Saturday, September 19, 2009

Education Week Financial Ideas

These ideas are from my notes in Scott Marsh's lectures, they concern the marriage relationship and money. I'm going to number them so that you can look them up easily.
1) Marriage partnerships could be more important for success in money than how well you take care of money.
2) Meaningful shared goals are the essence of eternal energy and are those you can share together.
3) The four C's of a great marriage - Chemistry, Communication, Committment to Christ and Cash Savings.
4) Money management is critical to marriage and marriage can be critical to financial success.
A) 89% of divorce can be traced to accusations over money.
B) Money causes more problems in marriage than anything else.
C) A supportive spouse was one of the five most important factors that led millionaires to their success.
6) Define what your hopes are for yourselves and your children. Create a plan of reaching those goals. Committ to living well below your means. Have friends that are committed to the same goals.
7) Don't share resources with your children - share opportunities to be creative. Openly discuss finances and expectations with children.
8) Make sure your goals are visual!
9) Have a FAMILY SIGNATURE - a humanitarian cause.
10) Make Heavenly Father a partner financially.

There are other ideas but I thought I'd start with these.
Hope you have a thrifty day!!! Love you lots.

Friday, September 18, 2009

Ralph House Debt Reduction

This week Dad and I worked though our finances and mapped out a debt reduction plan to help us get out of debt and became financially independent. We planned a budget and then mapped out the major debts and how we could pay them off in a "snowball" fashion. Our plan is similar to the Dave Ramsey "Total Money Makeover" plan but I mapped it out on a visual chart so that we could "x" out the debt as we paid it off. For me it a major reminder to stay on task.
Another recommendation is to plan ahead for weekly expenses. I know that I like to "shop" and I usually come away with much more than is on my list. My goal is to map out the store and clip coupons and only purchase what I plan to purchase - the needs. I have found that it is the woman that controls the finances more so than the man in the household purchases. Any major purchases costing over $100 should be discussed together and both should agree on the expenditure.
Moderation in consumption is the key to wealth attainment. Live below your means and save and invest what you can. Millionaires are usually "cheap dates" because they don't need to spend money to enjoy themselves. Find activities that are free and enjoy yourselves knowing that you are saving money and developing your relationships which is the most important thing that you can do in this life.
Relationships are more important than "things" but wealth can allow you to have more time to develop those relationships. Have FUN!

Thursday, September 17, 2009

Today I would like to add a little financial advice for my kids. This is not my original idea. It came from the book, Millionaire Women Next Door by Thomas J. Stanley. I would love for all of my children to read his books. They are great resources for staying "out of the water" and living a much better life. This quote is by a millionaire woman who made it big as a single person. "Success should not be measured by... how large the house, how expensive the care. ... I detest flaunted wealth. Success should be measured by what a person does in regard to business practices, ethics, environment, and human kindness.... Money should be the pleasant outcome of one's endeavors, not the main goal.... Be kind, be honest, stay focused and unafraid to go after your dream.... the main lesson in becoming financially successful is never spend more than you make and ... always save and invest."
Start now to save and invest. Live below your means - live frugally - and when the winds of financial ruin swirl you won't be caught up in them. Make saving money and living frugally a game - a sport- a competition. Which one of you can live on the least amount - live happily and content with the blessings you already have? Are you prepared for the downturns?
As a family here in Washington we are working toward getting out of debt as fast as we can. It would have been better if we never got into debt in the first place other than our home but we didn't know that back then. If we didn't have debt now all of our earnings could go into investments and we'd be making far more than the value of the assets that we are paying interest for now. It's a learning situation. Save now so that you can pay cash for investments that will increase your cash flow, then you won't be paying a mortgage company for the "privilege" of owning an investment property.

Monday, September 14, 2009

These are the six areas of personal and family preparedness as taught by the Church of Jesus Christ of Latter-day Saints. I would like to touch on each of these areas, giving links, advice, counsel and ideas that might be of benefit to each individual that reads this blog. My hope is that you will learn things that I wish that I had known much earlier in my life and that you can use this information to make better decisions than I have made. Time is a great teacher. Unfortunately, I feel that there is never enough time to learn everything by experience. Why create the wheel again. Let's learn from others and each other also. I would love to get your ideas and opinions on the various topics that will be bought up on this blog. Another purpose of this blog is to stay in touch with the most important people in my life - my FAMILY. I hope that we can learn and grow together.


This is an attempt to connect with family members and friends and to perhaps give some advice and receive some wisdom from the young as well as the more seasoned members of society. My hope is that we can share our thoughts, insights, talents, ideas, etc. in bringing the family closer and providing a defense against the storms of life.