Start off with a pop quiz to get you thinking�Lifes questions. Why isn't phonetic spelled the way it sounds? Why are there interstate highways in Hawaii? If nothing ever sticks to TEFLON, how do they make TEFLON stick to the pan? You know that little indestructible black box that is used on planes, why can't they make the whole plane out of the same substance? Why is it called a TV "set" when you only get one? If pro is the opposite of con, is progress the opposite of congress? Why is there an expiration date on soUR cream? How can someone "draw a blank"? Why did kamikaze pilots wear helmets? If 75% of all accidents happen within 5 miles of home, why not move 10 miles away? Why do 'tug' boats push their barges? Why do we sing 'Take me out to the ball game', when we are already there? Why do you suppose that we even need a lesson on finance in a church setting? 1.Learn to manage that which the Lord has given us�Stewardship 2. Stay out of debt�debt is bondage�and financial bondage can cause as many problems as substance and other types of bondage 3. Contribute to the building of Zion on the earth What kind of advice has the Lord given us regarding money? Mark 10:17-27 Sell all that you have and follow me. D&C 1:19 Don't trust in the arm of the flesh Psalms 37:16 A little with the righteous is better than lot's with the wicked D&C 42:39 Our day when riches would embrace those that accept him Jacob 2:18-19 Seek kingdom of God before riches. Learn to work Genesis 3:19 Sweat of thy face shall thou eat bread D&C 56:15-17 repent those who will not labor with their hands Proverbs 22:6-7 Train a child�Rich over poor�borrower is servant Spencer W Kimbal: Get out and stay out of debt. N. Eldon Tanner: Not the amount as much as having control over it. What can I do now financially to have a better future? Increase your ability to earn. Education is the key, Learn to control your expenditures, Debt Managment Pop Quiz Most people in America today live on what % of their income? c) 103% of their income How do they do that? Why do they do that? That only applies to middle and low income households doesn't it? Higher income households have higher levels of savings than middle income households? False Budgets are only for those that have let their spending habits get out of control False How do you put together a budget? Start with incom side not expense side like government Why should you even have a budget? How do we get ourselves into financial trouble? What does it really cost for a pair of skis today? $285 at $10.30 per month 36 months actual cost $370 If the credit card companies offer me credit then I must be able to repay. False BYU Football team bus into Fort Collins Air Force Academy Porshes, vettes�They are looking for you�.you are a good risk so that they can earn 18% on their money. Those that understand interest earn it those that don't pay it. Joke Nick nack patty black give that frog a loan� All credit card spending is bad False When is it good to use credit card? What principles should you apply? Checking account The best way for me to get out of debt is to simply make more money? False Without a budget or a spending plan you will still not have enough to go around. Story of the little boy that sent a letter to God for $20 got $5 Getting out of debt is not possible while you are in school. True False Debt Eliminator Finding the money� How can we come up with an extra $100 per month? 2 softdrinks a day @ .50 per* 30 =30 1 Twinkie a day @ .50 * 30 = $15 1 Date @ Show with popcorn drink and dinner before $50 = $50 1 Lunch from home a week instead of eating out $5 * 4 = $20 Starting at age 20 and an interest rate of 10% you need to put away how much a month to be a millionare at age 65? a. $75 per month b. $100 per month = $1,048,250 c. $300 per month d. $700 per month If you were to start at 10 you would only need $57 per month If you wait until 30 you will need $263 If yo wait until 40 you will need $753 Money is evil. False - It is what money does to people that is bad. Does the lord judge us by our financial statement, do we judge others by theirs? We have been counseled by the prophets to only go into debt for: Select all that apply. a. Home b. First Car c. Clothes d. Health e. JetSki / First boat f. Education What is the suggested minimium amount of liquid savings that you should have set aside before you start investing? a. 1 paycheck b. 1 month c. 3 months d. 6 months What order should you pay your responsibilities _____ Credit Card Payments _____ Your Savings _____ Tithing _____ Car Payment _____ Rent/House payment