Money

§  What is your attitude toward money?

I have conflicting attitudes toward money. I believe in the Dave Ramsey method and believe that you need to live within your means and invest for your future. But, I always feel as though I am a day late and a dollar short every month. I need to work harder at practicing what I preach when it comes to money.

§  How can your view of money affect the way you live?

My view on money can affect the way I live because I can either spend every penny I have and live paycheck to paycheck or I can spend less than I make and be able to have a nice nest egg for retirement or a rainy day.

The less money we have obligated to others the more freedom we have to spend or save it as we please

§  What rules are recommended for prospering?

In order to prosper, the article advises the following:

1)    Seek the Lord and have faith in him

2)    Keep the commandments

3)    Make a plan to be self-reliant, think about money

4)    Continue to learn; education will bring opportunities

5)    Learn the laws for which the blessing of wealth stems from

6)    Serve and give to those in need

     I am grateful we had this lesson this week to learn about how to be smart with the money we have. This is a particularly important topic to learn when you are young. If you develop the habit of spending less than you earn then that will help you to have more control over your finances and won’t be a slave to the lender. I have been a slave too many times in my life and it is a burden I do not enjoy.

When I was a teenager my father shared with me the book The Richest Man in Babylon. The same book that Jim Ritchie referred to in his video. The book teaches the basic principle to live within your means and with each pay raise or bonus you receive, stash it away. Don’t increase your expenses because you have increased your income. Be as frugal as you possibly can, so that you can keep more of your money rather than spending it.

I love what Dave Ramsey always says, “Live like no one else, so that later you can live like no one else.”