25. Pay the debt thou hast contracted. Release thyself from bondage. D&C 19:35
Editor's Notes
It’ doesn’t have to be a balancing act.
The problem is choice. We have more choices and options nowadays.
Mathew 25: 1-13Were the 5 wise virgins wrong?By choosing not to prepare yourself are you relying on others to share with you? Is that fair?
There are two main ways of being prepared. Spiritually and Temporally
What is Financial Soundness?
Simple math, Make more or spend less to increase the gap of money you have to save with.
Ways to earn more. Education, 2nd job, small season jobs, spare time jobs like computer repair, selling produce from your garden
What do we truly need. And what do we spend on empty short lasting wants?
Make instead of buying gifts. Research brands before you buy. Ten second rule. Wait ten seconds pondering if it is a want or a need.
Adjust the Thermostat and put on a sweater or turn on a ceiling fan. Turning your thermostat down in the Winter and Up ion the Summer can save you more than you think.
Turn off the TV. Spend the time elsewhere with family, magnifying church callings. Don’t let the idiot box lead you around and tell you what you should believe. Read.
This is assuming you have good credit. At the end of the loan your card (if in good condition with 90,000 miles is worth $8,000 with a net loss of $23,000.
But your house could be worth more, however this only is worth it to you if you plan to sell.
A Penny saved is actually more than a penny earned when you take into account the taxes you pay.
Never go into debt except for a house, education or a sound business venture. Its better to repair a current car than buy a new one. If you are in debt, take steps to get out today.
There are two main ways to accomplish this. The smallest first or the costliest first.
As you “knock off” debts you get motivated. Apply the payments to the debts that are paid off to the next debt and you get an effective snowball effect.
Break the chains that you have created and be free
“We are carrying a message of self-reliance throughout the Church. Self-reliance cannot obtain when there is serious debt hanging over a household. One has neither independence nor freedom from bondage when he is obligated to others.”National Debt - Currency
