Alek Johnson Urges 3 Financial Steps for Senior Missionaries

1 articles · Updated · Deseret News · Aug 21

BYU Education Week heard Alek Johnson tell prospective Latter-day Saint senior missionaries that even a mediocre financial plan is better than none if they want a successful mission experience.
Three priorities anchored his advice: know likely mission costs, set money-management and investment plans before leaving, and consolidate key financial records for whoever handles affairs at home.
Johnson said costs often run lower than expected, with the church covering housing through ward missionary funds and some travel, while missionaries still pay local transportation, insurance and personal expenses.
For retirees serving soon after leaving work, he urged clear goals, risk tolerance and asset allocation plans, warning against trying new stock strategies right before departure.
He also recommended password managers, automated bill payments and 5 estate documents—including powers of attorney, a trust and a will—plus clear communication with family.