![]() ![]() Rent or share a video game instead of buying.Analyze your forecasted (budgeted) and actual expenses.Candy bar after school or newly released video game.) Pay close attention to your discretionary spending.Discuss tradeoffs and discipline to achieve goal. ![]() Therefore, Assets – Liabilities = Owner’s equity (What you own or your net worth.).Liabilities and owner’s equity are sources.Cash, car, house, IPOD, stocks, bonds, etc.Assets: Something of value (It is a use of money.).The Accounting Equation (Simplified) USES = SOURCES But, not enough money can impact your health, well being, and relationships.Family, friends, religion, achieving personal growth.Is Money the Most Important Thing in Life? A Scout is Frugal: Makes smart money decisions. ![]() Don’t have unlimited money: Finite resource.May have to have multiple employers over your life.Make sure God is in your budget Proverbs 3:9-10 "Honor the Lord with your substance and with the first fruit of all your produce then your barns will be filled with plenty.".Live debt free Proverbs 22:7 "The borrower is a slave to the lender.”.Have a responsible spending planProverb 21:5 "The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to want" Isaiah 55:2 "Why do you spend your money.for that which does not satisfy?".What do you own? Assets What do you owe? Liabilities What do you make? Credits What do you spend? Debits.Keep good records Proverbs 27:23 "Know well the condition of your flocks…, herds, for riches will not last forever.".They are to do good, to be rich in good works, generous, and ready to share, thus storing up for themselves the treasure of a good foundation for the future, so they take hold of the life that really is life.“.Timothy 6:17-19 "As for those who in the present age are rich: command them not to be haughty, or to set their hopes on the uncertainty of riches, but rather on God who richly provides us with everything for our enjoyment.Give all you can: Generosity Acts 20:35 "It is more blessed (satisfying) to give than to receive".Save all you can: Frugality Mark 8:34 ".deny yourself".John Wesley's 1760 Sermon The Use of Money (Credit: Jim Jackson) “Make all you can: IndustryDeuteronomy 8:18 ".the Lord your God.gives you the power to get wealth" Avoid minimum payments that will keep you in debt and increase the total cost of the purchase.Credit cards tend to have high interest and should be paid off in full monthly.Better to save your money for something you want.In general, avoid buying ordinary items on credit.Money can “burn a hole in your pocket.”.(But purchasing something does not change the reason that you feel the way you do.) All of your emotions can influence your purchases.If it sounds too good to be true, it probably is.Focus on your savings goal to help yourself say, “No.”.Avoid impulse buying or shopping while hungry.Try to push your emotion buttons to get you to buy.Advertisements (new and improved really?).Create a road map and prepare for life outside your parent’s house when you are on your own.Need to guide you toward success in the future.Much of your life is managed for you now.How will you meet your anticipated life style?.How will you meet your housing and food needs?.Take responsibility for yourself and your actions.Keep list “alive.” (Revalidate long term list quarterly, Daily to do list.).Must have discipline to think, plan, and execute.Achievement of long term goals may require completion of many short term goals. ![]()
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