Preparing for a senior mission requires a clear financial strategy. During a recent class at BYU Education Week, financial advisor Alek Johnson emphasized that having a plan is the most critical factor for success. Many prospective missionaries feel the cost of service is prohibitive, yet the reality is often more manageable than they expect. Understanding specific expenses like travel, insurance, and housing is a necessary first step. Travel to foreign assignments is covered by the church under specific conditions, while internal transportation and personal living costs remain the responsibility of the missionary.
Investment management should remain stable rather than experimental. Johnson warns against adopting new, unproven strategies right before departure. Missionaries who have long-standing experience with stock investments can typically continue their current approach, provided they have clear objectives and a defined time horizon. Defining financial goals, assessing risk tolerance, and ensuring proper asset allocation allow individuals to focus on their service rather than market fluctuations.
Organization serves as a gift to those left behind. Consolidating financial documents and using password managers provides reliable access for family members who may need to handle affairs. Furthermore, estate planning is a priority. Establishing financial and medical powers of attorney, along with a living will and trust, ensures that assets transfer efficiently if needs arise. Open communication with family about these plans is essential to ensure everyone is prepared for the transition.
Prospective missionaries should visit the official church website to view estimated costs for various assignments. By filtering for location, length of service, and budget, individuals can get a factual look at what to expect. A disciplined approach to these administrative and financial tasks provides the stability required to serve without distraction.