These are notes from a finance class offered at the church. Any misinformation is the fault of the note taker.

– People compromise integrity by justifying your decision regarding debt.
– Article 13: we believe in being honest
– Job 27:5
– Mosiah 4:28
– Understanding debt: Debt is money you borrow and have interest for that loan.
– People go into debt to buy things they can’t afford. They are unprepared for an emergency. They have unexpected expenses. Do an investment in a business such as an education. They want to keep up with the Jones. Want to play. Buy something to build credit. Poor planning and get in a bind. Bailout a family member.
– Home and a car are necessary debts.
– The prophets have always counseled to avoid debt and live within our means.
– Vulnerable areas for debt, get rich schemes.
– Prophets counseled there are very few justifications to go into debt. People have suffered to borrow for things they didn’t need.
– One person came up with a way to track a debt. The made a paper chain and each link represented $1 K. removed a link as they took way each $1 k from their 100K debt. Kids saw the progress.
– RC Willy will offer 12 months without interest; but if you don’t complete the payment by the end of that, they will charge all the interest that was skipped in those first 12 mo.

– Follow up from the class of last week class:
– Long-term insurance. Good for newlyweds: It gives a buffer to take care of the other surviving spouse. Is like renting
– Whole life insurance: invest money to keep growing. It will pay off face value. It like buying a home. Pay hold life when your young and healthy.
– Long-term health care: check out Zander.

Do you have something to add? If you do, please share in the comment section of this blog.