Week 6: Buyer Beware: The Power of Marketing on Your Buying Decisions
"He who is impulsive exalts folly." - Proverbs 14:29
1. Wait overnight before making a major purchase.
2. Consider your motives as you buy. No amount of stuff will create contentment or fulfillment.
3. Never buy anything you don't understand.
4. Consider the "opportunity cost" of your money.
5. Seek the counsel of your spouse (or an accountability partner if you are single).
Week 7: Clause and Effect: The Role of Insurance in Your Financial Plan
"Anyone who does not provide for their relatives, and especially for their own household, has denied the faith and is worse than an unbeliever." - 1 Timothy 5:8
1. Homeowner's or Renter's Insurance (should be "guaranteed replacement cost")There are 8 types of insurances that Dave Ramsey taught us to avoid:
2. Auto Insurance
3. Health Insurance
4. Disability Insurance (Try to buy one that pays if you cannot perform the job you were educated/trained to do.)
5. Long-Term Care Insurances (You need this if you are over 60.)
6. Identity Theft Protection
7. Term-Life Insurance (Dave recommends 10 times your income.)
1. Credit life and disability
2. Credit card protection
3. Cancer and hospital indemnity
4. Accidental death
5. Any insurance with cash value, investments, or refund
6. Pre-paid burial policies
7. Mortgage life insurance
8. Any kind of duplicate coverage
Financial Peace, Jr.: Working Lesson
"Train up a child in the way he should go, and when he is old he will not depart from it." - Proverbs 22:6