Financial Freedom

Study Doctrine and Covenants 104:13–18 and explain how stewardship and accountability apply to personal finances. (TLX: 0.9)

Explain the difference between needs, wants, and future obligations, and describe how confusing these can limit financial freedom. (TLX: 1.0)

Explain the difference between saving and investing, including risk, return, and why time matters in building wealth. (TLX: 1.1)

Identify one major future expense you are likely to face (education, transportation, mission, training, tools, or housing) and explain why it requires long-term preparation. (TLX: 1.3)

Create a realistic personal spending plan that accounts for income, saving, giving, and spending priorities. (TLX: 1.5)

Explain one financial tradeoff you would need to make in order to follow your plan faithfully. (TLX: 1.2)

Track your actual spending for a short, representative period and compare it to your spending plan, identifying at least one discrepancy. (TLX: 1.9)

• a.1) Explain whether the discrepancy was due to impulse, necessity, or poor planning.

Demonstrate your understanding of borrowing and debt by explaining the following. (TLX: 2.0)

• b.1) What a loan is and how interest and APR affect total cost.
• b.2) The difference between debit cards, credit cards, and charge cards.
• b.3) One real scenario where using credit would be wise and one where it would be dangerous.

Explain how compound interest works using a real numerical example, and why it can work for or against you. (TLX: 1.9)

• c.1) Compare the long-term outcome of starting earlier with less versus starting later with more.

Speak with a trusted adult about one real financial decision they made that either increased or limited their financial freedom, and explain what you learned. (TLX: 1.9)

• d.1) Identify one warning sign they ignored or one discipline they practiced consistently.

Make one intentional financial action aligned with your plan (saving, giving, delaying a purchase, or choosing a lower-cost option) and explain the cost of that choice. (TLX: 2.0)

• e.1) Identify what immediate satisfaction you gave up and why that mattered.

Decide against a purchase or expense you genuinely wanted and explain how that decision increased your financial freedom. (TLX: 2.0)

Explain how your view of money changed as you compared intention with actual behavior. (TLX: 1.2)

Share how gospel principles influenced your honesty, restraint, generosity, or patience in financial decisions. (TLX: 1.3)