1st Presidency Letter: Financial Responsibility

[LadyT]

Save your money. Invest in passive stock index ETFs and bond funds, more of the latter after retirement. Put a good 5-10% of your assets into physical gold, silver, and bitcoin/ethereum.

Pay down debt quickly. Own and drive practical, reliable but not flashy vehicles. Work towards home ownership. Take cost effective family vacations like camping and road trips. Live within your means. Pets are expensive and a luxury, not a need. Stay at home parents can still learn skills and develop an income stream. My wife stays home with our small children. She taught herself photography and apprenticed with a friend. She can make between $300 - $1000 a week depending on how much she wants to work at any given time.

My pets give me eggs.

so do mine!! I got a green one this morning.
My dog will also be bringing in $1,000 as a stud.

[evejaa]

Well, not having a credit card makes it hard to rent a car, or hotel, or book airline tickets. We both have credit cards, but balances are paid in full every month, and we get 3% cash back! Only time I use cash any more is if a merchant discounts more than 3% for cash.
If you can’t pay your credit card in full every month it should be cut up.

Not true,you don't need a credit card, you can use a debt card just as good to get hotel, car, etc.

Great job on paying credit cards every month.

[evejaa]

Well if there is a financial collapse then you will not have to be financial responsible any more....

Not necessarily true. If they sell your debt, and they do and will. Let's say to a Chinese company, do you think they will obey USA laws while we are in a economic collapse? Something to think about.
The first Presidency isn't warning us to be nice. They are warning us as nicely as they can that it will be really, really bad if your debts take away your freedom and your house, car and oh yes, your food storage. Haven't you ever heard of "debtors prison"...they have talked about bringing this back.
But then what do I know, they know more. Buyer beware!

[PressingForward]

Well, not having a credit card makes it hard to rent a car, or hotel, or book airline tickets. We both have credit cards, but balances are paid in full every month, and we get 3% cash back! Only time I use cash any more is if a merchant discounts more than 3% for cash.
If you can’t pay your credit card in full every month it should be cut up.

Not true,you don't need a credit card, you can use a debt card just as good to get hotel, car, etc.

Great job on paying credit cards every month.

But a debit card offers very little in the way of fraud protection, I only use my debit card to get cash, and only from my personal banks ATM. I’ve had a friend that lost a good sum using his debit card. I’ve had fraudulent charges on my visa and never lost a penny. Rule of thumb is to NEVER use a debit card online. Look into it.

See, I’m big on getting paid interest, not paying interest.

[LucianAMD]

Well, not having a credit card makes it hard to rent a car, or hotel, or book airline tickets. We both have credit cards, but balances are paid in full every month, and we get 3% cash back! Only time I use cash any more is if a merchant discounts more than 3% for cash.
If you can’t pay your credit card in full every month it should be cut up.

Not true,you don't need a credit card, you can use a debt card just as good to get hotel, car, etc.

Great job on paying credit cards every month.

But a debit card offers very little in the way of fraud protection, I only use my debit card to get cash, and only from my personal banks ATM. I’ve had a friend that lost a good sum using his debit card. I’ve had fraudulent charges on my visa and never lost a penny. Rule of thumb is to NEVER use a debit card online. Look into it.

See, I’m big on getting paid interest, not paying interest.

You can run a Visa debit card as credit on a purchase and get the same fraud benefits as a credit card. Since almost all online purchases are ran as credit (you don't use your pin) you will receive the same fraud protection.