Chapter 7: Understanding Debt

MY FOUNDATION PRINCIPLE

• Show Integrity

FINANCIAL PRINCIPLES AND SKILLS

1. Understand Debt
2. Understand Your Debt Realities
3. Desire to Get Out of Debt
4. Overcome the “Natural Man”

REPORT — Maximum Time: 25 Minutes

LAST WEEK’S COMMITMENTS:

A. Practice and share last week’s My Foundation principle.

B. Begin building my one-month emergency fund.

C. Discuss emergency fund and insurance plans in family council.

D. Contact and support my action partner.

STEP 1: EVALUATE WITH ACTION PARTNER (5 minutes)

✏️ (Please use paper or a separate app to complete)

Take a few minutes to evaluate your efforts to keep your commitments this week. Use the “Evaluating My Efforts” chart at the beginning of this workbook. Share your evaluation with your partner and discuss with him or her the question below. He or she will then initial where indicated.

Discuss: What challenges did you have with keeping your commitments this week?

STEP 2: REPORT TO THE GROUP (8 minutes)