Financial presentation
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This document discusses the importance of financial preparedness. It recommends regularly attending church and temple, paying tithing, and magnifying callings for spiritual preparedness. For temporal preparedness, it suggests food storage, healthy activities, and financial soundness. Regarding financial soundness, it emphasizes earning income, spending wisely by distinguishing needs from wants, and saving. It provides examples of how credit cards, cars, and houses can end up costing much more due to interest if not paid off quickly. It concludes by stating the need to rid oneself of debt through spending less than what is earned and saving the difference.
Financial presentation
- 3. By Failing to PrepareYou Are Preparing to Fail
- 5. SpirituallyRegular Church & Temple AttendanceTithing & Other OfferingsMagnify Your CallingsPrayer & Holy GhostTemporally Food StorageHealthy ActivitiesFinancial Soundness
- 7. Financial SoundnessWhatYou MakeWhat You SpendSavings
- 8. Earnings
- 9. What You SpendQuestion: Need? Or Want?
- 14. Credit Card Payment15% Rate$2,000 Balance$50 Payments57 Month (5yrs)Cost = $2,850$850
- 15. Car Payment8% Rate$25,000 Loan$500 Payments62 Months (5+yrs)Cost = $31,000$8,000 ($23,000)
- 16. House Payment6% Rate$150,000 Loan$900 Payments360 Months (30yrs)Cost = $324,000$174,000
- 17. SavingsA Penny Saved is a Penny Earned$1.00 + Taxes (30%) = $1.42
- 20. How to Rid Yourself of Debt
- 21. WhatYou MakeWhat You SpendSavings
- 22. What You SpendWhatYou MakeSavings
- 25. Pay the debt thou hast contracted.Release thyself from bondage.D&C 19:35
Editor's Notes
- #2: It doesnt have to be a balancing act.
- #3: The problem is choice. We have more choices and options nowadays.
- #5: Mathew 25: 1-13Were the 5 wise virgins wrong?By choosing not to prepare yourself are you relying on others to share with you? Is that fair?
- #6: There are two main ways of being prepared. Spiritually and Temporally
- #7: What is Financial Soundness?
- #8: Simple math, Make more or spend less to increase the gap of money you have to save with.
- #9: Ways to earn more. Education, 2nd job, small season jobs, spare time jobs like computer repair, selling produce from your garden
- #10: What do we truly need. And what do we spend on empty short lasting wants?
- #11: Make instead of buying gifts. Research brands before you buy. Ten second rule. Wait ten seconds pondering if it is a want or a need.
- #12: Adjust the Thermostat and put on a sweater or turn on a ceiling fan. Turning your thermostat down in the Winter and Up ion the Summer can save you more than you think.
- #13: Turn off the TV. Spend the time elsewhere with family, magnifying church callings. Dont let the idiot box lead you around and tell you what you should believe. Read.
- #16: This is assuming you have good credit. At the end of the loan your card (if in good condition with 90,000 miles is worth $8,000 with a net loss of $23,000.
- #17: But your house could be worth more, however this only is worth it to you if you plan to sell.
- #18: A Penny saved is actually more than a penny earned when you take into account the taxes you pay.
- #19: Never go into debt except for a house, education or a sound business venture. Its better to repair a current car than buy a new one. If you are in debt, take steps to get out today.
- #21: There are two main ways to accomplish this. The smallest first or the costliest first.
- #24: As you knock off debts you get motivated. Apply the payments to the debts that are paid off to the next debt and you get an effective snowball effect.
- #25: Break the chains that you have created and be free
- #26: We are carrying a message of self-reliance throughout the Church. Self-reliance cannot obtain when there is serious debt hanging over a household. One has neither independence nor freedom from bondage when he is obligated to others.National Debt - Currency