Financial Freedom

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

Explain the difference between needs, wants, and future obligations, and describe how confusing these can limit financial freedom.

Explain the difference between saving and investing, including risk, return, and why time matters in building wealth.

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.

Create a realistic personal spending plan that accounts for income, saving, giving, and spending priorities.

Explain one financial tradeoff you would need to make in order to follow your plan faithfully.

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

• 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.

• 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.

• 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.

• 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.

• 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.

Explain how your view of money changed as you compared intention with actual behavior.

Share how gospel principles influenced your honesty, restraint, generosity, or patience in financial decisions.