15 Winter 2012 Personal Finance Boot Camp

15 Winter 2012 Personal Finance Boot Camp - Jim Brau, PhD,...

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Jim Brau, PhD, CFA (Be Prepared)
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Info in the Packet Car and House Buying Strategies Personal Investing Negotiating an Offer Cash vs. Term Life Insurance Financial attitudes and habits Financial survival in today’s economy Speculation vs. preparation and discipline (Investment strategies) Rent vs. Buy House Decision
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Car and House Buying Strategies Personal Investing Negotiating an Offer Cash vs. Term Life Insurance
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Attitude/Habit # 1 Living within our means/Avoiding Debt
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I commend to you the virtues of thrift and industry. ...It is work and thrift that make the family independent . Debt can be a terrible thing. It is so easy to incur and so difficult to repay. Borrowed money is had only at a price, and that price can be burdensome. Bankruptcy generally is the bitter fruit of debt. It is a tragic fulfillment of a simple process of borrowing more than one can repay.
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“If there is any one thing that will bring peace and contentment into the human heart, and into the family, it is to live within our means , and if there is any one thing that is grinding, and discouraging and disheartening it is to have debts and obligations that one cannot meet.” ( Relief Society Magazine, May 1932, p. 302.) - President Heber J. Grant
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Home Mortgage Education Business? Transportation? Some debt—such as for a modest home, expenses for education , perhaps for a needed first car—may be necessary. But never should we enter into financial bondage through consumer debt. .. Elder Joseph B. Wirthlin. General Conference, April 2004
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The modern automobile is a wonderful machine. In some societies it is almost a necessity. But when I see persons borrowing heavily to buy cars with exorbitant prices , I wonder what has happened to our values . To satisfy our desires, we go into debt, dissipate our resources in the payment of high interest, and become as slaves working to pay it off. Ensign, Mar. 1990 Prudent borrowing may, of course, be necessary and proper in the management of business. But be wise, and do not go beyond your ability to pay. “Thou Shalt Not Covet,” Ensign, Mar. 1990
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We are witnessing in society tremendous business failures to a degree and an extent we have not seen in a long while. Many of these are the fruits of imprudent borrowing , of debts so large they cannot be paid. Ensign, Aug. 1992 Get out of debt and rid yourself of the terrible bondage that debt brings . We hear much about second mortgages. Now I am told there are third mortgages. Discipline yourselves in matters of spending , in matters of borrowing, in practices that lead to bankruptcy and the agony that comes therewith. Conference, Oct 2002
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students need to borrow to complete their education. If you do, see that you pay it back. And do so promptly, even at the sacrifice of some comforts that you might otherwise enjoy . “Thou Shalt Not Covet,”
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This note was uploaded on 02/17/2012 for the course FINANCE 301 taught by Professor Jimbrau during the Winter '12 term at BYU.

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15 Winter 2012 Personal Finance Boot Camp - Jim Brau, PhD,...

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