What of personal financial management?

Edwards Finance > Debt Management

Q. Rather than contribute to topic drift, I am posting a new thread to address the issue of personal freedom, personal financial management, and how that pertains to being a good steward in light of the Lord's commandments regarding financial management (including the counsel to avoid unsound debt). Yes, the leaders of the church are concerned about excessive debt on the part of members. Yes the economy is good right now, but if technology changes your work environment, what will you do? What if your job ceases to exist? Just a few years ago, hundreds of thousands of people were employed making carburetors and vinyl records Today those jobs no longer exist due to electronic fuel injection and CDs. What if you have to retool? Are you prepared? This is part of church welfare -- to be prepared for and anticipate changes.And: What of personal financial management?

A. Consider these facts: Your income is a reflection of the value *OTHERS* place on the work you do in exchange for that income. It has nothing to do with your value as an individual. Disposable income is what's left AFTER taxes and interest payments. Interest is the money you pay for the use of other people's money. Your personal freedom is easily measured. It is the percentage of the time you spend earning money that you can use at your own discretion in comparison with the percentage of time you spend earning money to pay taxes and interest to lenders. When you calculate taxes as a percentage of total income, you must include: Federal income tax State (and local, if any) income tax Property tax of all kinds (home, car, RV, etc.) Sales taxes and/or use taxes on all purchases Gas or fuel tax paid on fuels used for commuting or travel Hidden taxes paid by the companies involved in making and distributing the things you buy (fuel tax, business property tax, payroll taxes, etc.) If you are in the middle class (average sort of person), these will typically add up to very close to 50%. If you are "wealthy", these percentages are a lot higher (despite politicians who indicate otherwise in campaign speeches). -Yes, the economy of the US is very good right now. However, most things the prophets have told us have been in preperation for future problems. At a time when families were still families, family home evening was very stongly pushed. We see today a need for this principle to help keep families togeather. So, the economy might look great now. However, this warning from our leaders cannot go unnoticed. Sometime, probably in the near future, this great economy wil have big problems. And, this will put an additional slavery upon those who are in debt.

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