At a time when concerns about family finances are widely believed to be a leading cause of marital discord and divorce, our efforts to manage our finances wisely are perhaps more important than ever. During my adult life in the Church, I have observed a number of common financial mistakes individuals and families make that, if avoided, will lead to greater peace and financial security. Below, I summarize seven of these mistakes:
Mistake #1: A 30-Year Mortgage
With few exceptions, a home is the most valuable asset most of us will purchase in our lifetime. However, too many Latter-day Saint families in the United States purchase a home that stretches them financially beyond what is needed or what is wise.
Mistake #3: Worry More about Food Storage Than Financial Reserves
The prophets have taught that having at least some food storage on hand is an important way of living providently and fostering self-reliance.