Post 11 11/25/16

November 25, 2016

This week has been an interesting one with Thanksgiving and all. This week the main video that stuck out to me was the one with Jim Ritchie. He talked about Financial Fitness and in that he talked about accounts. He said we should have many accounts for different things. The first one is an individual savings account that we need to put a set around of money in each paycheck. The next account is the budget account. That is where the majority of the money goes, it covers things like house payments, utility bills, Food cost, car payments, just basic living expenses. The more fugal you are with the spending in your budget account, the more you can put in to your independent account. He then goes into saying how you should never use a credit card unless if you are able to pay it off with your budget account by the end of the month so you don't accumulate debt. The next account is a non-budget savings account. This is for birthdays, Holidays, Cars, random hospital bills, etc. The next is a Wish list savings account where you put money in for cruises, or a dream car, or something of that matter which takes a little bit of time to save for. Then the most important is the gold account. First you have to save up in your independent account until you have enough money to buy stocks, bonds, and other appreciating things. That goes into your gold account and then you can take the earnings with those and put them into other accounts. But you must keep the principle in the gold account. Another thing we did this week was read a thing called "Attitude on Money" and with that a few questions were asked. There were a few questions asked with it, the first being, "How do you view money?" I used to think of money as something that was important to buying things but not much else went into it, as I got it, I spent it. Being in college, having to pay for everything make my perspective change. Now I can't just spend it as I get it, I have to save it and cherish every dollar I earn. The next question asked was "How can your view of money affect the way you live?" Depending on how you see money, whether it is meant to be saved or meant to be spent, will affect you later down the road. If you spend it when you get it, it allows you to buy small things all the time but it will be difficult to buy a house and what not. If you have been saving it your whole life, you didn't get little things when you were younger that you wanted that probably mean nothing to you when you get older, but then you have money for your family, vacations, a house, a car, and you are able to reward your hard work better. The final question was, "What rules were recommended for prospering?" There were six rules recommended in the article, they were,
"Rule 1. Seek the Lord and have hope in him
Rule 2. Keep the commandments, that includes the temporal ones, tithing and fast offerings.
Rule 3. Think about money and plan how you can become self-reliant.
Rule 4. Take advantage of chances for learning so you will not be ignorant of these matters. Education, as President Hinckley has taught us, is the Key to Opportunity.
Rule 5. Learn the laws upon which the blessings of wealth are predicated.
Rule 6. Do not send away the naked, the hungry, the thirsty or the sick or those who are held captive."
That will help you live a prosperous life.