Essay on What Love Is...
1 Do not pay interest: If Hopeful family pay interest and fail to collect interest, they will be headed for financial bondage.
2 Prepare financial goals and make wise financial decisions: With an understanding of how important interest is in their financial decision making and prepare to think about goals that will help them to make wise financial decisions.
3 Pay the Lord first, and then yourself: After pay for their tithing, set aside a certain amount to pay them, and not be tempted to spend it. This will help them to live on the money they have available instead of spending their savings.
4 Building a strong financial position: The total of their liquid assets should be more than the total of …show more content…
12 Vehicle financing: Pay cash if possible. They will earn interest on their savings and save finance interest charges.
13 What can you afford? Renting versus home ownership: Renting provides more flexibility, lower maintenance costs, and less up-front cash than home ownership. Also they should not spend more than 25 to 30 percent of their take-home pay on housing.
14 Qualifying for a mortgage: The ideal down payment is 20% or more of the price of the home. They should have that much in savings to qualify for a mortgage. If not, save until they have to purchase a home.
15 Amortization schedule: An important component of increasing your personal wealth is to purchase a home and then pay extra month on their payment. This extra amount goes directly to reduce the principal and significantly decreases the cost of interest.
16 Avoid risks: Activities carry an above average risk should be avoided.
17 Reduce risks: Teaching the children how to reduce risks in their lives. Always put their safety as their primary.
18 Health insurance: Although they are buying life and medical insurances now, they are still paying a lot for their medical bills, so they might reconsider to purchase health insurance instead