- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Introduction
- Ten Key Principles of Money and Marriage
- 1. The family is ordained of God
- 2. Your spouse has first priority
- 3. Marriage partners are equal
- 4. Marriage partners should seek the “best interests” of the family.”
- 5. Financial problems are usually behavioral problems, not money problems
- 6. Change is necessary to improve.
- 7. Money spent on things you value leads to satisfaction and accomplishment.
- 8. Financial freedom is more the result of decreased spending than increased income
- 9. Spouses are to leave their parents and become one
- 10. The best things in life require no money
- Understand Why Money May be an Issue in Marriage
- Recommendations for Money and Marriage
- Summary
- Assignments
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
8. Financial freedom is more the result of decreased spending than increased income
In Psalms 21:20 it states: “There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.” There is a difference between financial independence and financial freedom. Financial independence is the acquisition of enough wealth to enable you to sustain a high standard of living without further effort. Financial freedom is having enough discretionary income to enable you to make the financial choices that are important to you. For most of us, financial freedom is the goal. And it usually comes through decreased spending.
