1.2.W - Lesson The Five Wise Money Principles S.3

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Liberty University Online Academy *

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101

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Finance

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Nov 24, 2024

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pdf

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1/2 The Five Wise Money Principles luoa-content.s3.amazonaws.com /LUOA/APP2500+Personal+Finance/Rise+DY+20/1.2.W+- +The+Five+Wise+Money+Principles/index.html At this point in the lesson, you should have a firm grasp of the five wise money principles. To help you think about these principles more closely, you are going to examine two scenarios. You will be asked which principle the scenarios most closely align with in today's lesson assessment. © Articulate Content Library Scenario 1 Luke has earned $250.00 with his part-time job. Once he made his tithe and paid his bills, he had $50.00 remaining with his money. Unfortunately, on the day that he got paid, his video game controllers stopped working correctly. Luke knew the cost would be about $75.00 to replace both of the controllers. He thought about the remaining amount that he had until his next paycheck which was $50.00. He thought about asking his parents to give him $25.00 so he would have the needed to buy new controllers. Think about the five principles. Which one would apply to this scenario? What would be the correct choice for Luke to make?
2/2 © Articulate Content Library Scenario 2 Leah had learned the keys to financial peace by following the five wise money principles. She had gotten the opportunity to go on a trip with her cousins to Florida. She was excited about the fun that she would have on vacation and very happy that she was not in debt. Leah’s cousins decided to ride together on the vacation and Leah had offered to drive her car. Unfortunately, on the way to Florida, Leah had a flat tire. Thankfully, everyone was safe and a nice, Christian repair company came out to change Leah’s tire. The repair cost for the new tire was $220.00. Leah was able to pay for the expense, too, without going in debt. An unexpected event had occurred, but Leah was prepared. Which principle applies to this scenario? Think about the five principles. Which one would apply to this scenario? In the next lesson, we will explore four money categories: Live, Give, Owe, and Grow. We will show how these categories work interdependently.
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