As a brief departure from the book manuscript, we wanted to highlight the great advice given this past conference on personal finance. The consistency of prophetic advice is refreshing and assuring.
What insights did you have this conference? Please share them by commenting below. We look forward to hearing from you.
Robert D. Hales, Becoming Provident Providers: Temporally and Spiritually
“Just as our grandparents and great-grandparents learned vital lessons through economic adversity, what we learn now, in our present circumstances, can bless us and our posterity for generations to come.
“Today I speak to all whose freedom to choose has been diminished by the effects of ill-advised choices of the past. I speak specifically of choices that have led to excessive debt and addictions to food, drugs, pornography, and other patterns of thought and action that diminish one’s sense of self-worth. All of these excesses affect us individually and undermine our family relationships. Of course some debt incurred for education, a modest home, or a basic automobile may be necessary to provide for a family. Unfortunately however, additional debt is incurred when we cannot control our wants and addictive impulses. And for both debt and addiction, the hopeful solution is the same—we must turn to the Lord and follow His commandments. We must want more than anything else to change our lives so that we can break the cycle of debt and our uncontrolled wants…
“… What is a provident provider?
“All of us are responsible to provide for ourselves and our families in both temporal and spiritual ways. To provide providently, we must practice the principles of provident living: joyfully living within our means, being content with what we have, avoiding excessive debt, and diligently saving and preparing for rainy-day emergencies. When we live providently, we can provide for ourselves and our families and also follow the Savior’s example to serve and bless others.
“Being provident providers, we must keep that most basic commandment, ‘Thou shalt not covet’ (Exodus 20:17). Our world is fraught with feelings of entitlement. Some of us feel embarrassed, ashamed, less worthwhile if our family does not have everything the neighbors have. As a result, we go into debt to buy things we can’t afford—and things we do not really need. Whenever we do this, we become poor temporally and spiritually. We give away some of our precious, priceless agency and put ourselves in self-imposed servitude. Money we could have used to care for ourselves and others must now be used to pay our debts. What remains is often only enough to meet our most basic physical needs. Living at the subsistence level, we become depressed, our self-worth is affected, and our relationships with family, friends, neighbors, and the Lord are weakened. We do not have the time, energy, or interest to seek spiritual things…
“…When faced with the choice to buy, consume, or engage in worldly things and activities, we all need to learn to say to one another, ‘We can’t afford it, even though we want it!’ or ‘We can afford it, but we don’t need it — and we really don’t even want it!’
“The foundation of provident living is the law of the tithe. The primary purpose of this law is to help us develop faith in our Heavenly Father and His Son, Jesus Christ. Tithing helps us overcome our desires for the things of this world and willingly make sacrifices for others. Tithing is the great equitable law, for no matter how rich or poor we are, all of us pay the same one-tenth of our increase annually (see D&C 119:4), and all of us receive blessings so great ‘that there shall not be room enough to receive [them]‘ (Malachi 3:10).
“In addition to our tithes, we should also be an example with the payment of fast offerings. A fast offering is at least the cost of the two consecutive meals from which we fast each month. By not eating these two meals, we draw close to the Lord in humility and prayer and also participate in anonymous giving to bless our brothers and sisters all over the world.
“Another important way we help our children learn to be provident providers is by establishing a family budget. We should regularly review our family income, savings, and spending plan in family council meetings. This will teach our children to recognize the difference between wants and needs and to plan ahead for meaningful use of family resources.”
Henry B. Eyring, Adversity
“I spoke recently to a young father who has lost his job in the recent economic crisis. He knows that hundreds of thousands of people with exactly his skills are looking desperately for work to feed their families. His quiet confidence led me to ask him what he had done to become so confident that he would find a way to support his family. He said he had examined his life to be sure that he had done all he could to be worthy of the Lord’s help. It was clear that his need and his faith in Jesus Christ were leading him to be obedient to God’s commandments when it is hard to do…
“That young man with whom I spoke recently was one who had done more than put away food and a little savings for the misfortune which living prophets had warned would come. He had begun to prepare his heart to be worthy of the Lord’s help which he knew he would in the near future need. When I asked his wife on the day he lost his job if she was worried, she said with cheerfulness in her voice, ‘No, we’ve just come from the bishop’s office. We are full-tithe payers.’ Now, it is still too early to tell, but I felt assured as they seemed to be assured: ‘Things will work out.’ Tragedy did not erode their faith; it tested it and strengthened it. And the feeling of peace the Lord has promised has already been delivered in the midst of the storm. Other miracles are sure to follow.”
Thomas S. Monson, Be of Good Cheer
“Since last we met together in a general conference six months ago, there have been continuing signs that circumstances in the world aren’t necessarily as we would wish. The global economy, which six months ago appeared to be sagging, seems to have taken a nosedive, and for many weeks now the financial outlook has been somewhat grim. In addition, the moral footings of society continue to slip, while those who attempt to safeguard those footings are often ridiculed and, at times, picketed and persecuted. Wars, natural disasters, and personal misfortunes continue to occur.
“It would be easy to become discouraged and cynical about the future — or even fearful of what might come — if we allowed ourselves to dwell only on that which is wrong in the world and in our lives. Today, however, I’d like us to turn our thoughts and our attitudes away from the troubles around us and to focus instead on our blessings as members of the Church. The Apostle Paul declared, ‘God hath not given us the spirit of fear; but of power, and of love, and of a sound mind.’
“None of us makes it through this life without problems and challenges — and sometimes tragedies and misfortunes. After all, in large part we are here to learn and grow from such events in our lives. We know that there are times when we will suffer, when we will grieve, and when we will be saddened. However, we are told, ‘Adam fell that men might be; and men are, that they might have joy.’
“How might we have joy in our lives, despite all that we may face? Again from the scriptures: ‘Wherefore, be of good cheer, and do not fear, for I the Lord am with you, and will stand by you.’”
Steven E. Snow, Get On With Our Lives
“It would be nice if we could anticipate all the changes that would occur in a lifetime. Some changes we see coming. Certainly all Latter-day Saint young men are taught to prepare for a full-time mission, a life-changing experience. Every worthy young single adult understands the importance of choosing a spouse and being sealed in the holy temple. We know these changes are coming, and we can plan for them. But what about the changes which are thrust upon us rather unexpectedly? These are changes over which we seemingly have no control. Economic downturn, unemployment, debilitating sickness or injury, divorce, and death are examples of change we do not expect, anticipate, or welcome. How do we deal with such unexpected setbacks in life’s journey?
“The answer is the same. By listening to the prophets, keeping an eternal perspective, having faith, and being of good cheer, we can face life’s unexpected challenges and ‘get on with our lives.’”
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