These are notes from a finance class offered at the church. Any misinformation is the fault of the note taker.
Education:
– D&C 88: 118-119
– Q: where do you want to me in 5 years?
– What skills, knowledge, and experience do you need to reach that goal in 5 years?
– Goals should be specific, measurable, time frame and actions in place and be constantly reviewed.
– Finding a mentor;
– May see one who has done what you have done.
– You may have a religious mentor.
– Think of who can be your mentor. pray who to choose.
– Once you decide to tell them you want to make a change in your life. will you help.
– Look for people who can help round your soul.
– A podcast might be one source.
– Don’t feel jealous of people who are better than you. Learn from them. you don’t have to be in competition with them. You can have strengths and two can make a good hole.
Save and invest for the future.
– 3 ways to invest a. home b. saving and c. education.
– Investing in the future;
– Some save for remodels in the house, education for the kids, retirements,
– Fire: finance independence to retire early
Positive and negatives or renting or buying a home:
Rent: advantages
– Flexibility of movement.
– No debt or mortgage
– Not subject to market conditions
– No maintenance costs.
– Less responsibility
– Lower out front costs.
– Bad: build no equity
– Not knowing how long you can stay
– No tax write off
Buying a home: Advantages
– Equity
– Long term
– Make changes you want to the home
– Control of home
– A lot of responsibility and maintenance
– Investments of time and money.
Before you buy a home:
– Does it make sense to rent or buy
– Free of consumer debt
– Living on a budget
– How much of a payment can you afford?
– What additional expenses in addition to the home.
– A mortgage should not be more than A$25% of our income.
– If you stay in a house for over 5 yrs. you’re less inclined to lose money.
– Consider closing costs in your payments.
– Your initial payment goes lower interest.
– Need to pay extra.
– Some will pay a mortgage in every two weeks you will pay one month’s mortgage a yr.
– Need to consider the taxes in your budget.
Do you have something to add? If you do, please share in the comment section of this blog.
