Dave ramsey

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Financial Self-reliance
♦The Law of Financial Security ♦What is Financial Self-reliance? ♦Building Our Finances on a Firm

Foundation

What is the Law of Financial S ecurity?

“After paying your tithing of 1 0 percent to the Lord, you pay yours elf a predetermined amount directly into savings. That leaves you a balance of your income to budget for taxes, food, clothing, shelter,transportation, etc.”
L. Tom Perry, “Becoming S elf-Reliant,” Ensign, Nov. 1 991 , 64

17

In Short…

♦Pay the Lord
♦Pay Yourself
♦ Pay Everything Else

The Law of Financial Security
♦ Earn More Than You Spend… ??? – Wisdom of the World ♦ The Lord’s description may be something

like this:
– Spend less than you earn…
• And accumulate the rest.

If You Can’t Have…
♦ $100.00 and notspend it, you will never

have $10,000.00. ♦ $10,000.00 and not spend it, you will never have $1,000,000.00. ♦ Proverbs 21:20 (Wise = Treasure)

Where Does Self-reliance Come From?
♦ The Money Tree ♦ The ATM or Credit Card Tree ♦ Mom and Dad ♦ Inheritance (Trust Fund) ♦ The Bank ♦ The Government ♦ The Company that Employs Us

♦ Our Ability and Willingness to Work

The Key toSelf-reliance…WORK
♦ “We cannot be self-reliant without being

willing to work. Work is physical, mental, or spiritual effort. The Lord has commanded us to work, for work is a basic source of happiness, self-esteem, and prosperity. It is the way we accomplish good things in our lives.” ♦ Self Reliance = Work… ♦ Adam and Eve
(Providing in the Lord’s Way)

Building Our Finances on a Firm Foundation
ApplyingScriptural and Other Truths to Our Family Finances. 2 Nephi 2:26-27

Building a Foundation
♦ Choose a Plot of Ground ♦ Dig Trenches and Lay a Rebar Skeleton ♦ Place and Pour the Forms and Footings ♦ ABC (Aggregate Base Coarse) ♦ Pour the Concrete Foundation

1. Choosing Our Financial Ground
♦ The World’s Foundation… Man’s Wisdom – Matthew 7:24-25 (Foolish Man) – 1 Nephi 8:26, 33 (Greatand Spacious Building) – 1 Nephi 11:35-36 (World and Wisdom… Fall) ♦ The Lord’s Foundation… The Lord – Matthew 7:26-27 (Wise Man) – Helaman 5:12 (The Rock) ♦ Luke 16:13 (2 Masters… Chain)

2. Dig Trenches and Lay Rebar Skeleton
♦ Provides Initial Boundaries and Enduring Strength

of the Foundation. ♦ Symbolizes being of one heart, mind, and purpose with our spouse… and the Lord. ♦ D & C 38:27(If ye are not one, ye are not mine.) ♦ Perhaps our relationship with the Lord or with our spouse must be cleared before this step begins. (Hoover Dam) ♦ Communication!!! Financial Goals and Boundaries.

3. Forms and Footings
♦ Reinforces the initial boundaries and

anchors the foundation in the ground. ♦ Symbolizes a Working Budget ♦ Spend Less Than We Earn
– Haggai 1:5-7 (Consider yourways)

♦ Luke 14:28-30 (Goals and plans) ♦ “Failing to plan is planning to fail” ♦ 2 Nephi 2:26-27

____________ Family Budget _____________
Plan Actual Variance

Sample Budget
Plan Do Review Adjust Repeat

Income
Employment (net pay) Employment (net pay)

Total Expected Income
Tithing Savings (Planned Surplus)

Budgetable Income Expenses
Mortgage Other Debt Service Utilities Food& Household Cars Discretionary Unknown / Emergency

Total Expenses Surplus / Shortfall
$0

4. Aggregate Base Coarse (ABC)
♦ Coarse Gravel Mixture to Underlay

Concrete ♦ Serves as a Sealant Between the Ground and the Poured Concrete Foundation ♦ Basic Rainy-day Savings Account ♦ Proverbs 22:3 (Foresee Trouble and Prepare) ♦ 1 Corinthians 16:2 (Save for the Future)

5. Pour theConcrete Slab
♦ This is the Actual Floor of Your Future

Financial Fortress. ♦ Represents being totally consumer debtfree. ♦ Proverbs 22:7 (Servant to the Lender) ♦ D & C 19:35 (Pay the debt…release from bondage) ♦ Heber J. Grant (Financial responsibility is not a new topic in the Church)

Car Payments…
Average term (2007): $378 per month over 72 months. Total of $27,216 or $4536 per year....
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