took on a partner, a colleague of his, who had some money from quitting his job. As the business grew my dad decided to take out a bank loan against fixed deposits and stocks we were holding.
Not being a Christian well versed with the Bible we were disobedient to Romans 3:18 – “Owe no man anything except to love him.” It was done out of ignorance though. Nevertheless, we paid a heavy price for this. We paid in cash for our goods and extended credit to our customers who extended the 15-day credit to 30 days and even more. The retailers were literally using us to increase their business and had alternate suppliers just forcing us to increase the credit for continuity of business.
The loans we were serving had affected our profit margins. Finally, there was capital erosion and soon we were staring at huge losses and then we were not able to pay our suppliers. The bank refused to extend credit and the business soon had to be closed down. It was embarrassing to be broke and we literally had to beg our customers to pay. As they were not getting their supplies they kept payments on hold. Finally, we had to close down our business and my dad had a stroke and had lost his memory. I had to sell my home and pay my debts. I moved to another city.
From being broke to being debt free
At this low point of my life, I met Christ in an intimate way. I watched Creflo Dollar and Joyce Meyer early in the morning. I prayed, got born again, studied the Word and prayed in the Holy Spirit. Very slowly but surely a shift took place.
I started a job, started saving for my retirement, kept a contingency fund. I read a book by Dave Ramsey who talked about keeping an emergency fund, saving with the intentionality of purpose, making budgets and sticking to it and being disciplined. I learned that managing finance was about managing emotions and a bit of maths.
My wife and I had to get rid of our credit cards, started saving and buying stuff in cash, having insurance. Slowly God’s wisdom of tithing in His kingdom and staying within the borders of our income started to produce fruit in our lives. Today my wife and I are cash-rich and debt free. Our home and every article in our home is bought in cash. We are partners of GOD TV, Joyce Meyer, and we also donate to Andrew Wommack Ministries and Creflo Dollar ministries.
This year we celebrate our wedding silver jubilee on 12 November. We are planning a holiday. We are also planning a trip to Israel. From being broke, busted and disgusted, from living from salary cheque to salary cheque today we are financially sound, peaceful, have a retirement fund in place and are full of God a peace. Our children have completed college, my son is working in Bangalore in an MNC and my daughter is doing her articles and is doing her Chartered Accountancy. Our kids are blessed too. Praise God!
This post was written by Hector Almeida of Almeida Solutions
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