Week 5

Acton Hero: Desh Deshpande 
         When something goes wrong it doesn’t mean it’s the end of the world. If you don’t agree with your business partner, things can get problematic and it will be difficult to work together. Optimism is important in life. It is a good thing that optimism is important because I myself am a very positive and optimistic person, I always have been. That is a good attribute to have when starting a business, it will help you to keep going forward and doing what needs to be done to start and run your business. Another thing that is not always a bad thing is setbacks. Setbacks can expand your comfort zone and make you stronger. It doesn’t matter where you come from when you want to start a business, it only matters that you have the motivation needed to start the business (and optimism).  Young children in North America need to realize and learn that they have an easy life compared to other children around the world. They have many resources available to them at others don’t. With these resources available to them they can do anything they want with their life.

Harvard Manage Mentor Notes
- 4 steps to creating a budget:
- set goals
- evaluating and choosing options
- identifying budget impacts
- coordinating budgets
- Interpret numbers with care when doing a budget
- 3 different types of budgets:
- Operating Budget
- Capital Budget
- Cash Budget
- Fixed Cost vs Variable Costs in a business

- Never fall for averages when creating a budget. They can be misleading!

Elder Wirthlin's Talk:
Question 1: Elder Wirthlin says that debt is a form of bondage. In what ways can entrepreneurs avoid debt altogether?
Answer 1:. Getting the required funding before beginning the financial steps so you don't spend your own money. Avoid using a credit card so you don't spend more then you have that you then have to pay off. "Beware of covetousness". Look at the pros and cons before buying something with credit. Keep a savings account
Question 2. What are the five key steps to financial freedom? Which do you believe is most difficult, why, and what can you do to overcome the challenge?
Answer 2;
5 key challenges -
1. Pay your tithing -
2.spend less then you earn -
3. Learn to save
4.honor your financial obligations
5.teach your children to follow your example

Hardest. I think the hardest 2 would be to pay your tithing and to spend less then you earn. Paying tithing can be hard for some people because it's 10% of what we earn. (before paying expenses). And for most people that 10% seems like a lot and that money can easily get distributed elsewhere and forgotten about being paid to tithing. One way we can avoid this from happening is to each pay cheque automatically put aside the 10% and pay it as soon as Sunday comes so we don't accidentally take it and use it for something else. 2nd is spending less then you earn. With so many people these days having credit cards. It's easy for you to not pay attention to what you are spending on your card and then loosing track of going over your earnings and therefore being in debt. One solution to that is to make a budget and stick to it. Also avoid having credit cards or keep the lowest balance possible on your credit card so you don't get in to debt.

Elder James E. Faust's Talk Notes:
- I like this! She said: “I decided when I wanted to spend any money on myself I would forgo it and put the money into the temple fund. This meant no new clothes or shoes, books, hair appointments, necklaces, or anything of a personal nature until I reached my goal. I thought this would be a sacrifice, but instead I have found joy in it. It has been a rewarding and fulfilling experience.”
-"To be faithful members of this Church requires sacrifice and consecration. It means that worldly pleasures and earthly possessions should not be our principal aim in life, because the gift of eternal life requires a willingness to sacrifice all we have and are in order to obtain it."

Elder Robert D. Hales Talk Notes:
- "Each temptation we overcome is to strengthen us, not destroy us. The Lord will never allow us to suffer beyond what we can endure"

$100 Challenge:
This week I wrote a report about my capital. I am going to fund $20 (I will get the money from my parents) and I will use that money for gas and for toys and activities from the dollar store for the kids that I babysit. My ROI will be 4400% based on my estimated earnings in 3 months and only putting $20 into the business.